O'Leary Global Infrastructure Fund files Preliminary Prospectus



    TORONTO, Sept. 8 /CNW/ - Gencap Funds LP (the "Manager") is pleased to
announce that a preliminary prospectus for the O'Leary Global Infrastructure
Fund (the "Fund") has been filed with, and a receipt therefor issued by, the
securities regulatory authorities in each of the provinces of Canada.

    
    The Fund's investment objectives are:

    (a)    to provide holders of Trust Units with monthly distributions
           initially targeted to be $0.06 per Trust Unit ($0.72 per annum
           representing an annual cash distribution of 6% based on the
           $12.00 per Combined Unit issue price); and

    (b)    to provide long-term capital appreciation through investments in a
           sector positively correlated to inflation.

    The Fund has been created to invest globally in:

    (i)    publicly traded equity and debt securities issued by
           infrastructure issuers with market capitalizations of at least
           $1 billion;

    (ii)   participations in loans ("Loan Participations") typically in
           association with International Financial Institutions ("IFIs")
           such as the World Bank Group; and

    (iii)  investments in equity securities of private issuers having
           infrastructure assets or operations.
    

    The Manager has retained Stanton Asset Management Inc. ("the Portfolio
Manager") to provide investment advisory services to the Fund. Stanton is a
Canadian investment firm focused on global investment opportunities, and is
also the manager of a variety of specialized funds. The Portfolio Manager will
focus on securities that offer a relatively high level of current income and,
in the case of equity securities, the potential for capital appreciation.
Infrastructure issuers are issuers with a direct or indirect investment in
infrastructure assets or operations, in sectors including the following:
Power, Transportation, Communications, Environment and Infrastructure
Development.
    The net proceeds of the Offering will initially be invested in an
actively managed portfolio that will be diversified globally by region, by
country and by infrastructure sector. The Portfolio will consist primarily of
publicly-traded equity and debt securities of infrastructure issuers generally
having a market capitalization of at least $1 billion. The Fund initially
intends to allocate approximately $10 million to one or more private funds
managed by Cordiant Capital Inc. ("Cordiant") which primarily invests in
infrastructure Loan Participations. Cordiant, a firm that is a global leader
among managers investing in Loan Participations with IFIs such as the World
Bank Group, has clients that include a number of the largest institutional
investors in Canada and Europe, and manages over $1.0 billion of committed
capital.
    The Fund is an investment trust governed by the laws of the Province of
Ontario which proposes to issue two classes of combined units (the "Combined
Units") of the Fund (the "Offering") at a price of $12.00 per Combined Unit.
Each Class A Combined Unit consists of one transferable Class A trust unit
("Class A Unit") and one Class A Unit purchase warrant ("Class A Warrant").
Each Class F Combined Unit consists of one transferable Class F trust unit
("Class F Unit" and, collectively with the Class A Unit, "Trust Unit") and one
Class F Unit purchase warrant ("Class F Warrant" and, collectively with the
Class A Warrant, "Warrant"). The Class A Combined Units will separate into
Class A Units and Class A Warrants and the Class F Combined Units will
separate into Class F Units and Class F Warrants upon the earlier of the
closing of the over-allotment option and the 30th day following the closing of
the Offering. Each Class A Warrant entitles the holder to purchase one Class A
Unit at a subscription price of $12.00 on or before 5:00 p.m. (Toronto time)
on November 30, 2009 (the "Warrant Expiry Time"). Each Class F Warrant
entitles the holder to purchase one Class F Unit at a subscription price of
$12.00 on or before the Warrant Expiry Time. Warrants not exercised by the
Warrant Expiry Time will be void and of no value. The Class F Units will be
convertible each month into Class A Units on the basis of their relative Net
Asset Values. Prior to the Warrant Expiry Time, the Class F Units are only
convertible into Class A Units if the same number of Class F Warrants are
concurrently converted into Class A Warrants by the holder of Class F Units.
Class F Warrants will convert into Class A Warrants on a one for one basis.
    The syndicate of agents is co-led by CIBC World Markets Inc., RBC Capital
Markets and BMO Capital Markets, and includes Scotia Capital Inc., Blackmont
Capital Inc., Wellington West Capital Inc., Dundee Securities Corporation,
HSBC Securities (Canada) Inc., Raymond James Ltd., and Richardson Partners
Financial Limited.

    Certain statements included in this news release constitute
forward-looking statements, including, but not limited to, those identified by
the expressions ''expect'', ''intend'', "will" and similar expressions to the
extent they relate to the Fund. The forward-looking statements are not
historical facts but reflect Gencap Funds LP's current expectations regarding
future results or events. These forward-looking statements are subject to a
number of risks and uncertainties that could cause actual results or events to
differ materially from current expectations. Although Gencap Funds LP believes
that the assumptions inherent in the forward-looking statements are
reasonable, forward-looking statements are not guarantees of future
performance and, accordingly, readers are cautioned not to place undue
reliance on such statements due to the inherent uncertainty therein. Gencap
Funds LP undertakes no obligation to update publicly or otherwise revise any
forward-looking statement or information whether as a result of new
information, future events or other such factors which affect this
information, except as required by law.

    A preliminary prospectus dated September 4, 2008 containing important
information relating to these securities has been filed with securities
commissions or similar authorities in certain jurisdictions of Canada. The
preliminary prospectus is still subject to completion or amendment. Copies of
the preliminary prospectus may be obtained from any of the Agents, There will
not be any sale or any acceptance of an offer to buy the securities until a
receipt for the final prospectus has been issued.

    All capitalized terms noted herein but not defined are as per the
preliminary prospectus dated September 4, 2008.





For further information:

For further information: Brett Berman, Executive Director, Gencap Funds
LP, bberman@stantonasset.com, (416) 464-9422

Organization Profile

O'LEARY GLOBAL INFRASTRUCTURE FUND

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