TD Asset Management launches global real estate vehicle

TD Asset Management and iCapital Canada have launched a Canadian investment vehicle tied to a global real estate strategy for eligible accredited investors. It is the second TD Asset Management private markets strategy introduced in Canada through iCapital Canada.

The vehicle gives Canadian accredited investors access to a real estate strategy managed by TD Asset Management and extends the firm's existing private markets distribution partnership. Their earlier collaboration brought a global infrastructure strategy to the Canadian market.

The launch broadens the range of private market products available to wealth managers and advisers serving higher-net-worth clients in Canada. It also reflects continued competition among asset managers and investment platforms to package institutional-style private assets for private wealth channels.

Private market strategies such as infrastructure, private credit and real estate have drawn growing attention from investors seeking diversification and income outside listed equities and bonds. In Canada, access to these products has historically been concentrated among institutions and accredited investors, often through structures that can be difficult for advisers to administer.

The latest launch is part of iCapital Canada's broader effort to expand access to alternative investments in the country. The group is the Canadian arm of iCapital, which services nearly USD $1.2 trillion in assets globally on its platform, including more than USD $312 billion in alternative platform assets.

For TD Asset Management, the arrangement provides another route into the private wealth market for a strategy within its real assets business. TD's asset management operations oversee CAD $532 billion, according to the firm, including affiliated businesses in Canada and the United States.

Real estate access

The strategy focuses on global real estate and targets investors seeking exposure to physical assets in Canada and other major markets. The structure is designed for eligible Canadian accredited investors rather than the wider retail market.

That distinction matters in Canada's investment landscape, where private market products are typically sold under exemptions that limit participation to investors meeting income or asset thresholds. As a result, wealth managers often rely on specialist platforms and feeder vehicles to make these strategies available to qualifying clients.

Andrew Croll outlined TD Asset Management's case for the new product.

"Today's investors are increasingly seeking resilient, income-oriented real asset strategies that can perform across market cycles. With nearly 40 years of experience managing real estate, we have built a high-quality portfolio of physical assets across Canada and key global markets, designed to deliver durable income and diversification. The launch of this global real estate investment vehicle marks an important step in expanding access to our institutional real estate platform for accredited Canadian investors," said Andrew Croll, CFA, CAIA, Managing Director, Head of Global Real Estate Investments at TD Asset Management.

Croll's remarks reflect a broader trend in private wealth: firms are repackaging long-established institutional strategies into formats that advisers can offer to wealthy individuals. Real estate remains one of the more familiar corners of private markets, though performance and liquidity can vary sharply by sector and region.

Platform expansion

The launch also adds to iCapital Canada's local product shelf as it expands its presence in the country. Its platform supports investment operations, administration and investor education for private market offerings.

Thomas Johnston said the rollout builds on the firm's previous partnership.

"Building on the momentum of our prior collaboration, this second launch underscores our shared focus on expanding access to private market strategies for Canadian accredited investors," said Thomas Johnston, Managing Director, Head of Client Solutions, Canada at iCapital.

"Through iCapital's technology and local expertise, we are focused on supporting wealth managers and advisors as they allocate across global real assets," he added.

The tie-up comes as wealth platforms, banks and independent advisers face rising demand from affluent clients for exposure beyond public markets. At the same time, distributors must manage the operational complexity, suitability checks, and reporting requirements that accompany private funds.

In that environment, partnerships between asset managers and specialist distribution platforms have become a common way to bring private assets into wealth management channels. The latest real estate vehicle shows how Canadian firms are adapting that model for accredited investors seeking access to global real assets.

iCapital now serves more than 3,400 wealth management firms and 130,000 active financial professionals worldwide through its platform.