Caisse Bets Big on Insurance and Water?
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I wasn't going to blog today but I realize that I've been slacking on my coverage of the Caisse. Two weeks ago, Devin Banerjee, Scott Deveau, and Frederic Tomesco of Bloomberg reported, Caisse Joins KKR in $4.3 Billion Deal for Onex's USI Insurance : KKR & Co. and Caisse de Depot et Placement du Quebec agreed to buy Onex Corp.’s USI Insurance Services for about $2 billion as the acquirers partner to make long-dated private equity investments. KKR and CDPQ, Canada’s second-largest pension fund manager, will have equal ownership in the Valhalla, New York-based insurance broker, according to a statement Friday. The deal values USI at $4.3 billion including debt. The acquirers also said they’ve established a partnership to make core private equity investments, or deals for stable companies they can hold for longer than the typical three- to five-year period in leveraged buyouts . Private equity firms have long favored deals in insurance services, where capital