Private equity, private credit, private infrastructure, and other private assets give investors access to companies that aren't available on public stock and bond markets. Many private assets react differently to various market conditions (such as inflationary and recessionary environments), which makes them diversifying to standard portfolios. These assets also tend to be relatively illiquid and require longer investment horizons. For example, it takes time for private equity to improve a company’s operations, accelerate its growth, and increase its profitability. Buying and selling these investments typically takes much longer than trading public stocks (it can take months or even a year), and requires sophisticated buyers capable of conducting thorough due diligence and navigating all legal aspects, similar to the lengthy process of buying or selling a house. However, investors have historically been rewarded for that commitment with a return premium above that of public-market equivalents. The Private Market Fund is designed to bring that kind of premium and diversification to Wealthsimple clients.

The Private Market Fund is designed as a long-term investment. Each asset class within the fund targets a different return profile: The private equity component targets strong capital appreciation, private credit targets consistent income with lower volatility, and private infrastructure targets inflation-linked cash flows and capital preservation. As with all investments, past performance isn't a guarantee of future results, and returns will vary.

The Private Market Fund combines Private Equity (40%), Private Infrastructure (35%), and Private Credit (25%) into a single, professionally managed fund. Instead of overseeing and rebalancing multiple fund accounts, you hold one diversified position. You also gain private infrastructure exposure, a new offering for Wealthsimple that invests in inflation-resistant assets like toll roads, utilities, renewable energy, and data centres.

The Private Market Fund is an evolution in Wealthsimple's private market offering. By combining three private asset classes with multiple underlying managers, the fund is designed to deliver more consistent performance and reduce concentration risk — rather than being overly reliant on a single approach.

You can read the full Private Market Fund brochure here or reach out to our support team. We're here to help.

No action is required. As your investment manager, we're moving all eligible existing private market clients to the Private Market Fund on June 1, 2026. You'll receive more details closer to the migration date.

Your current fund units will be exchanged for Private Market Fund units of equal value. No cash will leave your account, but the fund you're invested in will change — including its investment objective, risk profile, asset allocation, and fee structure.

No, your account type stays the same. The migration only affects which fund your money is invested in, not the account structure.

Yes — each account is migrated individually. For example, if you hold a Private Equity account in your RRSP and another in your non-registered account, each will be migrated separately.

No. There are some clients who won't be migrated in this initial wave to avoid triggering capital gains that come with significant tax implications. If that’s you, we'll be in touch in the coming months with details on how you can opt into the Private Market Fund and lock in preferred pricing, if you choose to.

No. Unlike the Private Credit Fund, the Private Market Fund doesn't pay regular distributions. Returns from the fund are reflected in the fund's value rather than paid out periodically.

Your final Private Credit distribution will be for the period ending May 30, 2026, and will be paid out on June 30, 2026. After that, no further distributions will be issued.

If receiving periodic income from this investment is important to you, please reach out to our support team so we can talk through your options.

If you hold Private Credit investments, you'll be automatically migrated to the Private Market Fund on June 1, 2026. The new fund has a similar risk profile to Private Credit with higher expected returns, and because of how Private Credit is structured, there are no tax implications from this move. Reach out to our support team if you have any questions about your Private Credit account.

If you hold Private Equity Fund investments, you have until May 20, 2026, to opt out. If you opt out, your investment will remain in your current fund(s) under your current terms.

If you don't opt out before May 20, your account will be migrated to the Private Market Fund on June 1.

Yes — for Private Equity Fund investments, opting out is handled at the account level. You can opt out for some accounts and remain migrated in others.

Please note this applies to Private Equity only. Private Credit investments will be migrated to the Private Market Fund automatically on June 1, 2026.

The performance fee rates within each asset class of the Private Market Fund are the same as those of the standalone funds. However, because the Private Market Fund invests across all three asset classes, you'll be exposed to the performance fee structures of asset classes you weren't previously invested in. For example, Private Equity clients will now also be subject to Private Credit and Private Infrastructure performance fee terms and vice versa. Here's the full breakdown:

*Charges from the managers of the individual funds our fund invests in.

**Different managers take different percentages over a certain percentage return, called a hurdle.

For existing clients of our Private Credit and Private Equity Funds, your Wealthsimple management fees aren't changing. You'll continue to pay the same rate you do right now (0.25% if you currently pay under 0.4%, or 0.4% if you pay 0.4% or more), and that rate applies to all new deposits into the Private Market Fund in your existing account. New clients joining the Private Market Fund will pay an annual management fee of 1%.

You won't pay that higher rate in your existing accounts — you were one of the first to believe in private markets on this platform, and we think that should mean something. Your current rate is being honoured as a thank-you for being with us from the start.

Managing a multi-manager, multi-asset class fund is significantly more complicated than a single-manager fund, and the new fund has three times the number of underlying managers as the standalone funds. That means a substantial increase in vetting underlying managers, investment monitoring and oversight, operational and legal duties, ongoing capital maintenance, and rebalancing. All of that requires additional resources, which results in increased fees for new investors.

For investments held in registered accounts, there are no immediate tax implications.

For non-registered accounts, the migration will be treated as a disposition at fair market value under Canadian tax law, even though no cash leaves your account. What this means in practice:

• Private Equity Fund investors may realize a capital gain if the fund's current value exceeds their adjusted cost base.
• Private Credit Fund investors are less likely to see a capital gain, since most returns to date have been treated as interest income.

A modest capital gain is still possible if the fund's value has risen since your investment.