iPerform Strategic Partners Hedge Fund completed an initial public offering on May 16, 2002 of 20 million trust units for gross proceeds of $200 million. The agents of the offering were granted an option to acquire an additional two million units to cover over-allotments, if any. The outstanding units of the fund are listed on the TSE. The promoter and manager of the fund is iPerformance Fund Corp., a wholly owned subsidiary of iPerformance Fund Inc.
The fund’s primary investment objective is to achieve capital appreciation while managing risk through the use of a diversified hedged equity investment programme. The fund will pursue its investment objectives by allocating its assets among four separate investment accounts of the fund, each of which will be managed by a different investment advisor: Hillsdale Investment Management Inc. (40 per cent); Sprott Asset Management Inc. (30 per cent); Global Asset Management (USA) Inc. (15 per cent); and Gabelli Securities International Limited (15 per cent). The fund is the first retail offered, RRSP-eligible, multi-manager, long/short equity fund offered in Canada.
Fogler, Rubinoff LLP represented the fund and the manager in connection with the initial public offering, with a team led by Avi Greenspoon and including Gary Litwack, Leslie Erlich and Judith Hong Wilkin (securities) and Peter Guselle (tax).
Canaccord Capital Corporation and CIBC World Markets Inc. co-led a syndicate of 11 agents. Lawrence Wilder and Candice Solomon (securities) and Chris Norton (tax) of Cassels Brock & Blackwell LLP acted as counsel to the agents.