Burlington, Ontario--(Newsfile Corp. - December 15, 2025) - Portland Investment Counsel Inc. (Portland), a Canadian asset management firm dedicated to providing access to private and alternative investments, is pleased to announce the appointment of Greg Dimmer as Senior Vice-President, Private Credit, effective January 5, 2026. In this role, Greg will focus on debt structuring, market analysis, and counterparty negotiations to support the strategic objectives of Portland Private Income Fund (the "Fund"). Kyle Ostrander and Dragos Stefanescu, key members of the Fund's portfolio management team, continue as the Portfolio Managers.

A Strategic Appointment Rooted in Expertise

Greg Dimmer brings over 20 years of experience in private lending and financing, with a focus on originating and underwriting private loans across multiple sectors, including those navigating North American market trends. As a founder of Private Debt Partners (PDP), Greg developed a strategy to provide alternative financing to Canada's small and medium enterprise (SME) sector, raising capital from institutional and high-net-worth investors and managing disciplined underwriting and capital deployment.

From 2011 to 2020, as Managing Director at Integrated Asset Management Corp., Greg deployed close to $1 billion in institutional capital, contributing to a multiple increase in IAM's market capitalization and its acquisition by Fiera Capital Corporation in 2019. His experience spans technology, consumer goods, construction, manufacturing, utilities, and alternative energy, including financings for energy projects in northern Quebec and British Columbia. Greg's relationships with CEOs, CFOs, and advisors have made him a trusted partner in capital formation and growth strategies.

"Greg Dimmer's approach to private lending aligns seamlessly with Portland's investment philosophy, which emphasizes long-term value creation through disciplined, high-conviction investments," said Michael Lee-Chin, Executive Chairman of Portland.

Continuity Through a Skilled Team

Kyle Ostrander, who joined Portland in 2016, will remain a Portfolio Manager for the Fund. A CFA charter holder and Dean's List graduate of the Rotman School of Management's Master of Finance program, Kyle brings analytical rigor and experience in portfolio management, trading, and investment operations. His contributions have supported the Fund's performance.

Further strengthening the team, Dragos Stefanescu, CFA, MBA, joined the Fund as Portfolio Manager in September 2025. With five years at Portland, Dragos brings a wealth of experience aligned with Portland's investment framework. Previously, he spent 16 years at the Ontario Teachers' Pension Plan, culminating as Director, Global Equities. Dragos also holds an advisory role in the technology and telecom sector, with in-depth knowledge of global technology, telecom services, and capital goods/industrial sectors. His investing experience across North America, emerging markets, Japan, and Europe, provides valuable global perspectives that support the Fund's private debt strategies.

About the Portland Private Income Fund

The Fund aims to preserve capital, provide income, and deliver above-average long-term returns. It invests all, or substantially all, of its net assets into the Portland Private Income LP which invests primarily in a portfolio of private debt instruments, debt instruments and debt-related securities. The Fund's diversified portfolio is built on four pillars: North American commercial real estate mortgages, North American and European commercial loans, global maritime loans and assets, and global infrastructure assets. Recognized for its performance, the Fund won the 2015 Investment Fund Deal of the Year by the Private Capital Markets Association of Canada and has earned multiple Canadian Hedge Fund Awards for its returns and risk-adjusted performance, including 1st place for Best 5-Year Return and Best 5-Year Sharpe Ratio in 2018, followed by similar awards for placing in the top 3 in similar categories through to 2023 and again in 2025.

The Fund's strategy emphasizes capital preservation, predictable income, and reduced market risk through short-term investments with terms of 6 months to 5 years. Portland's expertise as owners, operators, and investors enables the Fund to overcome barriers to private investments, offering access, diversification, and thorough due diligence.

Looking Ahead with Confidence

The private credit market continues to evolve amid divergent regional dynamics, presenting both challenges and opportunities for Canadian managers. In the U.S., the sector has surged to nearly $2 trillion in assets under management by 2024, with projections reaching $2.6 trillion by 2029, fueled by banks' retreat from leveraged lending and strong demand for flexible, non-bank financing solutions. This growth underscores private credit's role as a resilient asset class, offering floating rate yields and diversification amid volatility. In Canada, however, the market remains underdeveloped compared to its southern neighbor, influenced by the dominance of major banks and recent regulatory measures aimed at curbing predatory lending practices, including a reduction in the criminal interest rate to 35% APR effective January 1, 2025. These developments have introduced new considerations for the sector, prompting closer scrutiny for domestic players.

Dragos Berbecel, Chief Investment Officer of Portland, views this moment as a pivotal opportunity. "Greg Dimmer's proven ability to originate and underwrite high-quality private loans strengthens our capacity to deliver stable income and long-term value," said Berbecel. "In a landscape where the sector's potential is highlighted by its overall rapid growth, I trust Greg's leadership will help Portland navigate Canada's regulatory challenges, further instill investor confidence, and position the Fund to capitalize on underserved opportunities in private credit markets."

Greg Dimmer added, "I am honored to join Portland and the Portland Private Income Fund team. Portland's focus on disciplined investing and democratizing access to private opportunities aligns with my approach to creating value. I look forward to working with the team as we strive to deliver strong results for our investors."

About Portland Investment Counsel Inc.

Stewarded by Michael Lee-Chin, Portland provides wealth-seeking clients, institutions, and advisors with access to private and alternative investments typically reserved for affluent and institutional investors. With a portfolio management team possessing over 120 years of combined experience, Portland manages award-winning funds across public equity, private debt, and alternative strategies. The firm's investment philosophy, inspired by global wealth creators, focuses on long-term, high-conviction investments in businesses with strong fundamentals and sustainable growth potential.

The Canadian Hedge Fund Awards are based solely on quantitative performance data of Canadian hedge funds with Fundata Canada managing the collection and tabulation of the data to determine the winners. There is no nomination process or subjective assessment in identifying the winning hedge funds. The 2018 awards were based on 207 Canadian hedge funds to June 30th, 2018, the 2019 awards were based on 197 Canadian hedge funds to June 30th, 2019, the 2020 awards were based on 221 Canadian hedge funds to June 30th, 2020, the 2021 awards are based on 226 Canadian hedge funds to June 30, 2021, the 2022 awards are based on 234 Canadian hedge funds to June 30, 2022, the 2023 awards are based on 264 Canadian hedge funds to June 30, 2023, the 2024 awards are based on 273 Canadian hedge funds to June 30, 2024 and the 2025 awards are based on 291 Canadian hedge funds to June 30, 2025. The Sharpe ratio is a measure for calculating risk-adjusted returns. The Sharpe ratio is the portfolio return in excess of the risk-free rate divided by the volatility of the portfolio.

While the Manager exercises due diligence throughout the lending process, no guarantees can be given to offset a risk of loss and investors should consult with their financial advisor prior to investing in the Fund. The Manager believes that given the character of the private debt investments that are making up the majority of the Fund's holdings, the Fund has less exposure to market risk than a similar fund invested in publicly listed securities. The Manager believes the following risks are key to the Fund's performance: nature of investments, credit, interest rate, general economic and market conditions, liquidity, marketability and transferability of units. Please read the "Risk Factors" section in the Offering Memorandum for a more detailed description of the relevant risks.

Redemption proceeds are generally expected to be paid in cash, except to the extent such redemptions exceed the thresholds outlined in the Offering Memorandum under the section titled "Redemptions", in which case, redemption proceeds may be paid in promissory notes. Commissions, trailing commissions, management fees and expenses all may be associated with investments. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

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