Sagard has entered into new strategic partnerships with ADQ, an Abu Dhabi-based investment and holding company, and Bank of Montreal (BMO), the eighth largest bank in North America by assets. As part of this transaction, Sagard has expanded its existing partnership with Great-West Lifeco (GWL).
ADQ and BMO have respectively entered into definitive agreements to acquire minority equity stakes in Sagard, and GWL has agreed to increase its existing minority stake.
Under these agreements, ADQ, BMO and GWL have agreed to invest capital to drive Sagard’s future growth, including through M&A transactions.
On closing, Power Corporation of Canada will remain the controlling shareholder while Paul Desmarais III and family continues as minority shareholder in the management company.
The transaction is expected to close during the third quarter of 2023 and is subject to regulatory approvals.
photo credit: Sagard
News Release
ADQ and BMO to join Great-West Lifeco as Strategic Partners of Sagard
Strategic partners will each invest in Sagard’s management company and commit long-term capital to Sagard-managed funds
July 6, 2023, Montreal, Canada /Private Capital Newswire (pcNewswire)/ – Sagard, a global multi-strategy alternative asset management firm with US$14.5B under management, today announced new strategic partnerships with ADQ, an Abu Dhabi-based investment and holding company, and Bank of Montreal (BMO), the eighth largest bank in North America by assets. Importantly, as part of this transaction, Sagard has expanded its existing partnership with Great-West Lifeco (GWL). This marks a significant milestone in the firm’s development and will position Sagard for continued growth and value creation.
ADQ and BMO have respectively entered into definitive agreements to acquire minority equity stakes in Sagard, and GWL has agreed to increase its existing minority stake. Under these agreements, ADQ, BMO and GWL have agreed to invest capital to drive Sagard’s future growth, including through M&A transactions. On closing, Power Corporation of Canada will remain the controlling shareholder of Sagard.
In addition, the strategic partners have agreed with Sagard to make respective commitments of additional long-term capital to Sagard’s existing and future investment strategies, strengthening fundraising potential and accelerating the firm’s ability to launch new products.
“We are thrilled to welcome ADQ and BMO as strategic partners and to strengthen our relationship further with GWL,” said Paul Desmarais III, Chairman and CEO of Sagard. “These strategic partnerships will significantly accelerate our vision of becoming one of the most respected alternative investment management firms globally. Strategic partner capital enables us to attract high-quality investment teams, launch new investment strategies, and fundraise more rapidly. In addition, this will expand our global network, making us even stronger business partners for our portfolio companies. We’re very excited to unlock this tremendous potential.”
“Our investment in Sagard directly aligns with our strategic vision. This investment underscores our commitment to continuous growth, innovation, and enhanced value creation. Sagard’s entrepreneurial ability to mobilize investment talent, launch new differentiated strategies and deliver concrete results has attracted us to partner with them. Their commitment to leveraging their global network to be a value-added partner to ADQ is clear, and we are excited to support their growth going forward.” said Murtaza Hussain, Chief Investment Officer, M&A and Alternative Investments at ADQ.
“We are excited to partner with Sagard, given their expertise in alternative asset management. The partnership provides our clients with access to high-quality private market investments as we continue to deliver top-tier bespoke solutions,” said Bill Bamber, CEO, BMO Global Asset Management.
“Great-West Lifeco has been a strategic partner of Sagard since 2021 and an investor in Sagard products for many years before that. Today’s announcement strengthens our commitment to Sagard’s continued growth and will enable Great-West Lifeco to continue to access differentiated alternative assets as part of its global investment strategy,” said Raman Srivastava, EVP & Chief Investment Officer at GWL.
The transaction is expected to close during the third quarter of 2023 and is subject to regulatory approvals.
About Sagard
Sagard is a multi-strategy alternative asset management firm with US$14.5B under management, 125 portfolio companies, and 300 professionals. We invest in venture capital, private equity, private credit, real estate, and royalties. We deliver flexible capital, an entrepreneurial culture, and a global network of investors, commercial partners, advisors, and value-creation experts. Our dynamic and supportive ecosystem gives our partners the advantage they need to learn, grow and win at every stage. The firm has offices in Canada, the United States, and Europe.
For more information, visit www.sagard.com
Media contact: Adam Daifallah – adam.daifallah@teneo.com
About ADQ
Established in 2018, ADQ is an Abu Dhabi-based investment and holding company with a broad portfolio of major enterprises. Its investments span key sectors of the UAE’s diversified economy including energy and utilities, food and agriculture, healthcare and life sciences, and mobility and logistics, amongst others. As a strategic partner of Abu Dhabi’s government, ADQ is committed to accelerating the transformation of the Emirate into a globally competitive and knowledge-based economy.
For more information, visit adq.ae or write to media@adq.ae. You can also follow ADQ on Twitter, Instagram and LinkedIn.
Media contact: media@adq.ae
About BMO
BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.25 trillion as of April 30, 2023. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to over 13 million customers across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future and inclusive society.
Media contact: Jeff Roman – jeff.roman@bmo.com
About GWL
Great-West Lifeco is an international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses. We operate in Canada, the United States and Europe under the brands Canada Life, Empower, Putnam Investments, and Irish Life. At the end of 2022, our companies had approximately 31,000 employees, 234,500 advisor relationships, and thousands of distribution partners – all serving over 38 million customer relationships across these regions. Great-West Lifeco trades on the Toronto (TSX) Stock Exchange under the ticker symbol GWO and is a member of the Power Corporation group of companies.
Media contact: David Simmons – david.simmonds@canadalife.com