Deals: Concert, Brookfield Asset Management partner on industrial portfolio

Concert Properties has established a joint venture with an affiliate of Brookfield Asset Management to hold a portfolio of eight Canadian industrial properties.

The transaction with Brookfield values the portfolio at $1 billion. It consists of 5.3 million square feet of fully leased single and multi-tenant industrial properties across Canada’s largest urban logistics markets.

“This investment reflects Brookfield’s conviction in high-quality logistics real estate in supply-constrained, high-barrier markets,” said Andy Smith, managing partner, real estate, Brookfield. He added that Concert has “assembled and managed a strong Canadian industrial portfolio, and we are pleased to partner with them on assets that align well with our global logistics strategy.”
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Manulife and Mahindra have announced the incorporation of their 50-50 joint venture, Mahindra Manulife Insurance Ltd., in India.

The new insurance business will combine Mahindra’s reach in the country with Manulife’s strengths in product innovation and underwriting. It aims to be an “AI-native and digitally-led life insurer” and address India’s “large protection gap.”

The partnership was first announced in November. Each partner has committed to invest up to US$400 million in the joint venture, including US$140 million each within the first five years.
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Power Corporation of Canada, Great-West Lifeco Inc. and IGM Financial Inc. have announced a combined investment of US$150 million into Sagard AI Fund LP.

Alternative asset manager Sagard has established the closed-end fund to invest in leading AI companies in financial services and other key sectors.

In a release last month, the companies, all part of the Power Corp. group, said the fund would provide access to AI market intelligence, leading AI companies and the opportunity for structured strategic engagement, as well as the potential for long-term returns.
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AGF Management Ltd. has increased its stake in New York-based New Holland Capital, LLC, to 50%.

AGF made its first investment in the alternative manager — which is part of its AGF Capital Partner alternatives business combining the expertise of affiliate managers with AGF’s organization support — in 2024. That deal gave AGF 24.99% of the company, with the option to increase its interest.

As part of the latest transaction, AGF will invest US$20 million and convert an existing convertible note to equity. According to a release, it “will continue to have options” to increase its stake further.

In a release, the company noted that New Holland’s assets under management have grown 44% to US$7.8 billion since its initial investment. The investment manager is focused on multi-strategy hedge funds and private credit, serving an institutional client base.

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La Caisse and energy infrastructure group Grupo Energía Bogotá (GEB) are bringing together their energy transmission assets in Brazil under a 50-50 owned joined venture.

The two signed an agreement in May that will combine GEB’s assets with La Caisse-owned Verene Energia S.A. under the Verene name. The new Verene will be Brazil’s fifth-largest power transmission platform, with more than 9,000 kilometres of transmission lines, 26 electric transmission concession agreements and operations in 17 Brazilian states. The deal is expected to close before the end of the year. Terms were not disclosed.

In other news, La Caisse has invested an undisclosed amount in Novisto, a corporate sustainability data firm. Novisto’s platform integrates ESG, carbon and risk data, as demands for disclosure of sustainability data have increased in Europe and elsewhere. The investment aligns with the Quebec pension fund’s 2025-2030 climate strategy, which focuses on supporting companies through the energy transition. Some of Novisto’s clients are also La Caisse portfolio companies — including Boralex and Alimentation Couche Tard.
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Canada Life acquired Santé Circle Health, a provider of disability management and occupational health services, in May.

Santé Circle Health’s capabilities are expected to complement Canada Life’s services. It will continue to operate independently. Terms of the deal were not disclosed.
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MNP announced two acquisitions last month. As of July 6, chartered professional accounting firm Lynch Rutherford Tozer will become part of MNP. The Port Hope, Ont., firm will bring four new partners to MNP, along with 22 additional team members.

Accounting and business advisory firm Cyr Landry Lapierre Inc. will also join MNP as of Oct. 1. Cyr Landry Lapierre consists of four partners plus a team of 14 employees located in Quebec’s Magdalen Islands.
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Public Sector Pension Investment Board (PSP Investments) inked a deal last month to sell the U.S. operations of FirstLight to private equity firm Hull Street Energy.

Terms of the deal, which include 1.4 GW of installed clean energy capacity, were not disclosed. PSP acquired FirstLight in 2026. It will retain FirstLight’s Canadian assets, which include wind, solar, hydro, and battery storage projects in Quebec and Ontario.