The late-stage venture and growth investment arm at the Ontario Teachers’ Pension Plan is investing US$40 million in artificial intelligence-powered human capital management platform Darwinbox.
As part of the transaction, the Teachers’ Venture Growth is acquiring a stake in the technology firm through primary and secondary transactions. Darwinbox is driving an impressive adoption rate in the human resources industry, said Darius Vakil, a director at TVG leading its India-based investment efforts.
“We are pleased to partner with an exceptional team that has built and scaled Darwinbox into a leading HR technology company.”
Read: CPPIB investing in student housing, Ontario Teachers’ selling European airport assets
The Ontario Teachers’ is also selling its stake in corporate insurance brokerage group Diot-Siaci to European investor Ardian. The financial details of the transaction weren’t disclosed.
The investment organization first invested in the firm in 2021 as part of its global $13 billion financial services and insurance portfolio. Since their entry in 2021, revenues at the firm multiplied about 1.5 times to reach €1 billion, said Inaki Echave, head of EMEA private capital at the Ontario Teachers’, in a press release.
“This is another great example of our partnership with management teams in our financial and insurance services portfolio of investments, where we have a demonstrated track record of success over the last three decades.”
In other news, the Public Sector Pension Investment Board and the Healthcare of Ontario Pension Plan are investing in the latest $500 million raise from AI firm Cohere.
PSP Investments is acting as an existing investor while the HOOPP is joining the operation as a new investor. The funds from the new raise, which pushes the valuation of the technology company to $6.8 billion, will be used to accelerate its business efforts.
The Canada Pension Plan Investment Board is selling its 49.87 per cent equity ownership stake in a Peruvian energy infrastructure company to global energy and infrastructure institutional investor EIG Global Energy Partners.
The financial details of the transaction for Transportadora de Gas del Peru S.A. weren’t disclosed but will be revealed upon completion of the transaction, according to a press release.
The Pervian energy asset was a successful investment over the past decade, said James Bryce, head of infrastructure at the CPPIB, in a press release. “We will continue to seek out and evaluate investment opportunities in Latin America, given the region’s attractive fundamentals.”