Private Equity
Toronto firm that buys and grows mid-sized essential-infrastructure businesses across Canada and the U.S.
Instar is a Toronto-based investor that takes equity stakes of roughly $50M to $250M in middle-market infrastructure businesses in Canada and the U.S., in transportation and logistics, energy transition, environmental and social infrastructure. Founded by CEO Gregory Smith, it managed the InstarAGF Essential Infrastructure Funds and dropped the InstarAGF name in 2021; it now calls itself a private equity firm focused on essential businesses. Its portfolio includes Skyservice, Creative Energy, AMPORTS, PRT Growing Services and, since January 2026, Québec's Groupe Somavrac. For students, it is a small Toronto team (Senior Analysts up to Partners) that works on deals and owns its companies actively; it publishes no student program.
0 open roles1 deals6 people17 sources
Takes equity positions of about $50M to $250M in North American businesses with high barriers to entry. Targets transportation and logistics, energy transition, environmental and social infrastructure.
Works with management teams on growth, operating improvements and bolt-on acquisitions. For example, Steel Reef has made 10 add-ons under Instar's ownership and signed long-term power contracts with SaskPower.
Manages the InstarAGF Essential Infrastructure Funds I and II. Fund II closed at about US$1.2 billion in 2020. A COO-led team runs fund administration, investor relations and business development.
A Montreal-based partner, hired in January 2026, leads origination and deal execution in Québec. He started after the firm's Groupe Somavrac acquisition, which it did with Investissement Québec and the Fonds de solidarité FTQ.
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President and Chief Executive Officer
Executive Committee
Founded Instar and chairs its Executive Committee. Previously a managing partner running Brookfield Financial's global infrastructure advisory group, and president of Macquarie Capital Funds Canada. Earlier a managing director at RBC Capital Partners and at Deloitte. CPA and CBV, with a Queen's commerce degree.
Chief Operating Officer and Senior Vice President
Executive Committee
Joined Instar in 2014 and sits on the Executive Committee. Runs fund administration, investor relations, business development, ESG and talent. Previously held executive roles at Capstone Infrastructure and Macquarie Infrastructure and Real Assets Canada.
Managing Partner
Executive Committee
Joined Instar in 2015 and sits on the Executive Committee. Previously founded Kindle Capital Group, which set up syndication and co-investment funds for Canadian institutions. Before that, a senior member of CPP Investments' infrastructure team. CA, with a Waterloo accounting degree.
Partner
Investment
Joined Instar in 2014 to lead how acquisitions are evaluated, negotiated and structured. Covers aviation, agribusiness and energy transition. Previously a Vice President at Capstone Infrastructure and a Manager at Macquarie Infrastructure and Real Assets Canada (2006–2011). CFA, with an INSEAD master's in finance and a Laurier BBA.
Partner
Investment
Joined Instar in 2017. Leads acquisitions in transportation, aviation, utilities and industrials, and sits on the boards of PRT Growing Services, AMPORTS and Skyservice United States. Previously a Director in Jefferies' infrastructure group, an Associate Director at HSBC and an Executive at Macquarie Capital Funds Europe. Commerce graduate of Ryerson (now Toronto Metropolitan University).
Partner
Investment
Joined Instar in January 2026 and works from Montreal, leading the firm's Québec strategy, origination and deal execution. Previously a Partner at Novacap, where he sat on the Industries Funds' investment committee. Earlier he founded Tulipe Management Consulting and held corporate development roles at BRP and Aimia.
Professional information only, drawn from official biographies and published reporting. BSO never lists private contact details.
Jan 12, 2026
Mathieu OuelletHire
Partner
Novacap → Instar
Instar hired the former Novacap partner to lead its Québec expansion from Montreal. He covers origination, deal execution and value creation.
Jan 7, 2026
Groupe Somavrac Inc.
Acquirer (consortium lead) · Ports, bulk storage and logistics
Buyer Consortium led by Instar Asset Management, with Investissement Québec and the Fonds de solidarité FTQ · Seller Paquin family
Instar led a consortium that bought all of Groupe Somavrac, including its 12 subsidiaries. Somavrac is a Trois-Rivières company that runs port terminals and dry and liquid bulk storage serving mining, agriculture, aluminum and chemicals. The head office and about 500 jobs stay in Québec and Ontario. Terms were not disclosed.
Instar hired former Novacap partner Mathieu Ouellet to build its Québec presence after the Somavrac deal. The release puts equity under management at about $3 billion.
An Instar-led consortium that includes Investissement Québec and the Fonds de solidarité FTQ bought the Trois-Rivières port terminal and bulk storage group from its founding family.
Instar sold its 30 MW Okanagan Wind facilities in British Columbia to Canadian Power Holdings. Terms were not disclosed.
Instar Group renamed its subsidiary manager, Instar Asset Management, which manages the InstarAGF Essential Infrastructure Funds I and II. It also said it planned new products under the Instar name.
Fund II closed with about US$1.2 billion of commitments, above its US$1.0 billion target, and about 80% of earlier investors came back.
Gregory Smith's official bio dates the founding to 2014. A 2021 company release quotes him as founding Instar in 2013.
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Instar Asset Management · Jan 12, 2026 · instarinvest.com
Instar Asset Management · Jan 7, 2026 · instarinvest.com
Instar Group Inc. · May 26, 2021 · instarinvest.com
Instar Asset Management · Date unavailable · instarinvest.com
Instar Asset Management · Date unavailable · instarinvest.com
Instar Asset Management · Date unavailable · instarinvest.com
Instar Asset Management · Date unavailable · instarinvest.com
Instar Asset Management · Date unavailable · instarinvest.com
Instar Asset Management · Date unavailable · instarinvest.com
Instar Asset Management · Date unavailable · instarinvest.com
Instar Asset Management · Date unavailable · instarinvest.com
Instar Asset Management · Date unavailable · instarinvest.com
Instar Asset Management · Date unavailable · instarinvest.com
Instar Asset Management · Date unavailable · instarinvest.com
Instar Asset Management · Date unavailable · instarinvest.com
Instar Asset Management · Date unavailable · instarinvest.com
IPP Journal · Jun 12, 2020 · ippjournal.com
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