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FEATURED ARTICLE
What’s happening inside Canada’s real estate families?
Everything, everywhere all at once. Much like what Michelle Yeoh’s character experienced in the hit 2022 sci-fi movie of the same name, this seems to be the state of Canada’s real estate industry. Developers who built significant wealth through the decades-long condo boom are navigating a depressed market and facing big decisions.
The enterprising families behind these businesses are tackling whether to retire and exit, professionalize or hand the reins to the next generation. All of this is happening as the biggest wealth transfer in history takes hold. Some 60 per cent of family enterprises across industries are expected to transition ownership within the next decade.
The stakes are high, especially among Canada’s real estate families. According to KPMG, investments in residential real estate alone account for about seven per cent of nominal gross domestic product (GDP).
For real estate families, the stakes are high, too. What happens with the continuation of a business in an industry challenged by a difficult development market?
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MEMBER CONTENT
Inside opportunistic credit: A Q&A with Pender’s Parul Garg
‘The possibility of a restructuring does not automatically tell us a company is doomed. It tells us there is a situation we need to analyze on its merits.’
The search for mispriced risk sits at the heart of Pender’s approach to stressed and distressed credit. After more than a decade investing in opportunistic credit situations, including through restructurings and periods of market dislocation, the firm has turned that experience into the Pender Credit Opportunities Fund, which recently marked its third anniversary.
In this Q&A, Canadian Family Offices speaks with Parul Garg, Pender’s Associate Portfolio Manager and a specialist in stressed and distressed credit, about where these opportunities come from, what the firm has learned through multiple credit cycles, and how the strategy could fit within a family office portfolio.
This article is Member Content, provided by PenderFund Capital Management.
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