A recently published Winnipeg Free Press article features interviews with Cam Di Giorgio and Dan Simunac, Co-CEOs at Stonebridge Financial, on the future of infrastructure Debt investment in Canada. Click here to read more.
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Respected industry veterans to shepherd Stonebridge through its next chapter of growth, including additional “resilient credit” asset classes
Toronto, Canada – Tuesday, June 13, 2023 – Stonebridge Financial Corporation (“Stonebridge”), a preeminent Canadian financial institution and investment management firm in ESG-oriented private credit, is pleased to announce executive leadership changes and a broadened focus for a new era of expansion.
Stonebridge’s board of directors has appointed Cam Di Giorgio and Daniel Simunac as Co-Chief Executive Officers. Providing additional depth and strength to the executive team, Cormac Mac Lochlainn has been appointed Executive Vice President. Robert M. Colliver, the firm’s original co-founder, will transition to the role of Executive Chairperson, while continuing to oversee Stonebridge’s existing debt funds and separately managed accounts.
Cam joined Stonebridge in 2009 and has since held progressively senior positions, most recently as Executive Vice President. He leads the firm’s project finance business in the areas of renewable power, infrastructure and long-term care in the seniors housing sector. His team is involved in originating, structuring and syndicating financings for and on behalf of various institutional investors. Cam has over 35 years of industry experience including prior roles at Sun Life Financial, CIT Structured Finance/Newcourt Capital and Canada Life.
“From wind and solar farms to hospitals and highways, to data centres and fibre-optic networks, our focus on sustainability and other community-enhancing projects that improve our collective futures has allowed us to remain at the forefront of the infrastructure finance industry for nearly a quarter-century,” said Mr. Di Giorgio. “With the growth of our team, offerings and ongoing market needs for various forms of infrastructure, we are well-positioned to assist borrowers with financing solutions as well as investors seeking exposure to such areas of private credit.”
In addition to reinforcing its significant market presence in the above areas of expertise, the firm is adding new verticals to include additional forms of “resilient credit” across various real estate asset classes, as well as asset-backed and cash-flow based diversified industries. This will expand and enhance Stonebridge’s platform for its next phase of growth and success.
Daniel joins Stonebridge from Raymond James Bank, where he served as Principal Officer & Country Head for Canada, a platform he founded in 2012. There, he specialized in lending to commercial and institutional borrowers across Canada and the United States focusing on real estate & REITs, renewable power & infrastructure and founder-owned, publicly traded and sponsor-backed businesses. Under his leadership, over the last decade, Raymond James committed over $8 billion towards various financings, growing it to be among the most efficient and profitable commercial banks in Canada and top-25 in the country by assets. Daniel brings over 20 years of industry experience with prior roles at Allied Irish Bank (“AIB”) Canada, TD Securities/TD Bank, Sun Life Financial and Travelers Canada.
Cormac also joins Stonebridge from Raymond James Bank Canada, where he was Senior Vice President, Corporate & Real Estate Banking, focused on lending to mid-market and large cap borrowers across commercial, corporate and private equity-backed industries, together with covering
renewable power & infrastructure and specialty finance sectors. Cormac brings over 15 years of industry experience with prior roles at AIB covering the North American corporate & leveraged finance sectors and at Smith Barney (now Morgan Stanley) in U.S. quantitative research.
“I have known the Stonebridge team and followed their growth since 2007 and we are thrilled to be joining and help lead its future,” said Mr. Simunac. “Stonebridge was an early adopter of responsible investing themes such as clean energy, decarbonization, seniors housing and Indigenous and other social impact investments dating back nearly 25 years. Leveraging our team’s collective depth of expertise, broad networks and best practices will allow us to bolster Stonebridge’s existing capabilities and relationships, while also adding and forging new ones.”
“On behalf of our board, staff, and myself, we are delighted on Cam’s well-deserved promotion, together with the addition of Daniel and Cormac to our executive leadership team. Each brings exceptional expertise that deepens the strength within Stonebridge’s existing verticals as well as adding new sectors of focus and complementary market relationships,” said Mr. Colliver. “This expansion represents Stonebridge’s commitment to our next chapter of growth that will provide a broader suite of offerings to our borrowing clients and lending partners and investors.”
Stonebridge prides itself on high values of integrity, trust, and innovation, which form the cornerstone of its philosophy in delivering well-structured financial solutions for its stakeholders.
About Stonebridge Financial Corporation
Founded in 1999 and headquartered in Toronto, Canada, Stonebridge is a regulated financial institution and investment management firm focused on providing ESG-oriented private credit and other capital solutions to public, private and institutional clients across Canada, the United States and abroad.
With $3.2 billion in assets under administration, Stonebridge and affiliates have cumulatively committed in excess of $7.5 billion towards over 200 project financings since inception, including over $600 million to community-enhancing projects for Indigenous communities across Canada (all figures are as of March 31, 2023). Stonebridge manages various discretionary funds, separately managed accounts and other structures on behalf of its financial partners, which include many of North America’s largest insurance companies, pension funds, banks, credit unions, asset managers and other local as well as foreign-based regulated financial institutions.
Stonebridge has been a longstanding promoter of environmentally sustainable and socially conscious alternative investments and values in North America since the firm’s inception, nearly a quarter century ago. For more information, please visit Stonebridge.ca.
For more information, please contact:
Cam Di Giorgio, Co-CEO
Daniel Simunac, Co-CEO
Cormac Mac Lochlainn, EVP
Robert M. Colliver, Executive Chairperson
Stonebridge is very pleased to announce that Angela Valdes has been promoted to Vice President, Private Debt Asset Management.
Angela joined Stonebridge in 2014 and has since held several positions on the Private Debt Asset Management team, each with the assumption of progressively increasing levels of responsibility.
In her current role as Vice President, Private Debt Asset Management, Angela is responsible for the evaluation and recommendation of new investment opportunities for Stonebridge Infrastructure Debt Funds and Separately Managed Accounts, and related portfolio management and investor reporting and communication, as well supporting fundraising activities.
Prior to joining Stonebridge, Angela spent several years working in corporate banking for Grupo Financiero Banorte. She holds a Master’s degree in Business Administration from the University of Ottawa, as well as a Master’s degree in Finance from the Universidad Regiomontana.
After more than two years of remote working and virtual communication, the team at Stonebridge Financial Corporation said hello to summer at the Toronto Cricket, Skating and Curling Club. The day was spent mastering the game of croquet and resulted in some friendly competition as teams played for the Stonebridge Challenge Cup.
Stonebridge Financial Corporation (“Stonebridge”) is pleased to announce the sale of its bulk lease securitization division to a separately owned and operated entity, Stonebridge Lease Financing Solutions Inc. (“SLFS”). The transaction presented a unique opportunity for senior management of the bulk lease securitization division to take a controlling interest in the new company and to guide the long-term growth and success of the bulk lease securitization business.
Stonebridge Financial Corporation is a specialized financial services company with a proven reputation and expertise in arranging and structuring debt financings for syndication in the Canadian institutional marketplace with a focus in the energy, infrastructure, and health care sectors. As an exempt market dealer and asset manager, Stonebridge also provides financial advisory services, asset management, and a host of agency services.
Stonebridge Lease Financing Solutions Inc. is an industry leading provider of independent bulk lease financing solutions to the Canadian leasing market.
Stonebridge is please to share a recent CBC News release on the Wocawson Wind Project –arranged by Stonebridge and financed by Stonebridge Infrastructure Debt Fund II L.P.- that highlights the project and the economic benefits being realized by the Negotukuk First Nation.
We wish to notify you of a series of investment industry regulations called the Client Focused Reforms that have been introduced by the Canadian Securities Administrators to help protect investors. As part of these new reforms, all registered firms across Canada must provide their Clients with more detailed disclosures by June 30, 2021, which outline how the firm manages actual or potential conflicts of interest.
Stonebridge is registered under Canadian securities legislation as an Exempt Market Dealer, Portfolio Manager and Investment Fund Manager and is therefore required to identify material conflicts of interest that may arise between Stonebridge, and any individual acting on its behalf, and our Clients and resolve such conflicts in a manner that puts the Client’s interest first. A Conflict of Interest may arise when the business interests of Stonebridge are inconsistent or divergent with that of our Client. While Stonebridge has adopted policies and procedures to identify and manage any potential Conflict of Interest, we recognize the need to disclose the nature and extent of any Conflict of Interest we have identified so that our Clients can assess independently if the conflict, and how we address it, are material to their investment decision.
The purpose of the Conflict of Interest Disclosure Statement is to describe any potential conflict that may arise under each of Stonebridge’s registrant roles, and the measures we have taken to prevent, avoid and mitigate such conflict and otherwise resolve the conflict in a manner consistent with our Client’s best interest.
On rare occasions, Stonebridge may pay a referral fee to an outside party for referral of a successfully arranged financing opportunity.
The Stonebridge Policies and Procedures Manual defines a referral fee as a monetary or non-monetary compensation for services provided by the referring party and establishes the terms of any referral agreement be set out in a written agreement that clearly outlines each participants’ role and responsibilities including any Conflict of Interest that may result from the relationship. Prior to any services being provided, Stonebridge provides written disclosure to our Client of the referral arrangement to ensure our Client understands the extent of the referring parties’ financial interest in the referral arrangement, any potential conflict, and the general terms of the arrangement.
Stonebridge does not receive referral fees from outside parties.
Stonebridge’s monetary compensation is fee based and consists of financing arrangement fees, advisory fees and administrative agency fees. All fee-based compensation is disclosed and agreed to by our Client in advance and invoiced to our Client when earned by Stonebridge.
All Stonebridge Employees are paid a base salary with certain key Employees being eligible for performance-based bonuses.
Gifts and Entertainment
The Stonebridge Code of Ethics and Professional Conduct sets out the firm’s standard of conduct related to gifts and entertainment.
While Stonebridge permits Employees to accept modest gifts or entertainment below a Board established monetary threshold, Employees are prohibited from receiving or furnishing, directly or indirectly any gifts or entertainment that would be considered expensive or excessive by normal industry standards or that would not occur in the ordinary course of business. The Stonebridge Code of Ethics and Professional Conduct further restricts Employees from accepting or offering gifts, entertainment or other benefits that would compromise or be seen to compromise their judgement or inappropriately influence others.
The Code prohibits Employees from using their employment status with Stonebridge to obtain personal gain from those doing business or wishing to do business with Stonebridge or accepting any gifts or benefits that include cash, personal loans, non-business travel, or that would contravene any laws or would be interpreted as an improper inducement or payment. Employees are prohibited from accepting gifts or entertainment that would reflect negatively on Stonebridge or be considered inappropriate by a reasonable person.
Marketing and Promotion
The use of social media websites creates the potential for compliance and supervisor challenges for Stonebridge. The Stonebridge Code of Ethics and Professional Conduct establishes standards of business conduct related to an Employee’s use of marketing or social media. The use by an Employee of any personal or unauthorized social media web sites, chat rooms or social blogs on any devise for the purpose of promoting, marketing or advertising Stonebridge services is strictly prohibited. While Stonebridge maintains a social media presence that includes our website and company managed social media accounts, content management of these social media accounts is restricted to authorized Employees, with all content reviewed before posting. Under no circumstances will corporately managed social media platforms be used to distribute Fund performance information.
Stonebridge adheres to the principles of dealing fairly, honestly and in good faith with Clients. Stonebridge’s Policies and Procedures Manual directs Employees to take care in the preparation and distribution of marketing materials to Clients or prospective Clients to ensure all information, including any statements or claims are true and the information disclosed is complete, so as to prevent the information from being misleading to the recipient.
Outside Business Activities
The Stonebridge Code of Ethics and Professional Conduct governs outside business activity and prevents employees from engaging in outside business activities that could reasonably be considered to be in conflict with an Employee’s performance of their duties and responsibilities to Stonebridge and our Clients.
Stonebridge encourages Employees to participate in political, personal interest, social or community-based organizations including holding a position on the board, if the activity does not reflect negatively on Stonebridge and these outside activities do not interfere with the fulfillment of their duties and responsibilities. Each Employee must disclose and obtain written consent to accept or hold an external directorship or a position of influence in an outside organization. Employees registered with a provincial regulatory authority are required to disclose all outside business activity as a requirement of employment.
Furthermore, Employees are prohibited from having a financial interest in, or borrowing personally from a Client, Stakeholder or any organization that provides services to Stonebridge. Employees are also prohibited from personally receiving a fee or personally gaining from referring a Stonebridge Client to an outside party or for referring an outside party to Stonebridge.
At the start of their employment and annually thereafter all Employees must acknowledge they have read and understand the Stonebridge Code of Ethics and Professional Conduct.
The Stonebridge Code of Ethics and Professional Conduct sets forth the standard for Employee’s personal trading. Employees are strictly prohibited form directly trading in securities, or benefiting from the direct trading of securities of a publicly traded company, whether for the account of the Employee, their spouse, children, or other family members, friends or other associates while in possession of confidential (non-public) information of the traded company obtained through their employment with Stonebridge or through a relationship of Stonebridge.
Where an Employee indirectly holds a prohibited security through a pooled investment (mutual fund), and where it can be reasonably determined the Employee has no discretion over the investments held within such pooled investment, an Employee’s participation in the pooled investment is permitted.
Investment in Related and Connected Issuers
The only investment fund securities sold by Stonebridge are securities of the Stonebridge Infrastructure Debt Fund I LP and Stonebridge Infrastructure Debt Fund II LP (“Stonebridge Funds”), each of which are a related/connected issuer for purposes of National Instrument 33-105, Underwriting Conflicts, as each Stonebridge Fund is managed by Stonebridge. Stonebridge receives a management fee for its services as manager of the Stonebridge Funds. Stonebridge’s relationship with the Stonebridge Funds may cause Stonebridge to perform due diligence on the products that we offer with a less independent view. We may also be considered to have an added incentive to sell the securities of the Stonebridge Funds, including that the judgment of our Dealing Representatives, management and supervisory staff may be affected by this relationship. While we do have policies and procedures in place to assess a purchase as suitable for a Client, you may wish to get independent advice from a trusted professional before you consider purchasing securities of a Stonebridge Fund through Stonebridge.
Listing of “related or connected issuer” products offered by us which are offered to permitted clients as defined in NI 31-103 and accredited investors as defined in NI 45-106 by way of an offering memorandum and subscription document include:
- Stonebridge Infrastructure Debt Fund I LP
- Stonebridge Infrastructure Debt Fund II LP
Stonebridge arranges, structures, syndicates and closes private placement debt financing transactions in the institutional market with a focus on renewable energy, health, social infrastructure and bulk lease financing. These private placement debt investments are governed by a negotiated credit agreement and security documentation entered into by the Client and borrower, in each case with independent legal counsel representation.
Stonebridge strives to be fair and equitable in the allocation of new financing opportunities to Clients.
When determining the participants for the distribution of a new financing opportunity, Stonebridge considers factors such as the transaction size, the term, the commitment and financing timelines, the potential Client market sector interest, any preliminary feedback from potential Clients, and the Client’s funding availability and staffing resources.
The fair allocation of Client financing commitments on financing transactions that are undersubscribed or at the financing commitment amount, are governed solely by the Client and the amount of their financing commitment.
On financing transactions that are oversubscribed, Stonebridge considers a number of factors in determining a fair and appropriate financing allocation, including the monetary size and timing of each commitment, the Investment objectives of the Client, the amount of the oversubscription, any commitment limitations or conditions imposed by the Client, the similarities of each Client’s commitment terms and conditions, and other influences.
All things being equal, Stonebridge allocates the participation of each Client on a pro rata basis to their initial commitment. If the Client does not accept the pro rata allocation or if the financing commitments are not identical, Stonebridge enters into active discussions with the Client to reach a negotiated solution that is in the best interest of the Client.
To ensure adherence to the principles of fairness, honesty and good faith when dealing with Fund Clients, Stonebridge assesses each Stonebridge originated debt investment to ensure it is suitable for and complies with the investment objectives of our Fund Clients. Each debt investment is subject to the approval of the Stonebridge credit investment committee, presently comprised of five individuals including three external, independent members.
Fund Expense Allocation
All Fund expenses are governed by a Limited Partnership Agreement and are allocated on a pro rata basis based on the Fund Client’s capital commitment.
Stonebridge Financial Corporation have been contacted by several individuals advising us of having received an email reportedly from a human resource representative of Stonebridge Financial Corporation offering employment opportunities in Canada. Stonebridge Financial Corporation does not recruit internationally and uses reputable Canadian recruitment agencies when hiring for any available positions. Any emails not originating from an email address ending in @stonebridge.ca should be considered fraudulent and reported to the proper authority. Stonebridge has notified the Spam Reporting Centre of the Government of Canada to assist in preventing any further use of our corporate name in this activity. Any inquiries as to the authenticity of any email reportedly from Stonebridge should be directed to firstname.lastname@example.org or by completing the inquiry form located at https://stonebridge.ca/contact-us/
Stonebridge is proud to announce that Denis Bourassa, Co-Executive Chairman & CO-CEO has been re-appointed as a director to the Board of The Canadian Council for Public-Private Partnerships (“CCPPP”) for the year 2020-2021. CCPPP is a national not-for-profit non-partisan, member-based organization with broad representation from across the public and private sectors. Its mission is to promote innovative approaches to infrastructure development and service delivery through public-private partnerships with all levels of government. The Council is a proponent of evidence-based public policy in support of P3s, facilitates the adoption of international best practices, and educates stakeholders and the community on the economic and social benefits of public-private partnerships. The Council organizes an annual conference that is recognized internationally as the premier forum bringing together senior government and business leaders in the P3 community at which the most successful Canadian public-private partnerships are celebrated through CCPPP’s National Awards for Innovation and Excellence. The Council is governed by a Board of Directors and operated by several staff.