TORONTO, April 04, 2025 (GLOBE NEWSWIRE) — Purpose Investments Inc. (“Purpose”) announced today, after careful consideration, that it has decided to terminate Purpose Special Opportunities Fund (the “Fund”) no later than the end of 2025 (the “Termination Date”).
Purpose is of the view that the termination of the Fund is in the best interest of its shareholders. The decision to close the Fund was driven by its relatively low assets under management, which were at $12.5 mm as of April 3, 2025.
Currently, the Fund’s sole remaining holding is Prio S.A., a publicly listed Brazilian oil & gas company originally acquired by the Fund in November 2009. As of April 3, 2025, the Fund’s investment in Prio S.A. has generated strong returns, with its share price increasing by 751% in Brazilian Real terms over the last five years. The performance of this security has been a major contributor to the Fund’s 25.37% annualized return over that same period.
As part of the termination of the Fund, Purpose has initiated a process to liquidate the Fund’s Prio S.A. position. Purpose, as the Fund Manager, is now engaged in a process to re-register the Fund’s Prio S.A. shares with the Central Bank of Brazil, as the central registrar of publicly traded shares. This re-registration and divestiture, which is currently underway, requires Purpose to work directly with the Prio S.A, the Fund’s banking partners, and Brazilian authorities.
Additionally, as a result of the decision to terminate the Fund, Purpose has decided to cease offering purchases of new shares of the Fund. Acting in accordance with its standard of care and its obligations as an investment fund manager, Purpose will continue to accept requests for the redemptions of shares of the Fund, though processing of some redemptions may, in certain circumstances, be delayed as the Fund re-registers the Prio S.A. shares it owns with the Central Bank of Brazil.
Series A Shares and Series F Shares will be automatically redeemed on the Termination Date, with the proceeds either deposited into the shareholder’s account or mailed by cheque directly to the shareholder or to their dealer, nominee, or intermediary, as applicable. There will be no fees or redemption charges applicable to such redemptions.
If required, a final distribution for the Fund will occur on or about the Termination Date.
About Purpose Investments Inc.
Purpose Investments Inc. is an asset management company with more than $23 billion in assets under management. Purpose Investments Inc. has an unrelenting focus on client-centric innovation and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent technology-driven financial services company.
For further information, please email us at [email protected].
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Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. The prospectus contains important detailed information about the investment fund. Please read the prospectus before investing. There is no assurance that any fund will achieve its investment objective, and its net asset value, yield, and investment return will fluctuate from time to time with market conditions. Investment funds are not guaranteed, their values change frequently, and past performance may not be repeated.
Forward-Looking Information
Purpose cautions the reader not to place undue reliance upon any such forward-looking statements contained herein, which speak only as of the date they are made. Generally, but not always, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “on pace”, “anticipates”, or “does not anticipate”, “believes”, and similar expressions or state that certain actions, events or results “may”, “could”, “would”, “should”, “might”, or “will” be taken, occur or be achieved.
Forward-looking statements are based on information available to management at the time they are made, management’s current plans, estimates, assumptions, judgments and expectations. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Purpose to be materially different from those expressed or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to: general business, economic, competitive, geopolitical, technological and social uncertainties. Although the forward-looking information contained in this press release is based on assumptions that Purpose believes to be reasonable at the date such statements are made, there can be no assurance that the forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Accordingly, readers should not place undue reliance on forward-looking information. Purpose does not undertake to update or revise any forward-looking information, except in accordance with applicable securities laws.
