Power Corp.’s alternative asset management arm, Sagard Holdings Inc., has expanded into the real estate investment sector with the purchase of U.S-based EverWest Real Estate Investors LLC.
On Thursday, Sagard announced the purchase of Colorado-based real estate investment manager EverWest and EverWest Advisors LLC from Great-West Lifeco Inc., another Power Corp. subsidiary, for an undisclosed amount.
With about US$3.8-billion in assets under management, EverWest marks Sagard’s first foray into real estate and increases its presence in the U.S. market.
In exchange, Great-West Life will get a minority equity stake in Sagard Holdings Management Inc., a subsidiary of Sagard.
“This transaction will advance [Great-West Life’s] strategy to further broaden its access to alternative-investment options,” Great-West Lifeco president and chief executive officer Paul Mahon said in a statement. “The result will be broader, more diversified options for clients.”
Great-West will invest approximately US$2-billion in EverWest investment vehicles to support growth and commit up to about US$500-million into certain Sagard funds.
“Real estate is a highly scalable asset class, complementary to Sagard’s product base, and attractive to our existing and potential [partnerships],” Sagard chairman and CEP Paul Desmarais III said in a statement.
Over the past several years, Sagard Holdings, which manages about $8-billion in alternative assets, has been building its investment presence across several asset classes, including private equity in Europe, private credit, health care royalties and venture capital.
Earlier this year, Sagard launched a private-equity business that focuses on middle-market investments in Canada, and in June registered a $200-million special purpose acquisition company, or SPAC, targeting businesses in the financial-technology sector.
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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
