Strategy Focused on Infrastructure Projects
That Deliver Decarbonization and Social Progress
MIAMI and MONTREAL, Sept. 7,
2023 /PRNewswire/ -- Power Sustainable, an
alternative asset manager and wholly owned subsidiary of Power
Corporation of Canada (TSX: POW),
announces a US$600 million commitment
for the Power Sustainable Infrastructure Credit ("PSIC") strategy.
Commitments to the strategy were made by subsidiaries of Great-West
Lifeco ("Lifeco").
The strategy seeks to directly originate, structure, and manage
infrastructure credit assets that demonstrate positive
sustainability characteristics. PSIC targets investments in the
energy and decarbonization, transportation and logistics, digital
infrastructure, social infrastructure, and utilities and recycling
sectors.
"We are delighted to enter this long-term partnership with Power
Sustainable. This is a compelling opportunity for us to invest
across sectors which are driving decarbonization and social
progress, while also capturing attractive risk-adjusted returns,"
said Raman Srivastava, Global Chief
Investment Officer for Lifeco. "We were impressed with the
experience of the PSIC team, the quality of investment
opportunities they are able to source, and their risk-minded
approach."
Tom Murray, PSIC Managing
Partner, has more than 30 years of infrastructure financing
experience, having previously led similar strategies at I Squared
Capital and Apollo Global Management. Based in Miami, the team includes Daniel Fein as Principal, Ben Shenwick as Vice President, and Vitaliy
Koretskyy as Senior Associate – all of whom worked extensively with
Tom in prior roles. PSIC have also added Jim Moore, the former CEO of Atlantic Power
Corporation, as Operating Partner, and Tom
Danielsen as Head of Investor Solutions, who joins from
Macquarie Asset Management.
"We believe that infrastructure credit is well-positioned to
deliver favorable risk-adjusted returns with substantial downside
protection," said Managing Partner, Tom
Murray. "The tailwinds supporting a transition to a less
carbon-intensive society are providing an abundance of attractive
projects in the sector, and we believe infrastructure credit
presents a compelling opportunity for institutional investors."
Power Sustainable's Chairman and CEO, Olivier Desmarais, said, "Bespoke lending for
infrastructure has a pivotal role in building a strong, low carbon
economy. There is a generational opportunity – and need – for
private capital to finance infrastructure that advances
decarbonization and positive social outcomes."
About Power Sustainable
Power Sustainable is a sustainability-focused alternative asset
manager with investment strategies for institutional clients in
infrastructure credit, infrastructure equity, agri-food private
equity, and public equities. Our purpose is to help our clients
achieve their financial objectives while positively contributing to
decarbonization; sustainable cities and communities; and improved
energy and resource efficiency.
Power Sustainable has approximately C$3.3
billion of assets under management, with over 75 employees
across its investment businesses and support functions.
Power Sustainable is a wholly owned subsidiary of Power
Corporation of Canada, an
international management and holding company that focuses on
financial services in North
America, Europe and
Asia. Its core holdings are
leading insurance, retirement, wealth management and investment
businesses, including a portfolio of alternative asset investment
platforms.
For inquiries, please contact
communications@powersustainable.com
About Great-West Lifeco Inc.
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.
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SOURCE Power Sustainable