telMAX Secures $215 Million in Growth Financing through Structured Investment from Hamilton Lane and Upsized PSIC Credit Facility

Hamilton Lane-led financing gives telMAX substantial new capital to expand its independent fibre network into additional Greater Toronto Area communities.

Rhea-AI Summary

Hamilton Lane (HLNE) funds managed by the firm have completed a $105 million structured investment in Ontario fibre internet provider telMAX, alongside a parallel $110 million upsize of telMAX's existing credit facility from Power Sustainable Infrastructure Credit, Palistar Capital and MidStar Capital.

The combined $215 million growth financing is described as one of the largest rounds secured by an independent Canadian digital infrastructure business and is expected to accelerate telMAX's expansion of its 100% fibre network across Ontario. telMAX has already extended service to Markham, Barrie and Oakville and continues building across the Greater Toronto Area, including Brooklin, Stouffville, Newmarket, Aurora and Richmond Hill. With the new capital, telMAX plans to enter Burlington, Brampton and Mississauga, bringing high-speed fibre connectivity to hundreds of thousands of additional homes and businesses.

Positive

• $215 million total new growth financing for telMAX
• Hamilton Lane provides $105 million structured investment as a new institutional partner
• Credit facility with PSIC, Palistar and MidStar increased by $110 million
• Capital earmarked to extend fibre network into Burlington, Brampton and Mississauga
• Financing described as one of the largest for an independent Canadian digital infrastructure firm

Negative

• None.

Market Context

HLNE's prior close was down 3.39% before publication, while STEP and AMG were also lower in the curr...

Analysis

HLNE's prior close was down 3.39% before publication, while STEP and AMG were also lower in the current peer snapshot, placing the $215 million financing announcement against pre-existing weakness across parts of its asset-management peer group.

Key Figures

Total growth financing: $215 million Structured investment: $105 million Credit facility increase: $110 million

Total growth financing

$215 million

Structured investment and upsized credit facility

Structured investment

$105 million

Hamilton Lane investment in telMAX

Credit facility increase

$110 million

Parallel increase by PSIC, Palistar Capital, and MidStar Capital

Key Terms

structured investment, credit facility, senior secured credit facility

3 terms

structured investment financial

"completed a $105 million structured investment in telMAX"

A structured investment is a packaged financial product that combines traditional securities (like bonds or notes) with one or more derivatives to create a tailored payoff profile, such as capped gains, enhanced income, or partial protection against losses. It matters to investors because the promised return depends on the product’s specific terms, market outcomes, and the issuer’s creditworthiness—think of it like a custom contract that reshapes risk and reward compared with holding the underlying assets directly.

credit facility financial

"significantly increasing a credit facility with the company by $110 million"

A credit facility is a flexible loan arrangement that allows a borrower to access funds up to a set limit whenever needed, similar to a company having an overdraft option on a bank account. It matters to investors because it indicates how easily a business can secure cash when required, affecting its ability to manage expenses, invest, or respond to financial challenges.

senior secured credit facility financial

"provided telMAX a senior secured credit facility in 2025"

A senior secured credit facility is a loan or revolving line of credit where lenders have first legal claim on specific company assets (collateral) and the debt ranks above other obligations for repayment. For investors it signals where a lender sits in the repayment pecking order and how much protection creditors have if the company struggles, affecting credit costs, the company’s ability to borrow more, and potential recoveries in a default — like a mortgage taking priority over other claims on a house.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

New structured capital from Hamilton Lane, executed alongside a parallel upsize of telMAX's existing credit facility from Power Sustainable, will accelerate telMAX's mission to bring Canada's fastest all-fibre internet to more communities across Ontario

TORONTO and MONTREAL, Sept. 17, 2026 /PRNewswire/ -- telMAX, Ontario's leading independent provider of 100% pure fibre internet, TV and home phone, today announced that funds managed by global private markets investment firm Hamilton Lane (Nasdaq: HLNE) have completed a $105 million structured investment in telMAX. In a parallel transaction, Power Sustainable Infrastructure Credit, ("PSIC"), telMAX's existing financing partner, Palistar Capital, and MidStar Capital are together significantly increasing a credit facility with the company by $110 million.

Combined, the two transactions inject more than $200 million in new growth capital into telMAX, one of the largest growth financings secured by an independent Canadian digital infrastructure firm.

telMAX's rapid scaling of its world-class, independent fibre network continues to attract institutional capital, including new investment from funds managed by Hamilton Lane, and existing partner Power Sustainable alongside its new financing partners – Palistar Capital and MidStar Capital. Since 2025's financing round, telMAX has continued to execute at speed, extending its 100% pure fibre optic network to Markham, Barrie and Oakville, while continuing to build and operate its infrastructure footprint across the Greater Toronto Area, (GTA), including Brooklin, Stouffville, Newmarket, Aurora, and Richmond Hill.

With this new capital, telMAX will push further into the western GTA, extending its footprint into Burlington, Brampton, and Mississauga – bringing Canada's fastest fibre network within reach of hundreds of thousands of additional homes and businesses, and fulfilling growing demand for superior, fibre-based connectivity in these previously underserved markets.

"telMAX was built on a simple belief: communities should not have to settle for outdated legacy internet options. This investment gives us the capital needed to move even faster on the next stage of our growth plan which expands our delivery of the reliable, high-performance fibre service that Canadians increasingly expect and deserve," said Michael Strople, CEO of telMAX. "We are excited to welcome Hamilton Lane as a new partner in the next chapter of the telMAX story, and we are appreciative of Power Sustainable's continued support as they double down on our vision."

The scale of the of two parallel financing transactions are a statement of confidence in telMAX's growth strategy and overall business. Hamilton Lane is stepping in as a new institutional partner, drawn by telMAX's track record of disciplined execution and the scale of the opportunity ahead. At the same time, Power Sustainable, which provided telMAX a senior secured credit facility in 2025, is increasing its commitment to fund the company's next stage of growth in partnership with both Palistar Capital and MidStar Capital. Together, these two investments give telMAX one of the strongest capital positions of any independent, infrastructure-based fibre provider in the country.

Beyond the balance sheet, this is a foundational investment to better serve one of Canada's fastest-growing regions by bringing genuine choice, speed and reliability to more households and businesses across the GTA through a state-of-the-art, independent network built and staffed in the communities it serves. It's the kind of infrastructure Ontario needs to support its growth, designed and built from the ground up to meet the demands of the next decade rather than the last one.

"We believe telMAX represents a compelling opportunity to invest in a business with in-place infrastructure, significant growth prospects, an experienced management team and a path to create long-term value by connecting more communities to critical digital infrastructure," said Taylor McManus, Principal at Hamilton Lane. "This transaction is a great example of Hamilton Lane's infrastructure capabilities, and our strategy of providing capital solutions to GP partners and their portfolio companies."

"Reliable digital connectivity is essential infrastructure for growing communities and businesses. telMAX has demonstrated a differentiated approach to building and operating high-quality fibre infrastructure—combining disciplined execution with a clear focus on the communities and customers it serves. The company has built meaningful momentum in markets where demand for reliable, high-performance connectivity is growing. We are pleased to increase our commitment and support telMAX's next phase of growth," said Ben Shenwick, Principal, Power Sustainable Infrastructure Credit.

"telMAX has built a distinguished fiber platform with attractive underlying markets and a clear opportunity to continue scaling its network," said Carras Holmstead, Investment Partner, Palistar Capital. "We are pleased to partner with Power Sustainable to provide additional capital for the company's next phase of growth. Our commitment reflects our conviction in the long-term value of high-quality digital infrastructure and our focus to supporting agile, high-impact platforms that bridge connectivity gaps."

"This is about much more than adding new addresses to our network," said Brad Fisher, Chief Operating Officer, telMAX. "It's about leveling the playing field and giving Canadians a real choice, enabling not just today's critical applications, but future-proofing communities for what's next. Our job now is to put this capital to work accelerating construction, scaling our teams, and proving that an independent Canadian provider can move with the speed and execution the incumbents simply can't match."

telMAX was advised by the Bank Street Group investment banking firm throughout this process, and now with the backing of Hamilton Lane, Power Sustainable, Palistar Capital, and MidStar Capital – enters its next phase of growth from a position of strength with the ambition to become Canada's leading independent fibre internet provider.

About telMAX
telMAX, a locally based company headquartered in the Greater Toronto Area, offering 100% fibre internet, TV, and phone services to residential and business customers. Known for delivering Canada's fastest internet and industry-leading performance, telMAX designs, builds, and operates its own end-to-end fibre-to-the-home network engineered for speed, low latency, and reliability. With ongoing expansion, telMAX serves communities including Barrie, Brooklin, Stouffville, Newmarket, Aurora, Markham, Oakville, and Richmond Hill, while proudly supporting local employment and community development. telMAX – fibre built for AI. telMAX.com

About Hamilton Lane
Hamilton Lane (Nasdaq: HLNE) is one of the largest private markets investment firms globally, providing innovative solutions to institutional and private wealth investors around the world. Dedicated exclusively to private markets investing for more than 30 years, the firm currently employs approximately 800 professionals operating in offices throughout North America, Europe, Asia Pacific and the Middle East. Hamilton Lane has $1.1 trillion in assets under management and supervision, composed of more than $146 billion in discretionary assets and $914 billion in non-discretionary assets, as of June 30, 2026. Hamilton Lane specializes in building flexible investment programs that provide clients access to the full spectrum of private markets strategies, sectors and geographies. For more information, please visit www.hamiltonlane.com.

About Power Sustainable
Power Sustainable is a multi-platform alternative asset manager investing across the core sectors of the real economy as they undergo structural change. The firm allocates capital across energy, food, mobility, connectivity, and the built environment, investing selectively along the value chains through infrastructure equity, infrastructure credit, and private equity strategies. Power Sustainable focuses on sectors where transition, resilience and resource efficiency are material drivers of opportunity, performance and risk. Power Sustainable is a subsidiary of Power Corporation of Canada (TSX: POW), an international management and holding company that focuses on financial services in North America, Europe and Asia. Learn more at www.powersustainable.com.

About Palistar Capital 
Palistar Capital LP ("Palistar") is an alternative asset manager led by Managing Partner and Founder, Omar Jaffrey, focused on digital infrastructure investments. Palistar Capital seeks to invest through direct asset ownership as well as by developing innovative financing solutions to complex problems for leading global digital infrastructure related companies. To learn more about Palistar Capital, visit www.palistar.com.

About MidStar Capital Corp.
MidStar Capital provides structured private debt financing solutions targeting borrowers with EBITDA between $5 million and $50 million. MidStar was launched in January of 2017 and is a partnership owned jointly by the MidStar management team and Connor, Clark & Lunn Financial Group Ltd. (CC&L Financial Group).

MidStar Capital is part of CC&L Financial Group, an independent, employee-owned, multi-boutique asset management firm with over 40 years of history. Collectively managing over CAD230 billion in assets, CC&L Financial Group and its affiliate firms offer a diverse range of investment products and solutions to institutional, high-net-worth and retail clients. www.midstarcapital.com 

View original content to download multimedia:https://www.prnewswire.com/news-releases/telmax-secures-215-million-in-growth-financing-through-structured-investment-from-hamilton-lane-and-upsized-psic-credit-facility-302882130.html

SOURCE telMAX

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How does telMAX plan to use the new $215 million in growth capital?

telMAX plans to use the new financing to accelerate expansion of its 100% pure fibre network. The company intends to push further into the western Greater Toronto Area, extending its footprint into Burlington, Brampton and Mississauga, and to speed up construction and team scaling to serve more homes and businesses with high-performance fibre connectivity.

Which regions in Ontario does telMAX currently serve with its fibre network?

telMAX has extended its 100% pure fibre optic network to Markham, Barrie and Oakville, and continues to build and operate infrastructure across the Greater Toronto Area, including Brooklin, Stouffville, Newmarket, Aurora and Richmond Hill.

Who are telMAX's key financing partners in this transaction?

The transaction brings in funds managed by Hamilton Lane as a new institutional partner through a $105 million structured investment. The parallel $110 million credit facility increase is provided by Power Sustainable Infrastructure Credit, telMAX's existing financing partner, in partnership with Palistar Capital and MidStar Capital.