Canadian managers Mackenzie Investments and Northleaf Capital Partners have launched a new multi-asset private fund aimed at retail investors, broadening access to mid-market private equity, credit, and infrastructure, according to a report by Bloomberg.

The fund, the fifth in a five-year partnership between the two Toronto-based firms, is designed to mirror a traditional growth-and-income portfolio, with about 60% exposure to private equity and 40% to private credit and infrastructure. Together, the five funds now manage more than C$600m ($428m) in net asset value.

Each vehicle offers a liquidity feature that includes an 80% allocation to private assets and a 20% liquid sleeve via exchange-traded funds to facilitate quarterly redemptions, generally capped at 5%.

“There’s been an information or knowledge gap, as the adviser community and their clients learn about private markets and what’s different about them,” said Allan Seychuk, Senior Investment Director at Mackenzie. He added that better education for advisers can help “reduce and even eliminate the likelihood” of credit-related problems emerging in portfolios.

The launch highlights a growing push by private asset managers to reach individual investors as regulatory conditions ease. In the US, retail investors now have access to around $450bn in semiliquid funds, up 77% since 2022, while Canadian adoption remains in earlier stages.

Northleaf, which counts Canada Pension Plan Investment Board and Caisse de Dépôt et Placement du Québec among its institutional clients, has raised C$30bn in commitments. Mackenzie and Great-West Lifeco, both part of Power Corporation of Canada’s Desmarais group, acquired a non-controlling interest in Northleaf in 2020 to expand access to private markets across their distribution platforms.

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