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The Canadian insurance giant’s alternative asset management division, SLC, is acquiring 80 per cent of the London-headquarted firm for $515 million, as well as a promise to co-invest $530 million in new projects. InfraRed has a US$12-billion portfolio, including roads, rail lines, solar energy installations and office buildings. (The Logic)

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Talking point: The acquisition doesn’t significantly expand SLC’s holdings, as the company already has $227 billion in assets under management. But most of that capital is invested in bonds, with just over a quarter in real estate. The addition of InfraRed gives it infrastructure expertise, including in fast-growing Asian and South American markets; the new subsidiary has offices in Hong Kong, Seoul and Mexico City. It’s also completed US$3.7 billion in Asian real estate transactions. While Sun Life has a $7.2-billion portfolio of investment properties, they’re all located in North America and Europe.

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PSPIB and Sun Life participated in a US$205-million round for San Francisco-based Collective Health, which offers software that helps U.S. employers manage their health insurance programs, including financial reporting and administration. Employees can use Collective Health to review claims and spending and chat with customer service on one platform. SoftBank led the round; Collective Health will use the funds on product development and growing its engineering team. (The Logic)

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Talking point: The investment comes as other Canadian pension funds are ramping up their tech investments; the Canada Pension Plan Investment Board is planning to invest up to $1 billion in venture capital funds to understand how tech investments can shape or disrupt its existing portfolio. And, in May, it participated in the US$350-million close of Radical Ventures, a new Canadian artificial intelligence fund. The Ontario Teachers’ Pension Plan appointed Olivia Steedman in April to lead a new investment department dedicated to tech companies. For Sun Life, it’s an opportunity to have a stake in another tech company, as it navigates the disruption in the insurance industry; in 2018, Sun Life launched Lumino, an online portal that has ratings and costs of Canadian health providers in a marketplace that resembles the first iteration of League, which allows employers to manage health insurance for employees.

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The Canadian venture capitalist targeted Silicon Valley’s investment decisions in a series of tweets Sunday, urging founders and investment partners to be more thoughtful in taking on investments. “What if the LPs money was stolen by an autocratic leader?” he wrote. “What if their family made guns or alcohol or tobacco? What if they believe in Pro-Life vs Pro-Choice or No-Guns vs Ok-Guns?” (The Logic)

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Talking point: Big Tech has been grappling with ethics, most prominently after the 2018 murder of journalist Jamal Khashoggi called into question the investments Saudi Arabia had made in U.S. tech. Palihapitiya has urged tech companies to choose between a “hear-no-evil-see-no-evil approach” or taking a stand on ethical issues. His tweets were spurred by a Wall Street Journal investigation into how the Mormon Church secretly built a US$100-billion investment portfolio—as large as SoftBank’s Vision Fund. He said startup founders should consider, “What systemic bias do you perpetuate?”

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The two Canadian pension funds are new investors in Netskope, which is now valued at about US$3 billion. Sequoia led the round and existing investors including Social Capital and Accel participated. (The Logic)

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Talking point: Both the Canada Pension Plan Investment Board and the Public Sector Pension Investment Board have been increasing their exposure to the tech sector. CPPIB participated in at least four tech investments last year and added Mark Evans, a former partner at Silicon Valley VC firm Benchmark Capital to its board. In June 2019, PSP participated in a US$205-million round for software firm Collective Health. Netskope has roughly tripled its valuation as of fifteen months ago. The company provides cloud security for users of a variety of platforms, including Amazon Web Services, Google Cloud and Microsoft’s Azure. The Canadian pension funds backing comes as my colleague Fatima reports that all three of those cloud services are significantly stepping up their presences in Canada.

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Gildan’s Glenn Chamandy was the top Canadian in the Harvard Business Review rankings, at 49th place. Bell’s George Cope and Sun Life’s Dean Connor also made the list, which looks at both financial and environmental, social and governance (ESG) performance. (Harvard Business Review)

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Talking point: This is the first time since 2014 Bezos hasn’t come first—and he didn’t even make the top 100, largely because of a methodology change that increased the importance of ESGs in the rankings. Harvard Business Review changed its methodology because both companies and investors are increasingly focused on more than just the bottom line. In August, for example, the CEOs of 181 of the most powerful companies in the U.S. announced that a corporation has a broader social remit and should not focus solely on helping shareholders. The Canadian CEOs on the list were generally bolstered by stronger ESG metrics than financial ones. Brookfield Asset Management’s Bruce Flatt was an outlier; although he did much better on financial performance than any other Canadian CEO—reaching 25th place overall—he ranked 855th on one of the ESG metrics.