Power Sustainable teams up with Lifeco to boost growth in sustainable investments and expand market reach
Power Sustainable Manager Inc. (Power Sustainable), a climate-focused investment manager, and Great-West Lifeco Inc. (Lifeco) has announced that they have formed a long-term strategic partnership.
This partnership is designed to accelerate Power Sustainable's growth and market penetration in sustainable private equity and infrastructure, while aligning with Lifeco's value creation strategy for a responsible transition.
Under this new agreement, Lifeco has acquired a minority stake in Power Sustainable, holding just under 20 percent ownership on a fully diluted basis.
Additionally, Lifeco has committed to invest in various funds managed by Power Sustainable over the coming months and years. Despite this new partnership, Power Corporation of Canada maintains its role as the controlling shareholder of Power Sustainable.
Olivier Desmarais, chair and chief executive officer of Power Sustainable, expressed his enthusiasm about the partnership.
“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,” he said.
Raman Srivastava, EVP and Global Chief Investment Officer at Great-West Lifeco, also 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 sustainable investments will provide a more diversified set of investment options for our clients and our general account.”
In addition to the partnership, Raman Srivastava has joined the board of directors at Power Sustainable.
This strategic relationship builds on a history of collaboration between the two firms, including Lifeco's group companies' commitments exceeding $1bn to Power Sustainable's Infrastructure Credit, North American Agri-food Private Equity, and Energy Infrastructure Equity strategies.
