Quebec-based Caisse de Depot et Placement du Quebec and Al Gore's Generation Investment Management have teamed up to buy New Zealand-based FNZ in one of the year's largest fintech deals.
Canada's second largest pension fund has teamed with Generation, also co-founded by former Goldman Sachs Group partner David Blood, for future investments as well. The partnership expects to invest about $3 billion for investments that have an eight to 15-year duration.
FNZ has some of the banking world's largest clients including Barclays, Vanguard Group and Aviva. FNZ's founder, Adrian Durham, plans to keep a third of the company once the transaction is completed. JP Morgan Chase acted as an advisor to the sellers of this deal.