An Experienced Team

Our team’s significant depth of expertise, relationships and global reach empower InstarAGF to help investors and partners meet their investment goals. Our professionals have extensive experience in the private capital sector, including infrastructure, private equity and real estate. We are committed to building long-term relationships with investors, co-investors, partners and other stakeholders based on exceptional performance, alignment of interests, and mutual trust and respect.

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President and Chief Executive Officer

Gregory J. Smith

Gregory Smith is recognized as an authority in the infrastructure investment community. As President and Chief Executive Officer of InstarAGF, Gregory brings more than 25 years of experience in the investment, operation, acquisition and financing of private equity investments, including public and private infrastructure, real estate, power and utility businesses.

Prior to founding Instar, Gregory was Managing Partner and head of Brookfield Financial’s Global Infrastructure Advisory Group. He also previously served as the President of Macquarie Capital Funds Canada Ltd. where he was responsible for the establishment, growth and operations of Macquarie’s unlisted and listed funds business in Canada along with the active management of Macquarie’s Canadian assets owned by off-shore funds. During this time, he also served as President and Chief Executive Officer of Macquarie Power & Infrastructure Income Fund (TSX: MPT.UN), a fund listed on the Toronto Stock Exchange, and as a Director and Chief Executive Officer of Macquarie Essential Assets Partnership, a private fund. Prior to Macquarie, Gregory was Managing Director and Co-Head of RBC Capital Partners – Mezzanine Fund and a Managing Director at Deloitte & Touche Corporate Finance.

Gregory has held various board positions and acted as an observer/advisor to the Board of Directors for several reporting issuers, including 407ETR International, AltaLink Management Ltd. and Leisureworld Senior Care GP Inc. as well as private companies such as Sea-to-Sky Highway Investment Limited Partnership and Erie Shores Wind Farm. Gregory currently sits on the advisory boards of the Canadian Council of Public-Private Partnerships, a national not-for-profit non-partisan, member-based organization, Lighthouse Equity Partners, a private equity provider, and Avrio Ventures, an agriculture technology fund.  Active in the private equity and venture capital sector since 1994, Gregory previously served for a number of years on the Board of Directors of Canada’s Venture Capital & Private Equity Association, including as Chair and President.

Gregory is a Chartered Accountant and a Chartered Business Valuator and holds an Honours Bachelor of Commerce degree from Queen’s University.

Managing Partner

George So

George So is a seasoned infrastructure, investment and finance professional with over 20 years of specialized expertise in principal investing, asset management, restructurings, acquisitions and capital raising. At InstarAGF, George is responsible for strategic and business development, transactions and asset management.

George was most recently the founder and Managing Partner of Kindle Capital Group Inc., an independent investment firm established in 2009 to lead and manage groups of Canadian institutional investors in syndication and co-investment opportunities in the infrastructure and private equity sector in North America and globally.  Notable transactions included Macquarie Communications Infrastructure Group, 407ETR, Behrman Capital, Anglian Water Group and Colonial First State’s Global Diversified Infrastructure Fund, among others.

Prior to establishing Kindle, George served as a senior member for the Canada Pension Plan Investment Board’s private investment infrastructure team, where he was responsible for executing global direct investments valued at approximately $7 billion, and part of a team managing a $4.5 billion investment portfolio.  Prior to CPPIB, he served in leadership roles at various private equity and global investment banking firms located in Asia, US and Canada, where he specialized in principal investing, capital restructurings, distressed real assets and international corporate finance.

George holds an Honours Bachelor of Arts degree in Chartered Accountancy Studies from the University of Waterloo and the Chartered Accountant designation.  He is an avid supporter of various community causes and institutions, including Right to Play, The Stop and the University of Waterloo.

Partner

Jonathan Stone

Jonathan Stone is a seasoned infrastructure investment professional with over 20 years of experience as a financial advisor, equity sponsor and contractor across multiple sectors and jurisdictions.  As a partner at InstarAGF, Jonathan shares responsibility for strategic and business development, transactions and asset management.

Jonathan was most recently Managing Director and Co-Head, Energy, Infrastructure, Power & Utilities EMEA at Scotiabank, where he advised such businesses in identifying, marketing, negotiating and executing investment opportunities.  He co-founded the Scotia Waterous Infrastructure Finance Team (SWIFT), an internal joint venture to pursue energy infrastructure M&A opportunities such as storage, midstream and LNG.

Prior to Scotiabank, Jonathan served as a Vice President of Plenary Group (Canada), leading public-private partnership transactions as a developer and equity investor including eight large-scale projects over $3.0 billion in project value.  Jonathan’s prior experience includes serving as Vice President for CIT Energy and Infrastructure, where he led financial advisory mandates for Canadian public-private partnerships across multiple sectors including transportation, light and heavy rail, social infrastructure and power generation.  During his time at CIT, he structured and closed over $1.5 billion of project finance transactions in the power and infrastructure market.

Jonathan holds a First from Cambridge University where he received a Master’s degree in Business Administration from the Judge Business School, a Bachelor of Engineering from McGill University, and the Chartered Financial Analyst designation.

Partner

Jack Bittan

Jack Bittan has nearly 15 years of experience in the financing, acquisition and operation of renewable power, utilities, transportation and social infrastructure assets, including public-private partnerships.  As a Partner at InstarAGF, Jack shares responsibility for strategic and business development, transactions and overseeing asset management activities.

Prior to joining InstarAGF, Jack was Executive Vice President of Business Development for Capstone Infrastructure Corporation, where he actively originated and evaluated prospective investment opportunities, overseeing all mergers and acquisitions and related financing strategies. During this time, he also served as Chief Executive Officer for Capstone Power Development Corp., successfully achieving commercial operations on several development wind farms across Canada.

Jack also formerly served as Senior Vice President for Macquarie Infrastructure and Real Assets Canada Ltd., where he was responsible for execution and asset management across a range of infrastructure businesses, including toll roads, district energy providers, off-airport parking, aviation services and regulated utilities.  His tenure with Macquarie included serving as Managing Director and Chief Financial Officer for Macquarie Essential Assets Partnership (MEAP), leading strategic planning, stakeholder relationships and financial reporting. Over his career, Jack has held numerous roles with Boards of Directors, including with AltaLink, Access Roads Edmonton, Sea to Sky Highway, Bristol Water, Värmevärden and Capstone Power.  He also served for three years on the infrastructure committee for the Toronto Region Board of Trade.

Jack is a Chartered Professional Accountant and holds a Bachelor of Science degree from the University of Toronto as well as a Master of Management and Professional Accounting degree from the Joseph L. Rotman School of Management.

Partner

Stephen Simpson

Stephen Simpson has 12 years of experience in all aspects of principal infrastructure investing, including acquisitions, asset management and realization.  He joined InstarAGF in 2014 to lead the evaluation, negotiation and structuring of acquisitions and investment opportunities.

Stephen was previously a Vice President of Capstone Infrastructure Corporation, a publicly-traded diversified infrastructure company, where he played a key role in the analysis, evaluation and execution of investment opportunities, including renewable power projects, utility businesses, transportation assets and public-private partnerships (P3s).  He also contributed his financial and operational acumen to the company’s portfolio of infrastructure businesses.

Stephen was formerly a Manager with Macquarie Infrastructure and Real Assets Canada Ltd.  From 2006 to 2011, he provided valuable asset management expertise to Macquarie Essential Assets Partnership (MEAP), a private investment fund, where he served on the asset management teams for the Sea-to-Sky Highway, the Southeast Anthony Henday Drive, AltaLink and Aquarion, developing significant expertise across the P3 and transportation sectors, and the electricity transmission and regulated utilities space.  Stephen was actively involved in MEAP’s strategic initiatives, in particular the Fund’s realization through asset sales in 2010 and 2011.

Stephen holds an Honours Bachelor of Business Administration degree from Wilfrid Laurier University and a Master’s degree in Finance from INSEAD.  He also holds the Chartered Financial Analyst designation.

Chief Financial Officer and Senior Vice President

John Gort

John Gort joined InstarAGF in 2015 with more than 20 years of financial and private equity industry experience in Canada, the United States and the United Kingdom. He is responsible for InstarAGF’s administration and operations along with fund accounting, treasury management, valuations, tax and financial reporting.

John most recently served as Vice President and Chief Financial Officer of Burgundy Asset Management, a leading global investment manager based in Toronto, where he was responsible for corporate and fund accounting and oversaw the company’s operations department. He was also formerly Vice President and Chief Financial Officer for Edgestone Capital Partners, a Canadian private equity firm, where he directed the corporate finance and reporting function while supporting fundraising, regulatory and investor relations initiatives. John’s international experience includes senior roles with Bisys Private Equity Services in New York, and Deutsche Bank’s Global Markets division in New York and London.

John holds an Honours Bachelor of Arts in Accountancy Studies from the University of Waterloo, and the Chartered Professional Accountant and Chartered Financial Analyst designations. He co-formed the Canadian Venture Capital and Private Equity Association’s CFO Taskforce and is a frequent speaker at industry conferences. He also served as the Chair of the Advisory Board of the University of Waterloo’s Student Investment Fund.

Senior Vice President

Sarah Borg-Olivier

Sarah Borg-Olivier has nearly 20 years of experience in designing and executing communications and marketing strategies and initiatives to drive business growth, including developing and managing strong investor and stakeholder relationships.

From 2011 to 2014, she was Senior Vice President, Communications for Capstone Infrastructure Corporation, a publicly traded diversified infrastructure company, where she led strategic investor, public and community relations, and employee communications initiatives.  She was also a Vice President of Macquarie Infrastructure and Real Assets Canada Ltd. from 2006 to 2011. Prior to joining Macquarie, Sarah served as Director, Communications for a dual-listed biotechnology company, and as Executive Vice President of The Barnes Organization, a leading investor relations firm, where she provided strategic counsel to a diverse North American client base and oversaw a team of IR professionals.

Sarah holds an Honours Bachelor of Arts (International Relations) from the University of Toronto and completed the Certified Professional of Investor Relations (CPIR) program sponsored by the Richard Ivey School of Business and the Canadian Investor Relations Institute (CIRI). She is a longstanding member of CIRI and served for a number of years on the Board of Directors of CIRI’s Ontario chapter.

Vice President and Head of Institutional Business Development

Lydia Gaylord

Lydia Gaylord has over 10 years of experience in the North American alternative investment field, focusing on client and investor relations, and strategic product development. At InstarAGF, Lydia is responsible for leading InstarAGF’s international marketing strategy, investor targeting and outreach initiatives, including building and maintaining enduring relationships with institutional investors. She also contributes to business strategy and product growth.

Lydia previously served as Vice President, Investor Relations/Product Specialist at Ares Management LLC (“Ares”), where she was the lead product specialist for Ares EIF, the power and energy infrastructure strategy within Ares’ Private Equity Group, with assets totalling over $4 billion. During her time at Ares Lydia co-managed the fundraising of $800 million, worked with the sales team to drive investor interest in various energy infrastructure projects, and organized and managed co-investment processes. Prior to Ares, she worked for Ironwood Capital Management identifying and evaluating prospective clients, managing retail client accounts and leading marketing presentations.

Lydia holds a Bachelor of Arts degree in History, with a minor in Spanish, from Dartmouth College.

Vice President

Alex Jerome

Alex Jerome brings more than 10 years of direct investment experience to InstarAGF, including the evaluation, execution and ongoing management of global infrastructure investments in the transportation, utilities, communications and energy infrastructures sectors. Alex joined InstarAGF in November 2015.

He most recently served as Vice President of Kindle Capital Management Inc., an independent investment firm formed in 2009 to lead and manage groups of Canadian institutional investors in global syndication and co-investment opportunities in the infrastructure sector. In this role, he was responsible for the development of Kindle Capital’s direct investment strategies, the analysis, evaluation and execution of investment opportunities and managing investor relationships and reporting. Over the past five years, he helped build a diversified portfolio of global infrastructure investments valued at over $550 million, including investments in 407ETR, Anglian Water Group, Arqiva, Broadcast Australia, and Colonial First State’s Global Diversified Infrastructure Fund. Prior to joining Kindle in 2010, Alex served as an Analyst, Private Investments with the Canada Pension Plan Investment Board, supporting the evaluation of global investment opportunities, such as the acquisition of Puget Sound Energy and Skype Inc., with a primary focus on financial modelling and due diligence.

Alex holds an Honours Business Administration degree from the Richard Ivey School of Business at Western University

Vice President

Daniel Perruzza

Daniel Perruzza has 10 years of investment banking, principal investing and asset management experience in the power, transportation, communications, utilities and general industrials sectors.  As a Vice President at InstarAGF, Daniel leads the evaluation, negotiation and structuring of acquisitions and investment opportunities.

Most recently, Daniel was a Senior Vice President at Jefferies within the infrastructure group, where he advised companies and investors on acquisitions, divestitures, equity and debt financings and capital raising transactions in the transport and renewable power sectors globally. Daniel played a key role in the execution of several marquee transactions, including the sale of Total Terminals International to Terminal Investment Limited and the refinancing and sale of WindMW to China Three Gorges.

Prior to Jefferies, Daniel was an Associate Director with HSBC covering private equity and infrastructure investors and leading M&A, financing and capital raising transactions. Daniel’s past experience also includes serving as an Executive at Macquarie Capital Funds Europe where he completed transactions and assisted in the asset management of companies in the transport and utility sectors, including Thyssengas, Deep Water Container Terminal Gdansk, Wightlink Ferries and Warnow Tunnel.

Daniel holds an Honours Bachelor of Commerce degree in Finance from Ryerson University.

Vice President

Will Chow

Will Chow brings nine years of direct infrastructure experience to InstarAGF, including the evaluation and execution of both standard and first-of-a-kind infrastructure investments in the water, healthcare, social accommodation, transportation and mixed-use infrastructure sectors.

Will was previously a Vice President of Global Infrastructure at Brookfield Financial, where he managed the development and financing of large-scale infrastructure and mixed-use public-private partnership (P3) projects. At Brookfield, he was responsible for forming and leading teams in the pursuit and development of large-scale P3 projects including the Lions Gate Wastewater Treatment Plant Project, Safe Clean Drinking Water Project, Etobicoke General Hospital Project, and Pan-American Games Athlete’s Village Project.

Prior to Brookfield, Will was a Senior Associate on the Infrastructure and Project Finance team at Deloitte, advising on the finance and procurement of large-scale infrastructure projects including the Ottawa Light Rail Transit, Waterloo Light Rail Transit Project, 407 East Extension Project, Union Pearson Express, Ontario Provincial Police Modernization Project, Communications Security Establishment Canada Project and Women’s College Hospital Redevelopment Project.

Will holds a Bachelor of Commerce Co-op degree from Dalhousie University, and the Chartered Accountant and Chartered Financial Analyst designations.  He is also a board member at ArtBuild Ontario.

General Counsel

Gregory Joffe

Gregory Joffe leads the company’s general and corporate legal, compliance and governance activities, assisting in all aspects of the investment process such as negotiations, due diligence and structuring. Since InstarAGF’s inception in 2014, he has played an active role in asset management, serving as interim General Counsel for Nieuport Aviation Infrastructure Partners in 2015. Gregory also contributes to broader business and product development.

Most recently, Gregory was President and Founder of REI Inc., a strategic consulting firm focused on the financing of clean energy projects, and previously served as a Client Partner of Petrus Power Partners, where he delivered market intelligence and performed business development functions for renewable energy developers, including strategic planning, strategy execution, and opportunity identification and analysis.

He formerly served with Fogler, Rubinoff LLP as a student-at-law, directing numerous civil litigation and corporate files and representing clients in court.  His legal experience also includes research with Legal Aid South Africa, where he focused primarily on constitutional challenges.

Gregory holds a Master of Business Administration degree, specializing in real estate and infrastructure, from the Schulich School of Business, and a Juris Doctor degree from Osgoode Hall Law School.  He is a member of the Law Society of Upper Canada.  His community contributions include formerly serving as a board member of Under the Reading Tree, which funds libraries in rural Uganda.

Associate

Taylor McManus

Taylor McManus joined InstarAGF in 2014 where he applies his strong skills in financial modelling, valuation and analytics to the evaluation and execution of investment opportunities.  He also contributes to asset management and reporting.

Prior to joining InstarAGF, Taylor was an Investment Banking Analyst with Macquarie Capital Markets Canada Ltd.’s metals and mining group where he was responsible for performing financial, valuation and industry analysis and played a key role in supporting mergers, acquisitions, restructuring transactions and equity financings.  He was previously an Investment Banking Summer Analyst with Paradigm Capital, where he assisted in the financial analysis for M&A mandates.

Taylor holds an Honours Bachelor of Commerce degree from Queen’s University.

Associate

Cathy Xue

Cathy Xue joined InstarAGF in 2014. She applies her strong skills in financial analysis, modelling and valuation to the evaluation and execution of investment opportunities and asset management.

Prior to joining InstarAGF, Cathy was an Investment Banking Analyst with Deutsche Bank’s Natural Resources Group, where she focused on the power and utilities sector and performed financial and valuation analyses to support financing and M&A transactions. She was previously an Investment Banking Summer Analyst with J.P. Morgan in Hong Kong, where she conducted financial analyses to support initial public offerings.

Cathy holds a Bachelor of Arts degree in Economics from Cornell University and a Master of Finance degree from MIT Sloan School of Management.

Associate

Brian Seong

Brian Seong joined InstarAGF in 2018, applying his strong skills in financial analysis, modelling and valuation to the evaluation and execution of investment opportunities and asset management.

Brian was previously a Private Equity Associate in the infrastructure and energy group at Allstate Investments, the investment arm of Allstate Insurance Company.  Focusing on power generation, transportation, oil and gas, and renewable energy sectors, Brian was responsible for investment screening, building and modifying valuation or operational models, conducting due diligence, transaction structuring and drafting investment memoranda. Investments include a midstream infrastructure company operating in the Permian basin; distributed energy generator in Texas; a toll road in the US; an upstream oil and gas company operating in the SCOOP/STACK basin and a portfolio of solar power assets across the US.  Previously, Brian was an Investment Banking Analyst within Citigroup’s global energy group, focusing on all stages of the transaction cycle in the North American upstream and midstream oil and gas sectors.

Brian holds a Bachelor of Arts degree in International Economics and Finance from Ryerson University.

Associate

Brittni Scott

Brittni Scott joined InstarAGF in 2018, bringing her experience in financial analysis and valuation, transaction advisory, and business strategy to the evaluation and execution of investment opportunities and asset management.

Brittni was previously an M&A Investment Banking Associate at National Bank Financial, where she worked on buy- and sell-side M&A mandates, debt restructuring and independent valuations across various sectors, including transportation, renewable energy, manufacturing, TMT, healthcare and retail.

Prior to National Bank, Brittni was a Senior Analyst at Concentra Financial where she played a pivotal role in the creation of an internal valuation centre for the company’s investment portfolio. She was also a Business Analyst at a boutique management consulting firm where she analyzed investment opportunities, developed growth strategies and implemented process improvement initiatives for government entities and private sector businesses.

Brittni holds a Master of Business Administration degree from the Ivey Business School at Western University and a Bachelor of Business Administration degree in Finance from the University of Regina.

Analyst

Nitish Sharma

Nitish Sharma joined InstarAGF in 2017 from Oliver Wyman where he worked as a Senior Consultant on a variety of strategic, M&A and operational projects for clients in the financial services, telecommunications and not-for-profit sectors. He was previously an Intermediate Staff Accountant (Co-op) with Ernst & Young LLP where he provided assurance services for financial services clients. At InstarAGF, Nitish focuses on valuation analyses and financial modelling related to the evaluation of investment opportunities and the management of portfolio assets.

Nitish holds a Bachelor of Mathematics (with Distinction) with a specialization in finance from the University of Waterloo. He has also completed Level 2 of the Chartered Financial Analyst (CFA) program.

Analyst

Matthew McDonald

Matthew McDonald joined InstarAGF in 2017, where he is responsible for valuation analyses and financial modelling related to the evaluation of investment opportunities and the management of portfolio assets. He previously worked with InstarAGF as a Junior Analyst for two consecutive work terms, focusing on the 2016 investment in Steel Reef, a privately held Canadian midstream energy service company, which he supported from origination to management. Prior to InstarAGF, Matthew spent a work term with Barrick Gold Corporation, where he was responsible for financial reporting.

Matthew holds a Bachelor of Business Administration (with High Distinction) with a specialization in finance from the Lazaridis School of Business and Economics at Wilfrid Laurier University.

Analyst

Jeff Wang

Jeff Wang joined InstarAGF in 2017 from The Boston Consulting Group, where he was an Analyst in the Principal Investors and Private Equity practice area, serving global private equity firms, pension funds and sovereign wealth funds on commercial due diligence and fund strategy/operations projects. Prior to BCG, he was a Rotation Analyst at CPP Investment Board, where he supported investment teams on various investment finance and operations functions. At InstarAGF, Jeff focuses on valuation analyses and financial modelling related to the evaluation of investment opportunities and the management of portfolio assets.

Jeff holds a Bachelor of Commerce with a specialization in finance and economics from Rotman Commerce, University of Toronto.

Senior Corporate Accountant

Irely Hernandez

Irely Hernandez is a Certified General Accountant with experience in a variety of industries and more than 10 years of financial experience in Canada. She is responsible for InstarAGF’s corporate accounting, treasury management, tax and financial reporting.

Irely most recently served as a Senior Fund Accountant at Northwood Family Office, providing client accounting and investment administration to a selected group of families in Toronto. Prior to Northwood, she worked as Senior Fund Accountant at Salida Capital Corp, where she acted as a controller for the Salida Strategic Growth Fund and the Salida Wealth Preservation Fund. Irely’s international experience includes roles with Huawei Technologies and Deloitte in Venezuela, where she helped Huawei to set up operations in Caracas and served as Deloitte’s Consultant Accountant for an American company operating high-pressure gas compression facilities in eastern Venezuela.

Irely holds a Bachelor in Public Accounting from the Universidad Central de Venezuela, and the Certified General Accountant designation for Ontario.

Senior Fund Accountant

Elis Lila

Elis Lila is a Chartered Professional Accountant with years of professional experience working in the investment accounting, financing and property management fields. At InstarAGF, she is responsible for fund accounting, preparing quarterly and annual reports, financial statements, and executing calls and distributions for each of the fund’s assets.

Elis most recently served as an Investor Servicing Analyst at Northleaf Capital Partners, preparing quarterly and annual investor reports, valuations and analyzing cash positions for investor capital calls and distributions. Prior to Northleaf, Elis worked as a Finance Assistant with the Ontario Energy Board, ensuring internal audit control implementation, preparing expense reports for the Office of the Integrity Commissioner and completing the full accounts payable cycle.

Elis holds a Graduate Diploma in Accounting from Queen’s University, as well as a Bachelor of Commerce from the Smith School of Business, Queen’s University, where she gained international experience studying finance and economics abroad at the University of Zurich in Switzerland.

Communications Manager

Ashley Smith

Ashley Smith joined InstarAGF in 2016 from the Canadian Venture Capital and Private Equity Association (CVCA), where she worked as Communications Manager with responsibilities including online content creation and maintenance, supporting media relations and managing media partnerships. At InstarAGF, Ashley focuses on communications and digital marketing, including various initiatives to drive business growth.

Ashley holds a Master of Arts (Honours) in Social Anthropology from the University of St Andrews with a focus on digital communication and resource extraction.

Office Manager and Executive Assistant

Iris Roesler

Iris Roesler is responsible for maintaining the high efficiency of InstarAGF’s office operations, including developing corporate policies, setting standards for office systems and procedures, procuring equipment, organizing records and correspondence, coordinating events and travel, and providing administrative support to the entire team.

Iris is an accomplished business and administrative professional, having previously served as an executive assistant with Brookfield Financial’s Global Infrastructure Advisory Group from 2011 to 2014 and with Macquarie Infrastructure and Real Assets Canada Ltd. from 1998 to 2011.

Iris holds an Administrative Assistant diploma from the Red River Community College in Winnipeg, Manitoba.

Administrative Coordinator

Sonja Weiss

Sonja Weiss is responsible for coordinating InstarAGF’s office operations, including maintaining the contact database, organizing events and travel, procuring equipment and promotional materials, and providing administrative support to the entire team.

Prior to InstarAGF, she worked as an Office Administrator and Deals Secretary for the Sutton Group – Tower Realty Ltd., a full-service brokerage with approximately 50 agents. Sonja managed accounting functions, commission statements, shift schedules, fund transfers, payroll and onboarding along with other administrative duties.

Sonja holds a Bachelor of Science (Honours) in Life Science from McMaster University.

Advisory Board Chair

Dennis Freeman

Dennis Freeman is a seasoned executive with more than 40 years of commercial knowledge and expertise advising on or supporting mergers and acquisitions and other business transactions predominantly in the alternative asset space in North America and internationally, including in the private equity and infrastructure sectors. A partner at KPMG LLP from 1983 until his retirement in 2011, Dennis held a number of senior management roles within the firm in Canada and globally, including establishing, developing and leading its transaction services practice in Canada.

Dennis and his team built this practice into a highly respected market leader, advising hundreds of companies and institutions on how to create, enhance and preserve long-term business value, guiding clients through all facets of assessing, structuring, managing and executing successful transactions. KPMG has served as a principal advisor to several of Canada’s largest pension funds on a wide variety of domestic and complex multi-jurisdictional infrastructure transactions. As a senior partner on several such engagements, Dennis’ professional expertise spans global markets.

Dennis is also a highly skilled corporate governance practitioner as a result of his years of service as a director for corporate and not-for-profit entities. He currently serves on the boards of several private companies.

Advisory Board Member

Mike Crawley

Mike Crawley currently serves as Chief Executive Officer for Northland Power Inc., a publicly traded developer and owner of clean power facilities. Mike has extensive renewable power expertise and has worked in the sector for more than 12 years, including overseeing the growth of AIM PowerGen from a concept to one of the largest independent renewable power developers in Canada. As Chief Executive Officer of AIM and its successor companies, International Power Canada and GDF Suez Canada, Mike oversaw the development, financing, construction and operation of over 700 megawatts of wind and solar power facilities. A robust development pipeline also included biomass and hydro projects. Mike previously served on the Ontario government’s Electricity Conservation and Supply Task Force and was a co-chair of the Renewable Energy Task Team.

Mike previously served on the boards of directors of Clean Energy BC  and the Association of Power Producers of Ontario for a number of years. He also served as President of the Liberal Party of Canada from 2012 to 2014.

Advisory Board Member

David Mullen

David Mullen is a leading executive in the private capital industry with more than 30 years of experience in the financial sector. David is currently the Managing Director of Highland West Capital Ltd, a merchant bank offering a broad array of capital alternatives.

In addition, David is a founding Managing Director at Graycliff Partners, an independent investment management firm focused on middle-market private equity and mezzanine investments in the US and Latin America.

David is the former Managing Partner and Chair of Fulcrum Capital Partners Inc. Both firms were previously the merchant banking subsidiaries of HSBC, and were formed in connection with management buyouts that were completed in 2011 and led by David. Previously, David was Head of Private Equity North America at HSBC Capital, managing merchant banking operations in Canada, the US and Latin America with capital commitments in excess of $2 billion.

David is on the board of directors of NGEx Resources and serves as a director of various public and private companies as well as several not-for-profit associations.  He also formerly served as chair of the Canadian Venture Capital and Private Equity Association.

Advisory Board Member

Jim Dougan

Jim Dougan has over 35 years of development and construction experience in Canada and the United States. Jim joined PCL Constructors Canada Inc. in 2009 and is President, Eastern Canada where he is responsible for PCL’s district office operations from Ontario to Newfoundland, a region that has historically completed between $1.5 billion and $2 billion in construction volume annually. Prior to joining PCL, Jim worked as a consultant with the Ontario Ministry of Public Infrastructure Renewal to help put together the Alternative Financing and Procurement (AFP) program and joined Infrastructure Ontario (IO) at its inception as Executive Vice-President, Project Delivery where he provided project oversight and strategic direction leading IO’s team in all areas of project development, including legal, finance, communications and project management. Under his leadership, IO brought 33 major infrastructure projects to market with a capital volume of $10.2 billion of which 27 projects ($6.5 billion) were under construction or completed.

Jim’s prior experience includes serving as President and Chief Operating Officer of Falls Management Company, where he was responsible for the successful development of the $1 billion, 2.5 million-square-foot Fallsview Casino Resort in Niagara Falls, Ontario. This development, which at the time was the largest social infrastructure project in Canada, was a public-private partnership with the Province of Ontario using a design, build, finance and operate delivery model.

Jim also spent over 22 years with Canada’s largest publicly-traded construction and infrastructure development company, BFC Construction Group (now Aecon Group Inc.), including as the President and Chief Executive Officer of the company’s Building Division.

Advisory Board Member

Rick Byers

Rick Byers was most recently Executive Vice President of Borealis Infrastructure where he led global capital raising efforts. From 1991 to 2007, Rick served with BMO Capital Markets where he held transaction and advisory roles for diverse transportation and energy infrastructure investments, including the Greater Toronto Airports Authority, the 407 ETR, NAV Canada, VIA Rail and Atomic Energy of Canada Limited.  He also previously served in the Office of the federal Minister of Finance. He currently sits on the Board of Directors of the Toronto Transit Commission. He was formerly a director of Enersource Corporation and the Canadian Council for Public-Private Partnerships.

Advisory Board Member

Mary Hemmingsen

Mary Hemmingsen is a North American energy business leader with 25 years of experience in business development and related asset, portfolio and project management.

She has proven leadership in the development and delivery of strategy, policy, programs, projects and initiatives for energy, power, utilities and related infrastructure businesses in a range of capacities, both in the public and private sector and for major energy companies, public utilities and global asset managers.

Through all her roles, Mary has built productive relationships with counterparties, government and others in informing, negotiating and implementing policies, development and operating structures and engineering procurement and construction terms for successful asset management, contracting and development arrangements.

As Executive Vice President and CFO for North West Innovation Works, part of Global Innovation Works, Mary works to bring global and local energy business content and leadership to new world-scale development of clean methanol and supporting infrastructure.

Prior to North West, Mary served as a Partner, Canadian Power and Utilities Lead and Global Head of Gas and LNG for KPMG, where she led engagements providing strategic advice and support for project and market development.to global and regional energy entities in an evolving energy market.

In the power sector, Mary also held senior executive positions at Brookfield Renewable Power responsible for business development and a number of senior lead roles at BC Hydro in planning, portfolio management, operations, asset management, procurement, finance, risk management, project management as well as strategy and business transformation.

President and Chief Executive Officer

Gregory J. Smith

Gregory Smith is recognized as an authority in the infrastructure investment community. As President and Chief Executive Officer of InstarAGF, Gregory brings more than 25 years of experience in the investment, operation, acquisition and financing of private equity investments, including public and private infrastructure, real estate, power and utility businesses.

Prior to founding Instar, Gregory was Managing Partner and head of Brookfield Financial’s Global Infrastructure Advisory Group. He also previously served as the President of Macquarie Capital Funds Canada Ltd. where he was responsible for the establishment, growth and operations of Macquarie’s unlisted and listed funds business in Canada along with the active management of Macquarie’s Canadian assets owned by off-shore funds. During this time, he also served as President and Chief Executive Officer of Macquarie Power & Infrastructure Income Fund (TSX: MPT.UN), a fund listed on the Toronto Stock Exchange, and as a Director and Chief Executive Officer of Macquarie Essential Assets Partnership, a private fund. Prior to Macquarie, Gregory was Managing Director and Co-Head of RBC Capital Partners – Mezzanine Fund and a Managing Director at Deloitte & Touche Corporate Finance.

Gregory has held various board positions and acted as an observer/advisor to the Board of Directors for several reporting issuers, including 407ETR International, AltaLink Management Ltd. and Leisureworld Senior Care GP Inc. as well as private companies such as Sea-to-Sky Highway Investment Limited Partnership and Erie Shores Wind Farm. Gregory currently sits on the advisory boards of the Canadian Council of Public-Private Partnerships, a national not-for-profit non-partisan, member-based organization, Lighthouse Equity Partners, a private equity provider, and Avrio Ventures, an agriculture technology fund.  Active in the private equity and venture capital sector since 1994, Gregory previously served for a number of years on the Board of Directors of Canada’s Venture Capital & Private Equity Association, including as Chair and President.

Gregory is a Chartered Accountant and a Chartered Business Valuator and holds an Honours Bachelor of Commerce degree from Queen’s University.

Managing Partner

George So

George So is a seasoned infrastructure, investment and finance professional with over 20 years of specialized expertise in principal investing, asset management, restructurings, acquisitions and capital raising. At InstarAGF, George is responsible for strategic and business development, transactions and asset management.

George was most recently the founder and Managing Partner of Kindle Capital Group Inc., an independent investment firm established in 2009 to lead and manage groups of Canadian institutional investors in syndication and co-investment opportunities in the infrastructure and private equity sector in North America and globally.  Notable transactions included Macquarie Communications Infrastructure Group, 407ETR, Behrman Capital, Anglian Water Group and Colonial First State’s Global Diversified Infrastructure Fund, among others.

Prior to establishing Kindle, George served as a senior member for the Canada Pension Plan Investment Board’s private investment infrastructure team, where he was responsible for executing global direct investments valued at approximately $7 billion, and part of a team managing a $4.5 billion investment portfolio.  Prior to CPPIB, he served in leadership roles at various private equity and global investment banking firms located in Asia, US and Canada, where he specialized in principal investing, capital restructurings, distressed real assets and international corporate finance.

George holds an Honours Bachelor of Arts degree in Chartered Accountancy Studies from the University of Waterloo and the Chartered Accountant designation.  He is an avid supporter of various community causes and institutions, including Right to Play, The Stop and the University of Waterloo.

Partner

Jonathan Stone

Jonathan Stone is a seasoned infrastructure investment professional with over 20 years of experience as a financial advisor, equity sponsor and contractor across multiple sectors and jurisdictions.  As a partner at InstarAGF, Jonathan shares responsibility for strategic and business development, transactions and asset management.

Jonathan was most recently Managing Director and Co-Head, Energy, Infrastructure, Power & Utilities EMEA at Scotiabank, where he advised such businesses in identifying, marketing, negotiating and executing investment opportunities.  He co-founded the Scotia Waterous Infrastructure Finance Team (SWIFT), an internal joint venture to pursue energy infrastructure M&A opportunities such as storage, midstream and LNG.

Prior to Scotiabank, Jonathan served as a Vice President of Plenary Group (Canada), leading public-private partnership transactions as a developer and equity investor including eight large-scale projects over $3.0 billion in project value.  Jonathan’s prior experience includes serving as Vice President for CIT Energy and Infrastructure, where he led financial advisory mandates for Canadian public-private partnerships across multiple sectors including transportation, light and heavy rail, social infrastructure and power generation.  During his time at CIT, he structured and closed over $1.5 billion of project finance transactions in the power and infrastructure market.

Jonathan holds a First from Cambridge University where he received a Master’s degree in Business Administration from the Judge Business School, a Bachelor of Engineering from McGill University, and the Chartered Financial Analyst designation.

Partner

Jack Bittan

Jack Bittan has nearly 15 years of experience in the financing, acquisition and operation of renewable power, utilities, transportation and social infrastructure assets, including public-private partnerships.  As a Partner at InstarAGF, Jack shares responsibility for strategic and business development, transactions and overseeing asset management activities.

Prior to joining InstarAGF, Jack was Executive Vice President of Business Development for Capstone Infrastructure Corporation, where he actively originated and evaluated prospective investment opportunities, overseeing all mergers and acquisitions and related financing strategies. During this time, he also served as Chief Executive Officer for Capstone Power Development Corp., successfully achieving commercial operations on several development wind farms across Canada.

Jack also formerly served as Senior Vice President for Macquarie Infrastructure and Real Assets Canada Ltd., where he was responsible for execution and asset management across a range of infrastructure businesses, including toll roads, district energy providers, off-airport parking, aviation services and regulated utilities.  His tenure with Macquarie included serving as Managing Director and Chief Financial Officer for Macquarie Essential Assets Partnership (MEAP), leading strategic planning, stakeholder relationships and financial reporting. Over his career, Jack has held numerous roles with Boards of Directors, including with AltaLink, Access Roads Edmonton, Sea to Sky Highway, Bristol Water, Värmevärden and Capstone Power.  He also served for three years on the infrastructure committee for the Toronto Region Board of Trade.

Jack is a Chartered Professional Accountant and holds a Bachelor of Science degree from the University of Toronto as well as a Master of Management and Professional Accounting degree from the Joseph L. Rotman School of Management.

Partner

Stephen Simpson

Stephen Simpson has 12 years of experience in all aspects of principal infrastructure investing, including acquisitions, asset management and realization.  He joined InstarAGF in 2014 to lead the evaluation, negotiation and structuring of acquisitions and investment opportunities.

Stephen was previously a Vice President of Capstone Infrastructure Corporation, a publicly-traded diversified infrastructure company, where he played a key role in the analysis, evaluation and execution of investment opportunities, including renewable power projects, utility businesses, transportation assets and public-private partnerships (P3s).  He also contributed his financial and operational acumen to the company’s portfolio of infrastructure businesses.

Stephen was formerly a Manager with Macquarie Infrastructure and Real Assets Canada Ltd.  From 2006 to 2011, he provided valuable asset management expertise to Macquarie Essential Assets Partnership (MEAP), a private investment fund, where he served on the asset management teams for the Sea-to-Sky Highway, the Southeast Anthony Henday Drive, AltaLink and Aquarion, developing significant expertise across the P3 and transportation sectors, and the electricity transmission and regulated utilities space.  Stephen was actively involved in MEAP’s strategic initiatives, in particular the Fund’s realization through asset sales in 2010 and 2011.

Stephen holds an Honours Bachelor of Business Administration degree from Wilfrid Laurier University and a Master’s degree in Finance from INSEAD.  He also holds the Chartered Financial Analyst designation.

Chief Financial Officer and Senior Vice President

John Gort

John Gort joined InstarAGF in 2015 with more than 20 years of financial and private equity industry experience in Canada, the United States and the United Kingdom. He is responsible for InstarAGF’s administration and operations along with fund accounting, treasury management, valuations, tax and financial reporting.

John most recently served as Vice President and Chief Financial Officer of Burgundy Asset Management, a leading global investment manager based in Toronto, where he was responsible for corporate and fund accounting and oversaw the company’s operations department. He was also formerly Vice President and Chief Financial Officer for Edgestone Capital Partners, a Canadian private equity firm, where he directed the corporate finance and reporting function while supporting fundraising, regulatory and investor relations initiatives. John’s international experience includes senior roles with Bisys Private Equity Services in New York, and Deutsche Bank’s Global Markets division in New York and London.

John holds an Honours Bachelor of Arts in Accountancy Studies from the University of Waterloo, and the Chartered Professional Accountant and Chartered Financial Analyst designations. He co-formed the Canadian Venture Capital and Private Equity Association’s CFO Taskforce and is a frequent speaker at industry conferences. He also served as the Chair of the Advisory Board of the University of Waterloo’s Student Investment Fund.

Senior Vice President

Sarah Borg-Olivier

Sarah Borg-Olivier has nearly 20 years of experience in designing and executing communications and marketing strategies and initiatives to drive business growth, including developing and managing strong investor and stakeholder relationships.

From 2011 to 2014, she was Senior Vice President, Communications for Capstone Infrastructure Corporation, a publicly traded diversified infrastructure company, where she led strategic investor, public and community relations, and employee communications initiatives.  She was also a Vice President of Macquarie Infrastructure and Real Assets Canada Ltd. from 2006 to 2011. Prior to joining Macquarie, Sarah served as Director, Communications for a dual-listed biotechnology company, and as Executive Vice President of The Barnes Organization, a leading investor relations firm, where she provided strategic counsel to a diverse North American client base and oversaw a team of IR professionals.

Sarah holds an Honours Bachelor of Arts (International Relations) from the University of Toronto and completed the Certified Professional of Investor Relations (CPIR) program sponsored by the Richard Ivey School of Business and the Canadian Investor Relations Institute (CIRI). She is a longstanding member of CIRI and served for a number of years on the Board of Directors of CIRI’s Ontario chapter.

President and Chief Executive Officer

Gregory J. Smith

Gregory Smith is recognized as an authority in the infrastructure investment community. As President and Chief Executive Officer of InstarAGF, Gregory brings more than 25 years of experience in the investment, operation, acquisition and financing of private equity investments, including public and private infrastructure, real estate, power and utility businesses.

Prior to founding Instar, Gregory was Managing Partner and head of Brookfield Financial’s Global Infrastructure Advisory Group. He also previously served as the President of Macquarie Capital Funds Canada Ltd. where he was responsible for the establishment, growth and operations of Macquarie’s unlisted and listed funds business in Canada along with the active management of Macquarie’s Canadian assets owned by off-shore funds. During this time, he also served as President and Chief Executive Officer of Macquarie Power & Infrastructure Income Fund (TSX: MPT.UN), a fund listed on the Toronto Stock Exchange, and as a Director and Chief Executive Officer of Macquarie Essential Assets Partnership, a private fund. Prior to Macquarie, Gregory was Managing Director and Co-Head of RBC Capital Partners – Mezzanine Fund and a Managing Director at Deloitte & Touche Corporate Finance.

Gregory has held various board positions and acted as an observer/advisor to the Board of Directors for several reporting issuers, including 407ETR International, AltaLink Management Ltd. and Leisureworld Senior Care GP Inc. as well as private companies such as Sea-to-Sky Highway Investment Limited Partnership and Erie Shores Wind Farm. Gregory currently sits on the advisory boards of the Canadian Council of Public-Private Partnerships, a national not-for-profit non-partisan, member-based organization, Lighthouse Equity Partners, a private equity provider, and Avrio Ventures, an agriculture technology fund.  Active in the private equity and venture capital sector since 1994, Gregory previously served for a number of years on the Board of Directors of Canada’s Venture Capital & Private Equity Association, including as Chair and President.

Gregory is a Chartered Accountant and a Chartered Business Valuator and holds an Honours Bachelor of Commerce degree from Queen’s University.

Managing Partner

George So

George So is a seasoned infrastructure, investment and finance professional with over 20 years of specialized expertise in principal investing, asset management, restructurings, acquisitions and capital raising. At InstarAGF, George is responsible for strategic and business development, transactions and asset management.

George was most recently the founder and Managing Partner of Kindle Capital Group Inc., an independent investment firm established in 2009 to lead and manage groups of Canadian institutional investors in syndication and co-investment opportunities in the infrastructure and private equity sector in North America and globally.  Notable transactions included Macquarie Communications Infrastructure Group, 407ETR, Behrman Capital, Anglian Water Group and Colonial First State’s Global Diversified Infrastructure Fund, among others.

Prior to establishing Kindle, George served as a senior member for the Canada Pension Plan Investment Board’s private investment infrastructure team, where he was responsible for executing global direct investments valued at approximately $7 billion, and part of a team managing a $4.5 billion investment portfolio.  Prior to CPPIB, he served in leadership roles at various private equity and global investment banking firms located in Asia, US and Canada, where he specialized in principal investing, capital restructurings, distressed real assets and international corporate finance.

George holds an Honours Bachelor of Arts degree in Chartered Accountancy Studies from the University of Waterloo and the Chartered Accountant designation.  He is an avid supporter of various community causes and institutions, including Right to Play, The Stop and the University of Waterloo.

Partner

Jonathan Stone

Jonathan Stone is a seasoned infrastructure investment professional with over 20 years of experience as a financial advisor, equity sponsor and contractor across multiple sectors and jurisdictions.  As a partner at InstarAGF, Jonathan shares responsibility for strategic and business development, transactions and asset management.

Jonathan was most recently Managing Director and Co-Head, Energy, Infrastructure, Power & Utilities EMEA at Scotiabank, where he advised such businesses in identifying, marketing, negotiating and executing investment opportunities.  He co-founded the Scotia Waterous Infrastructure Finance Team (SWIFT), an internal joint venture to pursue energy infrastructure M&A opportunities such as storage, midstream and LNG.

Prior to Scotiabank, Jonathan served as a Vice President of Plenary Group (Canada), leading public-private partnership transactions as a developer and equity investor including eight large-scale projects over $3.0 billion in project value.  Jonathan’s prior experience includes serving as Vice President for CIT Energy and Infrastructure, where he led financial advisory mandates for Canadian public-private partnerships across multiple sectors including transportation, light and heavy rail, social infrastructure and power generation.  During his time at CIT, he structured and closed over $1.5 billion of project finance transactions in the power and infrastructure market.

Jonathan holds a First from Cambridge University where he received a Master’s degree in Business Administration from the Judge Business School, a Bachelor of Engineering from McGill University, and the Chartered Financial Analyst designation.

Partner

Jack Bittan

Jack Bittan has nearly 15 years of experience in the financing, acquisition and operation of renewable power, utilities, transportation and social infrastructure assets, including public-private partnerships.  As a Partner at InstarAGF, Jack shares responsibility for strategic and business development, transactions and overseeing asset management activities.

Prior to joining InstarAGF, Jack was Executive Vice President of Business Development for Capstone Infrastructure Corporation, where he actively originated and evaluated prospective investment opportunities, overseeing all mergers and acquisitions and related financing strategies. During this time, he also served as Chief Executive Officer for Capstone Power Development Corp., successfully achieving commercial operations on several development wind farms across Canada.

Jack also formerly served as Senior Vice President for Macquarie Infrastructure and Real Assets Canada Ltd., where he was responsible for execution and asset management across a range of infrastructure businesses, including toll roads, district energy providers, off-airport parking, aviation services and regulated utilities.  His tenure with Macquarie included serving as Managing Director and Chief Financial Officer for Macquarie Essential Assets Partnership (MEAP), leading strategic planning, stakeholder relationships and financial reporting. Over his career, Jack has held numerous roles with Boards of Directors, including with AltaLink, Access Roads Edmonton, Sea to Sky Highway, Bristol Water, Värmevärden and Capstone Power.  He also served for three years on the infrastructure committee for the Toronto Region Board of Trade.

Jack is a Chartered Professional Accountant and holds a Bachelor of Science degree from the University of Toronto as well as a Master of Management and Professional Accounting degree from the Joseph L. Rotman School of Management.

Partner

Stephen Simpson

Stephen Simpson has 12 years of experience in all aspects of principal infrastructure investing, including acquisitions, asset management and realization.  He joined InstarAGF in 2014 to lead the evaluation, negotiation and structuring of acquisitions and investment opportunities.

Stephen was previously a Vice President of Capstone Infrastructure Corporation, a publicly-traded diversified infrastructure company, where he played a key role in the analysis, evaluation and execution of investment opportunities, including renewable power projects, utility businesses, transportation assets and public-private partnerships (P3s).  He also contributed his financial and operational acumen to the company’s portfolio of infrastructure businesses.

Stephen was formerly a Manager with Macquarie Infrastructure and Real Assets Canada Ltd.  From 2006 to 2011, he provided valuable asset management expertise to Macquarie Essential Assets Partnership (MEAP), a private investment fund, where he served on the asset management teams for the Sea-to-Sky Highway, the Southeast Anthony Henday Drive, AltaLink and Aquarion, developing significant expertise across the P3 and transportation sectors, and the electricity transmission and regulated utilities space.  Stephen was actively involved in MEAP’s strategic initiatives, in particular the Fund’s realization through asset sales in 2010 and 2011.

Stephen holds an Honours Bachelor of Business Administration degree from Wilfrid Laurier University and a Master’s degree in Finance from INSEAD.  He also holds the Chartered Financial Analyst designation.

Vice President

Alex Jerome

Alex Jerome brings more than 10 years of direct investment experience to InstarAGF, including the evaluation, execution and ongoing management of global infrastructure investments in the transportation, utilities, communications and energy infrastructures sectors. Alex joined InstarAGF in November 2015.

He most recently served as Vice President of Kindle Capital Management Inc., an independent investment firm formed in 2009 to lead and manage groups of Canadian institutional investors in global syndication and co-investment opportunities in the infrastructure sector. In this role, he was responsible for the development of Kindle Capital’s direct investment strategies, the analysis, evaluation and execution of investment opportunities and managing investor relationships and reporting. Over the past five years, he helped build a diversified portfolio of global infrastructure investments valued at over $550 million, including investments in 407ETR, Anglian Water Group, Arqiva, Broadcast Australia, and Colonial First State’s Global Diversified Infrastructure Fund. Prior to joining Kindle in 2010, Alex served as an Analyst, Private Investments with the Canada Pension Plan Investment Board, supporting the evaluation of global investment opportunities, such as the acquisition of Puget Sound Energy and Skype Inc., with a primary focus on financial modelling and due diligence.

Alex holds an Honours Business Administration degree from the Richard Ivey School of Business at Western University

Vice President

Daniel Perruzza

Daniel Perruzza has 10 years of investment banking, principal investing and asset management experience in the power, transportation, communications, utilities and general industrials sectors.  As a Vice President at InstarAGF, Daniel leads the evaluation, negotiation and structuring of acquisitions and investment opportunities.

Most recently, Daniel was a Senior Vice President at Jefferies within the infrastructure group, where he advised companies and investors on acquisitions, divestitures, equity and debt financings and capital raising transactions in the transport and renewable power sectors globally. Daniel played a key role in the execution of several marquee transactions, including the sale of Total Terminals International to Terminal Investment Limited and the refinancing and sale of WindMW to China Three Gorges.

Prior to Jefferies, Daniel was an Associate Director with HSBC covering private equity and infrastructure investors and leading M&A, financing and capital raising transactions. Daniel’s past experience also includes serving as an Executive at Macquarie Capital Funds Europe where he completed transactions and assisted in the asset management of companies in the transport and utility sectors, including Thyssengas, Deep Water Container Terminal Gdansk, Wightlink Ferries and Warnow Tunnel.

Daniel holds an Honours Bachelor of Commerce degree in Finance from Ryerson University.

Vice President

Will Chow

Will Chow brings nine years of direct infrastructure experience to InstarAGF, including the evaluation and execution of both standard and first-of-a-kind infrastructure investments in the water, healthcare, social accommodation, transportation and mixed-use infrastructure sectors.

Will was previously a Vice President of Global Infrastructure at Brookfield Financial, where he managed the development and financing of large-scale infrastructure and mixed-use public-private partnership (P3) projects. At Brookfield, he was responsible for forming and leading teams in the pursuit and development of large-scale P3 projects including the Lions Gate Wastewater Treatment Plant Project, Safe Clean Drinking Water Project, Etobicoke General Hospital Project, and Pan-American Games Athlete’s Village Project.

Prior to Brookfield, Will was a Senior Associate on the Infrastructure and Project Finance team at Deloitte, advising on the finance and procurement of large-scale infrastructure projects including the Ottawa Light Rail Transit, Waterloo Light Rail Transit Project, 407 East Extension Project, Union Pearson Express, Ontario Provincial Police Modernization Project, Communications Security Establishment Canada Project and Women’s College Hospital Redevelopment Project.

Will holds a Bachelor of Commerce Co-op degree from Dalhousie University, and the Chartered Accountant and Chartered Financial Analyst designations.  He is also a board member at ArtBuild Ontario.

General Counsel

Gregory Joffe

Gregory Joffe leads the company’s general and corporate legal, compliance and governance activities, assisting in all aspects of the investment process such as negotiations, due diligence and structuring. Since InstarAGF’s inception in 2014, he has played an active role in asset management, serving as interim General Counsel for Nieuport Aviation Infrastructure Partners in 2015. Gregory also contributes to broader business and product development.

Most recently, Gregory was President and Founder of REI Inc., a strategic consulting firm focused on the financing of clean energy projects, and previously served as a Client Partner of Petrus Power Partners, where he delivered market intelligence and performed business development functions for renewable energy developers, including strategic planning, strategy execution, and opportunity identification and analysis.

He formerly served with Fogler, Rubinoff LLP as a student-at-law, directing numerous civil litigation and corporate files and representing clients in court.  His legal experience also includes research with Legal Aid South Africa, where he focused primarily on constitutional challenges.

Gregory holds a Master of Business Administration degree, specializing in real estate and infrastructure, from the Schulich School of Business, and a Juris Doctor degree from Osgoode Hall Law School.  He is a member of the Law Society of Upper Canada.  His community contributions include formerly serving as a board member of Under the Reading Tree, which funds libraries in rural Uganda.

Associate

Taylor McManus

Taylor McManus joined InstarAGF in 2014 where he applies his strong skills in financial modelling, valuation and analytics to the evaluation and execution of investment opportunities.  He also contributes to asset management and reporting.

Prior to joining InstarAGF, Taylor was an Investment Banking Analyst with Macquarie Capital Markets Canada Ltd.’s metals and mining group where he was responsible for performing financial, valuation and industry analysis and played a key role in supporting mergers, acquisitions, restructuring transactions and equity financings.  He was previously an Investment Banking Summer Analyst with Paradigm Capital, where he assisted in the financial analysis for M&A mandates.

Taylor holds an Honours Bachelor of Commerce degree from Queen’s University.

Associate

Cathy Xue

Cathy Xue joined InstarAGF in 2014. She applies her strong skills in financial analysis, modelling and valuation to the evaluation and execution of investment opportunities and asset management.

Prior to joining InstarAGF, Cathy was an Investment Banking Analyst with Deutsche Bank’s Natural Resources Group, where she focused on the power and utilities sector and performed financial and valuation analyses to support financing and M&A transactions. She was previously an Investment Banking Summer Analyst with J.P. Morgan in Hong Kong, where she conducted financial analyses to support initial public offerings.

Cathy holds a Bachelor of Arts degree in Economics from Cornell University and a Master of Finance degree from MIT Sloan School of Management.

Associate

Brian Seong

Brian Seong joined InstarAGF in 2018, applying his strong skills in financial analysis, modelling and valuation to the evaluation and execution of investment opportunities and asset management.

Brian was previously a Private Equity Associate in the infrastructure and energy group at Allstate Investments, the investment arm of Allstate Insurance Company.  Focusing on power generation, transportation, oil and gas, and renewable energy sectors, Brian was responsible for investment screening, building and modifying valuation or operational models, conducting due diligence, transaction structuring and drafting investment memoranda. Investments include a midstream infrastructure company operating in the Permian basin; distributed energy generator in Texas; a toll road in the US; an upstream oil and gas company operating in the SCOOP/STACK basin and a portfolio of solar power assets across the US.  Previously, Brian was an Investment Banking Analyst within Citigroup’s global energy group, focusing on all stages of the transaction cycle in the North American upstream and midstream oil and gas sectors.

Brian holds a Bachelor of Arts degree in International Economics and Finance from Ryerson University.

Associate

Brittni Scott

Brittni Scott joined InstarAGF in 2018, bringing her experience in financial analysis and valuation, transaction advisory, and business strategy to the evaluation and execution of investment opportunities and asset management.

Brittni was previously an M&A Investment Banking Associate at National Bank Financial, where she worked on buy- and sell-side M&A mandates, debt restructuring and independent valuations across various sectors, including transportation, renewable energy, manufacturing, TMT, healthcare and retail.

Prior to National Bank, Brittni was a Senior Analyst at Concentra Financial where she played a pivotal role in the creation of an internal valuation centre for the company’s investment portfolio. She was also a Business Analyst at a boutique management consulting firm where she analyzed investment opportunities, developed growth strategies and implemented process improvement initiatives for government entities and private sector businesses.

Brittni holds a Master of Business Administration degree from the Ivey Business School at Western University and a Bachelor of Business Administration degree in Finance from the University of Regina.

Analyst

Nitish Sharma

Nitish Sharma joined InstarAGF in 2017 from Oliver Wyman where he worked as a Senior Consultant on a variety of strategic, M&A and operational projects for clients in the financial services, telecommunications and not-for-profit sectors. He was previously an Intermediate Staff Accountant (Co-op) with Ernst & Young LLP where he provided assurance services for financial services clients. At InstarAGF, Nitish focuses on valuation analyses and financial modelling related to the evaluation of investment opportunities and the management of portfolio assets.

Nitish holds a Bachelor of Mathematics (with Distinction) with a specialization in finance from the University of Waterloo. He has also completed Level 2 of the Chartered Financial Analyst (CFA) program.

Analyst

Matthew McDonald

Matthew McDonald joined InstarAGF in 2017, where he is responsible for valuation analyses and financial modelling related to the evaluation of investment opportunities and the management of portfolio assets. He previously worked with InstarAGF as a Junior Analyst for two consecutive work terms, focusing on the 2016 investment in Steel Reef, a privately held Canadian midstream energy service company, which he supported from origination to management. Prior to InstarAGF, Matthew spent a work term with Barrick Gold Corporation, where he was responsible for financial reporting.

Matthew holds a Bachelor of Business Administration (with High Distinction) with a specialization in finance from the Lazaridis School of Business and Economics at Wilfrid Laurier University.

Analyst

Jeff Wang

Jeff Wang joined InstarAGF in 2017 from The Boston Consulting Group, where he was an Analyst in the Principal Investors and Private Equity practice area, serving global private equity firms, pension funds and sovereign wealth funds on commercial due diligence and fund strategy/operations projects. Prior to BCG, he was a Rotation Analyst at CPP Investment Board, where he supported investment teams on various investment finance and operations functions. At InstarAGF, Jeff focuses on valuation analyses and financial modelling related to the evaluation of investment opportunities and the management of portfolio assets.

Jeff holds a Bachelor of Commerce with a specialization in finance and economics from Rotman Commerce, University of Toronto.

Chief Financial Officer and Senior Vice President

John Gort

John Gort joined InstarAGF in 2015 with more than 20 years of financial and private equity industry experience in Canada, the United States and the United Kingdom. He is responsible for InstarAGF’s administration and operations along with fund accounting, treasury management, valuations, tax and financial reporting.

John most recently served as Vice President and Chief Financial Officer of Burgundy Asset Management, a leading global investment manager based in Toronto, where he was responsible for corporate and fund accounting and oversaw the company’s operations department. He was also formerly Vice President and Chief Financial Officer for Edgestone Capital Partners, a Canadian private equity firm, where he directed the corporate finance and reporting function while supporting fundraising, regulatory and investor relations initiatives. John’s international experience includes senior roles with Bisys Private Equity Services in New York, and Deutsche Bank’s Global Markets division in New York and London.

John holds an Honours Bachelor of Arts in Accountancy Studies from the University of Waterloo, and the Chartered Professional Accountant and Chartered Financial Analyst designations. He co-formed the Canadian Venture Capital and Private Equity Association’s CFO Taskforce and is a frequent speaker at industry conferences. He also served as the Chair of the Advisory Board of the University of Waterloo’s Student Investment Fund.

Senior Vice President

Sarah Borg-Olivier

Sarah Borg-Olivier has nearly 20 years of experience in designing and executing communications and marketing strategies and initiatives to drive business growth, including developing and managing strong investor and stakeholder relationships.

From 2011 to 2014, she was Senior Vice President, Communications for Capstone Infrastructure Corporation, a publicly traded diversified infrastructure company, where she led strategic investor, public and community relations, and employee communications initiatives.  She was also a Vice President of Macquarie Infrastructure and Real Assets Canada Ltd. from 2006 to 2011. Prior to joining Macquarie, Sarah served as Director, Communications for a dual-listed biotechnology company, and as Executive Vice President of The Barnes Organization, a leading investor relations firm, where she provided strategic counsel to a diverse North American client base and oversaw a team of IR professionals.

Sarah holds an Honours Bachelor of Arts (International Relations) from the University of Toronto and completed the Certified Professional of Investor Relations (CPIR) program sponsored by the Richard Ivey School of Business and the Canadian Investor Relations Institute (CIRI). She is a longstanding member of CIRI and served for a number of years on the Board of Directors of CIRI’s Ontario chapter.

Vice President and Head of Institutional Business Development

Lydia Gaylord

Lydia Gaylord has over 10 years of experience in the North American alternative investment field, focusing on client and investor relations, and strategic product development. At InstarAGF, Lydia is responsible for leading InstarAGF’s international marketing strategy, investor targeting and outreach initiatives, including building and maintaining enduring relationships with institutional investors. She also contributes to business strategy and product growth.

Lydia previously served as Vice President, Investor Relations/Product Specialist at Ares Management LLC (“Ares”), where she was the lead product specialist for Ares EIF, the power and energy infrastructure strategy within Ares’ Private Equity Group, with assets totalling over $4 billion. During her time at Ares Lydia co-managed the fundraising of $800 million, worked with the sales team to drive investor interest in various energy infrastructure projects, and organized and managed co-investment processes. Prior to Ares, she worked for Ironwood Capital Management identifying and evaluating prospective clients, managing retail client accounts and leading marketing presentations.

Lydia holds a Bachelor of Arts degree in History, with a minor in Spanish, from Dartmouth College.

Office Manager and Executive Assistant

Iris Roesler

Iris Roesler is responsible for maintaining the high efficiency of InstarAGF’s office operations, including developing corporate policies, setting standards for office systems and procedures, procuring equipment, organizing records and correspondence, coordinating events and travel, and providing administrative support to the entire team.

Iris is an accomplished business and administrative professional, having previously served as an executive assistant with Brookfield Financial’s Global Infrastructure Advisory Group from 2011 to 2014 and with Macquarie Infrastructure and Real Assets Canada Ltd. from 1998 to 2011.

Iris holds an Administrative Assistant diploma from the Red River Community College in Winnipeg, Manitoba.

General Counsel

Gregory Joffe

Gregory Joffe leads the company’s general and corporate legal, compliance and governance activities, assisting in all aspects of the investment process such as negotiations, due diligence and structuring. Since InstarAGF’s inception in 2014, he has played an active role in asset management, serving as interim General Counsel for Nieuport Aviation Infrastructure Partners in 2015. Gregory also contributes to broader business and product development.

Most recently, Gregory was President and Founder of REI Inc., a strategic consulting firm focused on the financing of clean energy projects, and previously served as a Client Partner of Petrus Power Partners, where he delivered market intelligence and performed business development functions for renewable energy developers, including strategic planning, strategy execution, and opportunity identification and analysis.

He formerly served with Fogler, Rubinoff LLP as a student-at-law, directing numerous civil litigation and corporate files and representing clients in court.  His legal experience also includes research with Legal Aid South Africa, where he focused primarily on constitutional challenges.

Gregory holds a Master of Business Administration degree, specializing in real estate and infrastructure, from the Schulich School of Business, and a Juris Doctor degree from Osgoode Hall Law School.  He is a member of the Law Society of Upper Canada.  His community contributions include formerly serving as a board member of Under the Reading Tree, which funds libraries in rural Uganda.

Communications Manager

Ashley Smith

Ashley Smith joined InstarAGF in 2016 from the Canadian Venture Capital and Private Equity Association (CVCA), where she worked as Communications Manager with responsibilities including online content creation and maintenance, supporting media relations and managing media partnerships. At InstarAGF, Ashley focuses on communications and digital marketing, including various initiatives to drive business growth.

Ashley holds a Master of Arts (Honours) in Social Anthropology from the University of St Andrews with a focus on digital communication and resource extraction.

Senior Corporate Accountant

Irely Hernandez

Irely Hernandez is a Certified General Accountant with experience in a variety of industries and more than 10 years of financial experience in Canada. She is responsible for InstarAGF’s corporate accounting, treasury management, tax and financial reporting.

Irely most recently served as a Senior Fund Accountant at Northwood Family Office, providing client accounting and investment administration to a selected group of families in Toronto. Prior to Northwood, she worked as Senior Fund Accountant at Salida Capital Corp, where she acted as a controller for the Salida Strategic Growth Fund and the Salida Wealth Preservation Fund. Irely’s international experience includes roles with Huawei Technologies and Deloitte in Venezuela, where she helped Huawei to set up operations in Caracas and served as Deloitte’s Consultant Accountant for an American company operating high-pressure gas compression facilities in eastern Venezuela.

Irely holds a Bachelor in Public Accounting from the Universidad Central de Venezuela, and the Certified General Accountant designation for Ontario.

Senior Fund Accountant

Elis Lila

Elis Lila is a Chartered Professional Accountant with years of professional experience working in the investment accounting, financing and property management fields. At InstarAGF, she is responsible for fund accounting, preparing quarterly and annual reports, financial statements, and executing calls and distributions for each of the fund’s assets.

Elis most recently served as an Investor Servicing Analyst at Northleaf Capital Partners, preparing quarterly and annual investor reports, valuations and analyzing cash positions for investor capital calls and distributions. Prior to Northleaf, Elis worked as a Finance Assistant with the Ontario Energy Board, ensuring internal audit control implementation, preparing expense reports for the Office of the Integrity Commissioner and completing the full accounts payable cycle.

Elis holds a Graduate Diploma in Accounting from Queen’s University, as well as a Bachelor of Commerce from the Smith School of Business, Queen’s University, where she gained international experience studying finance and economics abroad at the University of Zurich in Switzerland.

Administrative Coordinator

Sonja Weiss

Sonja Weiss is responsible for coordinating InstarAGF’s office operations, including maintaining the contact database, organizing events and travel, procuring equipment and promotional materials, and providing administrative support to the entire team.

Prior to InstarAGF, she worked as an Office Administrator and Deals Secretary for the Sutton Group – Tower Realty Ltd., a full-service brokerage with approximately 50 agents. Sonja managed accounting functions, commission statements, shift schedules, fund transfers, payroll and onboarding along with other administrative duties.

Sonja holds a Bachelor of Science (Honours) in Life Science from McMaster University.

Advisory Board Chair

Dennis Freeman

Dennis Freeman is a seasoned executive with more than 40 years of commercial knowledge and expertise advising on or supporting mergers and acquisitions and other business transactions predominantly in the alternative asset space in North America and internationally, including in the private equity and infrastructure sectors. A partner at KPMG LLP from 1983 until his retirement in 2011, Dennis held a number of senior management roles within the firm in Canada and globally, including establishing, developing and leading its transaction services practice in Canada.

Dennis and his team built this practice into a highly respected market leader, advising hundreds of companies and institutions on how to create, enhance and preserve long-term business value, guiding clients through all facets of assessing, structuring, managing and executing successful transactions. KPMG has served as a principal advisor to several of Canada’s largest pension funds on a wide variety of domestic and complex multi-jurisdictional infrastructure transactions. As a senior partner on several such engagements, Dennis’ professional expertise spans global markets.

Dennis is also a highly skilled corporate governance practitioner as a result of his years of service as a director for corporate and not-for-profit entities. He currently serves on the boards of several private companies.

Advisory Board Member

Mike Crawley

Mike Crawley currently serves as Chief Executive Officer for Northland Power Inc., a publicly traded developer and owner of clean power facilities. Mike has extensive renewable power expertise and has worked in the sector for more than 12 years, including overseeing the growth of AIM PowerGen from a concept to one of the largest independent renewable power developers in Canada. As Chief Executive Officer of AIM and its successor companies, International Power Canada and GDF Suez Canada, Mike oversaw the development, financing, construction and operation of over 700 megawatts of wind and solar power facilities. A robust development pipeline also included biomass and hydro projects. Mike previously served on the Ontario government’s Electricity Conservation and Supply Task Force and was a co-chair of the Renewable Energy Task Team.

Mike previously served on the boards of directors of Clean Energy BC  and the Association of Power Producers of Ontario for a number of years. He also served as President of the Liberal Party of Canada from 2012 to 2014.

Advisory Board Member

David Mullen

David Mullen is a leading executive in the private capital industry with more than 30 years of experience in the financial sector. David is currently the Managing Director of Highland West Capital Ltd, a merchant bank offering a broad array of capital alternatives.

In addition, David is a founding Managing Director at Graycliff Partners, an independent investment management firm focused on middle-market private equity and mezzanine investments in the US and Latin America.

David is the former Managing Partner and Chair of Fulcrum Capital Partners Inc. Both firms were previously the merchant banking subsidiaries of HSBC, and were formed in connection with management buyouts that were completed in 2011 and led by David. Previously, David was Head of Private Equity North America at HSBC Capital, managing merchant banking operations in Canada, the US and Latin America with capital commitments in excess of $2 billion.

David is on the board of directors of NGEx Resources and serves as a director of various public and private companies as well as several not-for-profit associations.  He also formerly served as chair of the Canadian Venture Capital and Private Equity Association.

Advisory Board Member

Jim Dougan

Jim Dougan has over 35 years of development and construction experience in Canada and the United States. Jim joined PCL Constructors Canada Inc. in 2009 and is President, Eastern Canada where he is responsible for PCL’s district office operations from Ontario to Newfoundland, a region that has historically completed between $1.5 billion and $2 billion in construction volume annually. Prior to joining PCL, Jim worked as a consultant with the Ontario Ministry of Public Infrastructure Renewal to help put together the Alternative Financing and Procurement (AFP) program and joined Infrastructure Ontario (IO) at its inception as Executive Vice-President, Project Delivery where he provided project oversight and strategic direction leading IO’s team in all areas of project development, including legal, finance, communications and project management. Under his leadership, IO brought 33 major infrastructure projects to market with a capital volume of $10.2 billion of which 27 projects ($6.5 billion) were under construction or completed.

Jim’s prior experience includes serving as President and Chief Operating Officer of Falls Management Company, where he was responsible for the successful development of the $1 billion, 2.5 million-square-foot Fallsview Casino Resort in Niagara Falls, Ontario. This development, which at the time was the largest social infrastructure project in Canada, was a public-private partnership with the Province of Ontario using a design, build, finance and operate delivery model.

Jim also spent over 22 years with Canada’s largest publicly-traded construction and infrastructure development company, BFC Construction Group (now Aecon Group Inc.), including as the President and Chief Executive Officer of the company’s Building Division.

Advisory Board Member

Rick Byers

Rick Byers was most recently Executive Vice President of Borealis Infrastructure where he led global capital raising efforts. From 1991 to 2007, Rick served with BMO Capital Markets where he held transaction and advisory roles for diverse transportation and energy infrastructure investments, including the Greater Toronto Airports Authority, the 407 ETR, NAV Canada, VIA Rail and Atomic Energy of Canada Limited.  He also previously served in the Office of the federal Minister of Finance. He currently sits on the Board of Directors of the Toronto Transit Commission. He was formerly a director of Enersource Corporation and the Canadian Council for Public-Private Partnerships.

Advisory Board Member

Mary Hemmingsen

Mary Hemmingsen is a North American energy business leader with 25 years of experience in business development and related asset, portfolio and project management.

She has proven leadership in the development and delivery of strategy, policy, programs, projects and initiatives for energy, power, utilities and related infrastructure businesses in a range of capacities, both in the public and private sector and for major energy companies, public utilities and global asset managers.

Through all her roles, Mary has built productive relationships with counterparties, government and others in informing, negotiating and implementing policies, development and operating structures and engineering procurement and construction terms for successful asset management, contracting and development arrangements.

As Executive Vice President and CFO for North West Innovation Works, part of Global Innovation Works, Mary works to bring global and local energy business content and leadership to new world-scale development of clean methanol and supporting infrastructure.

Prior to North West, Mary served as a Partner, Canadian Power and Utilities Lead and Global Head of Gas and LNG for KPMG, where she led engagements providing strategic advice and support for project and market development.to global and regional energy entities in an evolving energy market.

In the power sector, Mary also held senior executive positions at Brookfield Renewable Power responsible for business development and a number of senior lead roles at BC Hydro in planning, portfolio management, operations, asset management, procurement, finance, risk management, project management as well as strategy and business transformation.

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