The Public Sector Pension Investment Board is part of a group investing $1 billion in Convex Group Ltd., a specialty insurer and reinsurer.

In April 2019, Convex launched with $1.7 billion of committed capital. Its initial invested capital was raised from its management team, Onex Partners V, the PSP and a consortium of co-investors. The additional capital has been committed by the original investors, as well as multiple new investors. 

“We are pleased to continue our successful partnership with Onex and Convex by supporting the company’s accelerated growth strategy,” said Martin Longchamps, managing director of private equity at the PSP, in a press release. “The Convex management team has established an agile, world-class specialty insurer with a strong operational foundation. This transaction is in line with our strategy of making sizeable, direct investments in high-quality companies alongside experienced partners.”

Read: PSP Investments acquiring Copenhagen real estate

In other investment news, the Ontario Municipal Employees Retirement System’s private equity arm is acquiring Kentucky-based TurnPoint Services, a provider of residential services, including heating, ventilation and air conditioning.

“Over the last 15 years, OMERS private equity has successfully executed on a strategy of partnering with top management teams at industry-leading companies to support accelerated growth,” said Mark Dolfato, senior managing director for the private equity arm, in a release. “TurnPoint is a great fit for this strategy, with its leading brands and the strength and experience of its leadership team.”

Read: OMERS selling stake in Detroit rail tunnel

Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

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