Addenda Eco-Social Commercial Mortgages Pooled Fund
Managed by Addenda Capital
Data as of: December 31, 2025 · View latest fund facts
This review is compiled by WOWA for informational purposes only and is not investment advice, an offer, or a solicitation. Figures are drawn from the manager's published materials as of the dates shown and may change. Returns are historical and do not guarantee future results. Verify all details with the manager or a licensed advisor before investing.
AUM
$141M CAD
2025 return
6.31%
LTV
55.2%
First mortgages
Primarily
About Addenda Eco-Social Commercial Mortgages Pooled Fund
Launched in late 2022, the Addenda Eco-Social Commercial Mortgages Pooled Fund is targeted toward institutional investors looking to align their capital with the United Nations Sustainable Development Goals (UN SDGs). The fund invests in Canadian first-rank commercial mortgages that fit into five specific themes: affordable housing, green buildings, facilities supporting underrepresented groups, non-profit/community/cultural facilities, and health and education projects. It applies the same rigorous underwriting standards as Addenda's conventional mortgage funds while mandating that capital deployment produces measurable environmental or social benefits.
The fund reports approximately $141M CAD in assets.
The latest annual return declined from 6.98% in 2024 to 6.31% in 2025.
The portfolio is diversified across Quebec, Ontario and BC.
At a glance
| Assets under management (AUM) | $141M CAD |
| 2025 return | 6.31% |
| Overall LTV | 55.2% |
| First mortgages (as a % of the portfolio) | Primarily |
| Property focus | Commercial (52.6%) / Multi-Residential (37.7%) / Unclassified (9.7%) |
| Structure | Trust |
| Investor access | Institutional only |
Addenda Eco-Social Commercial Mortgages Pooled Fund portfolio and performance
The portfolio is composed of commercial mortgages (52.6%), multi-residential mortgages (37.7%) and unclassified mortgages (9.7%).
| Property Type | Share (%) |
| Commercial | 52.6% |
| Multi-Residential | 37.7% |
| Unclassified | 9.7% |
Addenda Eco-Social Commercial Mortgages Pooled Fund has a focus on Quebec, with 45.3% of its mortgages located in Quebec, followed by Ontario (30.9%), BC (14.9%), Alberta (6.9%), Atlantic Canada (1.6%).
| Province/Region | Share (%) |
| Ontario | 30.9% |
| Quebec | 45.3% |
| BC | 14.9% |
| Alberta | 6.9% |
| Atlantic Canada | 1.6% |
Addenda Eco-Social Commercial Mortgages Pooled Fund returns
| Calendar year | Net return |
| 2023 | 8.05% |
| 2024 | 6.98% |
| 2025 | 6.31% |
Addenda Eco-Social Commercial Mortgages Pooled Fund facts
Fund structure
| Structure | Trust |
| Manager | Addenda Capital |
| Latest data | December 31, 2025 |
Mortgage portfolio
| First mortgages | Primarily |
| Overall LTV | 55.2% |
| Property focus | Commercial |
| Leverage | No, the fund does not use leverage. This means the fund uses only investor capital, rather than borrowed money, to fund its mortgage portfolio. This avoids borrowing costs and reduces the additional risks associated with leverage. |
Fees
| Management fee | None disclosed |
| Performance fee | None disclosed |
Additional fund details
The portfolio contains 45 mortgages with an average loan size of approximately $3.1 million. About 94.9% of the portfolio consists of uninsured conventional mortgages, while 2.9% is CMHC-insured. Conventional mortgages are limited to 75% of the property’s appraised value, with terms of up to 10 years and amortization periods of up to 35 years. The fund does not invest in hotel mortgages.
Who can invest in Addenda Eco-Social Commercial Mortgages Pooled Fund?
Institutional access only
This fund is offered to Canadian institutional investment professionals only and is not available to individual investors.
Minimum investment terms are not publicly disclosed.
About Addenda Capital
Addenda Capital Inc. is a Montréal-based institutional investment manager, majority-owned by Co-operators, offering fixed income, equities, multi-asset and commercial mortgage strategies. Through its commercial mortgage platform, the firm originates and manages diversified portfolios of first mortgages secured by Canadian commercial real estate, applying conservative underwriting with an emphasis on income and capital preservation. Its mortgage funds are offered primarily to institutional investors, with retail access available indirectly through insurance and group-savings products distributed by affiliated and third-party carriers. Addenda integrates sustainability considerations across its investment processes.
Compare other funds by Addenda Capital
Addenda Capital manages several mortgage investment entities (MIEs) with different loan and investment objectives. Compare its other funds below.
| Fund | Primary strategy | Approx. size | |
|---|---|---|---|
| Addenda Commercial Mortgages Pooled Fund | Commercial mortgages | $3.8B CAD | Learn More |
Frequently asked questions
It invests in commercial mortgages.
The fund reports a weighted-average LTV of 55.2%.
No. It is offered to institutional investors.
The fund is managed by Addenda Capital.
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