Hamilton Lane has committed $105 million in a structured investment to telMAX, an independent fiber internet provider based in Ontario, according to a filing disclosed Thursday.
The transaction was announced alongside a $110 million increase to telMAX's existing credit facility, arranged by Power Sustainable Infrastructure Credit together with co-lenders Palistar Capital and MidStar Capital, which is part of Connor, Clark & Lunn Financial Group. Combined, the two deals inject more than $200 million in new capital into the company.
telMAX operates a fiber optic network across the Greater Toronto Area, serving residential and business customers in Markham, Barrie, Oakville, Brooklin, Stouffville, Newmarket, Aurora and Richmond Hill with internet, television and phone services. The newly raised funds will finance network expansion into Burlington, Brampton and Mississauga in the western GTA, the company said.
"This investment gives us the capital needed to move even faster on the next stage of our growth plan," Michael Strople, telMAX chief executive, said in a statement.
Ben Shenwick, principal at Power Sustainable Infrastructure Credit, described telMAX as having "a differentiated approach to building and operating high-quality fiber infrastructure." Power Sustainable originally provided telMAX with a senior secured credit facility in 2025.
MidStar Capital targets borrowers with EBITDA between $5 million and $50 million, the filing noted.
Bank Street Group acted as advisor to telMAX on the transactions.
Hamilton Lane, which trades on NASDAQ under HLNE, has a market capitalization of approximately $6.4 billion and reported revenue of $1 billion over the last twelve months. Its shares trade at a price-to-earnings ratio of roughly 29. As of June 30, 2026, the firm reported $1.1 trillion in total assets under management and supervision, including $146 billion in discretionary assets and $914 billion in non-discretionary assets. Hamilton Lane's parent is Power Corporation of Canada, listed on the TSX under POW.
