Gencap Funds LP reports that the O’Leary Global Equity Income Fund has successfully completed its initial public offering of 3,335,000 units at a price of $12 per unit for aggregate gross proceeds of $40,020,000.

Each unit consists of one transferable trust unit and one half of a trust unit purchase warrant.

The initial monthly cash distribution of 5¢ per trust unit is payable on Sept. 15, 2008 to unitholders of record on Aug. 29, 2008. Additionally, each warrant entitles the holder to purchase one trust unit at a subscription price of $12 on or before 17:00 ET on Dec. 31, 2010.

The fund has been created to invest primarily in global income-generating equity securities. It will permit investors to capitalize on the knowledge and capabilities of Stanton Asset Management Inc. and O’Leary Funds, Inc. who will work together to identify global investments providing income and value, plus capital appreciation potential.

The fund’s investment objectives are: to provide holders of units with monthly distributions initially targeted to be 5¢ per trust unit (60¢ per year, representing an annual cash distribution of 5% based on the $12 per unit issue price); and to provide long-term capital appreciation.

The net proceeds of the offering will be invested in an actively managed portfolio that will consist primarily of publicly traded common shares and preferred shares of issuers with a market capitalization of $1 billion or more. The investment team of the portfolio manager, which includes Connor O’Brien, André Marsan and Guthrie Stewart, will focus on value securities that offer a relatively high level of current income, as well as attractive potential for capital appreciation.

The syndicate of agents was co-led by CIBC World Markets Inc. and Scotia Capital Inc., and included National Bank Financial Inc., Canaccord Capital Corporation, Desjardins Securities Inc., Dundee Securities Corporation, HSBC Securities (Canada) Inc., Raymond James Ltd., Wellington West Capital Inc., Berkshire Securities Inc., Blackmont Capital Inc. and GMP Securities L.P.