TD Asset Management Inc. (TDAM) announced a new way for investors to access private global infrastructure investments.
Eligible Canadian accredited investors will have access to TDAM’s institutionally available infrastructure strategy, the TD Greystone Infrastructure Fund (Canada) L.P., through a collaboration with iCapital Network Canada Ltd, financial technology platform “driving access to alternative investments for the wealth and asset management industries.”
The TD Greystone Infrastructure iCapital Canada Access Fund, managed by iCapital Canada, invests “substantially all its assets in TDAM’s Institutional Fund and is available to eligible Canadian accredited investors.”
Private Infrastructure is a growing part of institutional and high-net-worth portfolios that can “provide diversification benefits, enhanced returns, lower volatility and inflation protection.”
TDAM’s Institutional Fund has “a 10+ year track record and a portfolio of private infrastructure assets with over 500 projects across 7 countries.”
The Institutional Fund invests in infrastructure “that delivers essential services for an economy offering accredited investors potential stability and growth during times of uncertainty and over the long-term.”
TDAM’s infrastructure investment team “takes a hands-on approach to provide a portfolio of operating infrastructure, with potential for long-term revenues and inflation protection.”
They have experience in “private infrastructure and actively manage the portfolio through oversight of development, construction, and procurement activities, board representation, as well as financing.”
The Access Fund provides access “to the Institutional Fund which provides diversification across each of these projects and creates what they believe is an attractive allocation to the infrastructure asset class for investment portfolios.”
The TD Greystone Infrastructure Fund is “comprised of the TD Greystone Infrastructure Fund (Global Master) SCSp, the TD Greystone Infrastructure Fund (Canada) L.P., the TD Greystone Infrastructure Fund (Canada) L.P. II, the TD Greystone Infrastructure Fund (Cayman Feeder) L.P. and the TD Greystone Infrastructure Fund (Luxembourg Feeder) SCSp.”
Each of the Feeder Funds act as a feeder fund in “a master-feeder structure and invests all or substantially all of its assets in the TD Greystone Infrastructure Fund (Global Master) SCSp.”
The Master Fund is priced monthly “in USD and includes any working capital within the Master Fund, as well as the current USD value of the most recent valuation of the underlying investments.”
Valuations of the investments held in the Master Fund “are done on a quarterly basis in the local currency of the investment.”
Interim valuations may be done “as the result of specific situations.”
At each monthly pricing period, the investment valuations “are converted to USD at the rate in effect of the pricing date.”
Effective February 1, 2024, the Master Fund “redomiciled from the Cayman Islands to Luxembourg.”
Historical performance prior to that time “reflects the performance of the TD Greystone Infrastructure Fund (Global Master) L.P.”
Thereafter, the performance reflects “the TD Greystone Infrastructure Fund (Global Master) SCSp.”
The Feeder Funds are priced monthly “in U.S. dollars and include working capital held within the Feeder Funds as well as the updated monthly value of the units held in the Master Fund.”
The value of the Feeder Funds investment “in the Master Fund is determined based on the updated monthly price of the Master Fund.”
As noted in the update, TD Asset Management Inc. (TDAM), a “member of TD Bank Group, is a North American investment management firm.”
TDAM offers investment solutions to “corporations, pension funds, endowments, foundations and individual investors.”
Additionally, TDAM manages assets “on behalf of almost 2 million retail investors and offers a broadly diversified suite of investment solutions including mutual funds, professionally managed portfolios and corporate class funds.”
Asset management businesses at TD manage “$496 billion in assets.”
As mentioned in the announcement, TDAM operates in Canada and Epoch Investment Partners, Inc. operates in the United States.
Both entities are affiliates and are “wholly-owned subsidiaries of The Toronto-Dominion Bank.”
As covered, iCapital powers the world’s alternative investment marketplace, “offering a complete suite of tools, end-to-end enterprise solutions, data management and distribution capabilities, and an innovative operating system.”
iCapital is the technology partner “to financial advisors, wealth managers, asset managers, as well as other participants in this ecosystem, and offers unrivaled access, technology, and education to incorporate alternative assets into core portfolio strategies for their clients.”
As of February 28, 2025, iCapital reportedly had “$880 billion of global volume activity on its platform.”