Real Estate Debt Fund XIV (REDF XIV)
Managed by Institutional Mortgage Capital
Data as of: March 31, 2026 · View latest fund facts
This review, compiled by WOWA for informational purposes only, is not investment advice, an offer, or a solicitation. Past returns don't guarantee future results.
AUM
$253M CAD
2025 return
11.70%
LTV
65.70%
About Real Estate Debt Fund XIV (REDF XIV)
REDF XIV is a closed-end Canadian commercial mortgage fund employing IMC’s value-add real estate debt strategy. It provides short-term financing for transitional and value-add commercial real estate and seeks gross returns above 10% through actively structured, predominantly floating-rate loans.
The fund reports approximately $253M CAD in assets.
The portfolio is concentrated in Commercial mortgages.
At a glance
| Assets under management (AUM) | $253M CAD |
| 2025 return | 11.70% |
| Overall LTV | 65.70% |
| Property focus | Commercial (100%) |
| Structure | closed-end fund |
| Investor access | Available to individual investors |
Real Estate Debt Fund XIV (REDF XIV) portfolio and performance
The portfolio is composed of commercial mortgages (100%).
| Property Type | Share (%) |
| Commercial | 100% |
Note: Land and pre-construction mortgages are classified under commercial mortgages.
Real Estate Debt Fund XIV (REDF XIV) returns
| Calendar year | Net return |
| 2025 | 11.70% |
Return objective (2026)
Real Estate Debt Fund XIV (REDF XIV) has a target return of 10% for 2026.
Real Estate Debt Fund XIV (REDF XIV) facts
Fund structure
| Structure | closed-end fund |
| Manager | Institutional Mortgage Capital |
| Latest data | March 31, 2026 |
Mortgage portfolio
| Overall LTV | 65.70% |
| Property focus | Commercial |
Fees
| Management fee | None disclosed |
| Performance fee | None disclosed |
Additional fund details
The reported $253 million represents total fund commitments or stated fund size and may not equal the fund’s current NAV. The 11.7% figure is the trailing 12-month yield as of March 31, 2026, rather than a 2025 calendar-year return. Portfolio characteristics include a 65.7% LTV, a $4.1 million average loan size, 92.6% floating-rate exposure, an average remaining term of less than 0.7 years, and 100% recourse.
Who can invest in Real Estate Debt Fund XIV (REDF XIV)?
Available to individual investors
This fund is available to individual investors.
Minimum investment terms are not publicly disclosed.
About Institutional Mortgage Capital
Institutional Mortgage Capital is an independently owned Toronto-based commercial mortgage lender and real estate debt manager established in 2009. IMC manages core, core-plus and value-add Canadian commercial mortgage strategies for institutional and private-wealth investors. As of June 2025, Fitch reported more than $1.4 billion of firm-level AUM, including five investment funds with combined AUM of $529 million. Its affiliated servicer, IMS Limited Partnership, serviced $2.56 billion across 260 commercial mortgages and held a Fitch CPS2− commercial primary-servicer rating.
Compare other funds by Institutional Mortgage Capital
Institutional Mortgage Capital manages several mortgage investment entities (MIEs) with different loan and investment objectives. Compare its other funds below.
| Fund | Primary strategy | Approx. size | |
|---|---|---|---|
| IMC Active Mortgage Fund | Commercial mortgages | N/A | Learn More |
Frequently asked questions
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.