Partners announce first investment is in global FinTech firm
A new partnership for long-term sustainable investing has been announced by La Caisse de dépôt et placement du Québec.
The tie-up with UK-US sustainable investment firm Generation Investment Management brings together the two firms’ strengths – and financial weight – with an initial U$3 billion investment planned with an 8-15 year duration.
"Sustainability begins with long-term involvement, which is why we made long-term investment the cornerstone of CDPQ-Generation. We both integrate ESG principles at the core of our investment strategies and believe they go hand-in-hand with attractive returns," said Michael Sabia, CEO of CDPQ.
First deal announced
The partnership, announced Tuesday, has already made its first investment, the acquisition, subject to regulatory approval, of General Atlantic and H.I.G. Capital's stake in FNZ, in a deal valuing the company at GBP £1.65 billion.
FNZ is a global FinTech firm, transforming the way financial institutions serve their wealth management customers. It partners with banks, insurers and asset managers to help consumers better achieve their financial goals.
It was founded in New Zealand before expanding to the UK.
The firm’s CEO Adrian Durham says the investment from the new partnership will enable it to grow further in its ambition to digitize the value chain.
“We see a unique opportunity to create a global-scale platform for wealth management. This requires a willingness to invest for the long-term. The firm's 400 employee shareholders are firmly committed to this outcome and CDPQ-Generation is the perfect partner, given its unique 8-15 year time horizon and focus on sustainable investments," he said.
