Atlantic Opportunities
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NBIMC is one of the only Canadian institutional pension fund managers who have consciously
designed a separate investment portfolio in which to evaluate local investment opportunities.
The genesis of this program can be traced back to the constating documents of the Corporation,
Section 17(5) of the NBIMC Act specifically, which states:
“In the development and implementation of the statements of investment
policies and guidelines, the Corporation shall have regard to investment opportunities in the
Province.”
With this legislation in mind, the NBIMC Board approved, within the Investment Policies of the
Funds under management, the ability to invest in local opportunities that meet our risk adjusted
return expectations. It is very important to note, however, that all local investments must fit
within our duty as Trustee and Fiduciary for the funds under management. Each of these investments
also requires approval from the NBIMC Board of Directors.
From an operational perspective we have created two separate portfolios:
- The New Brunswick and Atlantic Canada Equity Opportunity Fund has an allocation of 1%
of total pension assets of the Public Service, Teachers’ and Judges’ Pension funds which may be
invested in local equity (or quasi-equity) based opportunities. The Atlantic focus, with respect
to the equity fund, allows us to encourage co-investment alongside us in New Brunswick from other
Atlantic Canada based investors by allowing us to be able to reciprocate in kind by investing in
good opportunities where they may be looking for a partner in their home region.
- The New Brunswick Fixed Income Opportunity Fund has an additional 1% of total pension
assets of the Public Service, Teachers’ and Judges’ pension funds which may be invested in local
debt based opportunities.
NBIMC has invested to date approximately $63 million in direct private equity with 11 New Brunswick
based companies since the inception of the Corporation. More importantly these investments were
co-invested alongside another approximately $400 million in equity capital from other investment partners for a
total injection of approximately $463 million in local opportunities. In terms of our debt investment
activity, NBIMC has invested approximately $47 million with 5 New Brunswick opportunities over the
same period.
For more details please read the following document:
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