TriVirtus Real Estate Fund I LP
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TriVirtus Real Estate Fund I LP is a Canadian net-lease real estate fund focused on essential-service retail assets. Blue Deer structured and launched the fund, built its investor platform, and continues as Dealer of Record and governance participant.
Services provided
Platform structuring
GP/LP strategy
Offering & investor narrative
Capital formation (HNW/FO)
Dealer of Record support
Ongoing governance / investment committee participatio
The Situation
TriVirtus Capital set out to build a differentiated private real estate fund around a clear thesis: essential-service retail assets in non-primary Canadian markets, acquired with in-place income and repositioned through disciplined leasing and tenant management. The strategy had conviction and a capable operating team. Structuring it as an institutional offering, with the regulatory infrastructure, governance framework, and investor communication standards that sophisticated capital expects, called for a capital partner with experience in fund formation and exempt market dealing.
What Blue Deer Did
Blue Deer led the structuring and launch of the fund; designing the GP/LP framework, developing the offering narrative and investor materials, and executing the capital formation strategy targeting high-net-worth individuals and family offices. As the registered Dealer of Record, Blue Deer managed the regulatory and compliance infrastructure for the capital raise. Beyond launch, Blue Deer has remained embedded in the platform’s governance, participating on the investment committee and maintaining the standard of process, disclosure, and investor communication as the fund scaled from its initial close to a portfolio of 38 assets. Blue Deer is a co-investor in the fund alongside its LP investors thus aligning its interests directly with the capital it raised and the governance standards it established. Unlike a conventional advisory engagement, Blue Deer’s involvement in TriVirtus has been continuous and principal in nature from initial fund design through ongoing capital procurement, compliance, and governance.
The Outcome
The fund has delivered a 13% annualized net return since inception in 2019, a 124% cumulative total return, and has distributed 44% of paid-in capital back to investors through a period that included a pandemic, a recession, and a full interest rate cycle. Portfolio occupancy has remained near 100%. The institutional infrastructure Blue Deer built at launch including; the governance framework, investor reporting cadence, and compliance process has scaled with the portfolio without requiring structural redesign.
Performance noted as unaudited and past returns are not necessarily indicative of future results.
“”
Blue Deer was instrumental in helping us structure, position, and launch TriVirtus for sophisticated investors. Their discipline around governance and capital formation helped us build credibility early, and their continued involvement has supported our ability to scale with aligned capital.
Charles Dyer
CEO, TriVirtus Capital Inc.
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