InstarAGF Essential Infrastructure Fund Achieves Final Close
June 27 2017 - 8:30AM
InstarAGF Asset Management Inc. (“InstarAGF”) and AGF Management
Limited (TSX:AGF.B) (“AGF”) today announced the final closing of
the InstarAGF Essential Infrastructure Fund (the “Fund”) with $740
million in aggregate equity commitments from institutional and high
net worth investors from Canada, Europe, the United Kingdom and
United States.
“We are honoured to partner with an exceptional, diverse group
of investors in Canada and internationally in raising
three-quarters of a billion dollars to invest in middle-market,
North American infrastructure that delivers stable income and
builds long-term value,” said Gregory Smith, President and Chief
Executive Officer of InstarAGF. “We are focused on helping
communities and governments to renew, build and modernize the
critical infrastructure that underpins our economy and quality of
life while generating an attractive total return for our
investors.”
Approximately 30% of the capital raised by the Fund has already
been committed to three 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;
a 30-megawatt wind power facility in British Columbia’s Okanagan
region; and an interest in Steel Reef Infrastructure Corp., a
Canadian midstream energy services company that operates in
top-quartile basins in Western Canada.
“The successful closing of this first-time infrastructure fund
validates our investment and entrance into the alternatives space
and further endorses InstarAGF’s expertise and value proposition
for investors,” said Blake C. Goldring, Chairman and Chief
Executive Officer of AGF. “With InstarAGF, we have established a
strong platform through which to offer our clients distinctive
alternative investment products that provide downside risk
protection and long-term capital growth.”
The Fund focuses on energy, 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.
Mr. Smith added, “Investors are increasingly embracing
infrastructure investments at a time when communities and
governments in Canada and the United States are urgently seeking
innovative solutions and financing approaches to address burgeoning
infrastructure deficits and position for the future.
InstarAGF is building a robust investment pipeline based on our
cross-sectoral expertise and ability to foster long-term
relationships and create value for stakeholders. All of
InstarAGF’s employees have invested in the Fund, which closely
aligns our team with our investors and partners and makes our
contribution to infrastructure renewal in North America deeply
personally meaningful.”
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 Founded in 1957,
AGF Management Limited (AGF) is a diversified global asset
management firm with retail, institutional, alternative and
high-net-worth businesses. As an independent firm, AGF strives to
help investors succeed by delivering excellence in investment
management and providing an exceptional client experience. AGF’s
suite of diverse investment solutions extends globally to a wide
range of clients, from financial advisors and individual investors
to institutional investors including pension plans, corporate
plans, sovereign wealth funds and endowments and foundations.
AGF has investment operations and client servicing teams on the
ground in North America, Europe and Asia. With over $36 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. For more information: www.agf.com.
Disclaimer:
This release contains “forward-looking information” within the
meaning of Canadian provincial securities laws and “forward-looking
statements” within the meaning of the United States’ federal
securities laws. Forward-looking statements include statements that
are predictive in nature, depend upon or refer to future events or
conditions, include statements regarding the operations, business,
financial condition, expected financial results, performance,
prospects, opportunities, priorities, targets, goals, ongoing
objectives, and includes words such as “believes”, “seeks”, or
negative versions thereof and other similar expressions, or future
conditional verbs, such as “may”, “will”, “should”, “would”
and “could.”
This release contains statements with respect to the nature,
type and quality of the investments of the InstarAGF Essential
Infrastructure Fund (the “Fund”). Although InstarAGF Asset
Management believes that future anticipated results, performance or
achievements expressed or implied by the forward-looking statements
and information are based upon reasonable assumptions, the reader
should not place undue reliance on forward-looking statements or
information as statements or information involve known and unknown
risks, uncertainties and other factors which may cause the
actual results, performance or achievements to differ materially
from anticipated future results, performance or achievements
express or implied by such forward looking statements and
information.
Factors that could cause actual results to differ materially
from those contemplated or implied by forward looking statements
include: economic and financial conditions; the behavior of
financial markets (including fluctuations in exchange and interest
rates); availability of equity and debt financing; strategic
actions including dispositions; the ability to complete and
effectively integrate acquisitions and the ability to obtain
expected benefits; regulatory and political factors; acts of God;
and the possible impact of international conflicts, including
terrorism, and other risks and factors detailed from time to time
in the Fund’s Offering Memorandum.
This document is for informational purposes only and does not
constitute a general solicitation, offer or invitation in any
InstarAGF funds in the United States or in any other jurisdiction
and has not been prepared in connection with any such offer.
The views expressed herein do not constitute investment or
any other advice and are subject to change.
For More Information:
Media |
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AGF Management
Limited Shareholders and Analysts |
Sarah
Borg-OlivierSenior Vice PresidentInstarAGF Asset ManagementEmail:
sarah.borg-olivier@instaragf.comTel: 416-815-6260 |
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Adrian BasarabaSenior
Vice President and Chief Financial OfficerAGF Management Limited
Email: adrian.basaraba@agf.com Tel: 416-865-4203 |
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Paul FrancisDirector,
Corporate Development and Investor RelationsEmail:
paul.francis@agf.comTel: 416-815-6239 |