Great-West Lifeco Inc. has entered into a long-term strategic partnership with Sagard Holdings, which includes the sale of its Colorado-based subsidiaries, EverWest Real Estate Investors and Everwest Advisors to Sagard, and a capital commitment of up to about US$500 million by Lifeco into certain Sagard funds. In exchange, Great-West Lifeco will acquire a minority stake in Sagard Holdings Management Inc., a subsidiary of Sagard.
"This transaction will advance Lifeco's strategy to further broaden its access to alternative investment options," said Paul Mahon, president and Chief Executive Officer, Great-West Lifeco. "It will provide enhanced access to Sagard's diversified asset classes, complementing our existing investment teams. The result will be broader, more diversified options for clients and our general account."
Great-West to invest in real estate-related investments with Sagard
As part of the transaction, Great-West Lifeco has committed to investing another US$2 billion in real estate-related investments to support EverWest's future growth within Sagard.
"We are excited to enter into a strategic partnership with Sagard and look forward to further expanding into private market solutions," said Raman Srivastava, Global Chief Investment Officer, Great-West Lifeco. "This transaction will give Lifeco a meaningful position in Sagard's future growth and helps expand our access to alternative capabilities to better serve our clients with private markets solutions across Lifeco's global distribution channels."
Sagard is a multi-strategy alternative asset manager with more than US$8 billion under management and professionals located in Canada, the United States, Europe and Asia.