Fundraising - MARCH 8, 2017

InstarAGF raises C$549m for infrastructure fund

by Jody Barhanovich

InstarAGF Asset Management has raised C$549 million ($409 million) for its InstarAGF Essential Infrastructure Fund, according to a filing with the SEC. InstarAGF seeks to raise C$750 million ($559 million) in equity commitment for the fund.

The value-added closed-end fund, which focuses on mid-sized infrastructure assets in North America, attracted institutional and high-net-worth investorsfrom Canada, continental Europe, the United Kingdom and the United States. The fund held a C$372 million ($277 million) first close in March 2016, and it held a C$522 million ($389 million) second close in November 2016.

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.

In April 2016, InstarAGF Essential Infrastructure Fund invested C$75 million ($55.6 million) in Steel Reef Infrastructure Corp., a Canada-based midstream company focused on strategically partnering with oil and gas exploration

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