Fengate Overview

FENGATE

CORPORATE OVERVIEW

About Us

Fengate is a leading alternative investment manager focused on infrastructure, private equity, and real estate strategies. With offices and team members across Canada and the United States, Fengate has established itself as a leading North American investor and developer, with a strong track record of success.

175+ Executed transactions

$7.0B+ Total equity commitments

$35B+

Total asset value

190+ Professionals

The firm has been recognized as one of “Canada’s Best Managed Companies” since 2007. Fengate was certified as a Great Place to Work® for 2022, and it was named one of Canada’s Best Workplaces™ and recognized as a Best Workplace™ in Ontario; the Financial Services & Insurance; for Inclusion; Women; Professional Development; and Today’s Youth.

Our Leadership Team

Lou Serafini Jr. President and Chief Executive Officer

George Theodoropoulos Managing Partner, Infrastructure

Jaime McKenna Managing Director, Group Head of Real Estate

Justin Catalano Managing Director, Group Head of Private Equity

Nina Yoo Chief Financial Officer

Vernita Tsang General Counsel

Kevin Reid Executive Vice President, Investor Relations and Capital Formation

Jennifer Honey Brannon Chief Human Resources Officer

Fengate Infrastructure

We are proud to be one of the first asset managers to enter the North American infrastructure sector. We have worked hard to earn our reputation as a trusted and innovative developer and proven financial partner, and to establish strong market relationships with design-builders, operators and developers.

We are focused on public-private partnerships, digital infrastructure, contracted power, and contracted utilities. With a dedicated team of more than 50 professionals, Fengate Infrastructure leads carefully targeted investment pursuits through consortia building, qualification and proposal phases, through to commercial and financial close, and through development and asset management.

In 2011, Fengate Infrastructure made a strategic decision to build a dedicated, in-house asset management team providing industryleading facility management services — a true differentiator within our industry. This inhouse talent and capability enable Fengate to proactively manage our infrastructure assets and ensure all projects reach their full potential.

The combined commercial and technical strengths within our partnerships are developing, building and operating today’s and tomorrow’s infrastructure projects.

$15 billion Project value of portfolio

50+ Professionals

45+ Infrastructure projects

Fengate Private Equity

Founded in 2016, Fengate Private Equity is focused on providing growth capital to support the needs and aspirations of North American entrepreneurs and operators. We seek partnership opportunities in the middle market across the healthcare, business products and services, information and communications technology, consumer services and products, and financial services

Entrepreneurship is a scarce resource. We recognize the challenges that entrepreneurs face in driving growth, and the tenacity and agility required to capitalize on growth opportunities. Our operator-centric partnership approach, combined with our Fengate playbook, provides the foresight and adaptability to support our entrepreneurial partners in navigating the challenges and opportunities presented by growth.

We seek to identify scalable business platforms led by high-quality entrepreneurs and management teams in the expansionary stage of their business. Developed to accelerate the growth trajectory of our partners, our Transformative Capital investment approach is to work closely with ambitious operators, providing them with the necessary capital, resources, and strategic guidance to elevate and cause a long and lasting positive change in their business.

Our successful partnerships to date have created $2.1B in total realized value, and on these investments Fengate has achieved a 3.0x+ multiple on invested capital. Our current growth portfolio holdings have seen average compounded annual growth rates of 33.3 percent on revenue and 26.5 percent on EBITDA.

Fengate Real Estate

Since 1974, and with 20 years of experience managing institutional/pension plan capital, Fengate Real Estate has been strategically developing and managing real estate assets across multiple asset classes and the riskreturn spectrum. We are focused on delivering exceptional value-add to our investors through our disciplined approach to sourcing, developing and managing unique opportunities in the following strategies: Land Entitlement, Build-toCore, Core, Opportunistic.

The multi-disciplinary Fengate Real Estate team is comprised of more than 40 real estate professionals with decades of experience from across the industry, enabling us to offer our clients a comprehensive and integrated platform providing best-in-class asset and investment management along with robust development capabilities.

We manage transactions through the entire lifecycle of real estate, from land entitlement, development, and stabilization to ongoing active asset management. Once an asset is stabilized, our in-house asset management team is focused on proactive leasing, detailed performance tracking, and determination of the highest and best use strategies. On an ongoing basis, our team is strategically reviewing the management of revenue and expenses of the real estate portfolio, analyzing performance, and identifying opportunities for growth.

The Fengate Real Estate team understands our work is about not only buildings and land, but about people, neighbourhoods, vibrant communities, and sustainability. In line with Fengate’s ESG commitments, we work hard to address and bring our vision to senior housing needs; purpose-built, transitoriented rental housing needs; student housing needs; and the critical importance of progressive environmental and social impact with investments.

BOMA Best® Gold

Recent Highlights

Working hard on behalf of our institutional investors, including a roster of pension plans, and private investors, Fengate is proud to be building on more than 40 years of successful projects with sustained momentum. Recent highlights include:

September 2022

In September 2022, Fengate proudly unveiled a Legacy Space at its downtown Toronto office, in partnership with The Gord Downie & Chanie Wenjack Fund (“DWF”). Dedicated to heightening awareness and providing education about Indigenous history and the path towards reconciliation between Indigenous and non-Indigenous people in Canada, the safe and welcoming Legacy Space is one of many initiatives led by Fengate’s Equity, Belonging, Inclusion and Diversity (EBID) Think Tank.

A vibrant mural by Haudenosaunee artist, Kyle Joedicke, commissioned through the Art Gallery of Hamilton, adorns the legacy room with an illustration that represents two separate cultures and ways of life, flowing in harmony together, and respecting each other’s differences.

September 2022

Fengate, on behalf of the LiUNA Pension Fund of Central and Eastern Canada (LPFCEC), has completed a strategic minority equity investment in Inflector Environmental Services, one of Canada’s leading environmental services providers specializing in mission-critical, hazardous material abatement and remediation.

Founded in 1994, and specializing in asbestos and lead abatement, Inflector has become a market leader in hazardous materials management and building hygiene services. Inflector also provides mould, soil, and site remediation, selective demolition, and emergency response services to blue chip customers across a variety of industries. With more than 500 employees in five offices across Canada, Inflector has one of the largest dedicated labour forces coast-to-coast. Through this partnership, Fengate will provide support to Inflector’s management team on the company’s next stage of strategic growth.

Inflector Environmental Services

Legacy Space at Fengate Office

July 2022

Following a competitive procurement process, Clackamas County has selected Fengate PCL Progress Partners (FP3) as the preferred proponent to design, build, finance, operate and maintain a muchneeded new courthouse through a public-private partnership. The FP3 consortium is comprised of Fengate, PCL Investments Inc., PCL Construction Services Inc., Honeywell, and DLR Group.

The new Clackamas County Courthouse will be built on the County’s Red Soils Campus in Oregon City where courthouse users will be able to quickly access the various County departments. The new 241,073 sq. ft. courthouse will feature 16 courtrooms, 17 judicial chambers, space for the District Attorney’s Office, secure loading and staging areas, enhanced prisoner transfer facilities, jury assembly and grand jury spaces, safe corridors for courthouse users, and secure holding cells for violent offenders.

July 2022

In July 2022, Fengate acquired a mixed-use development site, comprised of 46 Charlotte Street, 16 Oxley Street, and 355 Adelaide Street West, in downtown Toronto’s Entertainment District. The firm acquired the site through a receivership sale, with zoning and site plan applications in progress. Fengate is managing this investment and development as part of its commercial and residential development strategy on behalf of its investors, including LPFCEC.

The site on the corner of Charlotte Street and Adelaide Street West is currently occupied by a six-storey, heritage-listed building with links to the expansion of Toronto’s garment industry in the 1920s and 1930s. The proposed development includes plans to preserve parts of the heritage façade of the property, and contemplates delivering over 400 residential units as well as retail and commercial spaces in the heart of downtown Toronto.

Clackamas County Courthouse

Acquisition of historic, mixed-use development site

Infrastructure Private Equity Real Estate

Recent Highlights

May 2022

In January 2021, Fengate and York1 announced that Fengate has completed an investment in York1 on behalf of LPFCEC. The partnership with York1, Fengate and LPFCEC is to provide York1 with growth capital to continue to execute on its robust pipeline of M&A and other strategic opportunities. Results to date include:

■ March 2021: York1 acquires MCS Group, enhancing its portfolio of services to include hydro excavation, CCTV sewer inspection and flushing, directional drilling, detailed excavation, and site services.

■ January 2021: York1 acquires Aces Waste Management (Muskoka) Ltd, expanding its reach into new markets.

■ April 2022: York1 acquires the Budget Group of Companies consisting of Budget Environmental Disposal Inc., Regional Disposal Services Inc., and Budget Iron and Metal Inc.

■ May 2022: York1 acquires United Environmental Holdings Inc., a leading solid waste service provider, specializing in the industrial, commercial, and institutional waste sectors since 2009.

April 2022

With a proven management team and unprecedented demand for renewable energy projects, Fengate Distributed Generation Partners is a new platform focused on acquiring, developing, constructing, and operating distributed generation (DG) solar, DG solar plus battery storage, and DG battery storage projects. Target market segments include community solar; municipal, university, school district and hospital; commercial and industrial; and small utility-scale projects.

Fengate’s development partner in Fengate Distributed Generation Partners is 42 Renewables.

Fengate Distributed Generation Partners

York1 Momentum

April 2022

In April 2022, Fengate earned the International WELL Building Institute’s (IWBI) WELL Health-Safety Rating for its entire 1.7 million square foot office portfolio, managed on behalf of its investors including LPFCEC. The WELL Health-Safety Rating is an evidencebased, third-party verified rating for all new and existing building and space types focusing on operational policies, maintenance protocols, stakeholder engagement and emergency plans to address a post-COVID-19 environment now and into the future.

Earlier in 2022, Fengate earned BOMA BEST® Gold certification, a distinction that recognizes excellence in energy conservation and environmental management in the commercial office sector, for Concorde Corporate Centre in Toronto, Ontario, and for 2265 and 2275 Upper Middle Road East and 1315 North Service Road East in Oakville, Ontario.

April 2022

In April 2022, Fengate announced financial close on the acquisition of a significant portfolio of high-quality wireless communications towers, located in nine states across the United States, from Florida-based TowerCom, LLC.

This acquisition builds on the multi-year partnership between Fengate and TowerCom launched in September 2020 to support the development and construction of new towers as well as Fengate’s acquisition of 42 towers from Municipal Communications II in September 2021. TowerCom, a leading communications tower developer and owner focused on some of the fastest-growing wireless markets in the United States, will continue to manage the newly acquired portfolio of towers on Fengate’s behalf.

BOMA BEST® Gold and WELL Health-Safety

Expanded Wireless Portfolio

Infrastructure Private Equity Real Estate

Recent Highlights

At the 2021 P3 Awards, the award for Social Infrastructure Project of the Year was presented to members of Prince George’s County Public Schools (PGCPS) and Prince George’s County Education & Community Partners (PGCECP), the Fengate-led consortium working with PGCPS on their alternative construction financing project to design, build, finance and maintain six much-needed public schools.

One of the 20 largest school districts in the United States, Prince George’s County has the second-oldest buildings in Maryland with more than half of its 208 schools over 50 years old. PGCPS partnered with PGCECP to overcome a massive funding shortage to update, modernize and expand its aging school infrastructure.

The project has also recently been recognized as Social Infrastructure (Education) Deal of the Year and Editor’s Choice as the Best Deal in North America at the IJGlobal Awards 2020 and ESG Social Infrastructure Deal of the Year at the IJGlobal ESG Awards 2021.

Fengate and Canderel Management Inc. announced the acquisition of 1209 St. Laurent Boulevard, a one-acre site in a transit-oriented development zone in Ottawa’s east end. As part of their commitment to invest in Ottawa, Fengate and Canderel have partnered to codevelop the site with two purpose-built rental buildings.

With the site already zoned, the project will deliver more than 600 units to the undersupplied Ottawa housing market where population growth is outpacing many of the Canadian urban centres, including Toronto and Montreal.

PGCPS Awards

February 2022

March 2022

February 2022

Fengate and Ironclad Energy Ventures announced a partnership to acquire and operate cogeneration, district energy, and other industrial generation projects in the U.S. and Canada. The partnership will improve the reliability, environmental efficiencies, operations, equipment and cost at the acquired cogeneration and district energy facilities by applying the combined experience and expertise of both Fengate and Ironclad. The partnership will be able to provide capital to expand and upgrade acquired facilities or systems, for increased efficiencies and lower customer costs.

Fengate and Ironclad together bring deep and results-driven experience in working with industrial customers to create and unlock value from non-core utility assets, and in serving customers’ utility needs with innovative and efficient onsite solutions.

January 2022

Fengate is proud to announce we have become a signatory for the Institutional Limited Partners Association (ILPA) Diversity in Action initiative. The ILPA Diversity in Action initiative brings together limited partners and general partners who share a commitment to advancing diversity, equity and inclusion in the private equity industry. The goal of the initiative is to motivate market participants to engage in the journey towards becoming more diverse and inclusive and to build momentum around the adoption of specific actions that advance diversity, equity and inclusion over time.

GPs and LPs who join the Diversity in Action initiative commit to specific actions that advance diversity and inclusion, both within their organization and the industry more broadly. To join the Initiative as a signatory, Fengate provided a summary of concrete actions, sourced from the Initiative Framework, that we are taking within our organization and in the wider industry.

ILPA Signatory

Ironclad Energy

Infrastructure Private Equity Real Estate

Corporate Responsibility and Social impact

One cannot have a complete picture of our firm without an understanding of our deep commitment to positive social impact, to corporate responsibility, and to giving back.

We are not just about delivering excellent investment results. We know that acting responsibly to our stakeholders, which include a significant roster of institutional investors, and our growing communities is fundamental. We believe that responsible corporate behavior and responsible investment are intrinsic to strong, long-term investor returns and strive to align such principles with our portfolio objectives in each of our business lines.

We are signatories of the United Nations-supported Principles of Responsible Investment, and we integrate environmental, social and governance (ESG) principles into all stages of our investment process.

At the heart of our community efforts is the Fengate Community Foundation (FCF), established in 2010 to enhance Fengate’s philanthropic efforts and establish a more structured way of giving. The FCF is an approximately $2 million grant by Fengate that is administered by the Hamilton Community Foundation, ensuring donations and support reach causes and programs with the most need, within Canada and abroad.

In addition to FCF, Fengate directly donates hundreds of thousands of dollars and hundreds of hours every year in support of community and charitable organizations and events across Canada and the United States.

Fengate’s ESG objectives are:

1 3 2 4 5

To integrate ESG assessment in our investment process including origination, investment due diligence, approval, asset management and disposition.

To quantify the risk and return impact of ESG factors where possible.

To monitor ESG factors in our asset management activities.

To report and be accountable on ESGrelated matters to our investors.

To promote responsible investment principles to our employees, partners, service providers, and investors.

Commitment to UNPRI

As a signatory of the UNPRI, Fengate has strongly committed to upholding UNPRI’s principles in our firm’s activities. Fengate professionals across the organization work together to integrate the principles throughout the full investment life cycle.

Fengate is proud to be recognized as one of Canada’s Best Managed Companies since 2007, maintaining Platinum status.

Fengate is committed to applying the six principles of the UNPRI: 1 3 2 4 5 6

We will incorporate ESG issues into investment analysis and decision-making processes.

We will be active owners and incorporate ESG issues into our ownership policies and practices.

We will seek appropriate disclosure on ESG issues by the entities in which we invest.

We will promote acceptance and implementation of the Principles within the investment industry.

We will work together to enhance our effectiveness in implementing the Principles.

We will each report on our activities and progress towards implementing the Principles.

Fengate was certified as a Great Place to Work® for 2022, and it was named one of Canada’s Best Workplaces™ and recognized as a Best Workplace™ in Ontario; the Financial Services & Insurance; for Inclusion; Women; Professional Development; and Today’s Youth.

Fengate is a proud signatory of the Institutional Limited Partners Association (ILPA) Diversity in Action initiative.

*All values presented in this brochure are in Canadian dollars.

“Fengate” refers to the Fengate group of companies which is comprised of Fengate Capital Management Ltd., its affiliated entities and the funds or other investment vehicles that they manage. Fengate has produced this information brochure (the “brochure”) for informational purposes only. The information contained in the brochure (the “Information”) is believed to be accurate at the time of publication of the brochure; however, Fengate does not guarantee or warrant or make any representations concerning the quality, suitability, accuracy completeness or timeliness of the information contained in the brochure.

This brochure and the information contained within it does not constitute an offer or solicitation by anyone in any jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation. In no event will Fengate be liable to any party for any claim or any direct, indirect, exemplary, incidental, punitive, special or other consequential damages arising out of information available in the brochure. Fengate is a trade name of Fengate Corporation. All other trade names, trademarks, service marks or logos found in this brochure are owned by their respective owners.

© 2023 Serafini Holdings Corporation. All rights reserved.