Burlington, ON – March 23, 2025
Looking Back at 2025
As we reflect on 2025, we are proud of the continued progress across our platforms and the strength of our team. In many respects, the past year was shaped by macroeconomic uncertainty. It is precisely in these environments that our investment thesis demonstrates its resilience—prioritizing essential services, recurring revenue, and disciplined capital deployment.
Both the Dental Fund and Industrial & Infrastructure Services Fund III (“IISF III”) made meaningful progress during the year. The Dental Fund expanded its platform to 35 clinics, including the addition of two new clinics in the Greater Toronto Area, while continuing to optimize its capital structure and position the platform for further growth.
Within the Industrial platform, three successful exits were completed in 2025, generating approximately 4% in special distributions in addition to IISF III’s regular quarterly distributions.
As we move through 2026, both funds are positioned to build on the strong momentum established in the final quarter of 2025. Our focus remains on disciplined execution, thoughtful capital deployment, and long-term value creation for investors.
DENTAL FUND: Scaling with Purpose
The Dental platform continued to expand during the year while strengthening its capital structure and acquisition pipeline.
As the platform continues its transition toward a more equity-weighted capital structure, the Dental Fund is well positioned for its next phase of growth.
With the addition of two new clinics during the year, the platform now comprises 35 clinics. Each acquisition reflects our commitment to identifying high-quality practices that align with our strategy of generating stable returns while creating long-term growth opportunities.
Looking ahead, the Dental Fund maintains a strong pipeline of opportunities, with multiple letters of intent submitted and several expansion initiatives underway within existing clinics. These initiatives are expected to enhance operational capacity while strengthening the platform’s geographic presence.
DENTAL FUND: Outlook for 2026
Strong demand for dental services and an active acquisition pipeline position the platform for continued growth.
The progress achieved in 2025 positions the Dental Fund for continued expansion in 2026. With a healthy acquisition pipeline, proven integration capabilities, and sustained demand for high-quality dental services, the platform is well positioned to grow its network, enhance operational performance, and deliver sustained value for both patients and investors.
IISF III: Process-Driven Growth
The Industrial strategy delivered strong distributions in 2025 while positioning the portfolio for the next phase of investment.
As the lifecycle of Fund II approaches completion in 2026, our focus increasingly shifts toward the Industrial and Infrastructure Services Fund (IISF III).
Following a successful year of exits in 2025—including the largest exit completed by Newlook to date—the Industrial strategy will prioritize new platform investments while continuing to execute targeted add-on acquisitions across existing portfolio companies.
IISF III delivered strong performance during the year, distributing approximately 12% in total return to unitholders. This level of distribution reflects our commitment to generating consistent income while maintaining a disciplined and process-driven investment approach. These results highlight the strength of the portfolio and the effectiveness of our strategy in identifying businesses with durable demand, recurring revenue, and strong cash flow characteristics.
IISF III: Outlook for 2026
The coming year will focus on deployment, platform expansion,
and operational execution.
As we enter 2026, IISF III transitions into a year defined by execution and deployment. Our investment strategy remains focused on identifying businesses that demonstrate recession resilience, predictable cash flows, and strong operational foundations.
Alongside new platform investments, we will continue expanding existing platforms through targeted add-on acquisitions and organic growth initiatives. Operational priorities will focus on strengthening core processes across the portfolio to support scalable growth while preserving resilience across market cycles.
We thank our investors and partners for their
continued trust and support, and we look
forward to building on this momentum throughout 2026.
ABOUT NEWLOOK CAPITAL INC.
Newlook Capital Inc. is a private equity firm that currently manages Newlook Dental Services Trust and Newlook Industrial and Infrastructure Services Fund I, II and III. Led by dedicated, experienced and aligned management teams, the firm’s current portfolio includes industrial services in Canada and the US and dental practices exclusively in Canada. Newlook Capital’s commitment to specialization and strategic alignment drives its success in identifying and nurturing opportunities within these sectors across North America. This press release is for information only and does not constitute, nor should it be construed as, an offer to sell or a solicitation to buy any securities. For more information, visit www.newlookcapital.com.
Please direct any questions or requests for information to:
Kyle Sinden
kyle@newlookcapital.com
519-550-6912
