Middlefield’s Sustainable Infrastructure Dividend Fund completes largest closed-end fund IPO in Canada in 2020

On March 25, 2020, Sustainable Infrastructure Dividend Fund (the “Fund”), completed an initial public offering of 80,000,000 units at a price of CAD$10.00 per unit for gross proceeds of CAD$80 million, being the largest closed end fund initial public offering in Canada in 2020 to date. The Fund’s investment objectives are to provide holders of units with stable monthly cash distributions and enhanced long-term total return through capital appreciation of the Fund’s investment portfolio through a diversified, actively managed portfolio comprised primarily of dividend paying securities of global issuers focused on, involved in, or that derive a significant portion of their revenue from physical infrastructure assets which the Fund’s advisor believes will generate attractive risk-adjusted returns for the Trust due to the tangible, difficult to replicate, long-term nature of such assets and their ability to shape and support global economic activity. The Fund will invest up to 20% of the assets of the Fund in the securities of private, unlisted issuers that provide access to private market infrastructure investment opportunities normally reserved for institutional investors. In addition, the Fund’s investment portfolio will be focused on investing in securities of sustainable infrastructure issuers whose assets have been developed and operated taking into account environmental, social and governance (ESG) considerations. The syndicate of agents was co-led by CIBC Capital Markets and RBC Capital Markets, and included BMO Capital Markets, Scotiabank, TD Securities Inc., Canaccord Genuity Corp., Industrial Alliance Securities Inc., National Bank Financial Inc., Manulife Securities Incorporated, Raymond James Ltd., Stifel Nicolas Canada Inc., Middlefield Capital Corporation, Echelon Wealth Partners Inc. and Mackie Research Capital Corporation. Middlefield Limited, the manager of the Fund, was advised by Fasken with a team that consisted of Stephen Erlichman, John Sabetti, Daniel Fuke and Russell Lindzon (Securities, Investment Products and Wealth Management) and Mitchell Thaw (Tax).