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Wednesday, February 28, 2024

Abu Dhabi sovereign wealth fund and BMO to take minority stake in Sagard


Sovereign wealth fund Abu Dhabi Development Holding and Bank of Montreal agreed to acquire a minority stake in global multi-strategy alternative asset manager Sagard, a spokesman confirmed.

Sagard manages $14.5 billion in assets across private market strategies, including private equity, private credit, venture capital and real estate.

As part of the deal, another Sagard shareholder, Great-West Lifeco, agreed to increase its existing minority stake.

The transactions are expected to close in the third quarter, subject to regulatory approvals.

The sovereign wealth fund, known as ADQ and with $159 billion in assets, will invest funds alongside BMO and GWL to strengthen Sagard’s financing, accelerate the company’s ability to roll out new strategies and fuel future growth through more acquisitions.

Together, the three entities will invest more than $100 million in Sagard and commit to provide Sagard with $2 billion worth of long-term capital to invest through its existing and future investment strategies, a person familiar with the matter said.

“Strategic Partner Capital enables us to attract high-quality investment teams, launch new investment strategies and raise capital faster,” Sagard Chairman and CEO Paul Desmarais III said in a joint press release Thursday. , which will expand our global network and make us an even stronger business partner for our portfolio companies.”

Murtaza Hussain, CIO of M&A and Alternative Investments at ADQ, added in the release: “Our investment in Sagard is directly aligned with our strategic vision. This investment underscores our commitment to continued growth, innovation and enhanced value creation. Sagad Mobilizing entrepreneurial talent to invest in, launching new differentiated strategies and achieving concrete results attracted us to partner with them.”


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