RESPONSIBLE INVESTMENT IN ACTION
Within this section, we have highlighted case studies from 2025 that demonstrate our continuous commitment to responsible investment practices and outcomes.
INFRASTRUCTURE
PRIVATE EQUITY
REAL ESTATE
RESPONSIBLE INVESTMENT IN ACTION
Infrastructure
Business overview
As one of North America's most active mid-market investors and developers, Fengate delivers essential infrastructure across the United States and Canada – shaping places, building resilient communities, and creating a positive impact. Our infrastructure business is led by recognized experts and sector specialists across energy transition, digital, social, and transportation.
Infrastructure awards and recognition
Clackamas County Circuit Courthouse
AWARDS
Engineering News-Record (ENR) Northwest Best Projects Awards
- 2025 Best Government/Public Building
- 2025 Award of Merit - Excellence in Safety
The Peter Gilgan Mississauga Hospital and Shah Family Hospital for Women and Children
AWARDS
IJGlobal Awards
- 2025 PPP Deal of the Year – North America
Total capital commitments11
Investments
Asset under management12
Professionals
(11) Capital commitments to Fengate managed vehicles from third-party investors and General Partner as of April 2026.
(12) Figures as of December 2025, adjusted for Fengate Infrastructure Fund V capital commitments closed through April 2026. Assets Under Management represents enterprise value adjusted for Fengate’s ownership (Infrastructure and Private Equity assets) and project gross asset value (Real Estate assets), plus undrawn commitments and recallable distributions.
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CASE STUDY - INFRASTRUCTURE
Advancing community health through sustainable development
The Peter Gilgan Mississauga Hospital and Shah Family Hospital for Women and Children
The Peter Gilgan Mississauga Hospital and Shah Family Hospital for Women and Children is the largest hospital project in Canada’s history. The new 2.8 million square foot facility will provide more than 950 patient beds, expanded emergency and surgical services, advanced diagnostic imaging, a modern pharmacy and laboratory, and a new parking structure. Construction began in summer 2025 and is scheduled to reach substantial completion in April 2033.
The project is pursuing LEED v4 Healthcare Silver certification, aligning with Trillium Health Partners’ commitment to minimizing environmental impact, improving energy efficiency, and fostering healthier indoor environments for patients, staff, and visitors. There is a particular focus on achieving credits which promote occupants' comfort, well-being, and productivity by improving indoor air quality.
In addition to LEED Certification, the project has been designed to meet Toronto Green Building Standard (TGS) Tier 1 even though geographically the project is not obligated to meet TGS. Following TGS requirements further represents the commitment from Trillium Health Partners to go above and beyond expectations to integrate sustainability throughout design.
Through its construction, the project is expected to create significant employment opportunities, with peak onsite employment exceeding 3,000 workers per day. These expansions will produce an additional $1 billion for the local economy over 10 years.
Fengate is a major equity provider and part of the Trillium M Project Co General Partnership, along with EllisDon, PCL, and Plenary.
Key highlights
permanent health care jobs will be created
total patient beds will be delivered
LEED
v4 Healthcare Silver certification target
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CASE STUDY - INFRASTRUCTURE
eStruxture launches inaugural Green Finance Framework to support sustainable digital infrastructure
eStruxture Data Centers, the largest Canadian data-center platform, has launched an industry-leading Green Finance Framework to support the company’s long-term sustainability and growth.
eStruxture is the first Canadian-based data center operator to introduce a Green Finance Framework. The framework not only supports sustainable digital infrastructure, it also shows that innovation and environmental responsibility can – and must – go hand in hand as AI, cloud, and high-performance computing continue to accelerate.
The framework will allow eStruxture to issue a range of green finance instruments, including green bonds, green loans, and green asset-backed securities. The proceeds from these will help drive projects with positive environmental impact, including energy efficiency upgrades, renewable energy integration, sustainable water management, and circular economy innovations.
eStruxture Data Centers
“As a proudly Canadian company, we believe that the AI revolution doesn’t have to come at the expense of our environment. This framework aligns with our core principles and will help us build and operate next-generation cloud and AI-ready data centers. This both supports Canadian economic growth and reflects our values of integrity, efficiency, and a deep respect for our environment.”
Todd Coleman
Founder, President and CEO of eStruxture
eStruxture has embedded environmental sustainability at the core of its platform since it was founded in 2017. The company has led the Canadian market in energy-efficient design, renewable power sourcing, and water-conscious operations through its growing platform of more than 16 facilities across Montreal, Toronto, Calgary, and Vancouver.
Key highlights
Canadian-based data center operator to introduce a Green Finance Framework
facilities across Montreal, Toronto, Calgary, and Vancouver
green project categories including energy efficiency, renewable energy, sustainable water and wastewater management, and eco-efficient products, technologies, and processes
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CASE STUDY - INFRASTRUCTURE
Utilizing rooftop space to harness solar energy
Across Fengate’s infrastructure assets, rooftops are increasingly viewed as productive assets—capable of generating clean, reliable energy directly where it is consumed. By integrating rooftop solar solutions where technically and economically feasible, the solar array initiatives seek to reduce exposure to energy price volatility, improve asset resilience, and support portfolio decarbonization objectives while enhancing long‑term cash flow stability.
Across assets that Fengate manages within its infrastructure portfolios, rooftop solar installations generated 23,041,000 kWh of renewable energy in 2025. Additional rooftop solar installations are expected to come online in 2026 with the completion of JFK Airport Terminal 6, delivering 6,000 solar panels as part of the facility’s pursuit for LEED and Envision Gold certification13.
kWh of renewable energy generated in 2025 from rooftop solar systems
EWR Consolidated Rent–A-Car Facility
At EWR Consolidated Rental Car Facility, a 5 MW rooftop solar array, composed of 12,708 photovoltaic panels covering 364,000 square feet, powers the entire structure14. In 2025, the system generated over 5,600,000 kWh of renewable energy. The project also included the installation of over 230 electric vehicle (EV) charging ports on public parking levels, with additional infrastructure in place to support up to 70 future charging ports. Additional green elements include LED-efficient lighting, water reclamation systems, advanced air quality controls, and extensive landscaping.
Clackamas County Circuit Courthouse
At Clackamas County Circuit Courthouse, a large solar array installed on the roof and carport structures is designed to generate clean energy and further minimize energy bills for the county, generating over 500,000 kWh of free, clean, and renewable energy in 2025. Other key energy-efficiency features within this LEED Gold facility include high efficiency cooling and heating system with waste heat recovery, high performing envelope and glazing, and LED lighting throughout the building.
By late 2025, the project already saved an estimated $54,000 on utility bills15. Clackamas County’s investment also supports its broader Climate Action Plan, which includes a goal of reaching carbon neutrality by 2050.
LAX Consolidated Rent-A-Car Facility
At LAX Consolidated Rent–A-Car Facility, an 8.4 MW photovoltaic solar panel system on the rooftop of this LEED Gold facility is large enough to power 1,100 houses16. In 2025, the system generated over 7,000,000 kWh of renewable energy.
Rooftop solar platforms
Across Fengate’s infrastructure portfolio, rooftop solar platform investments are converting underutilized space into a growing source of clean, distributed energy. Spanning hundreds of sites across North America, rooftop solar assets—totaling over 9 MW of installed capacity—generated more than 9,700,000 kWh of renewable electricity in 2025.
RESPONSIBLE INVESTMENT IN ACTION
Private equity
Business overview
Fengate Private Equity takes a targeted, strategic approach to investing in lower middle-market businesses across North America. Backed by 50+ years of entrepreneurial experience, we specialize in sectors where we’ve built deep expertise and a strong thematic focus. We target investments aligned with Fengate’s long-term strategy across four key sectors: business services, consumer staples, healthcare, and venture capital.
Total capital commitments17
Realized value created
Portfolio investments
Professionals
(17) Capital commitments to Fengate-managed vehicles from third-party investors and General Partner.
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CASE STUDY - PRIVATE EQUITY
Sweets from the Earth – Kind for the planet
Founded in Toronto in 2002, Sweets from the Earth is a family‑run bakery with a passion for creating all‑natural, plant‑based baked goods. Handmade in small batches using 100% vegan ingredients, the company serves a health‑conscious, environmentally friendly consumer seeking sweet, natural, and ethical treats.
Sustainability is embedded across every stage of its operations:
- Plant-based foods: Prioritizes locally sourced, plant-based ingredients to reduce environmental impact and support local farmers. This approach emphasizes the use of natural ingredients, lower resource consumption, and responsible sourcing practices.
- Sustainable facilities: Facility operations focus on energy and water efficiency. Initiatives include capturing and reusing excess heat, freezer automation, water saving and filtration technologies, and cleaning equipment that uses biodegradable detergents and hot steam.
- Responsible packaging: Packaging waste is minimized through high quality materials that protect product integrity, extend shelf life, and reduce food damage and waste. Solutions include bulk formats, recyclable materials, and right‑sized designs to avoid unnecessary waste during shipping.
- Food waste reduction: Reduces food waste through optimized production and bakeable packaging. The Just the Ends program repurposes cut‑off ends from popular treats to maximize product use, and select products are sent to local food banks or sold through retail channels to limit landfill waste.
Key highlights
food waste saved in 2025 through the Just the Ends program18
plant-based foods
energy and resource efficiency measures in place at the facility
(18) Based on the Just End Sales from 2025 fiscal year.
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CASE STUDY - PRIVATE EQUITY
Enabling green buildings with CanPro
CanPro Roofing Partners was formed in 2025 to build a best-in-class Canadian roofing platform. By partnering with high quality companies, CanPro aims to elevate and strengthen Canada’s commercial roofing industry by uniting trusted and reputable owners under a national platform. Its first partnership was announced with Toiture Perreault, a leading roofing contractor serving the Greater Montreal Area.
“We are excited to launch CanPro Roofing Partners and elevate the standard of commercial roof replacement and maintenance in Canada," said Mohit Kansal, Managing Director, Fengate Private Equity. "Working with experienced partners like Toiture Perreault allows us to support a range of client needs, including projects focused on durability, performance, and green building requirements.”
CanPro plays an important role in enabling greener, more resilient buildings through LEED-aligned roofing capabilities. As demand for climate adaptation and resilience solutions grows, a recent BCG report indicates that climate-resilient building materials are expected to increase between 6% to 8% over the next five years19.
Since 2021, Toiture Perreault has completed 10 LEED-certified or LEED-targeted projects, demonstrating its ability to support customers with roofing solutions that contribute to more sustainable, durable, and resilient building outcomes. In addition, the company’s capabilities also extend to the installation of materials designed to enhance long-term durability and extreme-weather performance, helping customers better protect assets against evolving climate-related risks. These roofing solutions enable CanPro and Toiture Perreault to contribute to the development of more climate resilient buildings as market demand continues to rise.
LEED projects20
(19) Investment Opportunities in the Climate A&R Market | BCG
(20) Projects between 2021 – 2024.
“We are excited to launch CanPro Roofing Partners and elevate the standard of commercial roof replacement and maintenance in Canada." – Mohit Kansal, Managing Director, Fengate Private Equity
RESPONSIBLE INVESTMENT IN ACTION
Real estate
Business overview
With over 50 years of experience, Fengate Real Estate has a proven track record of managing institutional capital and delivering results across a diverse range of asset classes and investment strategies including residential, seniors, industrial, commercial, and master planned communities. We combine deep investment expertise with robust development capabilities to deliver value for our partners, investors, and the communities we serve. Our best-in-class team brings decades of industry experience, offering our clients a comprehensive and integrated platform.
Real estate awards and recognition
2010, 2020 & 2060 Winston Park Dr
AWARDS
BOMA
- Outstanding Building of the Year Award (TOBY), Suburban Office Park – Mid Rise category
- Certificate of Excellence, Suburban Office Park - Mid Rise category
1315 North Service Rd E
AWARDS
BOMA
- Certificate of Excellence: 100,000 to 249,999 square feet category
1140 Wellington St W & 175 Main St
AWARDS
Better Buildings Ottawa Awards
- Recognized for leadership in energy management and climate action
Total capital commitments21
Assets under management22
Real estate investments
Professionals
(21) Capital commitments to Fengate-managed vehicles from third-party investors and General Partner.
(22) Represents enterprise value adjusted for project gross asset value, plus undrawn commitments, and recallable distributions.
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CASE STUDY - REAL ESTATE
GRESB in practice: Driving sustainability progress across our real estate portfolio
2265 and 2275 Upper Middle Road East
Participation in GRESB (Global Real Estate Sustainability Benchmark) plays an important role in enabling Fengate to translate sustainability commitments into measurable action across our real estate portfolio. Through benchmarking, peer comparison, and performance insights, GRESB helps identify priorities, strengthen data quality, and inform broader energy efficiency and decarbonization strategies.
This approach is reflected in the strong performance of the Fengate Commercial Income Fund (FCIF), which achieved an 87% (4 star) GRESB score in the most recent assessment along with sector leader recognition. Fengate’s Multifamily Income Fund (MFIF) and Development Fund III also participate in GRESB, using the results to guide our robust sustainability and resilience program.
GRESB participation supports sustainability progress across our platform by:
- Data‑driven performance management
- Energy and emissions insights
- Industry sustainability benchmarking
These insights continue to help drive initiatives, including FCIF decarbonization transition pilots of hybrid heat-pump rooftop units, MFIF decarbonization studies at 1140 Wellington St. W and 175 Main St. to define retrofit pathways, and ongoing participation in the BOMA BEST Sustainable Program. For our development portfolio, we continue to invest in low carbon strategies such as ground source heat exchange for residential projects and solar-ready industrial design.
FCIF GRESB Journey
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CASE STUDY - REAL ESTATE
Sustainable design as a foundation for resilient communities
Sustainability has been central to Fengate’s residential development approach from the very beginning. Guided by our responsible investment principles, we focus on delivering durable long-term value for investors while creating meaningful jobs, reducing environmental impact, and supporting resilient communities. Across our portfolio, we design housing and neighbourhoods that are well-connected, welcoming, and thoughtfully planned to support everyday living and long-term community well-being.
Building on this foundation, Fengate formalized its approach through the creation of the Sustainable Design Guidelines (“The Guidelines”) – a consistent framework that sets a standard of excellence for our residential design and development activities. Created with the community in mind, the Guidelines integrate environmental sustainability, support climate adaptation, and prioritize residents.
Developed by Fengate in collaboration with industry professionals, The Guidelines were informed by internal and external stakeholders and align with third-party benchmarks and standards such as GRESB and LEED. Fengate will review and update The Guidelines annually to ensure continued alignment with evolving industry standards, market expectations, and government programs23.
The six categories of Fengate’s Sustainable Design Guidelines include:
real estate development projects planned or in development with ground source heat exchange
Total projected economic impact24
(23) These guidelines are intended solely to guide Fengate’s development team, joint‑venture partners, and development managers on Canadian residential projects where Fengate holds majority equity or control. They serve as a framework to support the consistent integration of sustainability principles across applicable developments. These guidelines do not replace project‑specific requirements, professional judgment, or regulatory obligations, and their application is subject to commercial feasibility, technical feasibility, and limited partner approval.
(24) Economic impact: estimated based on other recently completed project’s economic impact as a ratio of hard and soft costs. Economic impact and fiscal contributions associated with the Master Development Fund recently completed projects were provided by Pinnacle Economics and were quantified using the IMPLAN model. Based on data from 5 residential development projects.
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CASE STUDY - REAL ESTATE
Accelerating attainable and affordable rental housing
Access to attainable and affordable housing is foundational to building inclusive, resilient communities. As housing affordability challenges continue to persist, purpose-built rental developments play a critical role in providing long-term housing for individuals and families.
The Dennis
In September 2025, LiUNA Pension Fund of Central and Eastern Canada (LPFCEC), in partnership with Fengate and The Hi‑Rise Group, celebrated the groundbreaking of The Dennis at 8 Locust Street in Toronto’s Mount Dennis neighbourhood. The Dennis is an LPFCEC project managed by the newly-launched Fengate Communities, delivering more than 448 new rental homes, including 89 affordable homes and six rental replacement units to help expand access to housing.
The Dennis is among the first projects to advance under the City of Toronto’s Purpose‑Built Rental Housing Incentives Stream, demonstrating how collaboration with government can remove barriers and accelerate housing delivery from approval to construction. The transit-oriented community is located steps away from the Mount Dennis light rail transit (LRT) station, connecting residents to jobs, education, and services across the region.
500 Upper Wellington
At 500 Upper Wellington, an LPFCEC project, Fengate is delivering attainable, family‑oriented rental housing through sustainable, performance‑driven design. More than 40% of the homes are two‑and three‑bedroom suites, supported by shared amenities including a fitness centre, outdoor terrace, and children’s playroom. Design strategies prioritize comfort, efficiency, and long‑term well-being, helping reduce utility costs while supporting a high quality of life for residents.
Low‑carbon systems, including geo-exchange energy, in‑suite ERVs, and heat‑recovery technologies are expected to reduce energy use by 42% compared to national standards and lower operational carbon emissions by 66%. Additional features such as green roofs, EV charging, smart water metering, and strong transit access further support long‑term affordability, reduced emissions, and resilient, well‑connected living.
