The Public Sector Pension Investment Board is buying 32 per cent of Wittur International Holding, an elevator components manufacturer.

Purchasing the stake from funds controlled by Bain Capital Private Equity, PSP Investments intends to work closely with Bain Capital to enhance Wittur’s international expansion. 

“We are excited to partner with Wittur’s team and Bain Capital Private Equity for the next chapter of growth and to continue building a truly global leader,” said Przemek Obloj, managing director at PSP Investments, in a news release. “Urbanization and the ageing population drive the global demand for elevators with ever increasing reliability and safety standards.”

Read: PSP Investments takes on Hawaiian farmland

In other investing news, the Caisse de dépôt et placement du Québec is taking a minority interest in SURA Asset Management, a financial institution with US$135 billion under management. The company services clients, including pension funds, in Colombia, Chile, El Salvador, Mexico, Peru and Uruguay. The asset manager is a subsidiary of Grupo de Inversiones Suramericana S.A., a Colombian multinational holding company.

“Grupo SURA is one of our most strategic partners in Latin America,” said Michael Sabia, president and chief executive officer at the Caisse, in a release. “Together, we have made major investments through innovative infrastructure platforms focused on long-term, sustainable growth. This transaction further strengthens our partnership with Grupo SURA and increases our presence in one of Colombia’s most promising sectors — financial services. With this transaction, our investments in the country have reached US$1 billion in 2018.”

Read: Caisse and partner looking to accelerate AI developments in Quebec

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

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