Fengate Asset Management’s infrastructure group has closed an investment and future commitment to a portfolio of multi-tenant wireless communications towers managed by Neptune Beach, Florida-based TowerCom. No financial terms were disclosed. Toronto-based Fengate said the deal is its first in digital infrastructure.
Fengate achieves financial close on multi-year partnership with TowerCom
TORONTO, Sept. 10, 2020 /CNW/ – Fengate Asset Management (Fengate) announced today that the firm’s infrastructure team has closed an equity investment and future commitment to a portfolio of built-to-suit multi-tenant wireless communications towers managed by TowerCom, LLC (TowerCom), a leading communications tower developer and owner focused on some of the fastest-growing wireless markets in the United States.
“Our partnership with TowerCom builds on Fengate’s track record with critical infrastructure across North America and we are pleased to expand our platform with the rapidly evolving wireless industry,” said Andrew Cogan, Managing Director and Head of Infrastructure Investments, Fengate. “We have best-in-class partners with the TowerCom team.”
“This represents our first investment in digital infrastructure, which is quickly emerging as a strategic asset class for infrastructure investors. This investment provides both visibility into a portfolio of existing towers and an opportunity to capitalize on wireless carrier investment in built-to-suit programs driven by 4G in-fill and new 5G deployments and consumer demand for increased data usage and coverage,” he said.
Fengate is investing alongside Boston-based M/C Partners which enables TowerCom to continue to execute on its successful tower development plan across the United States on behalf of national and regional wireless carriers. Fengate is managing this investment on behalf of the Fengate Core Infrastructure Fund III and its affiliated entities, including an investment fund owned by LiUNA’s Pension Fund of Central and Eastern Canada.
About Fengate Asset Management:
Fengate is a leading alternative investment manager focused on infrastructure, private equity and real estate strategies. With offices in Toronto and Oakville, Ontario, and Houston, Texas, Fengate is one of the most active real asset investors in North America and the firm has been investing in infrastructure across North America since 2006. Learn more at www.fengate.com