WINNIPEG, MB, Oct. 7, 2021 /CNW/ - Great-West Lifeco Inc. ("Lifeco") today announced it has agreed to enter into a long-term strategic partnership with Sagard Holdings ("Sagard") which includes the sale of its Colorado-based subsidiaries, EverWest Real Estate Investors, LLC and Everwest Advisors, LLC ("EverWest"), to Sagard, and a capital commitment of up to approximately US$500 million by Lifeco into certain Sagard funds. In exchange, 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."
As part of the transaction, Lifeco has committed to investing a further approximately 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 alternatives capabilities to better serve our clients with private markets solutions across Lifeco's global distribution channels."
For more information about this transaction, please see the release from Sagard issued earlier today. The transaction is subject to closing conditions and expected to close before the end of 2021.
https://www.newswire.ca/news-releases/great-west-lifeco-announces-strategic-partnership-with-sagard-holdings-890872812.html