PICTON Mahoney Asset Management (operating as PICTON Investments) has launched the PICTON Morningside Private Equity Fund, marking the firm’s first private equity offering and expanding its alternatives platform into private markets.
The new fund is designed to provide Canadian accredited investors with ongoing access to private equity through an open-end structure that combines a dedicated structured investment vehicle managed by Morningside Capital with liquid portfolio management handled by PICTON Investments.
The strategy will target “trophy asset” general partner-led secondary investments, a narrow segment of the secondaries market that typically involves mature companies with established operating histories and remaining value creation potential. The approach is designed to pursue private equity alpha through underwriting discipline, asset quality, and manager selectivity, rather than broad exposure to the overall private equity market.
Under the partnership, Morningside will lead sourcing and underwriting of private equity investments, while PICTON Investments will manage the fund’s liquid investments and oversee portfolio construction and risk management, aiming to improve capital efficiency and overall portfolio outcomes.
PICTON Investments said the relationship with Morningside has developed over several years through collaboration and joint evaluation of GP-led secondary opportunities. Morningside Managing Partners Henry Zhang and George Weekes previously worked together at CPP Investments, where they were part of the team involved in building and scaling the organization’s private equity secondaries program.
The PICTON Morningside Private Equity Fund is expected to be available to Canadian accredited investors in February 2026, providing diversification in private equity exposure. The announcement noted the product is not for distribution in the United States.
PICTON Investments reported $16.6 billion in assets under management as of December 31, 2025, and said it is known for alternative investment strategies and portfolio construction approaches intended to deliver more consistent, risk-adjusted returns.
KEY QUOTES
“At PICTON Investments, every expansion of our platform starts with a simple question: could this meaningfully improve outcomes for investors? Our entry into private equity is intentionally focused. By partnering with Morningside, a GP-led liquidity solution specialist with deep institutional roots, and combining their alpha-oriented private equity approach with our expertise in managing alternative strategies, we believe we are offering investors a differentiated way to access private markets, one that reflects how we would invest our own capital.”
Dave Picton, President and Chief Executive Officer, PICTON Investments
“GP-led, single-asset secondaries represent one of the most compelling sources of private equity alpha today. These investments provide access to high-quality businesses at a point in their lifecycle where early execution risk has been reduced, but meaningful upside remains. Partnering with PICTON Investments allows us to pair this private equity focus with a sophisticated portfolio framework, creating a solution that is truly unique in the Canadian retail market.”
Henry Zhang, Founder and Managing Partner, Morningside Capital
