The Ontario Municipal Employees’ Retirement System bought a minority stake of nearly 20% in La Trobe Financial from asset manager Brookfield.
Brookfield continues to own a majority of La Trobe.
“OMERS’ investment is a strong vote of confidence in La Trobe Financial, our people and the platform we have built over more than seven decades,” La Trobe Financial chief executive Chris Andrews said in a statement. “OMERS shares our conviction in the growing opportunity to provide high-quality investment offerings to Australian investors, and its investment provides further support for the continued execution of our strategy.”
OMERS had C$151.6 billion ($107.93 billion) in assets under management as of June 20.
Earlier in the year, Brookfield sold a % stake in La Trobe to Abu Dhabi-based private equity firm Axight for $3 billion.
Together with Brookfield, Axight and now OMERS, Andrews said La Trobe has an exceptional group of institutional shareholders aligned behind its next phase of growth.
“Our focus remains unchanged: delivering strong outcomes for our investors and borrowers, maintaining disciplined capital management and continuing to invest in our people, products and capabilities,” he said.
Brookfield acquired La Trobe in 2022 from Blackstone for $1.5 billion.
Drawing on Brookfield’s operating expertise, La Trobe has expanded its product offering including the launch of a U.S. private credit product and a listed investment trust on the Australian Securities Exchange.
The business has also invested significantly in its systems to deepen investor engagement, enhance client service and improve operating efficiencies.
“Brookfield remains our majority shareholder and an important strategic partner. Its support, operating expertise and global perspective have contributed to the continued development of our business since its investment in 2022,” Andrews said.
The transaction is subject to regulatory approvals and is expected to close by January 2027.
La Trobe has A$27 billion ($18.99 billion) in assets under management.
A version of this article originally appeared in our sister publication, Financial Standard, which like CIO is owned by ISS STOXX.
Tags: Asset Allocation, Asset Management, OMERS, Ontario Municipal Employee Retirement System
