OMERS buys a Stake in La Trobe Financial, Helps Refinance Kenter Groendus
OMERS has agreed to buy an indirect minority stake in Australian lender La Trobe Financial and helped complete a €662 million Dutch refinancing.
The Ontario pension plan announced the two deals this week. It held C$151.6 billion in net assets as of June 30.
A stake in Australian private credit
Brookfield said OMERS will acquire an indirect minority interest in La Trobe through a Brookfield private equity vehicle. Neither the size nor the price of the stake was disclosed. Brookfield keeps majority ownership. OMERS joins Abu Dhabi-based Axight, which bought its own minority stake earlier this year at a US$2.1 billion valuation. The deal is expected to close in the first quarter of 2027, subject to regulatory approvals.
La Trobe’s assets under management have reached A$27 billion, up from A$22 billion at the end of 2025, Brookfield said.
“La Trobe Financial continues to deliver impressive results and we have strong conviction in the business’s long-term prospects,” said Shiv Gupta, Brookfield Private Equity’s head of Australia.
Alexander Fraser, OMERS’ global head of private equity, said the investment reflects the plan’s “continued commitment to growing its presence in Australia.”
La Trobe CEO Chris Andrews called it “a strong vote of confidence in La Trobe Financial, our people and the platform we have built over more than seven decades.”
Australian private credit is under closer watch. In September 2025, the regulator ASIC placed interim stop orders on two La Trobe retail accounts. It lifted them within days after La Trobe revised its target market determinations. The Reserve Bank of Australia is also reportedly preparing for higher private credit defaults, based on documents the Australian Financial Review obtained.
Refinancing at Kenter Groendus
OMERS and APG, acting for Dutch pension fund ABP, completed a €662 million refinancing of Kenter Groendus, their jointly owned energy infrastructure platform. The financing sits under a new common terms platform. It was twice oversubscribed, the owners said.
The lenders included DNB, LBBW, Export Development Canada, Société Générale, ABN Amro, SEB, Rabobank, RBC and Macquarie Asset Management, an OMERS spokesperson told Infralogic. Earlier this month, 3i Infrastructure refinanced peer Joulz with €585 million from six banks, Infralogic noted.
Kenter Groendus offers medium-voltage infrastructure, metering, solar PV, battery storage, EV charging and energy management. It was formed by merging Kenter and Groendus, which the pension investors bought in 2022.
“The strong support from lenders reflects the quality of the business and its long-term role in supporting the energy transition,” said Luca Lupo, OMERS Infrastructure’s head of Europe.
Jean-Pierre van Lieshout, the company’s CFO, said the refinancing provides “a solid foundation to continue supporting our customers in the years ahead.”
OMERS said the deal follows refinancings at Oncor (US$290 million), Exolum (€770 million) and Bruce Power (C$1.5 billion).
For pension investors, the deals show one plan using minority stakes and joint ownership to expand abroad. OMERS held 15% of assets in Europe and 8% in Asia-Pacific and other regions at mid-year.
On Monday, Brookfield announced it welcomes OMERS as an investor in La Trobe Financial
Brookfield today announced that it has signed an agreement with Canadian pension fund OMERS to acquire an indirect minority interest in La Trobe Financial, a leading Australian alternative asset manager, through a Brookfield private equity investment vehicle. Financial terms were not disclosed. Brookfield will retain majority ownership of the business.
Since Brookfield's acquisition in 2022, La Trobe Financial has delivered strong growth, with assets under management reaching A$27 billion, up from A$22 billion at the end of 2025. Drawing on Brookfield's operating expertise, La Trobe Financial has expanded its product offering including the launch of a US 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. This transaction follows the completion of a minority stake investment in La Trobe Financial by Asia-focused private equity investment manager Axight earlier this year.
Shiv Gupta, Brookfield Private Equity Head of Australia, said: “La Trobe Financial continues to deliver impressive results and we have strong conviction in the business’s long-term prospects. Since our acquisition in 2022, La Trobe Financial has delivered record growth, supported by its strong origination capabilities, diversified funding model and continued demand for specialist credit solutions. Growth has been sustained amidst a tough macro environment and competitive landscape for wealth. The OMERS indirect investment reflects the strength of La Trobe Financial’s platform and the opportunity ahead.”
Alexander Fraser, Executive Vice President & Global Head of Private Equity, OMERS, said: “We are pleased to partner with Brookfield to invest in La Trobe Financial, a high-quality business with a strong market position and attractive long-term growth prospects. This investment demonstrates our ability to deliver flexible, structured investment solutions and reflects OMERS continued commitment to growing its presence in Australia.”
The transaction is subject to customary regulatory approvals and is expected to close in Q1 2027.
About Brookfield
Brookfield is a leading global investment firm with more than $1 trillion in assets under management. The firm owns and operates high-quality businesses and real assets that provide essential services and form the backbone of the global economy. Brookfield invests on behalf of institutions and individuals around the world across infrastructure, energy, private equity, real estate, and credit. With more than a century of operating experience and a global presence in over 50 countries, Brookfield deploys long-term capital to generate sustainable value for its clients and shareholders. Brookfield Corporation (NYSE: BN, TSX: BN) and Brookfield Asset Management (NYSE: BAM, TSX: BAM) are publicly traded in New York and Toronto.
About La Trobe Financial
La Trobe Financial is Australia’s premier alternative asset manager and a proven and trusted investment partner for institutional and retail investors with over A$27 billion AUM. Established in 1952, La Trobe Financial has been building the wealth of its investors across seven decades through careful attention to quality, discipline and consistent performance across the economic cycle. Today, La Trobe Financial manages assets on behalf of over 130,000 investors – including some of the world’s largest financial institutions – and 4,700 supporting financial advisers. La Trobe Financial’s retail asset management business is spearheaded by the c.$14bn La Trobe Australian Credit Fund, the largest retail credit fund across Australia. Its flagship 12 Month Term Account has been recognised as “Best Credit Fund – Mortgages” for 17 consecutive years by Money magazine and is consistently recognised as one of Australia’s fastest growing funds (per Rainmaker) across the Australian wealth management industry. To find out more visit www.latrobefinancial.com.au
About OMERS
OMERS is a jointly sponsored, defined benefit pension plan, with more than 1,000 participating employers ranging from large cities to local agencies, and 665,000 active, deferred and retired members. Our members include union and non-union employees of municipalities, school boards, local boards, transit systems, electrical utilities, emergency services and children’s aid societies across Ontario. OMERS teams work in Toronto, London, New York, Amsterdam, Luxembourg, Singapore, Sydney and other major cities across North America and Europe – serving members and employers, and originating and managing a diversified portfolio of high-quality investments in government bonds, public and private credit, public and private equities, infrastructure and real estate. Net assets as at June 30, 2026 totalled C$151.6 billion.
On Tuesday, OMERS and APG announced the completion of a €662 million refinancing of Kenter Groendus:
OMERS and APG, on behalf of ABP, have completed a €662 million refinancing of Kenter Groendus, their jointly owned Dutch energy infrastructure platform.
The new financing provides Kenter Groendus with funding to support its growth ambitions, under a newly established common terms platform. The transaction attracted strong interest from banks and institutional lenders and was twice oversubscribed.
Kenter Groendus is a commercial and industrial energy infrastructure platform, with activities spanning medium-voltage infrastructure, metering, solar PV, battery storage, EV charging and energy management solutions. The business was formed from the combination of Kenter and Groendus and is positioned to support the electrification of the Dutch economy and the growing need for integrated energy solutions.
Luca Lupo, Senior Managing Director and Head of Europe, OMERS Infrastructure, said: “This refinancing is an important milestone for Kenter Groendus. The strong support from lenders reflects the quality of the business and its long-term role in supporting the energy transition. The refinancing gives Kenter Groendus additional capacity and flexibility to continue to invest in its core infrastructure businesses and pursue its growth ambitions in the years to come. I would like to thank the Kenter Groendus team, our financing partners and everyone involved for delivering an excellent outcome.”
Arjan Reinders, Head of Infrastructure Europe, APG, said: “The Netherlands' energy transition requires significant investment in enabling infrastructure, and Kenter Groendus plays an increasingly important role in supporting that transformation. This refinancing strengthens the company's financial foundation and provides the flexibility to continue investing in solutions that help customers to electrify. The successful outcome reflects the strength of the business and the confidence of lenders in its long-term contribution to the Dutch energy system. We thank the Kenter Groendus team and our financing partners for their dedication and collaboration throughout the process.”
Jean-Pierre van Lieshout, CFO, Kenter Groendus, said: “We greatly value the commitment of APG and OMERS and the important role they have played in making this refinancing a success. Having shareholders who support our ambitions strengthens our ability to play a significant role in the energy transition. This refinancing provides Kenter Groendus with a solid foundation to continue supporting our customers in the years ahead. I would also like to thank all our colleagues at Kenter Groendus who contributed to achieving this important milestone.”
Notes
This transaction follows recent successful financing activities across the OMERS infrastructure portfolio, including Oncor (USD$290m), Exolum (€770m) and Bruce Power (C$1.5bn), reflecting OMERS active approach to asset management and commitment to long-term value creation. Further information on OMERS other refinances can be found here: https://www.omersinfrastructure.com/news
Let me get to it because these are two big, separate deals for OMERS this week.
First, whenever Brookfield offers you a minority stake in any company, you jump on the opportunity.
La Trobe Financial is leading Australian alternative asset manager (mostly private credit). Brookfield states its assets under management have reached A$27 billion, up from A$22 billion at the end of 2025.
That is quite impressive given the macroeconomic background.
Clearly, Brookfield did its homework here.
Alexander Fraser, OMERS’ global head of private equity, states this:
“We are pleased to partner with Brookfield to invest in La Trobe Financial, a high-quality business with a strong market position and attractive long-term growth prospects. This investment demonstrates our ability to deliver flexible, structured investment solutions and reflects OMERS continued commitment to growing its presence in Australia.”
Even though financial details were not disclosed, OMERS joins Abu Dhabi-based Axight, which bought its own minority stake earlier this year at a US$2.1 billion valuation.
This deal also highlights OMERS' change in its private equity strategy, working closely with strategic partners (like Brookfield) to co-invest alongside them on bigger deals.
In a separate deal, OMERS and APG, on behalf of ABP, completed a €662 million refinancing of Kenter Groendus, their jointly owned Dutch energy infrastructure platform.
That is a massive refinancing that included top lenders like DNB, LBBW, Export Development Canada, Société Générale, ABN Amro, SEB, Rabobank, RBC and Macquarie Asset Management.
The press release states Kenter Groendus is a commercial and industrial energy infrastructure platform, with activities spanning medium-voltage infrastructure, metering, solar PV, battery storage, EV charging and energy management solutions.
The business was formed from the combination of Kenter and Groendus and is positioned to support the electrification of the Dutch economy and the growing need for integrated energy solutions.
Clearly, this platform is integral for the Netherlands to accelerate its transition to carbon neutrality.
Luca Lupo, Senior Managing Director and Head of Europe, OMERS Infrastructure, summed up this deal well:
“This refinancing is an important milestone for Kenter Groendus. The strong support from lenders reflects the quality of the business and its long-term role in supporting the energy transition. The refinancing gives Kenter Groendus additional capacity and flexibility to continue to invest in its core infrastructure businesses and pursue its growth ambitions in the years to come. I would like to thank the Kenter Groendus team, our financing partners and everyone involved for delivering an excellent outcome.”
Alright, two big back-to-back deals from OMERS worth sharing here.
I'll cover La Caisse and BCE's deal tomorrow.
Below, La Trobe Financial CEO, Chris Andrews (featured at the top of this post), joins Forbes Australia Editor-in-Chief Sarah O'Carroll for Forbes In Focus – The Business of Conviction series (June 2025).
In the discussion, he outlines La Trobe Financial’s vision to grow assets under management to $55 billion by 2030 and explains why he believes La Trobe Financial is uniquely positioned to deliver resilient returns and diversification, helping investors navigate an increasingly complex market landscape with confidence.
Also, a corporate clip highlighting Kenter Groendus' operations (unfortunately in Dutch).
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