Abu Dhabi Development Holding Company (ADQ), the third largest sovereign wealth fund in the UAE, and Bank of Montreal (BMO) have agreed to acquire minority equity stakes in Sagard, a Canadian alternative asset management firm with $14.5 billion in assets under management.
Under the agreement, ADQ, BMO and Great-West Lifeco, Sagard's strategic partner since 2021, will invest capital to support Sagard's future expansion through mergers and acquisitions.
Upon completion of the deal, expected in the third quarter, Power Corporation of Canada will remain the majority shareholder of Sagard.
Great-West Lifeco will also raise its current minority stake to support Sagard's continued growth.
The three strategic partners have also agreed to provide additional long-term capital to support Sagard's current and future investments, enhancing its fundraising potential and speeding up its ability to introduce new products.
Whilst the transaction value was not disclosed, the WSJ reported it amounts to over $100 million based on sources familiar with the deal.
Sagard was established in 2005 and now has 125 portfolio companies in various fields including venture capital, private equity, private credit, real estate and royalties.
ADQ was founded in 2018 to diversify Abu Dhabi's investments with a portfolio of over 25 companies across sectors including energy, food and agriculture, and healthcare.
