Fengate, a Toronto-based asset manager, has achieved a $1 billion first close for its fifth infrastructure fund, Fund V. The milestone comes less than six months after launching the vehicle, putting the firm two-thirds of the way toward its $1.5 billion target.

The rapid fundraising reflects sustained investor appetite for infrastructure assets, particularly in North America where Fengate focuses on energy transition and digital infrastructure projects. Institutional investors have been pouring capital into the asset class as they seek stable, inflation-linked returns in a volatile market environment.

Fund V represents Fengate's largest infrastructure vehicle to date, building on its established platform that has raised multiple funds across infrastructure equity and debt strategies. The strong first close positions the manager well among competing infrastructure funds in a crowded market.