Great-West Lifeco, the parent company of Canada Life, has become a minority shareholder in climate-focused investment manager Power Sustainable Manager Inc.
Great-West Lifeco will have an ownership share of a little under 20% on a fully diluted basis and invest in various funds managed by Power Sustainable in the future. Power Corporation of Canada will continue to be Power Sustainable’s majority shareholder.
In a statement, the company said the move is in line with Great-West Lifeco’s “value-creation” strategy. At the same time, the partnership will support Power Sustainable in its efforts within sustainable private equity and infrastructure.
Olivier Desmarais, chair and chief executive at Power Sustainable, expressed enthusiasm about the new alliance, stating: “I am thrilled to launch this strategic partnership with Great-West Lifeco.
“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.”
Raman Srivastava, executive vice president and global chief investment officer at Great-West Lifeco, mirrored the sentiment.
He commented: “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. 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.”
Additionally, as part of the partnership, Srivastava will serve on the board of directors at Power Sustainable.
Prior to the minority shareholding, Great-West Lifeco already had an existing relationship with Power Sustainable through commitments to the latter’s various strategies.
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