Bloomberg Law
March 17, 2023, 7:12 PM

Market Woes Erase 20% of Value at Canada Billionaires’ Firm (1)

Mathieu Dion

The holding company of Canada’s billionaire Desmarais family saw its net asset value slide 20% last year, as its private equity and insurance businesses suffered from volatility in global equity and bond markets.

Power Corp. of Canada said its investments were worth about C$28 billion ($20.4 billion) at the end of December, or C$41.91 per share. The decline erased almost all of the prior year’s gains.

The sprawling group includes Putnam Investments, Irish Life Group Ltd. and Canada’s Great-West Lifeco Inc.The company has also been expanding in private equity, credit and venture capital via Sagard Holdings Inc., ...