Montreal-based multi-strategy alternative asset manager Sagard entered into a definitive agreement to acquire a strategic stake in Performance Equity Management (PEM), including an option to acquire all of the remaining equity in PEM on Dec. 31, 2028.
Greenwich, Conn.-based PEM was founded in 2005 by a team that came together in 1996 at General Motors Investment Management Corporation to handle the GM pension’s private equity program.
“Sagard’s impressive growth trajectory since 2016 and its access to a powerful global ecosystem of partners and shareholders are two key reasons why we are excited to partner with their team,” said PEM President John Clark. Clark and the rest of PEM’s senior management team will continue to lead the business. The firm manages venture capital and private equity strategies for institutional clients and wealth management platforms through commingled funds as well as separately managed accounts.
For Sagard, the deal marks the establishment of a fund of funds, secondary and co-investment platform. The firm currently has over $15 billion in assets under management, and that amount is growing to about $25 billion with the addition of PEM’s $8.9 billion in AUM.
“Our acquisition of a strategic stake in PEM will enable Sagard to accelerate the development of its product offering to retail networks, wealth management firms, and family offices,” said Sagard Chairman & CEO Paul Desmarais III.
Sagard currently boasts a portfolio of 125 companies and a staff of 350 professionals investing in venture capital, private equity, private credit, real estate, and royalties across offices in Canada, the United States, Europe and the Middle East.