Waratah Capital Advisors

What Waratah Capital Advisors does

Waratah Capital Advisors is a Toronto-based private alternative asset manager founded in 2010 by Brad Dunkley and Blair Levinsky. The firm manages approximately $4 billion in assets under management across a multi-strategy platform that includes equity market neutral, equity long/short, ESG-integrated core, income equity, North American credit, and thematic private equity strategies. Its product set comprises ten funds: five long/short strategies (Waratah Core, Alternative Equity Income, Yield, Performance, Income), two additional long/short strategies (One X, Special Opportunities), and three private equity offerings (Electrification and Decarbonization, Niche Private Real Estate, and the now-exited Lithium Royalty Corp.). The technology stack is built on fundamental analysis, research-driven stock selection, rigorous risk management, and a proprietary ESG scoring dataset used within the Core and Alternative Equity Income strategies. The firm has received multiple AlternativeIQ Canadian Hedge Fund awards, including Overall Best Canadian Hedge Fund in 2020 and 2021, supporting its institutional track record.

The firm's business model is that of a traditional alternative asset manager. Revenue is generated primarily through management fees charged on AUM across both publicly-offered funds distributed through authorized dealers in Canada and privately-offered funds sold to accredited investors, with likely additional performance-based compensation typical of hedge fund managers. Distribution occurs through three channels: an authorized dealer network for public funds, direct relationships with HNW individuals, family offices, and pension plans, and Canadian bank wealth platforms. Customer segments span HNW individuals and families, single and multi-family offices, foundations, Canadian bank wealth platforms, and pension funds, with HNW/family office clients identified as the primary segments.

Waratah is led by its co-founders, with Brad Dunkley serving as CIO and CRO and Blair Levinsky as President and CEO, supported by a 50+ person team of investment and business professionals drawn from TD Securities, Gluskin Sheff, CPPIB, UBS, BMO, and other Canadian capital markets institutions. The firm holds concentrated strategic equity positions in mining and battery-materials issuers tied to its electrification thesis (most recently an approximately 59.3% beneficial stake in Lithium Royalty Corp., which was agreed to be acquired by Altius Minerals in December 2025, and a 19.9% partially-diluted stake in Wallbridge Mining). Founder and employee co-investment represents roughly 7% of AUM. A 2024 cybersecurity breach affecting client data via a third-party backup vendor is the most significant operational risk event disclosed.

Name

Waratah Capital Advisors

Legal name

Waratah Capital Advisors Ltd.

Website

https://waratahadvisors.com

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

11–50 employees

Short description

Waratah Capital Advisors is a Toronto-based private alternative asset manager managing approximately $4 billion in AUM across market-neutral, long/short, ESG-integrated, credit, and thematic private equity strategies, serving high-net-worth individuals, family offices, foundations, Canadian bank platforms, and pension funds.

Ownership category

akta.pro rank

Product category

Alternative Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910)

SIC

Investment Advice (6282)

akta.pro primary industry

Alternative Investments for Private Wealth (Hedge Funds, PE/VC Access, Private Credit) (FSAAABAI)

Keywords

• Alternative asset management
• Hedge fund management
• Long short equity
• Market neutral strategies
• Thematic private equity

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Management Fees: Waratah generates revenue through management fees charged on assets under management across their alternative investment funds, including equity market neutral, equity long short, long short equity ESG, income equity, credit and thematic private equity strategies.
2. Performance Fees/Carried Interest: As a hedge fund and alternative asset manager, Waratah likely generates performance-based compensation alongside management fees, though specific fee structures are not publicly disclosed.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels5 records

Core offering

Waratah Capital Advisors is a Toronto-based alternative asset manager that manages approximately $4 billion in assets across a diversified platform of hedge funds and thematic private equity vehicles. The firm offers strategies spanning market neutral, long/short equity, ESG-integrated core, income equity, North American credit, and thematic private equity (battery materials, niche real estate, and royalties). The firm serves high-net-worth individuals, family offices, foundations, Canadian bank platforms, and pension funds, distributing publicly-offered funds through authorized dealers and privately-offered funds directly to accredited investors.

Product overview

Waratah Capital Advisors is a Toronto-based alternative asset manager offering a diversified portfolio of investment funds and strategies. The firm operates a platform of five hedge funds (Waratah Core, Waratah Alternative Equity Income, Waratah Yield, Waratah Performance, Waratah Income) and two long/short strategies (Waratah One X, Waratah Special Opportunities), alongside private equity offerings including the Electrification and Decarbonization Fund focused on battery materials and EV themes, the Niche Private Real Estate fund targeting waterfront properties, and the now-exited Lithium Royalty Corp. These products collectively serve high-net-worth individuals, family offices, foundations, Canadian bank platforms, and pension funds seeking alternative investment strategies with disciplined risk management.

Differentiator

Problem solved

Functional benefit

Products and services

• Waratah Core Fund A non-exclusionary, diversified long and short equity portfolio with integrated Environmental, Social, and Governance (ESG) factor analysis, designed to provide strong risk-adjusted returns with lower volatility and drawdowns than equity markets. Uses a proprietary ESG scoring dataset.
• Waratah Alternative Equity Income Fund A long-biased portfolio of North American equities with a strong focus on Canada, emphasizing capital preservation through options and short-selling flexibility, targeting consistent returns with lower volatility than the S&P/TSX Composite. Optional 5% annual distribution paid monthly.
• Waratah Yield Fund A long/short portfolio of North American fixed income securities utilizing credit spread and opportunistic overlays to seek absolute returns in all market environments, targeting strong risk-adjusted returns with lower volatility than North American credit markets.
• Waratah Performance A directional long/short portfolio of North American equities with conviction-based position sizing, targeting strong risk-adjusted returns with lower volatility and drawdowns than North American equity markets.
• Waratah Income Fund A long-biased portfolio of North American equities with strong focus on Canada, offering 5% annual distribution and emphasizing capital preservation through options and short-selling flexibility.
• Waratah One X A highly diversified, low net, long/short portfolio of North American equity securities employing research-driven stock selection, dynamic portfolio construction, and active factor management, targeting uncorrelated returns with lower volatility than equity markets.
• Waratah Special Opportunities
• Electrification and Decarbonization Fund A private equity fund invested in high quality battery material and related EV and decarbonization investment opportunities, targeting attractive double digit returns through equity participation in lithium development companies. Available to Accredited Investors.
• Niche Private Real Estate A private real estate investment focused on large tracts of land with significant waterfront near major affluent cities, targeting anticipated IRR in low to mid-teens with reliable cash flow from diversified renters.
• Lithium Royalty Corp. A private investment fund created to acquire revenue royalties on battery material projects worldwide, which was successfully exited through acquisition by Altius Minerals Corporation in December 2025.

Quantifiable outcome

• Waratah Performance won Overall Best 2021 Canadian Hedge Fund (3rd Place) and Equity Focused Best 5 Year Sharpe Ratio (1st Place)
• +1 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Scale indicators6 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Gluskin Sheff + Associates: Canadian high-net-worth wealth and alternative asset manager offering long/short equity and concentrated mandates to wealthy families and institutions. Highly comparable to Waratah in target client base (HNW and family offices) and HNW-focused alternative equity strategies; many Waratah senior PMs were hired from this firm.
• Picton Mahoney Asset Management: Toronto-based alternative asset manager known for market-neutral and long/short equity strategies distributed through advisors and direct institutional channels. Directly comparable to Waratah in offering arbitrage-style alternatives in Canada and competing for the same retail and institutional mandates.
• Ninepoint Partners: Canadian alternative asset manager offering liquid alts (market neutral, credit), private credit, and thematic funds distributed via dealers and direct channels. Comparable to Waratah in offering alternative mutual funds plus private/structured products targeting HNW and institutional investors.
• Canso Investment Counsel: Canadian independent investment manager focused on fixed income and credit strategies including active credit and opportunistic mandates. Comparable to Waratah's Waratah Yield fund in Canadian credit exposure and disciplined absolute-return fixed-income investing for institutional and HNW clients.
• Sprott Inc. Toronto-headquartered alternative asset manager offering hedge fund, private equity, and specialized strategies including resource and ESG mandates. Comparable to Waratah in alternative-strategy focus, Canadian base, and themed PE exposure (e.g., critical materials) in a similar AUM range.
• Letko Brosseau Asset Management: Independent Montreal-based investment manager running global equity and balanced mandates for institutional and private clients. Comparable to Waratah in being an employee-owned, founder-influenced Canadian alternative manager targeting institutional and HNW capital.
• RP Investment Advisors: Canadian alternative manager running equity long/short and alternative income mandates for institutional clients. Directly comparable in alternative-equity strategies and Canadian institutional distribution overlap with Waratah.

Broad incumbents

• CI Global Asset Management: One of Canada's largest asset managers offering mutual funds, ETFs, alternative and private wealth solutions across retail and institutional channels. Broader incumbent that competes with Waratah for retail HNW allocations via dealer networks and institutional mandates.
• Fiera Capital: Canadian multi-affiliate asset manager with both traditional and alternative strategies across equities, fixed income, private wealth and infrastructure. Broader incumbent with overlapping alternative offerings but a much wider product set and larger AUM than Waratah.

Emerging players

• Mawer Investment Management: Canadian independent investment manager known for traditional global equity and balanced mandates with institutional and HNW clients. Comparable to Waratah in independent, employee-influenced Canadian manager culture and institutional/wholesale distribution, though more traditional (less alternative).

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/waratah-capital-advisors-ltd-

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Waratah Capital Advisors