The Ontario Teachers’ Pension Plan is taking part in a US$1 billion investment round, led by global technology investor Silver Lake, into Verily, a business owned by Alphabet Inc.

Verily’s business involves research and engineering pertaining to improving health-care outcomes. The investment will add to Verily’s capacity to develop strategic partnerships, global business development opportunities and potential acquisitions, contributing to its existing life sciences portfolio, according to a press release.

Read: Opportunities for institutional investors in an aging society

“We are taking external funding to increase flexibility and optionality as we expand on our core strategic focus areas,” said Andrew Conrad, chief executive officer of Verily, in the release. “Adding a well-rounded group of seasoned investors, led by Silver Lake, will further prepare us to execute as health care continues the shift towards evidence generation and value-based reimbursement models.”

Read: Ontario Teachers’ makes three senior investment appointments

Copyright © 2019 Transcontinental Media G.P. Originally published on benefitscanada.com

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