Toronto-based Purpose Investments Inc. has reached a definitive agreement to sell a minority interest in the firm to OMERS Platform Investments, one of Canada's largest pension funds with more than $85 billion in net assets under management (AUM). Terms of the deal have not been disclosed.
"We have seen tremendous growth in our business since our inception four years ago, and this new relationship with OMERS will provide us with the capital we need to advance our business faster and further," says Som Seif, the firm's president and CEO, in a statement. "The opportunity in front of us now, to gain market share and to be the benchmark by which our peers are measured, is bigger than it has ever been. Further, this transaction allows us to reimagine the role we will play in our industry."
Purpose currently has more than $3.3 billion in AUM and offers 33 ETFs and mutual funds as well as six closed-end funds across multiple asset classes and both traditional and alternative investment strategies.
The transaction is scheduled to close on Thursday.
Read: A higher purpose