IGM Financial Inc. (TSX: IGM) has released its earnings results for the fourth quarter and the year ended December 31, 2023.
IGM reported results of its corporate investments which consist of its investments in Wealthsimple Financial Corp., and Portag3 Ventures LP, Portag3 Ventures II LP and Portage Ventures III LP (Portage).
The total fair value of IGM corporate investments was $721.4 million as at December 31, 2023, up from $602.6 million as at December 2022.
IGM, through a limited partnership controlled by Power Corporation of Canada, holds directly and indirectly a 24.7% interest in Wealthsimple (2022 – 24.3%). The investment was valued at $607 million at December 31, 2023, up from $492 million in 2022. The change is “largely due to a fair value increase of 20% and an incremental investment during the year.
Portage is an early-stage investment fund manager and controlled by Power.
The fair value of IGM investments in Portage managed funds barely changed ($114.4 million in 2023 vs $110.6 million in 2022).
photo credit: IGM, Wealthsimple, Portage