An InstarAGF-backed midstream oil and gas infrastructure fund has raised $210 million at final closing, with equity commitments oversubscribed, according to a statement.
The fund, Stream Asset Financial Limited Partnership, has already invested and committed about $115 million across several transactions in the Canadian midstream energy sector, it said.
AGF Management Limited is a cornerstone investor in Stream with a commitment of $50 million. AGF, which is a co-founder of InstarAGF, has about $36 billion in assets under management, according to the statement.
InstarAGF holds an interest in Stream’s general partner alongside its management team, including Stream’s president Ryan Dunfield 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, InstarAGF’s president and chief executive officer. “The fund (Stream) has a robust pipeline, execution capability and is well positioned to deliver compelling value to its investors.”
Apart from its investment in Stream, InstarAGF is working to introduce an 'essential infrastructure' fund, which already has a pipeline of investments, Smith said in the statement.
InstarAGF expects to launch this particular fund by the end of this year, Smith said, adding that it will focus on mid-market infrastructure assets that are contractually defined or operate in a regulatory framework in the renewable power, utilities, civil and social sectors.
InstarAGF, an independent alternative asset management firm launched in 2014, is led by Gregory Smith, former chief executive officer of Macquarie Capital Funds Canada and managing partner at Brookfield Financial.