Team | Instar Invest

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Executive Committee

Investment

Investor Relations

Operations

Advisory

Gregory J. Smith

President and Chief Executive Officer

Founded Instar in 2014

30+ years of experience

Visionary leadership, value creation, corporate and investment strategy

Sarah Borg-Olivier

Chief Operating Officer and Senior Vice President

Joined Instar in 2014

25+ years of experience

Corporate strategy, investor relations, ESG, people and culture

Minnie Chan

Chief Financial Officer

Joined Instar in 2023

12+ years of experience

Company administration and operations, fund accounting, treasury management, tax, financial reporting, compliance and investor relations

George So

Managing Partner

Joined Instar in 2015

30+ years of experience

Principal investing, asset management, restructurings, acquisitions and capital raising

Stephen Simpson

Partner

Joined Instar in 2014

18+ years of experience

Infrastructure investing and asset management (e.g. aviation, agribusiness and energy transition sectors)

Daniel Perruzza

Partner

Joined Instar in 2017

17+ years of experience

Infrastructure investing and asset management (e.g. transportation, aviation, utilities and industrials sectors)

Will Chow

Principal

Joined Instar in 2017

17+ years of experience

Infrastructure investing and asset management (e.g. water, healthcare, social accommodation, transportation and mixed-use sectors)

Jeff Lanes

Principal

Joined Instar in 2023

13+ years of experience

Healthcare investing, deal origination and execution, portfolio management

Cathy Xue

Principal

Joined Instar in 2014

12+ years of experience

Deal evaluation, execution and structuring; asset management

Matt McDonald

Vice President

Joined Instar in 2017

7+ years of experience

Deal evaluation, due diligence, execution, asset management

Kingston Fyffe-White

Vice President

Joined Instar in 2018

6+ years of experience

Financial analysis, modelling and valuation; asset management

Andrew Rogers

Associate

Joined Instar in 2020

4+ years of experience

Financial analysis, modelling and valuation; asset management

Marco Martino-Coons

Associate

Joined Instar in 2023

3+ years of experience

Financial analysis, modelling and valuation, portfolio management

Hira Suman

Senior Analyst

Joined Instar in 2024

3+ years of experience

Financial modelling, valuation, portfolio management

Jenn Lai

Vice President, Investor Relations and ESG

Joined Instar in 2022

10+ years of experience

GHG accounting and reporting, sustainability and internal control frameworks, diverse sector experience

Morgan Scalena

Manager, Investor Relations and Communications

Joined Instar in 2022

7+ years of experience

Strategic communications, social media, public relations, research-based communications

Gregory Joffe

General Counsel

Joined Instar in 2014

14+ years of experience

Corporate legal, compliance, governance, structuring

Parmjit Sidhu

Corporate Law Clerk

Joined Instar in 2021

18+ years of experience

Corporate legal, compliance

Katharine Xu

Associate Vice President, Finance

Joined Instar in 2024

12+ years of experience

Public accounting, financial reporting, fund accounting, auditing, investment management

Connie Chow

Manager, Finance

Joined Instar in 2019

12+ years of experience

Financial reporting, investment accounting, fund administration

Kirti Dhull

Senior Financial Analyst

Joined Instar in 2021

10+ years of experience

Financial accounting, investment reporting, fund administration

James Jun

Senior Financial Analyst

Joined Instar in 2024

3+ years of experience

Financial accounting, investment reporting, fund administration

Alex MacDonald

Senior Financial Analyst

Joined Instar in 2024

3+ years of experience

Financial accounting, investment reporting, fund administration, driving process efficiencies through automation

Jonathan Trope

Vice President, Information Technology & Cybersecurity

Joined Instar in 2020

20+ years of experience

Information technology, cybersecurity

Ashley Smith

Vice President, Head of Communications

Joined Instar in 2016

11+ years of experience

Digital & traditional communications, marketing, brand creation

Iris Law

Office Manager and Executive Assistant

Joined Instar in 2014

29+ years of experience

Office administration and operations

Dennis Freeman

Advisory Board

M&As and alternative assets

David Mullen

Advisory Board

Financial sector, middle-market PE, mezzanine investments

Gregory J. Smith

President and Chief Executive Officer

Gregory Smith founded Instar in 2014 with a vision of investing in distinctive middle-market, North American companies to help them grow, thrive and become even better. With nearly 30 years of experience in the investment, operation, acquisition and financing of public and private companies, including infrastructure, real estate, power and utility businesses, Gregory has deep relationships across the private capital spectrum, an entrepreneurial spirit and a history of investing in essential businesses that deliver value to investors, communities, partners and other stakeholders.

As Instar's President and CEO as well as Executive Committee Chair, Gregory leads a dynamic, growing team committed to innovation, long-term partnerships and investing with purpose to discover uncommon opportunities. Prior to founding Instar, Gregory was managing partner and head of Brookfield Financial’s global infrastructure advisory group. He was also the president of Macquarie Capital Funds Canada where he was responsible for Macquarie’s unlisted and listed funds business in Canada along with the management of Macquarie’s Canadian assets owned by offshore funds. Prior to Macquarie, Gregory was managing director at RBC Capital Partners and a managing director at Deloitte.

Gregory offers significant governance expertise and has acted as a director or observer/advisor to the boards for several reporting issuers across a range of industry sectors. He has also served in an advisory capacity for private capital firms and associations such as the Canadian Council for Public-Private Partnerships. Active in the private equity and venture capital sector since 1994, Gregory notably served for a number of years on the board of Canada’s Venture Capital & Private Equity Association, including as chair and president, where he advocated for strategies and programs to enhance the overall private capital ecosystem, accelerate Canadian growth businesses and create economic opportunity.

Gregory is a Chartered Professional Accountant and a Chartered Business Valuator, and holds an Honours Bachelor of Commerce degree from Queen’s University.

Sarah Borg-Olivier

Chief Operating Officer and Senior Vice President

Sarah Borg-Olivier serves as Instar’s Chief Operating Officer and Senior Vice President and is a member of the company’s Executive Committee. She oversees and leads many aspects of Instar’s day-to-day operations including both fund administration and non-investment activities related to investor relations, business development, brand, environmental, social and governance initiatives, as well as talent management and professional growth strategies.

Sarah has more than 20 years of experience in designing and executing initiatives to drive business growth and brand leadership and create value for investors, corporate and community partners. She formerly held executive roles with Capstone Infrastructure Corporation, a publicly-traded diversified infrastructure company, as well as Macquarie Infrastructure and Real Assets Canada Ltd. Sarah also previously led the investor relations practice of a Toronto-based consulting firm where she provided strategic counsel to a diverse North American client base and managed a team of consultants.

Sarah holds an Honours Bachelor of Arts in International Relations from the University of Toronto. She served for a number of years on the Board of Directors of the Canadian Investor Relations Institute’s Ontario chapter. She is a frequent speaker in industry and ESG forums.

Minnie Chan

Chief Financial Officer

Minnie Chan joined Instar in 2023, where she leads accounting, reporting, taxation, budgeting and controls and systems for corporate entities and investment funds.

Prior to joining Instar, Minnie served as Director, Finance at Altas Partners, where she led the finance, operations and compliance functions across the firm’s funds and corporate entities. Beginning her career at KPMG, Minnie was a senior manager in the Financial Institution and Real Estate Practice and primarily focused on the audit of private equity, hedge funds, pension and asset management clients. Minnie also served on the board of the KPMG Pension Plan and led recruiting efforts for the University of Toronto St. George campus.

Minnie holds a Bachelor of Commerce from University of Toronto’s Rotman School of Business (with High Distinction) and the Chartered Professional Accountant designation.

George So

Managing Partner

George So is a seasoned infrastructure, investment and finance professional with over 30 years of specialized expertise in real assets principal investing, asset management and corporate reorganizations. He is a Managing Partner at Instar and a member of the Executive Committee that is responsible for the overall strategy of assets under management and fund operations.

George was most recently the founder and Managing Partner of Kindle Capital Group Inc., an independent investment firm established in 2009, serving the Canadian institutional investment community in establishing syndication and co-investment funds focused on global private equity and infrastructure. Notable transactions included Macquarie Communications Infrastructure Group, 407ETR, Behrman Capital, Anglian Water Group and Colonial First State’s Global Diversified Infrastructure Fund, among others.

Prior to establishing Kindle, George served as a senior member for the Canada Pension Plan Investment Board’s private investment infrastructure team, where he was responsible for managing the direct investing program valued at several billion dollars. Prior to CPPIB, he served in leadership roles at various private equity and global investment banking firms located in Asia, US and Canada, where he specialized in principal investing, real assets, capital restructurings and international corporate finance.

George holds an Honours Bachelor of Arts degree in Chartered Accountancy Studies from the University of Waterloo and the Chartered Accountant designation. He is an avid supporter of various community causes and institutions, including serving as a board member for The Stop and the Canadian advisory board of Right to Play. George is also a scholarship donor to the University of Waterloo.

Stephen Simpson

Partner

Stephen Simpson has over 15 years of experience in all aspects of principal infrastructure investing, including acquisitions, asset management and realization. He joined Instar in 2014 to lead evaluation, negotiation and structuring of acquisitions as well as investment opportunities.

Prior to joining Instar, Stephen was a Vice President of Capstone Infrastructure Corporation, a publicly-traded diversified infrastructure company, where he played a key role in the analysis, evaluation and execution of investment opportunities, including renewable power projects, utility businesses, transportation assets and public-private partnerships (P3s). He also contributed his financial and operational acumen to the company’s portfolio of infrastructure businesses.

Stephen was also formerly a Manager with Macquarie Infrastructure and Real Assets Canada Ltd. From 2006 to 2011, he provided valuable asset management expertise to Macquarie Essential Assets Partnership (MEAP), a private investment fund, where he served on the asset management teams for the Sea-to-Sky Highway, the Southeast Anthony Henday Drive, AltaLink and Aquarion, developing significant expertise across the P3 and transportation sectors, and the electricity transmission and regulated utilities space. Stephen was actively involved in MEAP’s strategic initiatives, in particular the Fund’s realization through asset sales in 2010 and 2011.

Active in the infrastructure sector since 2006, Stephen supports innovative sustainability initiatives through his position on the Investment Committee for the Toronto Atmospheric Fund, a non-profit corporation established by the City of Toronto to finance local projects improving air quality and addressing climate change.

Stephen currently serves on the Board of Directors of Skyservice Business Aviation and was previously Interim CFO at Nieuport Aviation Infrastructure Partners. He holds a Master’s degree in Finance from INSEAD, an Honours Bachelor of Business Administration degree from Wilfrid Laurier and the Chartered Financial Analyst designation.

Daniel Perruzza

Partner

Daniel Perruzza has over 15 years of principal investing, asset management and investment banking experience in the transportation, aviation, utilities and industrials sectors. As a Partner at Instar, Daniel leads the evaluation, negotiation and structuring of acquisitions and investment opportunities. Daniel also serves on the board of several companies across Instar’s portfolio, including PRT Growing Services, AMPORTS, and Skyservice United States

Prior to Instar, Daniel was a Director at Jefferies within the infrastructure group, where he advised companies and investors on acquisitions, divestitures, equity and debt financings as well as capital raising transactions in the transport and renewable power sectors globally. Daniel played a key role in the execution of several marquee transactions, including the sale of Total Terminals International to Terminal Investment Limited, EQT’s acquisition of Global Gateway South and the refinancing and sale of WindMW to China Three Gorges.

Daniel was formerly an Associate Director with HSBC covering private equity and infrastructure investors and leading M&A and financing transactions. Daniel’s experience also includes four years as an Executive at Macquarie Capital Funds Europe where he completed transactions and assisted in the asset management of companies in the transport and utility sectors, including Thyssengas, Deep Water Container Terminal Gdansk, Wightlink Ferries and Warnow Tunnel.

Daniel holds an Honours Bachelor of Commerce degree from Ryerson University.

Will Chow

Principal

Will Chow brings over 15 years of direct infrastructure experience to Instar, including the evaluation and execution of first-of-a-kind infrastructure investments in the water, energy, healthcare, social accommodation, transportation and mixed-use infrastructure sectors. As a Principal at Instar, Will leads the origination, evaluation, negotiation, and structuring of acquisitions and investment opportunities.

Prior to Instar, Will was a Vice President of Global Infrastructure at Brookfield Financial where he managed the development and financing of large-scale infrastructure and mixed-use investments. Will was responsible for leading several high-profile investments and financings including the Lions Gate Wastewater Treatment Plant, Saint John Safe Clean Drinking Water, Etobicoke General Hospital, and Pan-American Games Athlete’s Village.

Will was also formerly at Deloitte on the Infrastructure Advisory and Project Finance team where he advised on the finance and procurement of infrastructure across a broad range of sectors. Marquee mandates included the Ottawa Light Rail Transit, Waterloo Light Rail Transit, 407 East Extension, Union Pearson Express, Ontario Provincial Police Modernization, Communications Security Establishment Canada and Women’s College Hospital Redevelopment.

Will holds a Bachelor of Commerce Co-op degree from Dalhousie University, and the Chartered Accountant and Chartered Financial Analyst designations.

Jeff Lanes

Principal

Jeff Lanes joined Instar in 2023, where he leads the origination and execution of investment opportunities, specializing in healthcare.

Prior to joining Instar, Jeff worked on the private equity team at GIC, where he completed more than 10 platform investments in the healthcare and technology sectors during his six-year tenure. Previously, Jeff worked at Castle Harlan, a middle-market private equity firm. He began his career at Moelis & Company, where he focused on M&A and restructuring.

Jeff holds a Bachelor of Science in Economics, summa cum laude, from the Wharton School, University of Pennsylvania and a Master of Business Administration from Harvard Business School.

Cathy Xue

Principal

Cathy Xue is a Principal at Instar Asset Management. With over a decade of experience, she leads the origination, evaluation and execution of investment opportunities. Since joining Instar in 2014, Cathy has contributed to the majority of the firm’s investments and currently manages portfolio companies including AMPORTS and Windmill Farms. Prior to Instar, Cathy worked with the investment banking team at Deutsche Bank in New York, where she focused on Power and Utilities.

Cathy is an advocate for diversity, equity and inclusion and promoting women in private equity. She has been recognized for her expertise, mentorship and positive impact on her industry, most recently receiving the 2024 PE Rising Star Award from the Canadian Venture Capital and Private Equity Association, as well as the Women in Capital Markets Emerging Leaders Award in 2021. Cathy also supports young professionals in the private equity and infrastructure industry, including serving on the Executive Committee of the Young Leaders in Infrastructure.

Cathy holds a Bachelor of Arts degree in Economics from Cornell University and a Master of Finance degree from MIT Sloan School of Management.

Matt McDonald

Vice President

Matt McDonald joined Instar in 2017, where he is responsible for valuation analysis and due diligence related to the evaluation of investment opportunities and the management of portfolio companies. He previously worked with Instar as a Junior Analyst for two consecutive work terms, focusing on the 2016 investment in Steel Reef, which he supported from origination to management. Matt plays an important role in the management of Instar’s portfolio companies Creative Energy and Steel Reef and has also contributed to the firm’s investments in JET Infrastructure and PRT Growing Services, including its subsequent acquisition of IFCO Seedlings.

Since joining Instar, Matt has managed the firm’s internship program, leading recruiting efforts and providing continuous training, coaching and mentorship during each intern’s term. He supports students’ professional development beyond his day-to-day role, attending student networking events and providing career advice and insights into our firm and industry.

Matt holds a Bachelor of Business Administration (with High Distinction) with a specialization in finance from the Lazaridis School of Business and Economics at Wilfrid Laurier University.

Kingston Fyffe-White

Vice President

Kingston joined Instar in 2018, where he contributes to the origination, evaluation, negotiation and structuring of acquisition and investment opportunities and plays an important role in the management of portfolio companies, including Skyservice Business Aviation, Skyservice US and Windmill Farms. Most recently, Kingston supported Skyservice US with a transformational investment in Fontainebleau Aviation, a leading fixed-based operator located at Miami Opa-Locka Executive Airport, the eighth-busiest airport for business aviation in the U.S.

Kingston previously worked with Instar as a Junior Analyst and has progressed through various roles, serving as Senior Analyst, Associate and Associate Vice President prior to becoming a Vice President in January 2024. Since the beginning of his career, Kingston’s responsibilities have included a full range of workstreams across origination, asset management and deal execution.

In addition to his role with Instar, Kingston is a co-chair of the CVCA’s Young Professionals Committee, which brings together the next generation of industry leaders through a series of events throughout the year. Kingston has also been a lead advisor and champion for the Junior Achievement Company Program at Instar, providing mentorship and guidance to a group of high-school students as they planned, developed and built real operating businesses.

Kingston holds a Bachelor of Business Administration (with High Distinction) from Wilfrid Laurier University.

Andrew Rogers

Associate

Andrew Rogers joined Instar in September 2019, where he is responsible for valuation analyses and financial modeling related to the evaluation of investment opportunities and the management of portfolio assets. He previously worked with Instar as a Junior Analyst, supporting tasks ranging from origination to asset management. Prior to Instar, Andrew spent two work terms with Royal Bank of Canada as an Operations Agent, where he helped run balance transfers and interest adjustments for large corporate and government clients.

Andrew holds an Honours Bachelor of Business Administration (with Distinction) from the Lazaridis School of Business & Economics at Wilfrid Laurier University.

Marco Martino-Coons

Associate

Marco Martino-Coons joined Instar in 2023, where he is responsible for the management of portfolio companies and the analysis of investment opportunities, including financial modelling, valuation, due diligence and execution.

Prior to joining Instar, Marco was an Investment Banking Analyst with National Bank Financial Markets in the Diversified Industries Group, where he focused on the food and beverage, agriculture, consumer & retail, and manufacturing sectors. He also served as a member of the firm’s campus recruiting efforts at the DeGroote School of Business.

Marco holds an Honours Bachelor of Commerce in Finance with a minor in Economics from the DeGroote School of Business at McMaster University.

Hira Suman

Senior Analyst

Hira Suman joined Instar in 2024, where she is responsible for the management of portfolio companies and the analysis of investment opportunities, including financial modelling, valuation, due diligence and execution.

Prior to joining Instar, Hira was an infrastructure M&A consultant at KPMG, where she worked with pension fund and private equity clients across diverse sectors. She also has experience in investment banking and private debt investments in the off-grid solar energy sector of Africa.

Hira holds a Master of Management in Finance from the Desautels Faculty of Management at McGill University and the Chartered Financial Analyst designation.

Jenn Lai

Vice President, Investor Relations and ESG

Jenn Lai joined Instar in 2022, where she enhances the company’s ESG strategy, program and reporting at the corporate level and across the portfolio, drawing on her extensive experience across various sustainability frameworks and diverse sectors.

Jenn previously served as Senior Manager, Climate Change and Sustainability Services at Ernst & Young LLP, where she led engagements to provide sustainability assurance services to clients across Canada and facilitated conversations around sustainability reporting and regulatory requirements with various stakeholders.

She began her career at Ernst & Young LLP in the Assurance practice in 2013, working in the Financial Services Organization before relocating to Stockholm, Sweden as Assurance Manager, U.S. Capital Markets, to lead an audit engagement for one of the Nordic region’s largest banks with operations across Europe as well as other audit engagements for U.S. listed companies.

Jenn holds a Bachelor of Accounting and Financial Management and a Master of Accounting from the University of Waterloo. She is a Chartered Professional Accountant and CFA Charterholder and is currently pursuing a certificate in Climate Change Policy and Practice at the University of Toronto.

Morgan Scalena

Manager, Investor Relations and Communications

Morgan Scalena joined Instar in 2022, where she supports the development and maintenance of creative content, communications best practices, digital campaigns and marketing materials for a diverse audience of stakeholders across North America.

Morgan was previously a Communications and Resource Development Coordinator at a local non-profit organization, where she developed and led communications strategies, creating compelling content to increase stakeholder engagement. She also devised fundraising initiatives, identified partnership opportunities and composed grant proposal materials to drive business growth and generate revenue.

Morgan holds a Master of Arts (Honours) in Communication and New Media from McMaster University and a Public Relations Postgraduate Certificate from Humber College.

Gregory Joffe

General Counsel

Gregory Joffe leads the company’s legal, compliance and governance activities, assisting in all aspects of the investment process such as negotiations, due diligence and structuring. Since Instar’s inception in 2014, he has played an active role in asset management, serving as interim General Counsel for Nieuport Aviation Infrastructure Partners in 2015. Gregory also contributes to broader business and product development.

Gregory holds a Master of Business Administration degree, specializing in real estate and infrastructure, from the Schulich School of Business and a Juris Doctor degree from Osgoode Hall Law School. He is a member of the Law Society of Upper Canada and currently serves on the board of the Israel Cancer Research Fund. Prioritizing knowledge-sharing and collaboration, Gregory has served as a sessional instructor in the Master of Real Estate and Infrastructure Program at the Schulich School of Business, sharing his deep experience negotiating and structuring infrastructure development transactions.

In 2019, the Canadian General Counsel Awards recognized Gregory with an award for Mid-Market Excellence. He was also part of The Legal 500’s GC Powerlist (Canada) in 2020 and named by Lexpert in 2021 as one of Canada’s leading lawyers under 40.

Parmjit Sidhu

Corporate Law Clerk

Parmjit Sidhu is a Corporate Law Clerk with over a decade of working experience. At Instar, she is responsible for preparing and maintaining Instar’s investment legal records, organizing new corporations, limited partnerships, assisting in the administration of corporate policies and other required documents in addition to supporting the General Counsel.

Most recently, Parmjit served as Legal Assistant at Aird and Berlis, focused on Wills & Estates. She independently managed daily operations and assembled estate planning documents for an assigned lawyer. Prior to this position, she was a Junior Corporate Law Clerk at Blake, Cassels & Graydon LLP, where she provided legal support including maintaining corporate databases.

Parmjit received her Law Clerk Certificate in 2013. She also holds a Law Firm Profile Certificate (Office Administration) from Humber College.

Katharine Xu

Associate Vice President, Finance

Katharine Xu joined Instar in 2024, where she is responsible for leading the full-cycle accounting process, implementing key process improvements, executing investor capital calls and distributions, and supporting tax and compliance reporting as well as the year-end audits.

Prior to joining Instar, Katharine was a Director of Finance at Brookfield Canada, where she oversaw financial reporting, fund performance analysis and regulatory compliance. Katharine was the primary liaison for conducting and delivering quarterly consolidated financial forecasts and providing critical insights to senior stakeholders and the Board of Directors. Previously, Katharine was a Senior Manager at KPMG Canada, where she managed significant audit projects for investment funds, pensions and major financial institutions, streamlined the pension audit process across all Canadian offices and led audits for one of the largest pension plans globally.

Katharine holds a Bachelor of Business Administration in Accounting from the University of Toronto and the Chartered Alternative Investment Analyst and Chartered Professional Accountant designations.

Connie Chow

Manager, Finance

Connie Chow is a Chartered Professional Accountant with nearly a decade of experience in financial reporting, investment accounting and fund administration. At Instar, Connie is responsible for preparing financial statements, executing investor capital calls and distributions, and supporting tax and compliance reporting and the year-end audit.

Most recently, Connie was an Intermediate Analyst at Northleaf Capital Partners where she prepared investor reports on key financial indicators of infrastructure investments and executed investor capital calls and distributions. Prior to Northleaf, Connie worked as a Supervisor for CIBC Mellon where she was responsible for striking the net asset value, preparation of financial statements and assisted in the year-end audit of several mutual funds and Exchange-Traded Funds.

Connie holds a Bachelor of Administrative Studies from York University.

Kirti Dhull

Senior Financial Analyst

Kirti Dhull is a Chartered Professional Accountant with years of experience in investment accounting. At Instar, she is responsible for fund accounting, preparing quarterly and annual reports, delivering financial statements, and executing calls and distributions for each of the fund’s assets.

Most recently, Kirti served as an Investment Accounting Analyst at Northleaf Capital Partners, where she completed the quarterly Net Asset Valuation of deals and financial statement analysis. Prior to that, Kirti held the role of a Senior Fund Accountant at Citco Canada.

Kirti holds a Master of Accounting from the Schulich School of Business, as well as a Bachelor of Arts (Economics) from McMaster University.

James Jun

Senior Financial Analyst

James Jun joined Instar in 2024, where he is responsible for fund accounting, investment reporting, delivering financial statements and executing key process improvements to enhance data management and efficiency.

Prior to joining Instar, James was an intermediate staff accountant within the financial services organization practice at Ernst & Young, where he was responsible for leading critical aspects of audit engagements for public and private funds.

James holds International Bachelor of Business Administration and Master of Accounting degrees from the Schulich School of Business at York University and the Chartered Professional Accountant designation.

Alex MacDonald

Senior Financial Analyst

Alex MacDonald joined Instar in 2024, where he is responsible for fund accounting and supports the preparation of financial statements, investor reports and financial analysis. He also helps to identify and implement opportunities for process efficiencies and improvements.

Prior to joining Instar, Alex was a senior accountant at Ernst & Young, where he collaborated with core and component audit teams across multiple countries to provide assurance to a variety of financial institutions including multinational insurance companies and various private market investment firms.

Alex holds a Bachelor of Arts, Honours Business Administration and a Graduate Diploma in Accounting from the Richard Ivey School of Business at Western University.

Jonathan Trope

Vice President, Information Technology & Cybersecurity

Jonathan Trope is responsible for leading Instar’s information technology operations, strategy, digital enablement, cybersecurity and all related IT functions with a focus on value-added technology initiatives to support the company’s growth.

Jonathan has 15 years of experience managing information technology systems and operations, using technology to improve organizational efficiencies and driving innovative businesses solutions, and managing cyber security programs. He most recently served as Senior Manager, Information Security and IT Operations at Toronto-based Propel Holdings Inc., a financial technology company offering alternative online lending solutions, where he led the company’s information security program and strategy, managed ongoing technology risk assessments and led the evaluation and adoption of new information technology systems. He was previously the Chief Information Officer for Blue Label Telecoms, a business-to-business digital transaction service provider for emerging markets, leading the organization’s information technology function including wide-scale digital transformation initiatives.

Jonathan holds a Master of Commerce, Information Systems from the University of the Witwatersrand, an Honors Bachelor of Commerce, Information Systems from the University of South Africa and holds the CISM designation.

Ashley Smith

Vice President, Head of Communications

Ashley Smith joined Instar in 2016 where she develops and leads communications strategies to drive business growth and enhance overall stakeholder engagement, drawing on her diverse insight and experience in Canada’s private capital markets.

Ashley has extensive expertise with both traditional and digital communications, creating and leading initiatives to increase brand and business profile through community engagement, thought leadership, and investor, stakeholder and media relations, both corporately and for Instar’s portfolio companies in Canada and the United States.

Ashley was previously a Communications Manager for the Canadian Venture Capital and Private Equity Association (CVCA), where she helped to lead the organization through several foundational initiatives, including establishing the CVCA’s first social media strategy; developing a new online hub for industry news, and refreshing the overall CVCA brand, marketing materials and website. She was also responsible for leading the CVCA’s official print publication, “Private Capital”, and marketing Canada’s largest annual venture capital and private equity conference.

Ashley holds a Master of Arts (Honours) in Social Anthropology from the University of St. Andrews with a focus on digital communication and resource extraction.

Iris Law

Office Manager and Executive Assistant

Iris Law is responsible for maintaining the high efficiency of Instar’s office operations, including developing corporate policies, setting standards for office systems and procedures, procuring equipment, organizing records and correspondence, coordinating events and travel, and providing administrative support to the entire team.

Iris is an accomplished business and administrative professional, having previously served as an executive assistant with Brookfield Financial’s Global Infrastructure Advisory Group from 2011 to 2014 and with Macquarie Infrastructure and Real Assets Canada Ltd. from 1998 to 2011.

Iris holds an Administrative Assistant diploma from the Red River Community College in Winnipeg, Manitoba.

Dennis Freeman

Advisory Board

Dennis Freeman is a seasoned executive with more than 40 years of commercial knowledge and expertise advising on or supporting mergers and acquisitions and other business transactions predominantly in the alternative asset space in North America and internationally.

A partner at KPMG LLP from 1983 until his retirement in 2011, Dennis held a number of senior management roles within the firm in Canada and globally, including establishing, developing and leading its transaction services practice in Canada. Following his retirement from KPMG, Dennis serves on the board for a number of private companies in the alternative asset space, both in the role of board member and chair.

Dennis is highly experienced in the area of corporate governance, currently serving as chair for several audit and risk committees.

David Mullen

Advisory Board

David Mullen is a leading executive in the private capital industry with more than 30 years of experience in the financial sector. David is currently the Managing Director of Highland West Capital Ltd, a merchant bank focused on middle market private equity.

In addition, David is a founding Managing Director at Graycliff Partners, an independent investment management firm focused on middle-market private equity and mezzanine investments in the US and Latin America. David is the former Managing Partner and Chair of Fulcrum Capital Partners Inc. Both firms were previously the merchant banking subsidiaries of HSBC, and were formed in connection with management buyouts that were completed in 2011 and led by David. Previously, David was Head of Private Equity North America at HSBC Capital, managing merchant banking operations in Canada, the US and Latin America with capital commitments in excess of $2 billion.

David is on the board of directors of NGEx Resources and serves as a director of various public and private companies as well as several not-for-profit associations. He also formerly served as chair of the Canadian Venture Capital and Private Equity Association.