Investment Strategy
Great-West Lifeco is one of Canada’s largest insurance and retirement services companies, operating through Canada Life, Empower (the second-largest retirement plan provider in the US), and Irish Life. The company is a subsidiary of Power Corporation of Canada, one of the country’s most established conglomerates with deep roots in financial services.
The general account investment portfolio of approximately $200 billion is predominantly invested in high-quality fixed income securities, including government bonds, investment-grade corporate bonds, and commercial mortgages. Real estate equity holdings, both direct and through partnerships, add portfolio diversification and inflation protection. The investment approach prioritizes capital preservation and liability matching, consistent with the company’s insurance obligations across life, health, and retirement products.
Great-West Lifeco allocates roughly 10% of its general account to alternative investments. Private credit is a meaningful component, with the company originating commercial mortgages and investing in private placement debt. Private equity exposure comes through fund commitments and selective co-investments, with a preference for established managers and strategies that generate stable cash yields. Infrastructure investments, particularly in essential services and energy, complement the portfolio’s long-duration profile.
How to Approach
GPs seeking to engage with Great-West Lifeco should approach the investment team through Canada Life’s investment management division, headquartered in Winnipeg and Toronto. The company’s affiliation with Power Corporation means it benefits from a sophisticated investment culture, and the team is well-versed in evaluating alternative strategies. Managers offering private credit, infrastructure, or mid-market buyout strategies with income-generating characteristics will find the best alignment. The diligence process emphasizes track record consistency, risk management, and regulatory capital efficiency.
Frequently Asked Questions
What is Great-West Lifeco's investment portfolio?
Great-West Lifeco's general account portfolio is approximately $200 billion, invested primarily in fixed income securities, mortgages, and real estate. The company operates through subsidiaries including Canada Life, Empower Retirement in the US, and Irish Life in Europe. The investment portfolio is managed with a strong focus on asset-liability matching.
How does Great-West Lifeco invest in alternatives?
Great-West Lifeco allocates roughly 10% of its general account to alternative investments including private equity, private credit, real estate, and infrastructure. The company invests through fund commitments and co-investments, leveraging the broader Power Corporation ecosystem which provides access to deal flow and GP relationships.
What is Great-West Lifeco's relationship to Power Corporation?
Great-West Lifeco is a subsidiary of Power Financial Corporation, itself controlled by Power Corporation of Canada. This affiliation provides access to a broader investment ecosystem including Sagard Holdings and Portag3 Ventures, giving the insurance company exposure to private equity, fintech, and venture capital through related entities.
