Private Pension Partners

What Private Pension Partners does

Private Pension Partners (P3) is a Winnipeg-based private equity real estate investment management firm founded in 2010 by Don White and Karl Loepp. P3 operates a vertically integrated platform spanning acquisitions, development, asset management, property management, and leasing, with a Canadian real estate portfolio of $803M in assets under management, 1,900+ apartment units across 27 properties, and $330M of investor equity capital. The firm concentrates on premium multi-family and industrial assets in regional Canadian markets (Manitoba, Alberta, and Ontario), where it pursues acquisition discipline through long-standing broker relationships and an average asset age under five years.

The product surface consists of a flagship stabilized private REIT (A+ REIT) targeting 3-4% annual distribution yield with quarterly distributions, alongside close-ended development-focused limited partnerships (Feeder Two LP, Industrial One LP, P3 Aurora LP) targeting 15-20% IRRs through multi-year build-and-dispose cycles. Securities are distributed exclusively through Private Pension Partners Investments Inc. (P3I), a registered exempt market dealer operating across Canadian provinces other than Quebec, restricting the customer base to accredited investors, institutional accounts, family offices, and pension funds. P3 Realty Services, a wholly owned subsidiary, provides in-house property management, leasing, and brokerage services that capture economics normally lost to third-party providers.

The business model is asset-under-management-centric: P3 earns management fees on the A+ REIT portfolio, development and performance fees on the feeder LPs, property management fees on owned assets, and exempt market dealer distribution fees. Customer acquisition is relationship-driven through direct sales, webinars (notably the "Real eState of Markets" video series), industry events (TSX Real Estate Investor Day), and a Juniper Square investor portal. The 2024 partnership with Ruck Lane (led by former Cushman & Wakefield Canada CEO Chuck Scott) and ongoing geographic expansion into Calgary and Aurora, Ontario signal a deliberate scaling strategy beyond the Winnipeg operational base.

Name

Private Pension Partners

Legal name

Private Pension Partners Investments Inc.

Website

https://privatepensionpartners.com

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

11–50 employees

Short description

Private Pension Partners is a Winnipeg-based private equity real estate investment firm managing $803M AUM across 1,900+ apartment units in Manitoba, Alberta, and Ontario. It operates a vertically integrated platform offering private REITs and feeder funds to accredited and institutional investors through its own exempt market dealer.

Ownership category

akta.pro rank

Product category

Private Equity Real Estate Investment Management

NAICS

Lessors of Other Real Estate Property (53119), Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Real Estate Investment Trusts (6798), Lessors Of Real Property, Nec (6519), Real Estate Agents & Managers (For Others) (6531)

akta.pro primary industry

REITs & Listed Real Estate Securities (FSAAAKAD)

akta.pro secondary industries

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

Keywords

• Private real estate investment
• Real estate investment trust
• Multi-family development
• Property management services
• Asset management services

Headquarters

HQ city

Winnipeg

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Supply Chain, Infrastructure

Revenue model

1. A+ REIT Management: Apartment Plus (A+) REIT is the flagship stabilized private multi-family REIT offering recurring cash distributions to investors. The REIT targets 3-4% annual distribution yield with quarterly distributions. Management fees and performance-related income are generated from managing the ~$691M REIT portfolio with 1,838 residential units across 27 properties.
2. Feeder Fund Management: Feeder Two LP and other feeder funds generate development-oriented returns through capital appreciation. These development-focused limited partnerships target IRRs of 15-20% and 18% respectively, with fees earned on development and eventual disposition.
3. Industrial Development: P3 Industrial One LP focuses on multi-tenant industrial portfolio development with estimated completion value of $110M. The fund targets +15% IRR over a 7-year build period, generating development management and performance fees.
4. Property Management & Realty Services: P3 Realty Services provides property management, leasing, and brokerage services across the owned portfolio and potentially for third-party clients, generating fee income from operational services.
5. Investment Management Advisory: P3 Investments Inc. acts as exempt market dealer providing private alternative investment opportunities in Canadian real estate developed and managed by Private Pension Partners, earning dealer and distribution fees.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels7 records

Core offering

Private Pension Partners is a private equity real estate investment and asset management firm that creates and manages private real estate investment vehicles for accredited investors, institutional accounts, and family offices. The firm offers a stabilized multi-family REIT (A+ REIT), development-focused limited partnerships, and integrated property management and brokerage services across Canadian regional markets.

Product overview

Private Pension Partners operates a vertically integrated real estate investment and management platform offering multiple investment vehicles and services. The core product suite includes A+ REIT (a stabilized private multi-family REIT delivering quarterly distributions), three development-focused limited partnerships (Feeder Two LP, Industrial One LP, and P3 Aurora LP) targeting specific asset classes and geographic markets, and P3 Realty for property management and brokerage services. The platform integrates acquisitions, development, asset management, property management, and leasing under one structure, providing investors with access to professionally managed private real estate opportunities through P3 Investments (an exempt market dealer).

Differentiator

Problem solved

Functional benefit

Brands

• A+ REIT: Apartment Plus Real Estate Investment Trust - a Canadian private REIT specializing in premium multi-family properties, structured to provide stable income distributions and long-term value creation.
• Feeder Two LP
• P3 Industrial One LP
• P3 Aurora LP

Products and services

• A+ REIT (Apartment Plus Real Estate Investment Trust) A Canadian private Real Estate Investment Trust specializing in premium multi-family properties, structured to provide stable income distributions and long-term value creation through quarterly cash distributions. Minimum investment typically $25,000 CAD. Target 3% distribution yield with optional DRIP at 3% bonus. Fund Serv Code (Class F): PPP101. Unit Value: $13.73. Historical returns: 1-Year 8.4%, 3-Year 9.3%, 5-Year/Since Inception 9.1% (annualized as of December 31, 2025). Offered to accredited investors in Canadian provinces excluding Quebec.
• Feeder Two LP A development-oriented limited partnership focused on delivering a luxury multi-family property at 490 Shaftesbury Boulevard in Winnipeg, Manitoba, targeting 15-20% annualized IRR. Minimum investment $50,000. Close-ended limited partnership. Currently closed to new investors.
• Industrial One LP A development-oriented limited partnership focused on delivering a multi-phased, multi-tenant industrial portfolio in southwest Winnipeg, Manitoba (South Landing Business Park), with an estimated completion value of $110M and target IRR of +15% over a 7-year build period. Minimum investment $25,000.
• P3 Aurora LP A development-oriented limited partnership funding the construction of a 7-storey, 132-unit purpose-built rental building at 180 Centre Crescent in Aurora, Ontario (Greater Toronto Area), targeting an 18% net IRR. Partnership with Black Dog Development.
• P3 Realty Services A fully integrated real estate services platform providing property management, leasing, and brokerage services for P3's portfolio and select third-party clients across residential and commercial properties.

Quantifiable outcome

• A+ REIT achieved 8.4% 1-Year, 9.3% 3-Year, and 9.1% Since Inception (5-Year) annualized returns as of December 31, 2025
• +5 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Ruck LanecoreStrategic or Co-development Partner · 7 November 2024Ruck Lane is a newly established venture capital group committed to partnering with P3 to add scale to their platform. Led by Chuck Scott, former Canadian CEO of Cushman & Wakefield, Ruck Lane brings deep industry expertise and critical capital relationships. The partnership enables P3's expanded geographic reach and national growth while maintaining Winnipeg headquarters. P3's existing leadership team remains in place with an executive leadership function added in Toronto.
• Black Dog DevelopmentcoreStrategic or Co-development PartnerBlack Dog Development is an Oakville-based development platform with over $1 billion in completed developments. P3 Aurora LP is developed in partnership with Black Dog for the 132-unit transit-oriented multi-family property at 180 Centre Crescent, Aurora, Ontario. The partnership leverages Black Dog's track record and development expertise while P3 provides investment management and platform capabilities.
• P3 Investments Inc. (P3I)coreOthersPrivate Pension Partners Investments Inc. (P3I) is the registered exempt market dealer entity that markets and offers securities of real estate entities managed by the P3 group. P3I is a Connected Issuer and Related Issuer of the P3 real estate entities by virtue of the management relationships, creating alignment across the platform.
• CBREminorOthersCBRE provided third-party appraisal support for the $29M Catalyst acquisition, valued by P3 for independent valuation confirmation of acquisition pricing.

Scale indicators12 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Mainstreet Equity Corp. Canadian multi-family residential company focused on value-add acquisitions in secondary markets including Saskatchewan, Alberta, and Ontario. Comparable to P3 given multi-family focus in regional Canadian markets and value-add investment strategy.
• Morguard North American Residential REIT: Canadian multi-family REIT with approximately 13,000+ residential suites in Alberta, Ontario, Quebec, and select U.S. markets. Comparable to P3 given multi-family focus and Alberta exposure where P3 is now expanding.
• Canadian Apartment Properties REIT (CAPREIT): Canada's largest publicly traded multi-family residential REIT with a portfolio of approximately 50,000+ units across Canada. Directly comparable to P3's A+ REIT given similar apartment focus and Canadian geographic footprint, with a national scale advantage P3 is working to close via the Ruck Lane partnership.
• Killam Apartment REIT: Canadian multi-family REIT operating approximately 19,000+ apartment units primarily in Atlantic Canada, Ontario, Alberta, and British Columbia. Comparable to P3's vertically integrated multi-family platform with development and acquisition capabilities.
• Centurion Asset Management: Private Canadian apartment investment manager operating multiple vehicles including Centurion REIT and Centurion Financial Trust. Closely comparable to P3 given private REIT structure, multi-family focus, and similar accredited-investor distribution model.
• Starlight Investments: Private Canadian real estate investment manager focused on multi-family residential properties across Canada. Comparable to P3 given private multi-family investment focus, vertically integrated platform, and multi-vehicle fund structure.
• Boardwalk REIT: Major Canadian multi-family REIT focused on mid-market rental housing across Alberta, Saskatchewan, Ontario, and Quebec. Directly comparable to P3 given multi-family focus, value-add approach, and Western Canadian exposure, though larger in scale.
• Minto Apartment REIT: Canadian multi-family REIT focused on urban and suburban high-quality rental apartments in Toronto, Ottawa, Montréal, Calgary, and Edmonton. Directly comparable to P3 given multi-family focus in similar regional Canadian markets.

Broad incumbents

• Trez Capital: Canadian private real estate investment firm with multi-strategy funds including multi-family and development. Comparable to P3's broader real estate investment platform given private fund distribution and Canadian geographic focus, though more diversified across asset classes.
• Timbercreek Asset Management: Canadian alternative asset manager operating private real estate investment vehicles including multi-family and commercial strategies. Comparable to P3 given private real estate fund structure and accredited-investor distribution model, though broader across asset classes.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/private-pension-partners
• Facebookfacebook.com/PrivatePensionPartners

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Private Pension Partners