Healthcare Special Opportunities Fund completes $72M IPO

On July 15, 2015, Healthcare Special Opportunities Fund (the Fund) completed an initial public offering of Class A Units and Class U Units, and completed a related private placement of Class A Units and Class U Units, for aggregate proceeds of approximately $72 million. The Class U Units are denominated in US dollars and are not listed on stock exchange, but are convertible on a weekly basis into Class A Units.

The Fund’s investment objective is to provide unitholders with long-term total return through distributions and capital appreciation of the Fund’s investment portfolio.

The Fund has been created to invest in an actively managed portfolio comprised primarily of publicly traded issuers and private issuers that derive a significant portion of their revenue or earnings from medical and healthcare products and/or services.

The Fund may invest up to 20 per cent of its total assets in private equity investments to provide investors with exposure to a limited number of investments that the Fund’s manager believes have potential for significant upside.

The syndicate of agents was co-led by BMO Nesbitt Burns Inc. and Scotia Capital Inc. and included Canaccord Genuity Corp., GMP Securities L.P., Mackie Research Capital Corporation, Salman Partners Inc., Desjardins Securities Inc., Dundee Securities Ltd., Global Securities Corporation, Industrial Alliance Securities Inc., Laurentian Bank Securities Inc., and PI Financial Corp.

Healthcare Special Opportunities Fund and its manager, LDIC Inc., were represented by a team from McMillan LLP including Margaret McNee, Jason Chertin, Robbie Grossman, and David Andrews (corporate and securities) and Carl Irvine (tax).

The agents were represented by a team from Blake, Cassels & Graydon LLP including Jeff Glass and Norbert Knutel (corporate and securities) and Edward Miller and Josh Jones (tax).