Fengate Real Asset Investments has closed its new private equity fund, the LPF Equities Fund, with USD100 million in committed capital.
Its initial investment is in the Cricket Energy Group of Companies.
With the new private equity platform, Fengate will leverage strategic relationships developed through the firm's experience in the infrastructure and real estate sectors to identify businesses with strong fundamentals and attractive investment characteristics.
The new 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.
"We are pleased to launch our latest fund dedicated to private equity and to continue to diversify our investment offering for our investors," says Lou Serafini Jr, president and CEO of Fengate. "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."
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.
"Our investment in Cricket provides growth capital to a strong management team with an attractive contracted backlog of projects," says Justin Catalano, managing director and head of private equity at Fengate. "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."
"Cricket is very pleased to partner with Fengate and the institutional clients they represent," says Steven Muzzo, president and CEO of Cricket. "We have a tremendous amount of opportunity in front of us and Fengate's strategic investment will help accelerate the growth of Cricket."
