Fund's $41.8M Offering
Power & Infrastructure Split Corp. Completes $41.8 Million Share Offering, Shares Trade on TSX.
Power & Infrastructure Split Corp. has closed a $41.8 million overnight share offering, with new Class A Shares and Preferred Shares now trading on the Toronto Stock Exchange under symbols PWI and PWI.PR.A, according to Newsfile Corp. The deal, managed by Brompton Funds Limited, priced Class A Shares at $13.60 each — offering an 8.8% annual distribution rate — and Preferred Shares at $10.40, targeting a 6.2% yield.
The fund invests in dividend-paying stocks from power and infrastructure companies around the world. Brompton says the offering was structured so it would not dilute the fund's net asset value per unit as of June 2, 2026, Newsfile Corp reported.
Offering Priced and Closed Within One Week
Brompton launched the offering on the evening of June 3, 2026. By June 4, it had priced the deal and confirmed expected gross proceeds of $41.8 million, according to Barchart. The offering officially closed on June 11. That rapid timeline is standard for "overnight" treasury offerings, which are designed to reduce the fund's exposure to market swings between announcement and close.
The agents — led by RBC Capital Markets, CIBC Capital Markets, National Bank Financial, and Scotiabank — also received a 15-day option to buy up to 15% more shares to cover excess demand, Newsfile Corp reported. A wide supporting syndicate included BMO Capital Markets, TD Securities, Canaccord Genuity, and Raymond James, among others.
Class A Shares Post 25% Return Heading Into Deal
The offering came on the back of strong performance. As of April 30, 2026, the fund's Class A shares had returned 25.1% year-to-date and averaged 17.5% per year over the past five years, according to Brompton Funds. In January 2026, Brompton raised the monthly Class A distribution by 17.6% — from $0.085 to $0.10 per share — after the fund delivered a 23.5% return in 2025.
The fund also rebranded in early 2026, dropping "Sustainable" from its name to reflect a broader mandate, GlobeNewswire reported. CEO Mark Caranci said AI data centers and the global energy transition are creating "significant long-term demand" for power infrastructure. The new mandate lets the fund invest in smart grids and digital infrastructure — not just wind and solar.
How the Split Share Structure Works for Investors
The fund uses a "split share" model. It issues two types of shares from a single pool of assets. Preferred shareholders get fixed quarterly payments and first claim on assets — a lower-risk setup. Class A shareholders get the remaining value, which means higher potential income but also more risk if the underlying stocks fall.
Brompton has warned that if the fund's net asset value drops below $15.00 per unit, distributions on Class A shares will be suspended to protect Preferred shareholders, according to Newsfile Corp. As of early June 2026, the NAV was holding above that threshold. MarketBeat noted the 8.8% distribution rate on PWI is well above the average yield on the S&P/TSX Composite, driving strong retail interest.
Bulls See AI Tailwinds, Skeptics Flag Premium Risk
Brompton frames the fund as positioned to benefit from two big trends: AI-driven power demand and global grid modernization. The firm says the fund has outperformed the S&P Global Infrastructure Total Return Index since launch, according to Brompton Funds.
Critics point to a different risk. Retail investors in split-share funds often pay more than the fund's underlying net asset value on the open market. If the portfolio's utility and infrastructure stocks underperform, the leveraged Class A shares can lose value quickly, GlobeNewswire noted. Some analysts also warn that overnight offerings can push share prices lower short-term as the market absorbs new supply.
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