Pension Pulse

 Renewable Energy News reports  La Caisse completes acquisition of Innergex:  Global investment group La Caisse has finalised the acquisition of Innergex Renewable Energy and mobilised a group of investors to support its long-term growth. La Caisse said the transaction represents a key step in the growth of one of Canada’s leading renewable energy platforms. As part of the transaction, La Caisse has syndicated approximately 20% of its invested capital to bring in like-minded investors who share its vision for the next chapter of Innergex’s growth. This approach brought together a group of investors, including several Québec institutions such as Investissement Québec, Desjardins Global Asset Management and Fondaction. This syndication was also open to international investors, including 14 Swiss institutional investors who will join the syndicate of Québec investors mobilised by La Caisse. Executive vice president and...

Stan Choe of the Associated Press reports  Wall Street closes a record-breaking week with a quiet finish Wall Street closed its third winning week in the last four with a quiet finish on Friday. The S&P 500 edged down by a whisper, less than 0.1 per cent, after setting its all-time high the day before. The Dow Jones Industrial Average fell 142 points, or 0.3 per cent, and the Nasdaq composite edged up by less than 0.1 per cent to add its own record. Norfolk Southern chugged 2.5 per cent higher after an AP source said it’s talking with Union Pacific about a merger to create the largest railroad in North America, one that would connect the East and West coasts. Any such deal, though, would likely face tough scrutiny from U.S. regulators. Union Pacific’s stock fell 1.2 per cent.  The heaviest weight on the market, meanwhile, was Netflix, which fell 5.1 per cent despite reporting a stronger-than-expected profit. Analysts said it wasn’t a surprise given the stock ha...

Rochdi Rais of USA Herald reports  La Caisse commits $200M to Renewa in bold energy transition play: In a decisive move to supercharge the clean energy transition, Canadian investment powerhouse La Caisse has committed $200 million in primary equity to Renewa, a QIC Infrastructure-backed platform that finances renewable projects by acquiring or leasing land underneath them. The investment, announced Tuesday, marks a critical endorsement of land-as-infrastructure strategies aimed at unlocking gigawatts of green energy across the U.S. This latest injection of capital pushes Renewa’s total financial backing past $750 million since its 2022 launch. The equity and debt raise—structured with guidance from Orrick Herrington & Sutcliffe LLP—fortifies Renewa’s position as a land market leader in the renewable sector. La Caisse was represented by Eversheds Sutherland and Hogan Lovells, though further legal details remain under wraps. Renewa’s Land-First Strategy Attracts ...

Emily Lai of Pitchbook reports Advent exits Spanish dental chain Donte to OTPP at $1.2B value:  Advent International has agreed to sell Spain-based dental chain Donte Group to Ontario Teachers’ Pension Plan , valuing the business at €1 billion (around $1.2 billion). The Boston-based PE firm acquired Donte in 2019 from Intermediate Capital Group , JB Capital Markets and Kartesia . Donte operates a network of 426 clinics and 2,200 dentists across four brands. OTPP has more than C$266 billion (around $194.3 billion) in net assets, including C$6 billion in global healthcare. The fund’s portfolio companies include US-based Heartland Dental , a non-clinical dental support services provider; PhyNet , an outsourcing services provider for dermatology practices; Veonet , a Germany-based operator of ophthalmic treatment and medical care centers; and NVision , an imaging services provider. PE deals in healthcare in Europe remained resilient in Q2 despite a slower overall dealmaking e...

Brendan Swift of Top1000funds reports  IMCO reconsiders US exposure as geopolitical landscape shiftshifts:  The C$86 billion ($62 billion) Investment Management Company of Ontario (IMCO) is re-considering its portfolio’s US exposure as the Trump administration’s trade war and ballooning US debt and deficits threaten the US market’s long-term outperformance. The fund’s record annual return of 9.9 per cent was driven by surging equity markets last year despite an underweight position in the Magnificent Seven. However, CIO Rossitsa Stoyanova says the fund is now carefully deliberating its geographical weights, given question marks around the role of the US in capital markets. The 9 July deadline that the US set for completing trade talks is rapidly approaching, but the Trump administration has only secured two trade frameworks – with the UK and China – with a dozen more to be completed in the next 10 days. IMCO is heavily invested in North America with 52 per cent of...