Addenda Eco-Social Commercial Mortgages Pooled Fund
Trust · Commercial
Managed by Addenda Capital
Data as of: December 31, 2025
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.
About the 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.
At a glance
| Assets under management (AUM) | $141M CAD |
| 2025 return | 6.31% |
| Overall LTV | 55.2% |
| First mortgages | Primarily |
| Property focus | Commercial (52.6%) / Multi-Residential (37.7%) / Other Categories (9.7%) |
| Structure | Trust |
| Investor access | Institutional only |
Portfolio & performance
The portfolio is composed of commercial mortgages (52.6%), multi-residential mortgages (37.7%) and other categories mortgages (9.7%).
| Property Type | Share (%) |
| Commercial | 52.6% |
| Multi-Residential | 37.7% |
| Other Categories | 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% |
Fund facts
| Structure | Trust |
| First mortgages | Primarily |
| Leverage | Unleveraged |
| Latest data | December 31, 2025 |
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.
Investor access
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 the manager
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.
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