What Fiera Infrastructure Private Debt does

Fiera Infrastructure Private Debt is a North American mid-market infrastructure private credit franchise organized as a division of Fiera Private Debt Inc., itself a wholly owned subsidiary of publicly traded Fiera Capital Corporation (TSX: FSZ). The firm directly originates and structures senior secured debt, development bridge loans, construction-to-term financings, and term credit facilities sized between C$10M and C$75M+ across six infrastructure verticals: Renewables (solar, wind, biomass, hydro), Power and Utilities (including storage), Digital and Telecom (fiber, data centers, towers), Sustainable Solutions (RNG, waste-to-power, recycling), Transport and Mobility, and Social infrastructure. As of March 31, 2026 the firm cites a 20-year investment track record with C$1.6B invested across 55 distinct projects; dedicated infrastructure debt AUM stood at C$720M (US$526M) as of December 31, 2025.

Revenue is generated through three primary mechanisms: management and origination fees on funds, structuring/transaction fees on each financing, and net investment income retained on directly held credit exposures. Pricing is not publicly disclosed; transactions are negotiated deal-by-deal through private placements exclusively to institutional investors (pension plans, endowments, foundations, insurance companies, and family offices) via a sales-led direct origination model. Recent transactions include C$60M for Generate Upcycle's anaerobic digestion portfolio, US$50M for Arencibia's noble gas recovery facilities, C$25M for BioNorth's BC biomass plant, development capital for Starlight's 975 MW Alberta solar portfolio, and participation in SOFIAC's C$185M energy-efficiency round alongside Canada Infrastructure Bank and Desjardins, and in esVolta's US$450M battery storage facility.

The firm is operationally based at Fiera Capital's Montreal headquarters and field offices in Laval, Toronto, and New York. Leadership includes Senior Managing Director Andrew J. Shannon and Managing Director Stephen Zagrodny (both joined from Integrated Asset Management Corp. in 2019), Director Muzammil Khan (ex-EY Infrastructure Advisory), and Senior Director Katherine McElroy. The dedicated infrastructure debt team is being repositioned under the September 2025 creation of an integrated global infrastructure platform led by Bruno Guilmette (formerly CFO of Boralex, ex-PSP Investments) with Ciaran Henry heading institutional investor relations. Marketing is conducted through the corporate website, sector press releases, industry outlets (IPE, Bloomberg, Infrastructure magazine), sustainability reports (100% of portfolio aligned to UNSDGs, 1.92M MWh of renewable output in 2024, 28,822 tCO2e avoided), and direct institutional engagement.

Name

Fiera Infrastructure Private Debt

Legal name

Fiera Capital Corporation

Website

https://fierainfradebt.com

Company type

Public

Founded year

2003

Operating status

Operating

Short description

Fiera Infrastructure Private Debt is the mid-market infrastructure private credit arm of Fiera Capital Corporation (TSX: FSZ), originating and structuring senior secured debt and development financing of C$10M–C$75M+ across renewables, power, digital, sustainable solutions, transport, and social infrastructure for institutional investors in North America.

Ownership category

akta.pro rank

Product category

Infrastructure Private Debt

NAICS

Other Nondepository Credit Intermediation (52229), Other Financial Vehicles (52599)

akta.pro primary industry

Infrastructure & Project Finance Private Debt (FSANADAH)

akta.pro secondary industries

Private Credit / Direct Lending (FSAAAHAG), Infrastructure Debt Funds (FSANAEAL)

Keywords

• Private debt financing
• Infrastructure lending
• Project finance
• Institutional asset management
• Private credit

Headquarters

HQ city

Montreal

HQ country

Canada

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Infrastructure Private Debt Investment Returns: The firm generates revenue through providing debt financing to infrastructure projects. Returns are derived from interest payments, origination fees, and other debt-related income. The firm targets attractive cash yield with downside protection from hard assets as collateral.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Fiera Infrastructure Private Debt directly sources and structures private debt investments across diverse infrastructure sectors (renewables, power and utilities, digital infrastructure, sustainable solutions, transport and mobility, and social infrastructure). The firm targets North American mid-market infrastructure transactions ranging from $10 million to $75 million+, offering financing structures such as long-term loans, construction-to-term facilities, development bridge loans, and senior secured credit facilities.

Product overview

Fiera Infrastructure Private Debt is a division of Fiera Private Debt Inc. (subsidiary of Fiera Capital Corporation) that operates as a North American mid-market infrastructure private debt investment firm. The firm directly sources and structures private debt investments across diverse infrastructure sectors including Renewables (Solar, Wind, Biomass, Hydro), Power and Utilities, Digital and Telecom, Sustainable Solutions, Transport and Mobility, and Social infrastructure. As of December 31, 2025, the firm had C$720 million in assets under management. The company targets transaction sizes ranging from $10 million to $75 million+ and provides various financing solutions including long-term financing, construction-to-term financing, development bridge loans, and term credit facilities. Recent notable investments include financing for Generate Upcycle's RNG portfolio, Starlight's Alberta solar portfolio, BioNorth's biomass project, Pine Creek Renewables' RNG facilities, and SOFIAC's energy efficiency initiatives.

Differentiator

Problem solved

Functional benefit

Products and services

• Fiera Infrastructure Private Debt Strategy North American mid-market infrastructure private debt investment strategy that directly sources and structures private debt investments across diverse infrastructure sectors including renewables, power and utilities, digital infrastructure, sustainable solutions, transport and mobility, and social infrastructure. Targets institutional investors seeking stable cash yield with downside protection from hard-asset collateral.
• Infrastructure Debt Financing Solutions Customized debt financing solutions ranging from $10 million to $75 million+ for North American mid-market infrastructure projects. Includes long-term financing, construction-to-term financing, development bridge loans, and senior secured credit facilities across six target sectors: Renewables (Solar, Wind, Biomass, Hydro), Power and Utilities (Conventional Generation, Transmission, Energy Storage, District Heating, Energy Efficiency), Digital and Telecom (Fiber, Data Centers, Towers), Sustainable Solutions (Waste-to-Power, Anaerobic Digesters and RNG, Water Solutions, Recycling Solutions), Transport and Mobility (Airports, Ports, EV Fleets, Charging Stations), and Social infrastructure (Smart Cities Technologies, Care Infrastructure).

Named customers6 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Selkirk Advisory GroupcoreImplementation/ SI/ Consulting PartnerSelkirk Advisory Group acted as arranger and loan agent for the Starlight follow-on development capital financing transaction. The firm has been engaged on over C$2.5 billion of financing and advisory mandates since inception.

Scale indicators11 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Macquarie Asset Management: Operates Macquarie Infrastructure Debt, one of the largest dedicated infrastructure private credit platforms globally. Direct competitor for mid-market and larger infrastructure project debt mandates from pension plans and insurers.
• Antin Infrastructure Partners: Europe-anchored but North America-active infrastructure-focused private equity and debt manager. Competes directly with Fiera Infrastructure Private Debt for institutional mandates in mid-market infrastructure private debt across sectors overlapping Fiera's target list.
• Copenhagen Infrastructure Partners: Energy-focused infrastructure manager that co-invested with Fiera on the $450M esVolta battery storage facility. Direct competitor and frequent co-lender in renewables and energy transition infrastructure debt transactions across North America.
• Brookfield Asset Management: One of the world's largest infrastructure asset managers with a dedicated infrastructure private debt strategy. Directly competes with Fiera Infrastructure Private Debt for institutional infrastructure debt allocations, though at materially greater AUM scale.
• IFM Investors: Industry superannuation-backed global infrastructure investor with significant infrastructure debt capabilities. Targets the same institutional LP base as Fiera and frequently appears as a co-lender or competitor in North American infrastructure credit processes.
• BlackRock Global Infrastructure Debt: BlackRock's dedicated infrastructure debt platform raises institutional capital to finance infrastructure projects globally. Direct competitor for pension, endowment, and insurance mandates, with broader scale and product set than Fiera Infrastructure Private Debt.
• KKR Infrastructure: Operates KKR Global Infrastructure Investors with both equity and credit strategies targeting mid- to large-scale infrastructure assets. Overlaps directly with Fiera in mid-market project debt and recently partnered/co-invested in infrastructure credit processes.
• Nuveen (TIAA) Infrastructure: Large U.S. asset manager with a global infrastructure debt strategy serving institutional and insurance clients. Direct competitor in North American infrastructure private debt originations, particularly in renewables and digital infrastructure.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Fiera Infrastructure Private Debt