Starlight Investments Launches $750M Canadian Core Multi-Family Fund with CIBC
- Editor
- Jun 24
- 1 min read
Whats Happening:
Starlight Investments is launching the Starlight Canadian Core Multi-Family Fund, an open-ended fund focused on acquiring and managing high-quality, income-producing, purpose-built multi-family rental properties across Canada's largest urban markets. The fund is launching with an initial cornerstone equity investment of CAD $415 million from CIBC Asset Management, enabling an initial acquisition of $750 million in purpose-built rental apartments.
Key Moves:
Starlight launches open-ended Canadian Core Multi-Family Fund
CIBC Asset Management provides initial $415 million equity investment
Fund to acquire $750 million in purpose-built rental apartments
By The Numbers:
Initial cornerstone equity investment: CAD $415 million
Initial acquisition target: $750 million in rental apartments
Starlight's AUM: CAD $30 billion
Key Quotes:
"Starlight is pleased to announce our strategic relationship with CIBC Global Asset Management to deliver a best-in-class Canadian core Multi-Family investment offering," said Daniel Drimmer, Founder and CEO of Starlight Investments.
"Investors are increasingly seeking alternative investment opportunities beyond publicly traded securities, and private real estate continues to offer strong diversification and attractive risk-adjusted returns," said Eric Bélanger, Executive VP & Head of CIBC Global Asset Management.
Bottom Line:
The launch of Starlight's Canadian Core Multi-Family Fund, backed by CIBC Asset Management, represents a significant development in the Canadian real estate investment landscape. This open-ended fund structure, focusing on high-quality multi-family properties, aims to provide investors with stable income and institutional-quality management in a sector underpinned by robust fundamentals.