Fengate Closes $1.1B Core-Plus, Value-Add Infrastructure Fund
Fengate Asset Management recently completed the final close of its Fengate Infrastructure Fund IV, raising $1.1 billion. This milestone is part of a broader capital-raising effort last year that brought in $2 billion across multiple vehicles, including $200 million for co-investment vehicles, $550 million for eStruxture Data Centers continuation vehicles, and $140 million for the Fengate Infrastructure Yield Fund.
The Toronto-based firm garnered support from investors across Canada, the U.S., Europe, and Japan for Fund IV, including public and private pension plans, insurance companies, and fund of funds managers. Among notable backers was the LiUNA Pension Fund of Central and Eastern Canada.
With the close of the firm’s largest fund ever raised, George Theodoropoulos, managing partner at Fengate, said, “This success underscores investors’ confidence in our strategy and ability to deliver strong results, despite an exceptionally challenging fundraising environment.”
Fund IV continues the firm’s focus on North American core-plus and value-add infrastructure investments. The fund’s portfolio, consisting of eight investments, spans social infrastructure, transportation, energy transition, and digital infrastructure across the U.S. and Canada. As of December 31, 2024, the fund had invested or committed over $740 million.
The fund close comes amid a flurry of infrastructure fundraising activity in early 2025. StepStone Group secured over $1.4 billion for its infrastructure co-investment fund and related accounts, while Ridgewood Infrastructure raised $1.2 billion for its second fund, targeting the water, energy, transportation, and utilities sectors. Additionally, Novacap and Harrison Street closed their inaugural digital infrastructure funds, raising $1.1 billion and $600 million, respectively.
Fengate, an active infrastructure investor since 2006, manages over $7 billion in capital commitments across infrastructure, private equity, and real estate strategies with a portfolio exceeding 45 infrastructure assets.
Threadmark Partners Limited served as Fund IV’s global placement agent.