On January 3, 2002, IFPT Management Inc. of Montreal launched International Finance Participation Trust, the first vehicle formed to enable Canadian pension funds to invest in loans funded by International Finance Corporation and other international lending agencies such as European Bank for Reconstruction & Development and Export Development Canada. In order to attract investment in the trust, it was first necessary to obtain an amendment to the regulations to the Income Tax Act so that trust units were not considered foreign property under the Act. In its initial offering, the trust raised US$360 million in equity.
Peter Martin, Lorna Telfer and Sonia Paquin (business) of McCarthy Tétrault LLP acted for IFPT Management. Rob Collins, Mike Sharp, Chris Van Loan and Chris Cyrenne of Blake, Cassels & Graydon LLP acted for the trust. William Scott and Eric Lowy of Stikeman Elliott acted for the lead investor, a major Canadian pension fund.