AGF Management Limited has made a $75 million commitment to a closed-end fund managed by InstarAGF Asset Management that invests in North American, middle-market infrastructure. InstarAGF, which is an integral element of AGF’s growing alternatives business strategy, is an independent alternative asset management firm with deep infrastructure expertise.
“AGF has a strategic priority to develop an alternatives platform, including infrastructure, with an aim to further diversify our business,” said Kevin McCreadie, CEO and CIO of AGF. “The attractiveness of this business stems from the fact that underlying assets are uncorrelated to our core business.”
AGF’s alternatives business includes investments such as the flagship InstarAGF Essential Infrastructure Fund I — which achieved its final close in June 2017 with $740 million in aggregate equity commitments from institutional and high-net-worth investors in Canada, Europe, the United Kingdom and the United States — and Stream Asset Financial LP, which is focused on structured equity investments in midstream oil and gas infrastructure and achieved its final close at $210 million in September 2014.
“AGF’s commitment to InstarAGF’s middle-market infrastructure strategy further demonstrates the progress we are making toward our stated strategic goals and increasing the scale of AGF’s alternatives business,” added McCreadie.