Setting a benchmark
for excellence in
alternative investing.


Get to know us.

AltEx Capital is a Toronto-based firm that provides alternative asset strategies to high net worth and institutional investors. AltEx is backed by Imperial Capital, a leading mid-market private equity firm with an extensive and successful history of building service-based platforms.


Investment Strategy

Targeting investments in single-asset continuation funds.

AltEx Capital aims to create a portfolio of high-quality investments in single-asset continuation funds, backed by leading private equity firms looking to extend the hold period of their best-performing assets to continue generating growth.

Investment Criteria.


GP Quality

Partner with proven private equity funds with strong long-term track records


GP/Management Alignment

Target deals where the GP is making a meaningful investment and company management is maintaining significant ownership


Company Quality

Invest in successful assets that have attractive growth prospects and experienced limited impact from COVID


Industry Quality

Focus primarily on healthcare, business and consumer services sectors, in which Imperial Capital has deep experience

Why AltEx Capital?

Access to Deal Flow

Strong relationships with a wide array of advisors, secondary funds and direct private equity funds that have near-term deal flow, providing investors with access to exclusive investment opportunities

Industry Experience

Deep research, relationships and domain expertise in the healthcare, business and consumer services industries from Imperial Capital’s historical investment activities

Investment Acumen

Leverage Imperial Capital’s experience conducting comprehensive due diligence across hundreds of deals and its network of industry advisors and contacts


Teamwork. Collaboration. Execution.

Investment Team
Thomas Choi
Managing Director
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Work Experience

Thomas is Managing Director and leads our first AltEx Capital fund. Thomas comes to AltEx most recently from Scotiabank, where he was a Director. He has over 15 years of experience in capital markets and investing, with a particular focus on private equity investments.


Thomas earned his Bachelor of Business Administration, Finance from the Schulich School of Business, York University.

Personal Life
  • Married with an extremely spoiled dog
  • Enjoys long hikes, golfing and morning jogs.
  • Former part-time restauranteur for nearly 7 years.
Benoît Lacelle
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Work Experience

Benoit is currently Director at AltEx Capital and works closely with Thomas Choi, Managing Director. Benoit comes to AltEx most recently from Credit Mutual Equity where he was a Principal, Private Equity. Prior to that he was at Scotiabank in the role of Associate Director, Private Equity.


Benoit obtained his Bachelor of Commerce, Finance-Cum Laude from the University of Ottawa, Telfer School of Management and is a CFA Charterholder.

Personal Life
  • Happy place equals summer BBQs with the family
  • Five-time champion of the annual fishing & golfing tournament
  • Most rewatched movie is Jerry Maguire
Investment Committee
Jeff Rosenthal
Managing Partner
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Work Experience

Jeff is Managing Partner and oversees Imperial Capital with Justin MacCormack. He co-founded the firm in 1989 and has been involved every aspect of the business from leading deals to serving as a board member.


Jeff received his Master of Business Administration from Schulich School of Business and has a degree in Commerce and Economics from the University of Toronto.

Personal Life
  • Married with three children
  • Passionate philanthropist
  • Third-degree black belt, Shotokan Karate
  • Vice-Chair, UJA Federation of Greater Toronto
  • National Co-Chair of Centre for Israel and Jewish Affairs (CIJA)
  • Past Vice-Chair, Mount Sinai Hospital Foundation
Justin MacCormack
Managing Partner
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Work Experience

Justin is Managing Partner and oversees Imperial Capital with Jeff Rosenthal. He joined the Company in 2007 from Onex and has worked on many initiatives from starting the healthcare practice, to leading investments and providing oversight as a board member.


Justin earned his Master of Business Administration from the Richard Ivey School of Business and Bachelor of Science in Environmental Engineering from the University of Guelph. He is also a Chartered Financial Analyst and has his Portfolio Manager designation.

Personal Life
  • Married with two children, two dogs
  • Enjoys outdoor activities (boating, wake surfing, golf, and fishing)
  • Involved in the Juvenile Diabetes Research Foundation of Canada
Christopher Harris
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Work Experience

Chris is currently a Partner at Imperial Capital and has been significantly involved in deals such as Fortis Fire & Safety, GO Car Wash, Matrix Sciences, Infinity Laboratories, Schulman IRB and Ackerman Security. Chris joined Imperial Capital in 2007 from KPMG where he worked in the M&A Transaction Services department.


Chris obtained his Master of Business Administration, First Class, at Oxford University and his Honours Bachelor of Commerce, First Class, from Queen’s University. He is also a CPA, CA.

Personal Life
  • Lived in London, England for over 5 years
  • Avid value investor
  • Blindly loyal sports fan
  • Favourite movie is The Godfather
Investor Relations
David Baker
Senior Vice President, Investor Development
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Work Experience

David is currently the Senior Vice President of Investor Development at Imperial Capital and is focused on client relationship management and development, fulfilling the comprehensive needs of Imperial’s current clients while also developing relationships with new clients. He joined Imperial in 2020 after 6 years with Gluskin Sheff + Associates’ Client Wealth Management group and, before that, Sprott Asset Management.


David obtained his Bachelor of Arts in History and Economics from McGill University. He is also a Chartered Financial Analyst.

Personal Life
  • Music and film enthusiast
  • Frustrated golfer
  • Married with 3 children
Karen Carr
Senior Vice President, Investor Relations
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Work Experience

Karen is currently the Senior Vice President of Investor Relations at Imperial Capital. She is an integral part of the senior team and leads the IR team in fundraising and investor communications. Karen joined Imperial in 1995 from Denison Mine where she worked in the Treasury Department.


Karen received her Bachelor of Arts from Queen’s University.

Personal Life
  • Enjoys cottaging and travel, hot yoga and cycling
  • Married with two ‘adult’ children
  • Amateur wine enthusiast
  • Passionate about the environment and sustainability
Legal and Finance
Owen Payne
General Counsel
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Work Experience

Owen is currently the General Counsel at Imperial Capital where he is responsible for overseeing the firm’s legal and regulatory affairs. Prior to joining Imperial in 2021, Owen spent six years as an associate at Torys LLP, where he advised on various corporate transactions with a particular focus on private fund formation and private M&A.


Owen received his Bachelor of Arts degree in Economics with Distinction from McGill University and a J.D. from Queen’s University. He also completed an academic exchange at the University of Hong Kong Faculty of Law. He is a member of the Ontario Bar Association.

Personal Life
  • Married and has a little girl
  • Relatively skilled carpenter
  • Perpetually optimistic Cleveland Browns fan
Laura Reid
Chief Financial Officer
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Work Experience

Laura is currently the Chief Financial Officer at Imperial Capital and leads the corporate accounting and fund reporting teams. She came to Imperial Capital in 2021 from Worldsource Wealth Management, where she was the CFO. Prior to joining Worldsource, Laura was with KPMG LLP, as a Partner in the financial services audit practice, specializing in the audits of public and private asset managers, investment dealers, hedge funds and mutual funds with Canadian, U.S. and global clients.


Laura holds a Bachelor of Commerce from Queen’s University and completed an International Business and Leadership - Academic Exchange at the University of St. Gallen, Switzerland. She is also a Chartered Public Accountant.

Personal Life
  • Avid skier (on land and water)
  • Married with two boys
  • Board Member of Hedge Funds Care – Help For Children
  • Past Vice-Chair of the Alternative Investment Management Association

Contact Us

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