Great-West Lifeco establishes strategic relationship with Sagard Holdings
On November 19, 2021, Great-West Lifeco Inc. ("Lifeco") announced it completed the previously announced sale of its Colorado-based subsidiaries, EverWest Real Estate Investors, LLC and EverWest Advisors, LLC ("EverWest"), to Sagard Holdings Inc. ("Sagard").
The sale is part of a long-term strategic partnership with Sagard that was announced on October 7, 2021. As part of the transaction, Lifeco made a capital commitment of approximately US$500 million into certain Sagard strategies. In addition, Lifeco committed to investing a further approximately US$2 billion in real estate related investments to support EverWest's future growth within Sagard. In exchange, Lifeco will acquire a minority stake in Sagard Holdings Management Inc., a subsidiary of Sagard.
Further information can be found on Lifeco’s news release from October 7, 2021.
Sagard is a multi-strategy alternative asset manager with more than US$8 billion under management and professionals located in Canada, the US, Europe and Asia. Sagard seeks attractive investment returns through a combination of flexible capital, entrepreneurial and disciplined culture and a unique global network of portfolio companies, limited partners, advisors and other valued relationships.
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. It operates in Canada, the United States and Europe under the brands Canada Life, Empower Retirement, Putnam Investments, and Irish Life.
EverWest is a real estate investment management firm based in Denver, Colorado, with US$3.8 billion in assets under management.