Key insights

• ‍$10B AUM portfolio assessed for climate risks across 5-, 10-, 20-, and 50-year horizons ‍
• €9,000 saved per asset on due diligence costs; ~€94,000 annual savings expected ‍
• Weeks to hours: accelerated climate risk analysis for acquisitions and ESG reporting

“With EarthScan, we can stress test our assumptions using science-backed data for every asset, across decades. It’s changed how we manage risk.”
— Della Wang, ESG Director, Fengate Asset Management

Company snapshot

• ‍Industry: Alternative Investments (Infrastructure, Real Estate, Private Equity) ‍
• Headquarters: Toronto, Canada, with offices across Canada and the United States ‍
• Portfolio: 50+ institutional investors; assets spanning energy, transportation, social infrastructure, and commercial real estate

Fengate Asset Management is a North American alternative investment manager with over $10 billion in capital commitments and $35 billion in asset value across infrastructure, private equity, and real estate.

With 50+ institutional investors and offices in Canada and the United States, Fengate has built a reputation for long-term value creation and a strong ESG-first approach. The firm’s assets, from energy and transport infrastructure to essential real estate, are critical to the communities they serve, making resilience to climate change a strategic priority.

“We build and manage assets that people rely on every day. Ensuring their resilience isn’t optional, it’s our responsibility.” – Della Wang

The challenge

Fengate has always considered ESG a core part of its identity, but as the physical impacts of climate change accelerate across North America, the firm faced a critical question: How do you safeguard essential assets and investor returns in a future defined by climate uncertainty?

Traditional ESG approaches weren’t enough:

• Complex, diverse portfolios: Fengate’s infrastructure and real estate assets spanned multiple regions and sectors, each with unique climate vulnerabilities, from flooding threats to transportation hubs, to heat stress in energy infrastructure. ‍
• Evolving investor expectations: With over 50 institutional investors, the firm needed to demonstrate credible, data-backed climate resilience, not just high-level commitments. ‍
• Regulatory and reporting pressure: Frameworks like TCFD were raising the bar for climate-related disclosures, requiring location-specific, forward-looking data that Fengate didn’t want to rely on expensive external consultants to produce.

Without a consistent, scalable way to assess and manage physical climate risks, Fengate risked:

• Data blind spots that could impact asset performance and valuations. ‍
• Inefficient due diligence, slowing acquisitions and increasing costs. ‍
• Reputational and fiduciary risks, undermining the trust of their investors and communities.

“Responsible investing means protecting returns over decades, not just years. We needed the tools to see risks clearly and act early.”
– Della Wang, ESG Director, Fengate Asset Management

Fengate set out to integrate climate risk into the heart of its investment process, making resilience quantifiable, repeatable, and cost-effective across its portfolio.

What they did with EarthScan

In 2023, Fengate adopted EarthScan to transform climate risk management from a reporting requirement into a strategic capability. By embedding EarthScan’s analytics into their workflows, Fengate gained the granular, science-based insights needed to manage risks across a complex North American portfolio.

Use case 1: Portfolio-wide climate risk assessment

Fengate’s first priority was to understand the physical climate risks across its infrastructure and real estate holdings.

• Used EarthScan to map asset-level exposure to heat, flooding, and extreme precipitation across all major assets.
• Extracted quantitative forecasts, including maximum temperatures, rainfall intensity, and drought patterns, over 5-, 10-, 20-, and 50-year horizons.
• Combined this data with internal operational knowledge to create vulnerability profiles for each asset.

This approach replaced fragmented, retrospective data with a forward-looking, location-specific view:

“We can now stress test our assumptions for every site, not just based on past events, but on what’s likely to happen in the decades ahead.”
– Della Wang

Use case 2: Streamlined due diligence & cost savings

Before EarthScan, Fengate relied on external consultants for climate risk assessments during acquisitions, a process that was expensive, slow, and hard to scale.

• Integrated EarthScan’s scenario-based analytics into their due diligence workflow. ‍
• Reduced per-asset due diligence costs by over €9,000, with expected annual savings of ~€94,000 as they scale. ‍
• Cut turnaround times from weeks to hours, accelerating acquisition timelines and giving their teams real-time insights when evaluating new opportunities.

“EarthScan’s efficiency has been a game-changer, we can assess climate risk at the pace of our deals, with the depth our investors demand.”

Use case 3: Stronger ESG disclosures & stakeholder engagement

Fengate used EarthScan’s outputs to strengthen transparency and credibility with investors and regulators:

• Integrated scenario-based insights directly into TCFD-aligned disclosures in their 2024 Sustainability Report.
• Closed critical data gaps, enabling more robust and detailed ESG reporting.
• Equipped internal teams with hard data to drive meaningful conversations on adaptation planning with portfolio companies and technical advisors.

“We’ve moved from a reactive reporting posture to proactive risk management. It’s a shift our investors have noticed and value.”
– Della Wang

By leveraging EarthScan across portfolio analysis, due diligence, and stakeholder engagement, Fengate has built a repeatable, in-house framework for managing climate risk, reducing costs, enhancing credibility, and future-proofing returns.

Mitiga Solutions’ impact on Fengate

EarthScan has enabled Fengate to integrate climate risk as a core driver of investment performance and resilience, delivering tangible financial savings and strategic advantages.

Tangible business outcomes

On the business side, the platform has accelerated climate risk analysis across Fengate’s portfolio.  

What once required weeks of external consultancy can now be completed in-house within hours, enabling faster, data-backed decision-making.  

This efficiency has also translated into significant cost savings, with over €9,000 saved per asset on due diligence and an estimated €94,000 in annual savings as the approach is scaled across their acquisition pipeline.  

Beyond efficiency and cost, EarthScan has provided portfolio-wide visibility of climate risks across dozens of critical assets, with scenario-based insights spanning 5-, 10-, 20-, and 50-year horizons.  

This level of foresight allows Fengate to identify vulnerabilities early and plan interventions long before issues arise.

Strategic value for investors & stakeholders

For investors and stakeholders, EarthScan has delivered clear strategic value. The platform’s robust, forward-looking data has enhanced investor confidence by demonstrating that climate risk is being managed with rigour and foresight.  

It has also strengthened Fengate’s TCFD-aligned disclosures, ensuring that rising regulatory expectations are met with detailed, scenario-based insights.  

Perhaps most importantly, EarthScan has enabled Fengate to move ESG beyond compliance, positioning the firm as a leader in resilient infrastructure investing; one that treats climate risk management as a source of long-term value creation rather than a reporting obligation.

“EarthScan has made climate risk part of how we create value, not just how we report it. That’s a competitive advantage for us and peace of mind for our investors.”
— Della Wang, ESG Director, Fengate Asset Management

With EarthScan, Fengate turned physical climate risk from a potential liability into a strategic asset, lowering costs, improving portfolio resilience, and reinforcing trust with institutional investors.

Ready to bring data-driven climate risk analysis into your investment strategy?

With EarthScan, you can assess asset-level exposure, strengthen disclosures, and future-proof your portfolio. All in one platform. Book your demo today.