InstarAGF Asset Management’s second North America infrastructure investment has exceeded its $1bn (€1.1bn) fundraising target by 20%.

The private capital management firm said its InstarAGF Essential Infrastructure Fund II, which is now closed, received $1.2bn worth of capital commitments from new and existing institutional and high net worth investors across Canada, Europe, the US, the Middle East and Asia.

The predecessor InstarAGF Essential Infrastructure Fund I closed in 2017 with C$740m in commitments.

Fund II, which has already deployed approximately 35% of its capital, focuses on civil, utilities and energy infrastructure assets that exhibit sustainable downside protection, typically as a result of long-term contracts, concession agreements or a regulatory regime.

Gregory Smith, president and CEO of InstarAGF, said: “We are delighted to close our second infrastructure fund with strong continuing support from our investors, for which we are grateful.

“InstarAGF was formed to capture the distinctive value proposition of the middle market, which is where a majority of the infrastructure investment need exists in North America.”

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