Ninepoint Secures $81 Million in First Flow-Through LP Closing
Event summary
- Ninepoint Partners LP’s 2026 Flow-Through Limited Partnership (FLP) completed its first closing, raising $81.25 million (gross) from the issuance of 3.25 million Units.
- The Units are priced at $25.00 each, with a minimum subscription of 100 Units ($2,500).
- A second closing is scheduled for March 19, 2026.
- The FLP intends to roll over limited partners into the Ninepoint Resource Fund Class between January 15, 2028, and February 28, 2028.
The big picture
Ninepoint’s FLP taps into a specific Canadian tax-advantaged investment vehicle, demonstrating a targeted approach to alternative asset management. Flow-through partnerships are a niche but potentially lucrative area, particularly appealing to investors seeking tax reduction strategies. With $8 billion in AUM, Ninepoint is leveraging its existing platform to capitalize on this demand, but the roll-over provision introduces a timeline-dependent element to the investment strategy.
What we're watching
- Capital Flows
- The success of the second closing will indicate continued investor appetite for flow-through structures in the current market environment, particularly given the roll-over provision.
- Tax Landscape
- Changes in Canadian tax policy could significantly impact the attractiveness of flow-through partnerships and the anticipated 100% tax deduction for investors.
- Performance Risk
- Nawojka Wachowiak's prior experience in metals and mining at a competitor suggests a focused strategy; the partnership's performance will be heavily influenced by her investment decisions and resource price volatility.
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