InstarAGF Essential Infrastructure Fund Achieves Strong First Close

March 2, 2016

View as PDF

TORONTO, ONTARIO  (March 2, 2016) — InstarAGF Asset Management Inc. (“InstarAGF” or the “Company”) and AGF Management Limited (TSX: AGF.B; “AGF”) today announced the successful first close of the InstarAGF Essential Infrastructure Fund (the “Fund”) with $372 million in firm equity commitments, representing approximately 50% of the Fund’s targeted size, and the potential for cornerstone investors to upsize to $422 million in committed capital prior to the final close of the Fund. All amounts are in Canadian dollars.

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. In addition, all of InstarAGF’s employees have made investments in the Fund, thereby ensuring strong alignment with investors.

“We are delighted to partner with an exceptional group of cornerstone investors, which validates InstarAGF’s distinctive middle market value proposition, deep industry relationships and the quality of the Fund’s seed assets,” said Gregory Smith, President and Chief Executive Officer of InstarAGF. “Infrastructure is an increasingly important component of most institutional portfolios, which reflects growing demand for real assets that are more resilient to economic cycles and less correlated with traditional asset classes, and that deliver current income while providing inflation protection.”

Approximately $135 million of the capital raised by the Fund has already been committed to two investments: an interest in the passenger terminal at Billy Bishop Toronto City Airport, a vital transportation hub for the city of Toronto and surrounding region; and a 30-megawatt wind power development project in British Columbia that is expected to start operating in the first quarter of 2017.

“Accomplishing the first close of the InstarAGF Essential Infrastructure Fund represents a significant milestone for our alternatives platform, and clearly establishes InstarAGF as a leading Canadian infrastructure investment firm,” said Blake C. Goldring, Chairman and Chief Executive Officer of AGF. “InstarAGF diversifies AGF’s investment capabilities and solutions for institutional, high net worth, and retail clients globally, and enhances our ability to deliver innovative strategies that offer investors downside risk protection and long-term capital growth.”

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. InstarAGF currently expects to achieve the final closing of the Fund, which has a targeted size of $750 million, by the end of 2016.

ADVISORY BOARD APPOINTMENT

InstarAGF also announced the appointment of Rick Byers to the Company’s Advisory Board. Mr. Byers was most recently Executive Vice President of Borealis Infrastructure where he led global capital raising efforts. From 1991 to 2007, Mr. Byers served with BMO Capital Markets where he held transaction and advisory roles for diverse transportation and energy infrastructure investments, including the Greater Toronto Airports Authority, the 407 ETR, NAV Canada, VIA Rail and Atomic Energy of Canada Limited. He also previously served in the Office of the federal Minister of Finance. He currently sits on the Boards of Directors of PPP Canada, a federal crown corporation committed to supporting innovative public infrastructure projects, and the Toronto Transit Commission. He was formerly a director of Enersource Corporation and the Canadian Council for Public-Private Partnerships.

Mr. Byers joins the other members of InstarAGF’s Advisory Board, which include Dennis Freeman, formerly a Partner at KPMG LLP; David Mullen, Managing Director of Graycliff Partners LP and Chair of the Canadian Venture Capital and Private Equity Association; Mike Crawley, Executive Vice President of Business Development at Northland Power Inc.; and Jim Dougan, President, Eastern Canada at PCL Constructors Canada Inc.

ABOUT INSTARAGF ASSET MANAGEMENT

Launched in 2014, InstarAGF is an independent alternative asset management firm with an emphasis on North American middle-market opportunities in the infrastructure sector and other alternative real asset categories. InstarAGF, which makes direct investments and co-investments with like-minded investors and strategic partners, is a joint venture between Instar Group Inc., a company owned by Gregory J. Smith, and AGF Management Limited, one of Canada’s largest independent investment management firms. For more information: www.instaragf.com

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 mutual funds, mutual fund wrap programs and pooled funds. AGF also manages assets on behalf of institutional investors including pension plans, sovereign wealth funds, foundations and endowments as well as for private clients. With approximately $33 billion in total assets under management, AGF serves more than one million investors. For more information: www.agf.com

For More Information:

Media 
Sarah Borg-Olivier
Senior Vice President
InstarAGF Asset Management
Email: sarah.borg-olivier@instaragf.com
Tel: 416-815-6260

AGF Management Limited Shareholders and Analysts
Robert J. Bogart
Executive Vice-President and Chief Financial Officer
AGF Management Limited
Email: bob.bogart@agf.com
Tel: 416-865-4264

Adam Cohen
Director, Finance and Investor Relations
Email: adam.cohen@agf.com
Tel: 416-865-4228

Recent Press Releases

Instar Partners with Leading Controlled Environment Agricultural Producer

View as PDF Instar Asset Management Inc. (“Instar”) today announced it has partnered with management to invest in Greenwood Mushrooms Development Corp. (“Greenwood” or the “Company”), a premier controlled environment agricultural producer of mushrooms, previously a...

PRT Growing Services Establishes Green Loan Financing

View as PDF Supports company’s critical contribution to the forest sustainability supply chain Victoria, British Columbia (June 8, 2021) --- PRT Growing Services Ltd (“PRT” or the “Company”), the premier provider of critical growing services for container-grown forest...

Instar Completes Sale of Okanagan Wind

View as PDF Okanagan region’s first wind power facilities acquired by Alberta-based firm Toronto, Ontario (June 1, 2021) --- Instar Asset Management (“Instar” or “the Company”), today announced the sale of its 100% interest in Okanagan Wind, two wind power facilities...

Instar Expands Brand Footprint And Strategy

View as PDF Toronto, Ontario (May 26, 2021) — Instar Group Inc. (“Instar” or the “Company”), an independent alternative management firm focused on middle-market investment opportunities primarily in North America, today announced the rebranding of Instar Asset...

InstarAGF Completes Acquisition of LS Networks

View as PDF Denver, Colorado and Portland, Oregon (April 1, 2021) --- InstarAGF Asset Management Inc. (“InstarAGF”) today completed its previously announced acquisition of LS Networks (“the “Company”), a leading fiber-optic bandwidth infrastructure services provider...

InstarAGF Acquires PRT Growing Services from TriWest

View as PDF InstarAGF Acquires PRT Growing Services from TriWest Toronto, Ontario (April 1, 2021) — InstarAGF Asset Management Inc. (“InstarAGF”) today announced it has acquired PRT Growing Services Ltd. (“PRT” or the “Company”), a leading reforestation logistics...

InstarAGF Agrees to Acquire LS Networks

View as PDF New partnership positions best-in-class digital pioneer for next phase of growth and connectivity in the Pacific Northwest Denver, Colorado and Portland, Oregon (October 15, 2020) —  InstarAGF Asset Management Inc. (“InstarAGF”), today announced...

InstarAGF Essential Infrastructure Fund II Achieves Final Close

View as PDF TORONTO, ONTARIO  (June 8, 2020) — InstarAGF Asset Management Inc. (“InstarAGF”), an independent private capital management firm focused on North American middle-market infrastructure, today announced the final closing of its latest flagship...

InstarAGF Acquires Oilfield Water Logistics

View as PDF Leading midstream water infrastructure platform positioned for growth in North America TORONTO and DALLAS  (October 28, 2019) — InstarAGF Asset Management Inc. (“InstarAGF”) today announced it has acquired Oilfield Water Logistics (“OWL”) alongside...

InstarAGF Sells Interest in Nieuport Aviation

View as PDF TORONTO, ONTARIO  (February 21, 2019) — InstarAGF Asset Management Inc. (“InstarAGF”) today announced that it has sold its interest in Nieuport Aviation Infrastructure Partners GP, the company that owns and operates the passenger terminal at the...

InstarAGF Asset Management Acquires AMPORTS, INC.

View as PDF Market-leading North American automotive terminal operator TORONTO, ONTARIO  (April 3, 2018) — InstarAGF Asset Management Inc. (“InstarAGF”) today announced that it has acquired an 100% equity interest in AMPORTS, Inc. (“AMPORTS”), a premier...

InstarAGF Essential Infrastructure Fund Partners with Creative Energy

View as PDF Partnership will establish a growing district energy platform TORONTO, ONTARIO,  (February 13, 2018) — InstarAGF Asset Management Inc. (“InstarAGF”) today announced that the InstarAGF Essential Infrastructure Fund has agreed to acquire a 50% equity...

InstarAGF Essential Infrastructure Fund Partners with Skyservice

View as PDF InstarAGF Essential Infrastructure Fund Partners With Skyservice Acquisition builds on InstarAGF’s aviation and transportation infrastructure platform TORONTO, ONTARIO  (September 18, 2017) — InstarAGF Asset Management Inc. (“InstarAGF”) today...

InstarAGF Essential Infrastructure Fund Achieves Final Close

View as PDF Largest first-time infrastructure fund of its kind in Canadian history TORONTO, ONTARIO (June 27, 2017) — InstarAGF Asset Management Inc. (“InstarAGF”) and AGF Management Limited (TSX: AGF.B; “AGF”) today announced the final closing of the InstarAGF...

InstarAGF Essential Infrastructure Fund Achieves Subsequent Closes

View as PDF TORONTO, ONTARIO  (November 3, 2016) — InstarAGF Asset Management Inc. (“InstarAGF” or the “Company”) and AGF Management Limited (TSX: AGF.B; “AGF”) today announced the InstarAGF Essential Infrastructure Fund (the “Fund”) has now raised...

Kindle Capital Joins InstarAGF

View as PDF TORONTO, ONTARIO  (September 29, 2015) — InstarAGF Asset Management Inc. (“InstarAGF”), an independent alternative asset management firm, and AGF Management Limited (TSX: AGF.B; “AGF”) today announced that Kindle Capital Group Inc. (“Kindle”) has...

InstarAGF Expands Alternatives Investment Platform

View as PDF InstarAGF Expands Alternatives Investment Platform Midstream oil and gas infrastructure fund oversubscribed at final close TORONTO, ONTARIO  (September 3, 2014) – InstarAGF Asset Management Inc. (“InstarAGF”), an independent alternative asset...