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Fiera Real Estate Debt Fund

Overview

Risk

Debt

Geography

Pan-Canadian

AUM

$714 M

Average loan terms

12-24 months

As at September 30, 2025, in CAD

The Fiera Canadian Real Estate Debt Fund seeks to provide investors stable returns through short-term financing investments in construction and redevelopment real estate projects across Canada.

The Fund is structured as a limited partnership and operates as an open-ended fund that seeks to provide liquidity and steady income to investors from a portfolio of real estate debt investments.

Investment Approach

Established in 2006, the strategy aims to provide real estate developers and asset managers with short-term bridge and construction financing for their projects. As a private lender, it prioritizes the preservation of investor assets and achievement of superior risk-adjusted returns, while offering limited partners liquidity and consistent distributions.

Fiera manages the investment from the origination to the repayment, including underwriting, progressive disbursements, loan management, treasury, portfolio management, risk management, and the use of a dedicated loan management software.

Factsheet

Key Principles

Monthly income distribution
Low return volatility and average loan duration of 13.3 months
Strategically diversified portfolio composed of quality real estate development projects in urban centres across Canada
Regional and product diversification mitigates risk and maximizes investor returns
Proactive and rigorous risk management practices focused on capital preservation

Investment sourcing proficiency based on top-tier market intelligence

Every year, Fiera Real Estate seeks out and analyzes billions of dollars worth of investment prospects, leveraging an extensive network of long-standing industry relationships across Canada. These privileged relationships, built on our carefully-guarded reputation as experienced, responsive and trustworthy real estate experts, enable us to uncover unique opportunities to source exceptional off-market properties. With our access to superior market intelligence through our proprietary modeling capabilities, we are able to deploy investors’ capital in a timely manner with the objective of consistently delivering top-quartile returns above and over our target benchmarks.

Institutional-standard evaluation, risk-mitigation and governance processes

Thorough research and analytics, together with a disciplined and auditable investment-management process, underpin our Fund platform.

The Fund is governed by a written Investment Policy and adherence to the terms of the Investment Policy is monitored by and a compliance certificate that is issued to our investors on a quarterly basis. An Investor Advisory Committee acts as the fund’s governing body. Every transaction over $10,000,000 must be approved by an Investment Committee composed of real estate investment industry executives, who review the financial analysis and due diligence for each transaction.

A disciplined due diligence process with a high level of scrutiny

The formal due diligence process commences once a letter of intent is signed. The objective is to validate the underwriting, market assumptions upon which the investment strategy has been based, and evaluate the transaction’s global risk. Among the many steps included in the process are:

Thorough background checks on the credit history and legal records of the stakeholders;
A comprehensive analysis of the net worth and available liquidity of the borrower and guarantors;
A clear demonstration of the builder’s expertise;
Validation of the exit strategy’s viability, whether through refinancing or sale;
Certification of market forecasts and corroboration of budgets by certified experts;
Review of all acquisition, financing, and sales contracts, among others;
Procurement of third-party environmental assessments and geot studies;
Procurement of independent legal opinions on property titles and other potential issues.

A transaction only proceeds to closing once the entire investment strategy has been tested and passes on every level of analysis and approbation.

Investment sourcing proficiency based on top-tier market intelligence

Institutional-standard evaluation, risk-mitigation and governance processes

Thorough research and analytics, together with a disciplined and auditable investment-management process, underpin our Fund platform.

A disciplined due diligence process with a high level of scrutiny

Thorough background checks on the credit history and legal records of the stakeholders;
A comprehensive analysis of the net worth and available liquidity of the borrower and guarantors;
A clear demonstration of the builder’s expertise;
Validation of the exit strategy’s viability, whether through refinancing or sale;
Certification of market forecasts and corroboration of budgets by certified experts;
Review of all acquisition, financing, and sales contracts, among others;
Procurement of third-party environmental assessments and geot studies;
Procurement of independent legal opinions on property titles and other potential issues.

A transaction only proceeds to closing once the entire investment strategy has been tested and passes on every level of analysis and approbation.