Carecana Launches $20M Private Placement for GMIC on DealSquare
Toronto | August 26, 2020 – Carecana Management Corp. (“Carecana”) today announced the launch of its $20M private placement offering on DealSquare for the Giavest Mortgage Investment Corporation (“GMIC”). Powered by NEO technology, DealSquare is a joint initiative between Silver Maple Ventures and NEO to make private markets better and more accessible.
Founded in 2010, Alberta-based Carecana is a registered investment fund manager, restricted portfolio manager, and investor relations agent focused on providing services to the mortgage investment corporations (MICs) that it manages. These MICs invest in a pool of residential and commercial mortgages in Western Canada provided to builders and developers across the region. Through a related mortgage broker, CareVest Capital Inc., the MICs managed by Carecana have funded approximately $1.7B in mortgage opportunities since 2010 and Carecana currently has $240M assets under management.
GMIC provides an alternative investment opportunity to invest indirectly in commercial and residential mortgages, primarily in Western Canada, where Carecana believes the mid-tier lending markets may be underserviced by larger financial institutions. GMIC’s focus is on providing borrowers with custom-tailored financing solutions that meet their specific needs, while looking to acquire and maintain a portfolio of mortgages that preserve capital and generate returns for the GMIC’s shareholders.
“Private debt has emerged as an effective strategy to help investors increase diversification within their portfolios,” says Roy Goddard, President of Carecana. “The Giavest Mortgage Investment Corporation offering gives investors the opportunity to invest indirectly in mortgages in a tax efficient form. By launching a capital-raising campaign for the GMIC on DealSquare, we benefit from greater exposure in the market and look forward to attracting new investors.”
DealSquare is an online private placement platform for dealers, investment advisors, and capital raisers. The centralized platform gives registered users the ability to efficiently find, analyze, share, and subscribe to private market deals. DealSquare offers a fully digital and automated process, allowing capital raisers to publish their private placement opportunities, dealers to complete their due diligence, and advisors and investors to electronically subscribe to a deal. Exempt securities are seamlessly integrated into client accounts and dealer back office systems using NEO technology.
“We welcome the Giavest Mortgage Investment Corporation on DealSquare,” says Peter-Paul Van Hoeken, Managing Director of DealSquare. “The private markets offer investment opportunities for investors to diversify their investment portfolio into alternative investments. The listing of Giavest on DealSquare gives advisors and their clients the opportunity to access and invest in mortgages as an attractive income-generating asset class.”
“This is a great opportunity for Carecana and GMIC to gain broad exposure and access new sources of capital,” says Jos Schmitt, President & CEO of NEO. “Powered by NEO technology, DealSquare also provides investors with a fully digitized platform to access an investment opportunity that would have otherwise been inaccessible. Together, we’re making the private markets more efficient for all.”
To view Giavest’s private placement offering on DealSquare, click here. The Giavest ticker is available under GMICA and GMICC on existing advisor order entry systems.
For a brief replay of our Digital Market Open event to celebrate Giavest’s launch on DealSquare, click here.
Giavest Mortgage Investment Corporation. (“GMIC”) is a mortgage investment corporation that operates in Western Canada. The company was established in 2017. Its investment objectives are to acquire and maintain a portfolio of mortgages that preserve capital and generate returns in order to permit the corporation to pay distributions to its shareholders.
Connect with Giavest: Website
A joint initiative between NEO and Silver Maple Ventures, DealSquare, is Canada’s first centralized dealer platform for private placements, digitally connecting capital-raisers to investment dealers, their advisory networks, and their investors. With the complete roll-out of the platform in early 2020, DealSquare supports the entire private placement process: capital raisers publish their private placement opportunities; dealers complete their due diligence; and advisors electronically subscribe to a deal, with exempt securities seamlessly integrated into client accounts and back office systems utilizing NEO technology.
Connect with DealSquare: Website | LinkedIn | Twitter
NEO is a group of established fintech companies that provide capital markets infrastructure designed for and led by the industry. NEO’s competitive drive, innovation, and advocacy enable change for the better. The NEO Exchange is a progressive stock exchange that brings together investors and capital raisers within a fair, efficient, and service-oriented environment; and DealSquare, powered by NEO technology, is a platform that enables the distribution of financial assets not listed on a stock exchange in a way that saves costs, reduces operational risks, and improves the investor experience.
Connect with NEO: Website | Twitter | LinkedIn
About Silver Maple Ventures
Silver Maple Ventures Inc. (“SMV”) is an exempt market dealer and holding company of FrontFundr Financial Services Inc. (“FrontFundr”) and DealSquare Technologies Inc. (“DealSquare”). With offices in Toronto and Vancouver, the SMV team are national leaders in the private capital markets, developing and operating two fintech platforms to provide access to private markets in Canada and simplify the transaction process.
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