TORONTO, July 28, 2015 /CNW/ - In 2014, AGF Management Limited (AGF) announced plans to introduce an alternatives business as part of the firm's growth strategy. One of the first initiatives included the creation of a general partner platform and a related investment in Stream Asset Financial LP (Stream).
In September 2014, the Firm announced that Stream, a midstream oil and gas infrastructure Fund had achieved its final close. The Fund was oversubscribed with equity commitment of approximately $210 million with AGF having a $50 million commitment as a cornerstone investor. The fund is 60% invested, approximately 75% allocated, and expects to deploy the remainder of the committed capital over the remainder of 2015.
In July, Stream monetized its seed asset in the midstream energy fund. In connection with that transaction, AGF has received proceeds of $16 million in the form of a special distribution.
"We are pleased with the progress of our developing alternatives business," said Blake C. Goldring, President and Chief Executive Officer, AGF Management Limited. "With Stream, our alternatives business marked its entry into Canada's midstream energy sector partnering with the talented investors at Stream. We are very happy with the performance to date and for the returns that will benefit the shareholders of AGF."
About AGF Management Limited
AGF Management Limited is one of Canada's premier independent investment management firms with offices across Canada and subsidiaries around the world. AGF's products include a diversified family of mutual funds, mutual fund wrap programs and pooled funds. AGF also manages assets on behalf of institutional investors including pension plans, foundations and endowments as well as for private clients. With approximately $35 billion in total assets under management, AGF serves more than one million investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.
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