Fengate launches new private equity platform
Fengate Real Asset Investments has announced the close of the LPF Equities Fund, the firm’s new private equity fund with CAD300 million (US$224 million) in committed capital, and its initial investment in the Cricket Energy Group of Companies.
With the new private equity platform, Fengate will leverage strategic relationships developed through the firm’s extensive experience in the infrastructure and real estate sectors to identify businesses with strong fundamentals and attractive investment characteristics. The new private equity fund will target investments in mid-market, growth-oriented, operating businesses and strategic platforms across a targeted range of industry sectors in North America, in alignment with Fengate’s approach and focus.
Through its new private equity fund, Fengate recently completed an investment into the Cricket Energy Group of Companies, an Ontario-based provider of residential and commercial energy services and solutions. Cricket provides residential water heater and other home comfort rentals, condominium in-suite metering and monitoring, and natural gas and electricity retailing services through its various subsidiaries.
Lou Serafini Jr, President and CEO of Fengate, said:
“We are pleased to launch our latest fund dedicated to private equity and to continue to diversify our investment offering for our investors. Fengate’s new fund strategically leverages the depth of our expertise in the infrastructure and real estate sectors to provide our investors with access to new and innovative opportunities.”
Justin Catalano, Managing Director and Head of Private Equity at Fengate, stated:
“Our investment in Cricket provides growth capital to a strong management team with an attractive contracted backlog of projects. This transaction delivers on Fengate’s strategy to provide long-term revenue stability for its investors and builds on our robust portfolio of real assets.”
Steven Muzzo, President and CEO of Cricket, said:
“Cricket is very pleased to partner with Fengate and the institutional clients they represent. We have a tremendous amount of opportunity in front of us and Fengate’s strategic investment will help accelerate the growth of Cricket.”
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