Overview
Our responsible investment approach is centered around three strategic pillars that collectively guide how we invest, build, and operate across the organization. Fengate takes a long-term view to value creation, and believes that by investing responsibly and thoughtfully, we will deliver lasting value and meaningful outcomes such as sustainable growth, low-carbon energy, resilient community infrastructure, and local job and economic impact creation.
1. Responsible labour
Fengate was founded with a deep commitment to community, and responsible labour principles have been integral to the firm’s mission from the start. These principles are embedded into our investment approach through our in-house responsible labour team, Responsible Contractor Policies, and ongoing collaboration with NABTU-affiliated trades.
2. Sustainability and resilience
Fengate believes that sustainability and resilience are foundational to long-term value creation. We are committed to delivering sustainable, climate-resilient assets that deliver enduring value for our investors, employees, and the communities we serve.
3. Reporting and risk management
Reporting and risk management are core to transparency, consistency, and accountability within our RI program. Our RI program emphasizes the importance of robust data management and review processes, clear reporting frameworks, and alignment of sustainability disclosures to global standards and frameworks.
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Responsible labour
Delivering strong investment returns as our purpose. Delivering labour-positive outcomes as our advantage.
STRATEGIC PILLARS | RESPONSIBLE LABOUR
Fengate’s Responsible Labour Program
Since our founding, Fengate has worked shoulder-to-shoulder with construction labour unions. The Laborers' International Union of North America (LiUNA) and Fengate have a deep relationship of 40+ years together, built on a shared commitment to community building. Fengate’s Responsible Labour Program provides a structured framework for engaging with labour partners and integrating responsible labour throughout the investment process. The program is designed to foster positive labour outcomes while maintaining alignment with our primary objective of delivering robust, risk-adjusted returns for our investors.
Key highlights
union construction hours generated in 2025
union operating and maintenance hours generated in 2025
union labour hours generated from construction projects completed from 2019 to 2025, representing over 14 different trades across 27 investments
Responsible workforce
Across all investments, Fengate is committed to upholding strong workforce standards as outlined by our Responsible Workforce Principles. Fengate actively manages labour risk and promotes workforce-positive practices such as freedom of association, equity, and health and safety.
Responsible contracting
Fengate’s Responsible Contractor Policies seek to drive a range of labour outcomes. Where Fengate has limited control or influence over the subcontractor selection, Fengate will partner with General Contractors or Design Builders, where possible, to support fair and inclusive access to contracting through a transparent, competitive bidding process. Where Fengate has greater control or influence, and where Signatory Contractors can provide competitive bids and perform the required work in accordance with a reasonable schedule, Fengate will seek to leverage capital allocation and contracting decisions to create new jobs and enhance project outcomes. This process is governed by Fengate’s fund-level Responsible Contractor Policies.
Fengate views responsible labour governance as a shared responsibility that spans all business units. Roles and accountabilities are clearly defined and structured within the firm’s broader governance framework ensuring consistency, transparency, and alignment across the organization. Fengate’s dedicated in-house labour relations team oversees the execution and ongoing monitoring of the firm’s labour standards, including fund-level Responsible Contractor Policies and Responsible Workforce Principles.
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Sustainability and resilience
Driving long-term value through sustainable design, climate resilience, energy transition, and engaged communities.
STRATEGIC PILLARS | SUSTAINABILITY AND RESILIENCE
Climate management
In 2025, Fengate continued to execute key areas of our climate strategy, focusing on five key thematic areas:
STRATEGIC PILLARS | SUSTAINABILITY AND RESILIENCE
Nature and biodiversity
Fengate recognizes the importance of protecting and conserving nature and biodiversity as nature loss poses significant risk to the economy and has a substantial impact on the built environment. We also acknowledge that nature and climate are inextricably linked. Nature-based solutions can offer low-cost, effective, and sustainable ways to combat climate change and mitigate physical risks such as natural flood management, local cooling, and carbon sinks. As such, Fengate is a Taskforce on Nature-related Financial Disclosures (TNFD) Forum Member, and a Canadian TNFD Consultation Group member.
Nature risk assessment
Fengate, like many organizations, has dependencies and impacts on nature, which can give rise to nature‑related risks and opportunities with potential business implications. To support the identification and assessment of these issues, TNFD developed the LEAP approach (Locate, Evaluate, Assess, and Prepare), which helps inform TNFD‑aligned disclosures and serves as a practical early‑stage tool for real estate organizations.
In 2025, Fengate partnered with Alvéole, a nature‑based solutions company, to carry out an initial LEAP assessment of its real estate portfolio. The assessment provided a clearer picture of where assets interact with sensitive ecosystems, the associated nature‑related risks and opportunities, and potential actions to mitigate risks and enhance biodiversity.
To learn more about the risk assessment, read our thought piece here published by Fengate and Alvéole.
Key nature highlights across our real estate portfolio:
community gardens at
Fengate properties
meals donated from
community garden harvests8
active beehives at
Fengate properties
(8) Based on 2025 data from MicroHabitat at 5 community gardens.
STRATEGIC PILLARS | SUSTAINABILITY AND RESILIENCE
Social impact at Fengate
Social impact at Fengate is embedded across our investment platform, reflecting a longstanding focus on investing in essential assets that support communities and drive long-term social and economic value. Across our portfolio, this approach is reflected in investments that expand access to critical healthcare services, deliver new housing supply, and support community infrastructure, including hospitals, retirement communities, government and educational facilities, and residential developments across North America.
hospital beds delivered or under delivery
school seats delivered or under delivery
affordable residential units under delivery
seniors housing units
U.S. healthcare facilities
This community-oriented purpose is reflected not only in what we invest in, but also in how we invest and who we are as an organization. Guided by Fengate’s purpose to exceed client objectives while improving the world through our investments, social impact at Fengate focuses on advancing initiatives that foster an inclusive and equitable workplace, enable thoughtful community engagement, and expand local job opportunities and economic growth.
People and culture
Foster a culture of inclusivity and equity across the firm, following a framework that focuses on education and excellence.
Community impact
Support meaningful causes for local marginalized communities through partnerships, volunteerism, and sponsorships.
Social procurement
Generate positive social and economic outcomes through the creation of quality jobs, public art, and meaningful community benefits across Fengate projects.
STRATEGIC PILLARS | SUSTAINABILITY AND RESILIENCE | SOCIAL IMPACT
People and culture
Diversity and inclusion are core tenets of Fengate’s culture. We are committed to advancing equity, belonging, inclusion, and diversity across the organization, with the belief that diversity of thought makes Fengate stronger and more resilient as an organization. This commitment is supported through a formal Social Impact Strategy, along with governance through our Social Impact Council.
(9) Governance body values represent Fengate's Executive Leadership team as of Q1 2026
A firmwide culture driving exceptional performance
Fengate was the recipient of Waterstone Human Capital’s 2025 Canada’s Most Admired Corporate Cultures™ award. This national program recognizes best-in-class Canadian organizations for having cultures that have helped them enhance performance and sustain a competitive advantage. Fengate is a driven, high-performance environment, and the firm takes great care to promote employee health, well-being and belonging including:
- A flexible work framework allowing employees to shift their life at work to accommodate their unique life at home
- Recharge days through a combination of the office closing on Fridays before long weekends and at noon on Fridays during the summer months
- Regular industry benchmarking, with insights used to inform improvements and enhancements regarding pay equity
- Group RRSP program for all employees with an employer match component
- Championing equity, inclusion and diversity through the firm’s Social Impact Strategy and Equity, Belonging, Inclusion and Diversity (EBID) Policy
- Employee Education Assistance Program to encourage eligible employees to upgrade their education and/or skills via college/university programs and courses
2025 Firmwide awards and recognition
Canada Green Building Council (CAGBC) Awards Emerging Green Leader Della Nice – Director, Responsible Investment
Canadian Venture Capital & Private Equity Association (CVCA) Awards
PE Rising Woman Star Kristen Floro – Senior Associate, Origination, Private Equity
Lexpert Rising Stars Leading Lawyers 40 and Under Zale Skolnik – Senior Legal Counsel, Legal
Urban Land Institute
Women's Leadership Initiative (WLI) Toronto Championship Team
Carolyn Poirier – VP, Marketing and Sales, Real Estate
- Great Place To Work Canada recognition in nine categories - Best Workplaces for Most Trusted Executive Teams, for Financial Services, for Women, for Mental Wellness, for Inclusion, for Giving Back, for Young Talent, Best Workplaces in Ontario, and #4 Best Workplace in Canada (for companies with 100-999 employees)
- Workplace Benefits Awards – Future of Work
- Canada's Best Managed Companies – Platinum Member
- Canada's Top Small and Medium Employers
- Canada's Most Admired Corporate Cultures
STRATEGIC PILLARS | SUSTAINABILITY AND RESILIENCE | SOCIAL IMPACT
Community impact
Fengate was founded with the fundamental belief that giving back helps build stronger communities. We understand it is a privilege to be part of the fabric of the community, and we aim to drive meaningful impact through collaboration, thoughtful sponsorships, and volunteering efforts.
Fengate Community Foundation
At the heart of our community efforts is the Fengate Community Foundation (FCF), a grant of more than $2 million, created in 2010 to enhance Fengate’s philanthropic efforts and establish a more structured way of giving. Through the FCF and administered by the Hamilton Community Foundation, Fengate donates to numerous charitable organizations throughout Canada and the U.S. each year with a focus on children and youth programs.
"On behalf of St. Joseph’s Villa Foundation, we are sincerely thankful to Fengate staff for volunteering their time and making a meaningful contribution during the Louis Serafini Sr. Community Partnership Day. It is always a pleasure to reconnect with them and meet new team members, and their work to enhance our outdoor spaces reflects Fengate’s strong culture of community and ongoing commitment to making a positive impact." – Don Davidson, President & CEO, St. Joseph’s Villa
Louis Serafini Community Partnership Day at St. Joseph’s Villa
"Success is about more than the bottom line. We have a social responsibility as a company and it is important to share our success with those who need it most."
Lou Serafini Jr.
President and Chief Executive Officer
Fengate in the community
Fengate is proud of its community partnerships and the meaningful ways we engage with our local communities. These partnerships align with our Social Impact Strategy and are designed to drive tangible, long-term impact through collaboration, volunteering, and thoughtful giving.
Holiday Helpers
Fengate and PCL hockey team
Kerr Street Mission softball tournament
Ride to Conquer Cancer
IM Houston, Meals on Wheels
Take the Plunge fundraising event at Friday Harbour
Hours volunteered in our communities
2024
2025
STRATEGIC PILLARS | SUSTAINABILITY AND RESILIENCE | SOCIAL IMPACT
Social procurement
Fengate's approach to social procurement is grounded in the belief that capital deployment and thoughtful procurement practices can generate positive social and economic outcomes in the communities where we invest. Fengate is committed to thoughtful project delivery through partnerships with responsible labour organizations, reputable design‑build firms, and experienced operators. Across our investment and development activities, responsible procurement activities help support positive working conditions, workforce safety, and local economic participation. Below are a few examples of Fengate's social procurement in practice.
Job creation and economic impact
Alongside delivering strong risk‑adjusted returns for our investors, our real asset investments across North America generate meaningful direct and indirect economic value, creating a multiplier effect across local, regional, and national economies. Fengate works with Pinnacle Economics using the IMPLAN10 model to quantify the economic impact generated by our investments, including pension contributions and tax revenue creation, and continues to identify opportunities to strengthen and scale this impact over time. Additional detail on our approach to responsible labour is available in our 2025 Labour Impact Report.
Community engagement and local partnerships
During the development process, we look for appropriate opportunities to engage with community stakeholders and local institutions and where feasible, incorporate their representation and input into our projects. As one example, in 2025 Fengate partnered with a local artist to integrate a public art installation into the construction hoarding at a new seniors’ community in Ontario, Canada. Located near parks and recreational trails, the artwork was designed to reflect the site’s natural surroundings while transforming the construction perimeter into a community‑oriented space. The project also sought to engage the nearby school community during the construction period, using public art as a way to foster connection and dialogue with community members.
Community benefits and workforce inclusion
Where feasible, Fengate integrates community benefit outcomes into project delivery, including inclusive procurement, workforce participation, and local economic engagement. This approach is reflected in projects such as the Clackamas County Circuit Courthouse in Oregon City where community benefit commitments prioritized hiring of local disadvantaged, minority-owned, women-owned, and service-disabled-veteran-owned businesses. The project also generated over 520,000 union hours across 13 construction trades.
Public art installation at a new seniors' community in Ontario, Canada through a local artist partnership
(10) IMPLAN is an input-output dollar flow model that tracks the way a dollar injected into one sector is spent and re-spent in other sectors of the economy, generating waves of economic activity, or “economic multiplier” effects. For more information on the IMPLAN Model, please visit https://implan.com
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Reporting and risk management
Enabling transparency and accountability through quality data management and reporting, strong policies and compliance, and proactive risk management.
STRATEGIC PILLARS
Reporting and risk management
Data security and privacy
Fengate is committed to maintaining the highest standards of data security and privacy. Our Information Security Management System (ISMS) is aligned with ISO/IEC 27001, ensuring that we adhere to internationally recognized best practices for managing information security. Security governance and accountability are owned by our Information Technology (IT) function, which oversees the implementation and ongoing operation of our ISMS. This includes policies and procedures for data protection, incident response, and continuous monitoring, supported by a range of controls such as access controls, vendor risk management, security awareness training, and vulnerability management to safeguard the confidentiality, integrity, and availability of our information assets. Fengate maintains an acceptable-use policy and supporting guidelines for AI as part of our ISMS, governing how company data and proprietary information may be used with generative AI tools.
Ethics and compliance
Fengate is committed to a safe and healthy workplace with set standards and expectations of behaviour to promote our core values and ensure a respectful work environment. Fengate’s Code of Conduct affirms our commitment to ethical conduct, complying with all applicable laws and avoiding conflicts of interest. This policy requires our employees to observe high standards of honesty, integrity, and fairness in dealing with stakeholders, to avoid conflicts of interest, to comply with all applicable laws, regulations and policies, and to report actual or potential violations of such laws, regulations, and policies. Further, Fengate’s Policy and Procedures Manual (“The Manual”) provides guidance on people practices across the company, including Health and Safety Policy, Workplace Violence, Harassment, and Sexual Harassment Policy, and Whistleblower Protection Policy. The Manual is applicable to all Fengate business and divisions.
Human rights
Fengate’s Human Rights Policy sets out Fengate’s commitment to the protection and advancement of human rights, respecting all persons, and fostering a workplace environment that celebrates and embraces the unique differences of every person. This policy applies to all of our employees, and we expect our vendors to adhere to this policy as well. It includes provisions prohibiting the use of child labour and forced labour in all its forms, including prison labour, bonded labour, and any form of human trafficking, as well as physical punishment and abuse of any employee.
Enterprise Risk Management (ERM)
Fengate is in the process of developing the firm’s Enterprise Risk Management (ERM) framework to better reflect our risk governance, risk culture, and risk management practices. The ERM framework will include five key building blocks: risk appetite, risk culture, risk taxonomy, risk management process, and risk governance and oversight, all supported by technology enablement. The ERM framework is intended to enable consistent risk definition, risk evaluation, risk management, and risk reporting across the firm. Fengate’s finance and risk committee, comprised of the President and Chief Executive Officer, Chief Financial Officer, General Counsel and Chief Compliance Officer, advisory board member, and Managing Partner, provides oversight of Fengate’s risk management process, annual financial valuations and audit activities. Further, the committee is responsible for approving risk-related mitigation measures and third-party audits and valuations.