Fengate exceeds Fund III target ahead of close

14 January 2019 - 12:00 am UTC

Fengate Asset Management has exceeded its CAD 750m (USD 566m) fundraising target for Fengate Core Infrastructure Fund III, said two sources briefed on the situation.

Final close is expected in 1H19.

Fund III has a hard cap of CAD 1bn, those sources said.

The fundraising began last year with a goal of diversifying Fengate’s existing investor base to include European investors, among others.

The fund aims to invest 50% of capital commitments in P3 transactions, with the balance spread between long-term contracted power assets such as solar, onshore wind and hydroelectric generation (40%) and utilities with some merchant risk (10%).

Threadmark is the fund’s placement agent.

Fengate declined to comment on the situation.

In the P3 space, Fengate is among the teams shortlisted for the Halton Regional Consolidated Courthouse, the CBSA Land Border Crossings, the BCLC Kamloops Head Office Building and the MacDonald Block Complex.

It is also among the teams that responded to the Fresno State Central Heating and Cooling Modernization project.

In the power space, Fengate announced in December that it would team up with Longroad Energy Partners to develop and build a 72.6MW wind project in Maine.