Fiera Canadian Real Estate Debt Fund L.P.
Managed by Fiera Real Estate
Data as of: March 31, 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
$595M CAD
2025 return
6.91%
First mortgages
70.7%
2024 return
5.63%
About Fiera Canadian Real Estate Debt Fund L.P.
The Fiera Canadian Real Estate Debt Fund L.P. is an open-ended limited partnership that provides investors with exposure to real estate private debt. The fund aims to preserve capital and generate stable monthly distributions by offering short-term bridge and construction financing to real estate developers and property owners. It primarily issues floating-rate first and second-lien loans ranging from $5 million to $50 million, with terms of 12 to 24 months. The portfolio is diversified across high-quality real estate projects in major Canadian urban centers.
The fund reports approximately $595M CAD in assets.
Most of the portfolio is in first mortgages, with some subordinate exposure.
The latest annual return increased from 5.63% in 2024 to 6.91% in 2025.
The portfolio is diversified across Ontario and Quebec.
At a glance
| Assets under management (AUM) | $595M CAD |
| 2025 return | 6.91% |
| First mortgages (as a % of the portfolio) | 70.7% |
| Property focus | Residential (19%) / Commercial (45%) / Multi-Residential (37%) |
| Structure | Open-ended limited partnership |
| Investor access | Available to individual investors |
Fiera Canadian Real Estate Debt Fund L.P. portfolio and performance
The portfolio is composed of residential mortgages (19%), commercial mortgages (45%) and multi-residential mortgages (37%).
| Property Type | Share (%) |
| Residential | 19% |
| Commercial | 45% |
| Multi-Residential | 37% |
Fiera Canadian Real Estate Debt Fund L.P. has a focus on Ontario, with 57.9% of its mortgages located in Ontario, followed by Quebec (39.7%).
| Province/Region | Share (%) |
| Ontario | 57.9% |
| Quebec | 39.7% |
| Unclassified | 2.4% |
Fiera Canadian Real Estate Debt Fund L.P. returns
| Calendar year | Net return |
| 2023 | 9.37% |
| 2024 | 5.63% |
| 2025 | 6.91% |
Return objective (2026)
Fiera Canadian Real Estate Debt Fund L.P.'s target for 2026: Prime + 2 to 3%
Fiera Canadian Real Estate Debt Fund L.P. facts
Fund structure
| Structure | Open-ended limited partnership |
| Manager | Fiera Real Estate |
| Latest data | March 31, 2026 |
Mortgage portfolio
| First mortgages | 70.7% |
| Property focus | Commercial |
Fees
| Management fee | None disclosed |
| Performance fee | None disclosed |
Additional fund details
The portfolio consists of 36.6% rental residential, 33.0% land, 18.8% condominium residential and 11.6% commercial and industrial exposure. The construction allocation uses land exposure as the closest available category and should not be interpreted as representing only completed construction loans. Geographic exposure includes 2.4% classified as “Rest of Canada,” which cannot be assigned to the individual provincial allocations shown. Returns are reported net of fees payable to the underlying investment strategy. The fund is available only to qualified investors through applicable prospectus exemptions.
Who can invest in Fiera Canadian Real Estate Debt Fund L.P.?
Available to individual investors
This fund is available to individual investors.
Minimum investment terms are not publicly disclosed.
About Fiera Real Estate
Fiera Real Estate Investments Limited is the real-estate investment-management subsidiary of Fiera Capital Corporation. As of March 31, 2026, Fiera Real Estate managed $12.3 billion of commercial real-estate assets globally across income, development, value-add and real-estate debt strategies. Its Canadian debt platform provides short-term bridge, redevelopment and construction financing through first- and second-ranking floating-rate loans.
Frequently asked questions
It invests in commercial mortgages.
Yes. It is available to individual investors.
The fund is managed by Fiera Real Estate.
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