Key Takeaways
- • Forum Student Living Fund I completed its inaugural capital raise on July 22, 2026, securing C$46.7 million in gross equity proceeds through a combination of public offerings and private placements, with total assets reaching approximately C$100 million following the acquisition of its initial PBSA portfolio.
- • The fund's capital structure consisted of C$43.3 million from a public offering of trust units (1,475,200 Class A Units, 88,000 Class C Units, and 2,769,464 Class F Units at C$10.00 per unit), plus C$700,000 from a private placement of Class C Units and C$300,000 from Class B limited partnership units, with additional co-investment from a Forum affiliate.
- • Forum Student Living Fund I is a distinct, closed-end investment vehicle focused exclusively on Canadian purpose-built student accommodation (PBSA) properties, operationally separate from Forum's broader Forum Real Estate Income and Impact Fund, which manages approximately C$2.9 billion in assets.
- • The fund's acquisition strategy targets a diversified portfolio of income-producing PBSA properties across multiple Canadian cities and provinces, positioning Forum to expand its presence in the student housing sector.
- • This capital raise represents Forum Asset Management's specialized expansion into dedicated student housing investment, leveraging institutional capital to build scale in the PBSA market segment.
Summary
Forum Student Living Fund I, a newly created closed-end investment trust sponsored by Forum Asset Management Inc., announced the successful completion of its inaugural capital raise on July 22, 2026. The fund secured C$46.7 million in gross equity proceeds, reaching approximately C$100 million in total assets following the acquisition of its initial portfolio of Canadian purpose-built student accommodation (PBSA) properties.
The capital raise was executed through multiple channels. The primary component consisted of a public offering of trust units totaling C$43.3 million, comprising 1,475,200 Class A Units, 88,000 Class C Units, and 2,769,464 Class F Units, each priced at C$10.00. The fund supplemented this with a non-brokered private placement of 70,000 Class C Units generating C$700,000 and a private placement of 30,000 Class B limited partnership units in a trust subsidiary raising C$300,000. An affiliate of Forum additionally provided co-investment capital funded directly from the sponsor's balance sheet.
Forum emphasized that Student Living Fund I operates as a distinct investment vehicle, separate and operationally independent from Forum Real Estate Income and Impact Fund (REIIF), the firm's broader non-traded, open-ended real estate fund. REIIF, which manages approximately C$2.9 billion in assets under management and continues to accept investor subscriptions, maintains a strategic allocation to PBSA alongside its broader real estate portfolio. This structural separation allows the dedicated student housing fund to maintain focused investment objectives and portfolio management.
The fund's investment mandate centers on acquiring a diversified portfolio of income-producing PBSA properties across multiple Canadian jurisdictions. The initial acquisition strategy positions Forum to capitalize on the Canadian student housing market, a segment characterized by demographic demand pressures and limited purpose-built supply relative to student population growth.
The capital raise was executed through multiple channels. The primary component consisted of a public offering of trust units totaling C$43.3 million, comprising 1,475,200 Class A Units, 88,000 Class C Units, and 2,769,464 Class F Units, each priced at C$10.00. The fund supplemented this with a non-brokered private placement of 70,000 Class C Units generating C$700,000 and a private placement of 30,000 Class B limited partnership units in a trust subsidiary raising C$300,000. An affiliate of Forum additionally provided co-investment capital funded directly from the sponsor's balance sheet.
Forum emphasized that Student Living Fund I operates as a distinct investment vehicle, separate and operationally independent from Forum Real Estate Income and Impact Fund (REIIF), the firm's broader non-traded, open-ended real estate fund. REIIF, which manages approximately C$2.9 billion in assets under management and continues to accept investor subscriptions, maintains a strategic allocation to PBSA alongside its broader real estate portfolio. This structural separation allows the dedicated student housing fund to maintain focused investment objectives and portfolio management.
The fund's investment mandate centers on acquiring a diversified portfolio of income-producing PBSA properties across multiple Canadian jurisdictions. The initial acquisition strategy positions Forum to capitalize on the Canadian student housing market, a segment characterized by demographic demand pressures and limited purpose-built supply relative to student population growth.
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