Fengate announces final close of US$1.1 billion flagship infrastructure fund above target

Fengate Asset Management (‘Fengate’) today announced the final close of its flagship closed-ended infrastructure fund, Fengate Infrastructure Fund IV (‘Fund IV’ or ‘the Fund’) at US$1.1 billion, exceeding its fundraising target.

In 2024, Fengate raised US$200 million for Fund IV co-investment vehicles, US$550 million for eStruxture Data Centers continuation vehicles, and US$140 million for Fengate Infrastructure Yield Fund, for a total of US$2 billion including Fund IV commitments.

Fund IV received strong support from investors across Canada, the United States, Europe and Japan. These investors represent public and private pension plans, including an investment by the LiUNA Pension Fund of Central and Eastern Canada, insurance companies and fund of funds managers.

“We exceeded our fundraising target to close the largest fund ever raised by Fengate,” said George Theodoropoulos, Managing Partner at Fengate. “This success underscores investors’ confidence in our strategy and ability to deliver strong results, despite an exceptionally challenging fundraising environment.”

“Fund IV also significantly expanded our investor base and geographic reach. We are grateful for the support from both existing and new investors.”

Fund IV continues Fengate’s strategy of investing in North American core-plus and value-add infrastructure originated through the firm’s robust pipeline and long-standing relationships with design-builders, infrastructure operators, power developers and government procurement agencies. Fengate’s value creation and asset management team actively manages and monitors investment performance to protect and enhance equity returns for investors.

The current Fund IV portfolio of eight investments includes social, transportation, energy transition, and digital infrastructure assets in the United States and Canada. As of December 31, 2024, Fund IV had invested or committed to invest more than US$740 million, representing approximately 65% of the total fund size.

Fengate is committed to incorporating, monitoring and assessing environmental, social and governance factors throughout its investment process. Fund IV is compliant with Sustainable Finance Disclosure Regulation (SFDR) Article 8.

Threadmark Partners Limited served as Fund IV’s global placement agent.