TORONTO, June 16, 2022 – Ninepoint Partners LP (Ninepoint Partners) announces today unitholder approval to restructure the Ninepoint Canadian Senior Debt Fund, Ninepoint Monroe U.S. Private Debt Fund and Ninepoint Monroe U.S. Private Debt Fund - Canadian $ Hedged, (each, a Fund).
“Over the past several months, we actively engaged with our unitholders, financial advisors and dealer networks to address the circumstances that gave rise to the pause in redemptions and examine how we could improve the structures of our private debt funds to the benefit of long-term holders as we move forward,” stated John Wilson, Co-CEO, Managing Partner & Senior Portfolio Manager, Ninepoint Partners. “Informed by these consultations, we are pleased that unitholders have approved the proposed changes that, we believe, improves each Fund’s overall structure. The new liquidity and redemption provisions further aligns our structures with other private credit vehicles offered by leading global alternative asset managers.”
Voting on the following matters was conducted at special meetings of the Funds held virtually at adjourned special meetings on June 15, 2022. Voting was permitted via internet, telephone, mail, email or by proxy. The results of the votes of security holders are reported below.
|Fund||Matter Voted Upon||Result|
|Ninepoint Canadian Senior Debt Fund||Authorizing amendments to the Declaration of Trust to provide for, among other things, the amendment of certain redemption features of the Units of the Fund.||Approved|
|Ninepoint Monroe U.S. Private Debt Fund||Authorizing amendments to the Declaration of Trust to provide for, among other things, the amendment of certain redemption features of the Units of the Fund.||Approved|
|Ninepoint Monroe U.S. Private Debt Fund – Canadian $ Hedged||Authorizing amendments to the Declaration of Trust to provide for, among other things, the amendment of certain redemption features of the Units of the Fund.||Approved|
Redemption requests were paused in these funds at the end of February 2022 due to rumours and misinformation that led to a spike in redemption requests. As per the offering memorandums, the decision to pause redemptions in the funds was taken to preserve the integrity of the investments to the benefit of all unitholders who did not want to sell faster than the planned investment strategies. It was not related to the quality or performance of the Fund portfolios. The funds have performed well and have demonstrated the value of the asset class this year.
Having received the required approval of security holders of each Fund, the Funds are expected to reopen on June 30, 2022.
About Ninepoint Partners
Based in Toronto, Ninepoint Partners is one of Canada’s leading alternative investment management firms overseeing $8 billion in assets under management and institutional contracts. Committed to helping investors explore innovative investment solutions that have the potential to enhance returns and manage portfolio risk, Ninepoint offers a diverse set of alternative strategies spanning Equities, Fixed Income, Alternative Income, Real Assets, F/X and Digital Assets.
For more information on Ninepoint, please visit www.ninepoint.com or inquiries regarding the Offering, please contact us at (416) 943-6707 or (866) 299-9906 or firstname.lastname@example.org.
Ninepoint Partners LP