TORONTO (September 17, 2020) – Northleaf Capital Partners (Northleaf) is pleased to announce that it has entered into a strategic partnership with Mackenzie Financial Corporation, an IGM Financial Inc. (IGM) subsidiary, and Great-West Lifeco Inc. (Lifeco), members of the Power Financial group of companies. Headquartered in Canada, Power Financial is an international financial services and asset management holding company with $1.7 trillion in assets under administration.
Through this partnership, Northleaf will provide IGM’s wealth and asset management clients and Lifeco’s balance sheet and insurance clients with access to our global mid-market private equity, private credit and infrastructure investment platform.
The partnership will enable Northleaf to continue to focus on delivering best-in-class returns from long-term investments in mid-market private companies and assets. It will accelerate our growth strategy by providing both balance sheet capital and sophisticated retail advisory, wealth management product development and distribution capabilities. We also gain a partner with shared values and strong cultural alignment to support our business strategy, organizational development and long-term succession.
As part of today’s announcement, IGM and Lifeco will be taking a strategic 49.9% minority ownership position in Northleaf. Northleaf’s senior leadership will maintain a controlling majority voting interest in the firm, and we will remain employee-controlled and operationally independent. There will be no change in our team, investment strategy, decision making, investor operations or investor relations activities.
IGM and Lifeco will initially commit a minimum of $700 million across a number of Northleaf’s private equity, private credit and infrastructure funds, providing fully aligned capital alongside our institutional investors. The partnership also includes the potential for additional commitments from Lifeco’s international insurance, asset management and wealth management affiliates, from new asset and wealth management product solutions co-developed with IGM, and from other subsidiaries within the Power Financial group of companies.
“Today’s announcement represents a significant milestone for our firm, investors and team members,” said Stuart Waugh, Managing Partner, Northleaf. “The strategic organizational support, wealth management distribution resources and significant fund commitments that Mackenzie and Lifeco are providing will enable us to remain focused on generating best-in-class mid-market private equity, private credit and infrastructure returns. We now have a partner with whom we can participate in the rapidly growing demand for private alternatives from wealth management and high net worth clients. It is a clear vote of confidence in our investment capabilities, team and track record.”
For more information, please refer to the press release.