Overview
Canal Road is a Delaware limited liability company formed on or about May 17, 2022, with a
principal place of business in Miami Beach, FL. The Firm commenced operations as an
investment adviser in 2023. Mike Damaso and Don Young, co-CEO’s and founders of Canal
Road Group, have over 50 years of combined credit investing experience and a history of
launching, scaling, and managing alternative credit platforms.
Canal Road is a wholly owned subsidiary of Canal Road Group, LLC which is owned indirectly
and directly by Canal Road management and employees and Corient Holdings, Inc, a subsidiary
CI Financial Corp, a publicly traded diversified global asset and wealth management company,
operating primarily in Canada, the US and Australia.
Canal Road expects to offer investment advisory services to institutional clients on a
discretionary basis that are primarily focused on corporate credit, both public as well as
private, as well as other value-oriented investments through private pooled investment
vehicles and Separately Managed Accounts (“Funds” or “Clients”). The Funds are expected
to
be organized exempt from registration under the Investment Company Act of 1940, as
amended (the “Investment Company Act”), and their securities or interests are expected to be
exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”).
The documentation governing each Fund or other Client relationship will be expected to
include offering circulars, private placement memoranda, management agreements,
Indentures, subscription agreements, investment advisory and other agreements with Clients,
side letters or similar agreements with investors, and certain other documents, (collectively,
“Client Documentation”). Client Documentation generally contains, among other things,
detailed specifications and requirements regarding the types of investments and overall
composition of a Client portfolio and Canal Roads role and authority.
As of September 19, 2023, Canal Road has not yet begun to manage assets. In the future, Canal
Road may manage assets for private funds it sponsors, other pooled investment vehicles, or
separately managed accounts.