InstarAGF Asset Management announced today that Stream Asset Financial LP has achieved its final close at $210 million. The fund will focus on midstream oil & gas infrastructure and already has invested approximately $115 million. Launched this year, InstarAGF is led by Gregory Smith, chairman of Canada’s Venture Capital and Private Equity Association.
InstarAGF Expands Alternatives Investment Platform
Midstream oil and gas infrastructure fund oversubscribed at final close
Toronto (September 3, 2014) – InstarAGF Asset Management Inc. (“InstarAGF”), an independent alternative asset management firm, today announced that Stream Asset Financial Limited Partnership (“Stream”), a midstream oil and gas infrastructure fund (the “Fund”), has achieved its final close. The Fund was oversubscribed with equity commitments of approximately $210 million.
The Fund has already invested and committed approximately $115 million across several transactions in the Canadian midstream energy sector, thereby creating a portfolio of yielding infrastructure investments.
AGF Management Limited is a cornerstone investor in the Fund with a commitment of $50 million. InstarAGF holds an interest in the Fund’s general partner alongside Stream’s management team, including Ryan Dunfield, President of Stream, and FrontFour Capital Corp.
“We are pleased to partner with the talented team at Stream to pursue opportunities in Canada’s attractive midstream energy sector,” said Gregory J. Smith, President and Chief Executive Officer, InstarAGF. “The Fund has a robust pipeline, execution capability and is well positioned to deliver compelling value to its investors.”
“With the Fund’s successful close, InstarAGF has shown that the alternatives market represents a promising new source of organic growth. This achievement represents the first milestone in our strategy to provide unique alternative investment products to our clients,” added Robert J. Bogart, Executive Vice-President and Chief Financial Officer, AGF Management Limited.
“Beyond this Fund, InstarAGF is working to introduce an essential infrastructure fund, which already has a promising pipeline of investments and is garnering investor interest. This fund, which we expect to launch by the end of 2014, is focused on mid-market infrastructure assets that are contractually defined or operate in a regulatory framework in the renewable power, utilities, civil and social sectors,” said Smith.
About InstarAGF Asset Management Inc.
Launched in 2014, InstarAGF is an independent alternative asset management firm. InstarAGF’s investment objective is to deliver superior-risk adjusted returns to global institutional and qualified investors through its emphasis on mid-market opportunities in the infrastructure sector and other alternative asset categories. InstarAGF, which will make direct investments and co-investments with like-minded investors and strategic partners, is led by Gregory Smith, former CEO of Macquarie Capital Funds Canada and Managing Partner at Brookfield Financial. Gregory is also currently Chair of Canada’s Venture Capital and Private Equity Association (CVCA). AGF Management Ltd., one of Canada’s largest independent investment management firm with approximately $36 billion in AUM, is a co-founder of InstarAGF.
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