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InstarAGF holds C$372m first close for infrastructure fund

by Andrea Waitrovich

InstarAGF Asset Management and AGF Management have held a C$372 million ($278 million) first close for InstarAGF Essential Infrastructure Fund.

The close represents approximately 50 percent of the fund’s targeted size, and there is a potential for cornerstone investors to upsize to C$422 million ($315 million) in committed capital prior to the final close of the fund. InstarAGF currently expects to achieve the final closing of the fund, which has a targeted size of C$750 million ($561 million), by the end of 2016.

The fund, which focuses on mid-sized infrastructure assets in North America, attracted a diversified, high-quality group of institutional and high-net-worth investors from Canada, Europe, the United Kingdom and United States. 

The fund seeks to acquire power, utilities, civil and social infrastructure assets that exhibit sustainable downside protection, typically as a result of long-term contracts, concession agreements or a regulatory regime, and where InstarAGF’s expertise and ability to add value to the asset creates the potential for capital appreciation.

The fund has begun committing its capital already. Approximately C$135 million ($101 million) of the capital raised has been committed to two investments: an interest in the passenger terminal at Billy Bishop Toronto City Airport and a 30-megawatt wind power development project in British Columbia that is expected to start operating in first quarter 2017.

 

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