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Sovereign-wealth investor Abu Dhabi Development Holding Co., (ADQ), and Canada's Bank of Montreal (BMO) have agreed to acquire minority equity stakes in Sagard, a global alternative asset management firm with $14.5 billion under management, while Canadian insurer Great-West Lifeco will increase its minority stake.
They will invest capital to drive Sagard’s growth, including through M&A transactions, the companies said in a joint statement on Thursday.
Sagard is a global alternative asset management firm with $14.5bn under management.
Great-West Lifeco (GWL), the Canadian insurance holding company, has been Sagard's strategic partner since 2021 and an investor in Sagard products before that.
The transaction is expected to close during the third quarter of 2023 and is subject to regulatory approvals.
While the companies did not reveal the value of the transactions, the Wall Street Journal said, citing sources, that the deals total more than $100 million.
ADQ, Abu Dhabi's third-biggest sovereign wealth fund, invests on behalf of the emirate in diverse sectors like energy, food and agriculture, aviation, financial services, healthcare, etc.
(Reporting by Brinda Darasha; editing by Seban Scaria)
