Citibank Canada and Triax Advanced Strategies Inc. are re-opening the GPR Hedge Fund Notes for new purchases until April 23.

The first offering of the Notes was completed on January 10, and raised $35 million.

The notes are issued by Citibank Canada and offer guaranteed repayment of the $10 principal amount at maturity on November 30, 2011. The obligations of Citibank Canada are guaranteed by Citibank, N.A.

The notes aim for a target compound annual rate of return of 10%. Triax does not earn its fee until the target return of 10% is achieved.

The notes also aim to achieve volatility of returns less than one-third of the volatility of the returns of major North American equity markets; and to achieve returns substantially independent of the returns of major North American fixed income and equity markets.

The return on the notes is linked to the performance of a dedicated portfolio of hedge funds selected, monitored and actively managed by Chicago-based Mesirow Advanced Strategies, Inc. following its proprietary allocation methodology to select, monitor and manage investments in hedge funds diversified by style and strategy.

Mesirow acts as a “fund of funds” manager of hedge funds and created its first “fund of funds” in 1990. Mesirow manages in excess of $3 billion in hedge funds primarily for institutional clients. Mesirow is a wholly owned subsidiary of Mesirow Financial Holdings, Inc. MFHI is a Chicago-based diversified financial institution that provides investment banking, securities brokerage, insurance services, real estate services and investment management services to its clients.

TD Securities Inc., CIBC World Markets Inc. and National Bank Financial Inc. are the lead agents for the offering. The syndicate also includes HSBC Securities (Canada) Inc., Desjardins Securities Inc., Canaccord Capital Corp., Bieber Securities Inc., Research Capital Corp., Raymond James Ltd., Yorkton Securities Inc., Wellington West Capital Inc., and Trilon Securities Corp.