Power Corp acquires stake in Northleaf Capital through subsidiaries
Great-West Lifeco and Mackenzie Financial Corporation, a subsidiary of IGM Financial, are acquiring a non-controlling interest in Northleaf Capital Partners, a Toronto-headquartered private equity, private credit, and infrastructure fund manager with $17 billion CAD in assets under management. Mackenzie and Lifeco have committed at least $700 million for Northleaf over the next 18 to 24 months. Both IGM Financial and Great-West Lifeco are member companies of Montreal-headquartered Power Corporation, whose other subsidiaries include FinTech investor Portag3 Ventures. IGM Financial and Great-West Lifeco both invested in Portag3â€™s $427 million global FinTech fund. Under an agreement signed by the three companies, Mackenzie and Lifeco will acquire a 49.9 percent non-controlling voting interest and a 70 percent economic interest in Northleaf.