The Public Sector Pension Investment Board, alongside private equity firm Lightyear Capital, have completed the sale of Advisor Group Inc. to Reverence Capital Partners. Since the partners acquired Advisor Group in May 2016, client assets under administration increased more than 73 per cent, from $157 billion to $272 billion. At the same time, the group grew from 5,200 […]
Senator Elizabeth Warren, who is running to become the next presidential candidate for the U.S. Democratic Party, has proposed new legislation attacking the private equity industry and calling for major reforms. The Stop Wall Street Looting Act of 2019 proposes stringent rules around private equity transactions, including making private equity firms share responsible for the debts incurred by […]
The British Columbia Investment Management Corp. posted a combined net return of 6.1 per cent for its fiscal year, which ended March 31, 2019. Adding $2 billion in value, the organization increased its assets under management to $153.4 billion and beat its combined market benchmark, which returned 4.5 per cent. Private assets drove the outperformance, with income generation and […]
Leveraged buyouts have a reputation for creating bankruptcy risk for the company being purchased. “With the recent wave of private equity-backed leveraged buyouts that are ending in bankruptcy, politicians, regulators and the general public are once again becoming more concerned with these highly levered transactions,” said the paper by Brian Ayash and Mahdi Rastad, both […]
The Canada Pension Plan Investment Board, along with investment firm EQT Partners, is acquiring a majority stake in Waystar Inc. from Bain Capital valued at $2.7 billion. Bain Capital will retain a minority interest in Waystar, which provides revenue cycle management software for health-care operations from large hospitals to individual physician offices. The technology, which streamlines […]
The Nova Scotia Public Service Superannuation Plan posted a 5.33 per cent return for the 2018/19 fiscal year, with $335 million in total investment income, according to its annual report. Net of investment management fees, the plan’s rate of return was 5.13 per cent. Measured both ways, the returns slightly underperformed the plan’s benchmark rate of […]
Institutional portfolios have been tilted towards growth assets as they’ve reached for higher returns during the bull market of the last decade. But as the business cycle continues to stretch, it’s a prudent time to consider downside protection measures. Wylie Tollette, executive vice-president and head of client investment solutions for Franklin Templeton’s multi-asset solutions business, […]
BlackRock Inc. is shaking up the private equity industry with a new longer-term approach to the asset class. In April, the firm announced it was ready to start investing its long-term private capital vehicle, which had $2.75 billion in capital committed from cornerstone investors at the time. According to BlackRock, the permanent capital vehicle will […]
The Caisse de dépôt et placement du Québec and Beaudier Inc. are among a group providing $500 million in private capital refinancing to Quebec-based McInnis Cement. Alongside a $200-million loan from the Caisse and Beaudier, a syndicate of 11 Canadian and international banks will be providing $300 million. The pension fund’s last investment in McInnis was $125 […]
The Ontario Municipal Employees Retirement System, alongside the Bank of Montreal, is committing $33 million in funding to District Ventures Capital. Founded by financier Arlene Dickinson, the fund focuses on consumer goods-related venture capital. With the new investment, the fund now totals $70 million. Read: PSP Investments takes on Hawaiian farmland “We are pleased to have these institutional investors […]