MONTREAL and and WINNIPEG, MB, May 6, 2024
/PRNewswire/ -- Power Sustainable Manager Inc. (Power
Sustainable), a climate-focused investment manager, and Great-West
Lifeco Inc. (Lifeco) jointly announced today that they have entered
into a new long-term strategic partnership. This ongoing
relationship will enable Power Sustainable to accelerate its growth
and market penetration in sustainable private equity and
infrastructure, while supporting Lifeco's value creation strategy
as part of a responsible transition.
Under the transaction, Lifeco has become a minority shareholder
in Power Sustainable – with an ownership share of slightly below
20% on a fully diluted basis – and has agreed to invest in certain
funds across Power Sustainable's investment strategies in the
coming months and years. Power Corporation of Canada remains the controlling shareholder of
Power Sustainable following this transaction.
"I am thrilled to launch this strategic partnership with
Great-West Lifeco," said Olivier
Desmarais, Chairman and Chief Executive Officer of Power
Sustainable. "At Power Sustainable, we target competitive returns
and positive sustainability outcomes with every investment we make;
Great-West Lifeco is the perfect partner for our next phase of
growth."
"We are excited to enter into a strategic partnership with Power
Sustainable as Lifeco continues to broaden our private market
investments in sustainable private equity and infrastructure," said
Raman Srivastava, EVP and Global
Chief Investment Officer, Great-West Lifeco. "Power Sustainable's
expertise in the area of sustainable investments will provide a
more diversified set of investment options for clients and our
general account."
Further to this strategic partnership, Raman Srivastava has joined Power Sustainable' s
Board of Directors.
This new strategic partnership builds on previous collaboration
between Power Sustainable and Lifeco, including Lifeco's group
companies' more than $1 billion in
commitments to the Power Sustainable Infrastructure Credit, North
American Agri-food Private Equity and Energy Infrastructure Equity
strategies.
About Power Sustainable
Power Sustainable is a climate-focused investment manager which
finances companies and projects that aim for both competitive
returns and positive sustainability outcomes. The firm offers
institutional investors exposure to alternative assets, which aim
to accelerate and scale sustainable solutions across multiple
industries.
Power Sustainable is a subsidiary of Power Corporation of
Canada (TSX: POW), an
international management and holding company that focuses on
financial services in North
America, Europe and
Asia. Power Corporation's core
holdings are leading insurance, retirement, wealth management and
investment businesses, including a portfolio of alternative asset
investment platforms.
With CAD$3.8 billion in assets
under management (as of March 31,
2024), Power Sustainable's mission is to catalyze capital
towards clean global solutions.
About Great-West Lifeco Inc.
Great-West Lifeco is a Canadian headquartered, 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,
and Irish Life. At the start of
2024, our companies had over 32,250 employees, 106,000 advisor
relationships, and thousands of distribution partners – serving
approximately 40 million customer relationships.
Great-West Lifeco trades on the Toronto Stock Exchange (TSX)
under the ticker symbol GWO and is a member of the Power
Corporation group of companies. To learn more, visit
greatwestlifeco.com.
For more information contact
For Power Sustainable
Ian Cameron
Director of Communications, Power Sustainable
438-308-7697
cameron@powersustainable.com
For Great-West Lifeco
Media Relations
Tim Oracheski
204-946-8961
media.relations@canadalife.com
Investor Relations
Deirdre Neary
647-328-2134
deirdre.neary@canadalife.com
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SOURCE Power Sustainable