InstarAGF Asset Management Inc., an independent alternative asset management firm, last week announced that Stream Asset Financial Limited Partnership, a midstream oil and gas infrastructure 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.
Gregory J. Smith, President and Chief Executive Officer, InstarAGF, said:
We are pleased to partner with the talented team at Stream to pursue opportunities in Canada’s attractive midstream energy sector. The fund has a robust pipeline, execution capability and is well positioned to deliver compelling value to its investors.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.
Robert J. Bogart, Executive Vice-President and Chief Financial Officer, AGF Management Limited, said:
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.