Dubai, UAE — Abu Dhabi-based sovereign wealth fund ADQ has invested in Canadian alternative asset management company Sagard alongside Bank of Montreal (BMO).
As part of the transaction, Great-West Lifeco (GWL), an international financial services holding company, will increase its existing minority share in Sagard, which has $14.5 billion of assets under management.
In a statement, the entities said that BMO, ADQ and GWL agreed to invest in Sagard to boost its growth including through mergers and acquisitions.
At the end of deal, which is expected to close during the third quarter of 2023 and is subject to regulatory approvals, the Power Corporation of Canada will remain the controlling shareholder of Sagard.
The partners reportedly have also agreed to making respective commitments of additional long-term capital to Sagard’s existing and future investment strategies, which will enhance its fundraising potential and boost the company’s ability to launch new investment products.
ADQ has a broad portfolio of investments spanning sectors such as energy, utilities, food and agriculture, health care and life sciences. In partnership with International Holding Company, ADQ created in March the region’s largest multi-asset class investment manager.
