Fengate raises $820m

The Toronto-based asset manager held a final close of its third core infrastructure fund.

Fengate Asset Management announced the final closing of Fengate Core Infrastructure Fund III at C$1.1 billion ($820 million), surpassing its initial fundraising target of C$750 million ($558.72 million), as well as its initial hard cap of C$1 billion ($740 million). The fund will use capital raised to invest in middle market infrastructure assets throughout North America with an emphasis on greenfield projects.

Investors in the fund include public and corporate pension plans, fund of funds and insurance companies throughout North America, Europe and Japan. To date, Fengate has made investments in seven North American infrastructure assets using committed capital from the fund.

Threadmark Partners was the placement agent for the fund.