Key Takeaways
- • Teachers' Venture Growth, the late-stage venture and growth arm of the Ontario Teachers' Pension Plan, is investing US$40 million in Darwinbox, an AI-powered human capital management platform, through a mix of primary and secondary transactions.
- • Ontario Teachers' is selling its stake in corporate insurance brokerage Diot-Siaci to Ardian, a European investor; financial terms were not disclosed.
- • Diot-Siaci's revenues rose about 1.5 times since Ontario Teachers' first invested in 2021, reaching €1 billion, according to Inaki Echave, head of EMEA private capital at Ontario Teachers'.
- • PSP Investments and the Healthcare of Ontario Pension Plan (HOOPP) are participating in a $500 million raise by AI firm Cohere.
Summary
The late-stage venture and growth investment arm of the Ontario Teachers' Pension Plan, Teachers' Venture Growth (TVG), is investing US$40 million in Darwinbox, an artificial intelligence-powered human capital management platform. The transaction includes both primary and secondary components, giving TVG an equity stake in the India-focused technology company. Darius Vakil, a director at TVG leading its India-based investment efforts, said Darwinbox is driving an impressive adoption rate in the human resources industry. In a statement, TVG said it was pleased to partner with a team that has built and scaled Darwinbox into a leading HR technology company.
In a separate transaction, Ontario Teachers' is selling its stake in corporate insurance brokerage group Diot-Siaci to European investor Ardian. The financial details were not disclosed. Ontario Teachers' first invested in the firm in 2021 as part of its global financial services and insurance portfolio, which the organization describes as worth $13 billion. According to Inaki Echave, head of EMEA private capital at Ontario Teachers', Diot-Siaci's revenues have grown about 1.5 times since the 2021 entry, reaching €1 billion. Echave described the exit as another example of the pension plan's partnership with management teams across its financial and insurance services holdings, citing a track record of success over three decades.
Separately, the Public Sector Pension Investment Board (PSP Investments) and the Healthcare of Ontario Pension Plan (HOOPP) are investing in the latest $500 million funding round for AI firm Cohere. The source article does not provide further detail on the round's valuation or terms.
In a separate transaction, Ontario Teachers' is selling its stake in corporate insurance brokerage group Diot-Siaci to European investor Ardian. The financial details were not disclosed. Ontario Teachers' first invested in the firm in 2021 as part of its global financial services and insurance portfolio, which the organization describes as worth $13 billion. According to Inaki Echave, head of EMEA private capital at Ontario Teachers', Diot-Siaci's revenues have grown about 1.5 times since the 2021 entry, reaching €1 billion. Echave described the exit as another example of the pension plan's partnership with management teams across its financial and insurance services holdings, citing a track record of success over three decades.
Separately, the Public Sector Pension Investment Board (PSP Investments) and the Healthcare of Ontario Pension Plan (HOOPP) are investing in the latest $500 million funding round for AI firm Cohere. The source article does not provide further detail on the round's valuation or terms.
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