AIMco
Alberta Investment Management Corp.
Leo de Bever Finishes Off and Starts Up
As he wraps up his tenure as the founding CEO of the Alberta Investment Management Corporation (AIMCo), de Bever looks ahead to the next frontier: fostering innovation with institutional capital.
“The reason I made money in infrastructure at AIMCo and Ontario Teachers’ was because I was an early adopter. The market used to be incredibly inefficient. Others followed the example, but didn’t always understand that it’s not just about buying infrastructure assets. The price matters. I’ve lost most of my bids over the past year and a half, and so have my very disciplined peers. What worked in the past, almost by definition, won’t continue forever. You must find new opportunities.
A lot of successful startups end up selling for much less than they’re worth. The structure of their venture capital financing forces them to sell too early or IPO [initial public offering] at a poor time. And when a company hits on a very good product or service, there’s often not enough capital available to bring it to market. The big players want to invest in this sector, but they’re looking for a solution to high costs and mediocre returns.Too many people in venture capital are getting paid for nonperformance.
Consortium agrees to buy Porterbrook
UK: The owners of rolling stock leasing company Porterbrook Rail Finance Ltd announced an agreement for the sale of their interests to an international consortium of investors on October 10. The transaction is expected to close by the end of October.
Porterbrook owns and manages around 5 900 passenger and freight vehicles, representing approximately one-third of Great Britain's passenger rolling stock fleet. It is owned by a consortium of Antin Infrastructure, OP Trust and iCON Infrastructure, which announced in May that it was ‘exploring options’ for a possible sale.
The consortium which is to buy the business comprises Canadian pension fund manager Alberta Investment Management Corp; Allianz Capital Partners, which manages investments for insurance companies in the Allianz Group; the EDF Invest unlisted investment arm of EDF which supports its long-term nuclear decommissioning commitments; and funds managed by Australian infrastructure investor Hastings Funds Management
SimCorp StrategyLab, a private research institution sponsored by SimCorp, has announced that Alberta Investment Management Corporation (AIMCo) is the winner of the 2014 SimCorp StrategyLab Risk Management Excellence Award. The prestigious award was presented earlier today at one of the largest investment management industry events, SimCorp’s International User Community Meeting, in Paris.
Now in its sixth year, the SimCorp StrategyLab Excellence Award recognizes innovation and outstanding performance in the global investment management industry. The winner is selected by a panel consisting of renowned international experts in finance, economics and applied IT.
AIMCo is one of Canada’s largest and most diversified institutional investment managers with more than $80 billion in assets under management. AIMCo was selected for its excellence in implementing AIMCo Innovations, a program to reduce operational risk and improve data accuracy for superior investment decision-making. AIMCo Innovations involved a strong commitment from the highest levels of the organization to modernize the firm’s system landscape.
Analysis: Westfield shopping centre’s second chance in Bradford
New owners
The project has changed hands after Westfield sold the centre to real estate specialist and fund manager Meyer Bergman in 2012. Two Canadian pension funds – Healthcare of Ontario Pension Plan and AIMCo – also invested in the site.
The sale came as Westfield changed its strategy after the recession put it under pressure.
“At the time we were a collector of shopping centres, so generally the more we had the better. But recently this changed and now we’re an owner and developer of assets,” says Bower.
But Westfield is committed to leading the leasing, design and construction of Bradford Broadway and will manage it on completion.
Bower says it has been difficult to gain the trust of some groups in the community again who “understandably” are sceptical about whether Westfield will complete the project.
“But we are seeing green shoots of new optimism,” he says. “There are very supportive groups such as the Bradford Chamber, Bradford Property Forum and Bradford Breakthrough. We’re getting that platform of positivity.”
KingSett Real Estate Growth LP No. 5 Acquires Common Shares of Killam Properties Inc.
TORONTO, ONTARIO--(Marketwired - Sept. 9, 2014) - KingSett Real Estate Growth LP No. 5 ("KSLP5") announced today that in connection with the announcement by Killam Properties Inc. ("Killam") that Killam has entered into a joint venture with affiliates of KingSett Capital Inc. and AIMCo Realty Investors LP ("ARI LP"), a limited partnership managed by Alberta Investment Management Corporation on behalf of certain of its clients, in respect of the proposed acquisition of Kanata Lakes Apartments II, KSLP5 has entered into a subscription agreement dated September 9, 2014 with Killam pursuant to which KSLP5 has agreed to acquire 691,488 common shares ("Common Shares") of Killam on a private placement basis, representing approximately 1.3% of the outstanding Common Shares, at a price of $10.12 per Common Share, for an aggregate purchase price of $7,000,000.
Mace to manage Television Centre redevelopment
Stanhope bought the building for £200m in 2012, with its and its Japanese and Canadian backers, Mitsui Fudosan and Alberta Investment Management Corporation (AIMCo). It has planning permission for offices, new BBC studio space, leisure facilities and 950 new homes.
Stanhope plans to keep the key listed buildings and open the site to the public for the first time. The forecourt will be remodelled with new retail, leisure and entertainment uses together with access through the site to Hammersmith Park.
The Alberta Investment Management Corporation has made its first hire to the London office it set up this year, appointing an associate manager to lead private debt investments.
Sulvaris Names David Sealock President & COO and Completes Financing With AIMCo
"We are excited that David has joined Sulvaris," said Jeff Scott, Executive Chairman. "With over 20 years of leadership experience at a number of major organizations, David brings with him a wealth of business, financing and project experience that will allow him to build on Sulvaris's proprietary product line and drive to completion our first production facility and execute our long term growth plans."
Sulvaris is also delighted to announce that the Company has closed a significant amount of equity financing with Alberta Investment Management Corporation (AIMCo) to fund the Company's Strachan project through to name plate production of over 200,000 tonnes per year of Vitasul fertilizer. "We are very pleased to add a long term strategic partner of AIMCo's caliber to our team," said Mr. Scott. "AIMCo's Alberta roots coupled with their long term investment strategy is a perfect fit for Sulvaris." Mr. David Goerz, Executive Vice President for AIMCo added, "AIMCo believes Sulvaris and its product Vitasul will change the sulphur fertilizer market space for the better. Their patented technologies have the potential to also provide innovative solutions for the rapidly growing oil and gas industry, including converting sulphur by-products into higher-value sustainable products. We are proud to invest in such a compelling "Made in Alberta" success story like Sulvaris."
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