Veteran infrastructure investment professional Gregory Smith to lead new joint venture company
TORONTO, ONTARIO (January 22, 2014) — AGF Management Limited (AGFML) and Instar Group Inc. (Instar) today announced the launch of InstarAGF Asset Management Inc., a new joint venture that will provide global institutional investors with access to infrastructure investment opportunities. Based in Toronto and led by Gregory Smith, a pioneer in the infrastructure investment community, the new company will invest in and manage a range of alternative asset funds, with primary focus on infrastructure assets.
AGF will be an active shareholder in the joint venture, providing a range of operational services, working
capital, and seed capital investment.
“AGF is delighted to be working with Greg Smith in this important new venture,” said Blake C. Goldring, Chairman and Chief Executive Officer, AGF Management Limited. “Allocations to alternatives have been steadily increasing, and private infrastructure assets remain especially attractive to institutional investors with long-dated liabilities. This new investment capability bolsters our current product offering and will leverage our global distribution footprint,” added Goldring.
Greg Smith, a 20-year veteran in the investment, operations, acquisition, and financing of public and private infrastructure, real estate, power, and utility businesses, will lead the company. “The global market for alternative investment opportunities is expanding rapidly and we have found an ideal partner in AGF,” said Gregory J. Smith, President and Chief Executive Officer, Instar Group Incorporated. “AGF has extensive resources to support the operating needs of this business, and their investment will allow us to focus on securing and managing a portfolio of high quality infrastructure assets,” added Smith.
“The joint venture with Instar is a prudent investment of our capital that will provide AGF with a strong return while enhancing and expanding our investment capabilities,” said Robert J. Bogart, Executive Vice-President and Chief Financial Officer, AGF Management Limited. “InstarAGF is an important first step in the execution of our alternative investment strategy,” added Bogart.
ABOUT AGF MANAGEMENT LIMITED
AGF Management Limited is one of Canada’s premier independent investment management firms with offices across Canada and subsidiaries around the world. AGF’s products include a diversified family of award-winning mutual funds, mutual fund wrap programs and pooled funds. AGF also manages assets on behalf of institutional investors including pension plans, foundations and endowments as well as for private clients. With over $34 billion in total assets under management, AGF serves more than one million investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.
ABOUT INSTAR GROUP INC.
Instar is an independent alternative asset management firm founded by Gregory J. Smith. The firm seeks to build a robust, mid-market infrastructure and private equity investment platform with global capabilities to invest mezzanine and equity capital in infrastructure companies and projects across the spectrum of infrastructure sectors, including renewable energy.
GREGORY J SMITH
As President and Chief Executive Officer of Instar Group Limited, Gregory J. Smith brings more than 20
years of unparalleled experience in the investment, operation, acquisition, and financing of public and private infrastructure, real estate, power, and utility businesses.
Prior to founding the Instar, Gregory was Managing Partner of Brookfield Financial’s Global Infrastructure Advisory Group. Gregory was also the President of Macquarie Capital Funds Canada Ltd. where he was responsible for the establishment, growth and operations of Macquarie’s unlisted and listed funds business in Canada along with the active management of Macquarie’s Canadian assets owned by off-shore funds. During this time, he also served as President and Chief Executive Officer of Macquarie Power & Infrastructure Income Fund, and as a Director and Chief Executive Officer of Macquarie Essential Assets Partnership, a private fund. Prior to Macquarie, Gregory was Managing Director and Co-Head of RBC Capital Partners – Mezzanine Fund and a Managing Director at Deloitte & Touche Corporate Finance. Gregory is currently the Chair and past President of Canada’s Venture Capital & Private Equity Association. Gregory currently sits on the advisory boards of Lighthouse Equity Partners, a private equity provider, and Avrio Capital, a food and agriculture sector focused private equity fund.
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AGF MANAGEMENT LIMITED SHAREHOLDERS AND ANALYSTS PLEASE CONTACT:
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