Capstone First Mortgage Fund LP
Managed by Capstone Asset Management Inc.
Data as of: June 30, 2026 · 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
$60M CAD
2025 return
-12.4%
Management fee
0.75%
2024 return
9.3%
About Capstone First Mortgage Fund LP
The Capstone First Mortgage Fund LP is an alternative mortgage investment vehicle managed by Capstone Asset Management Inc. The fund pools capital to invest primarily in senior first-position commercial, construction, and development mortgages across Canada, with an active Assets Under Management (AUM) footprint that has scaled to approximately $60 million.
The fund reports approximately $60M CAD in assets.
The latest annual return declined from 9.3% in 2024 to -12.4% in 2025.
The portfolio is highly concentrated in Ontario.
At a glance
| Assets under management (AUM) | $60M CAD |
| 2025 return | -12.4% |
| Structure | Partnership (LP) |
Capstone First Mortgage Fund LP portfolio and performance
Capstone First Mortgage Fund LP has a focus on Ontario, with 100% of its mortgages located in Ontario.
| Province/Region | Share (%) |
| Ontario | 100% |
Capstone First Mortgage Fund LP returns
| Calendar year | Net return |
| 2023 | 9.3% |
| 2024 | 9.3% |
| 2025 | -12.4% |
Capstone First Mortgage Fund LP facts
Fund structure
| Structure | Partnership (LP) |
| Manager | Capstone Asset Management Inc. |
| Series | F |
| Latest data | June 30, 2026 |
Fees
| Management fee | 0.75% |
| Performance fee | None disclosed |
Additional fund details
The fund has a current management expense ratio (MER) of 1.81%, which includes a management fee of 0.75% and an administration fee of 0.15% as of December 31, 2025.
Who can invest in Capstone First Mortgage Fund LP?
Investor access
Minimum investment terms are not publicly disclosed.
About Capstone Asset Management Inc.
Based in Langley, British Columbia, Capstone Asset Management Inc. is an independent regulatory portfolio manager, exempt market dealer, and investment fund manager founded in 2004. The firm designs and manages a suite of traditional and alternative pooled funds for retail, wealth advisory, and institutional clients. Capstone acts as the principal portfolio manager across its funds, partnering with third-party mortgage originators and administrators to structure and manage real estate private debt strategies.
Frequently asked questions
The fund is managed by Capstone Asset Management Inc..
Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
- The calculators and content on this page are for general information only. WOWA® does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
- Financial institutions and brokerages may compensate us for connecting customers to them through payments for advertisements, clicks, and leads.
- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.