Key Takeaways
- • OMERS, the Ontario pension plan with C$151.6 billion in net assets as of June 30, has agreed to acquire an indirect minority stake in Australian lender La Trobe Financial through a Brookfield private equity vehicle; Brookfield retains majority ownership.
- • La Trobe Financial's assets under management have reached A$27 billion, up from A$22 billion at the end of 2025, according to Brookfield. Neither the size nor the price of OMERS' stake was disclosed.
- • OMERS and APG, acting for Dutch pension fund ABP, completed a €662 million refinancing of Kenter Groendus, their jointly owned energy infrastructure platform, which was twice oversubscribed.
- • The La Trobe transaction is expected to close in the first quarter of 2027, subject to regulatory approvals, against a backdrop of ASIC scrutiny of private credit and RBA concerns about higher defaults.
Summary
Ontario pension plan OMERS announced two deals this week that illustrate its strategy of expanding abroad through minority stakes and joint ownership. The plan held C$151.6 billion in net assets as of June 30. According to Brookfield, OMERS will acquire an indirect minority interest in La Trobe Financial through a Brookfield Private Equity vehicle. Brookfield retains majority ownership. OMERS joins Abu Dhabi-based Axight, which acquired its own minority stake earlier this year at a US$2.1 billion valuation. The transaction is expected to close in the first quarter of 2027, subject to regulatory approvals.
La Trobe's assets under management have reached A$27 billion, up from A$22 billion at the end of 2025, Brookfield said. Shiv Gupta, head of Australia at Brookfield Private Equity, said the firm has "strong conviction in the business's long-term prospects." Alexander Fraser, OMERS' global head of private equity, described the investment as reflecting the plan's "continued commitment to growing its presence in Australia." La Trobe CEO Chris Andrews called it "a strong vote of confidence" in the firm and its platform, built over more than seven decades.
The investment comes as Australian private credit faces closer regulatory scrutiny. In September 2025, the regulator ASIC placed interim stop orders on two La Trobe retail accounts, lifting them within days after La Trobe revised its target market determinations. The Reserve Bank of Australia is also reportedly preparing for higher private credit defaults, based on documents obtained by the Australian Financial Review.
In Europe, OMERS and APG, acting for ABP, completed a €662 million refinancing of Kenter Groendus, their jointly owned energy infrastructure platform. The financing sits under a new common terms platform and was twice oversubscribed, according to the owners. Lenders included DNB, LBBW, Export Development Canada, Société Générale, ABN Amro, SEB, Rabobank, RBC and Macquarie Asset Management, an OMERS spokesperson told Infralogic. Kenter Groendus provides medium-voltage infrastructure, metering, solar PV, battery storage, EV charging and energy management. The pension investors acquired the businesses, which later merged, in 2022. Luca Lupo, head of Europe at OMERS Infrastructure, cited "strong support from lenders," while CFO Jean-Pierre van Lieshout said the refinancing provides "a solid foundation" for customer support. OMERS said the deal follows refinancings at Oncor (US$290 million), Exolum (€770 million) and Bruce Power (C$1.5 billion). At mid-year, OMERS held 15% of assets in Europe and 8% in Asia-Pacific and other regions.
La Trobe's assets under management have reached A$27 billion, up from A$22 billion at the end of 2025, Brookfield said. Shiv Gupta, head of Australia at Brookfield Private Equity, said the firm has "strong conviction in the business's long-term prospects." Alexander Fraser, OMERS' global head of private equity, described the investment as reflecting the plan's "continued commitment to growing its presence in Australia." La Trobe CEO Chris Andrews called it "a strong vote of confidence" in the firm and its platform, built over more than seven decades.
The investment comes as Australian private credit faces closer regulatory scrutiny. In September 2025, the regulator ASIC placed interim stop orders on two La Trobe retail accounts, lifting them within days after La Trobe revised its target market determinations. The Reserve Bank of Australia is also reportedly preparing for higher private credit defaults, based on documents obtained by the Australian Financial Review.
In Europe, OMERS and APG, acting for ABP, completed a €662 million refinancing of Kenter Groendus, their jointly owned energy infrastructure platform. The financing sits under a new common terms platform and was twice oversubscribed, according to the owners. Lenders included DNB, LBBW, Export Development Canada, Société Générale, ABN Amro, SEB, Rabobank, RBC and Macquarie Asset Management, an OMERS spokesperson told Infralogic. Kenter Groendus provides medium-voltage infrastructure, metering, solar PV, battery storage, EV charging and energy management. The pension investors acquired the businesses, which later merged, in 2022. Luca Lupo, head of Europe at OMERS Infrastructure, cited "strong support from lenders," while CFO Jean-Pierre van Lieshout said the refinancing provides "a solid foundation" for customer support. OMERS said the deal follows refinancings at Oncor (US$290 million), Exolum (€770 million) and Bruce Power (C$1.5 billion). At mid-year, OMERS held 15% of assets in Europe and 8% in Asia-Pacific and other regions.
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