FNZ, a global wealth management platform, announced that it has secured US$1.4 billion in new equity funding from Canada Pension Plan Investment Board (CPP Investments) and Motive Partners.
CPP Investments had committed to pouring in a total of US$1.1 billion. The fundraising values FNZ at over US$20 billion as it continues its geographical expansion.
The company has consistently attracted strong investment interest and CPP Investments and Motive Partners represent the fifth and sixth external shareholders in FNZ.
The capital raise will help FNZ further accelerate its growth through increased R&D, as well as driving growth in markets that FNZ have recently entered, in particular North America.
In 2018, CDPQ and Generation Investment Management acquired a majority stake in the company, in a partnership built around long-term and sustainable investment.
They were joined in 2021 by Temasek, enhancing FNZ’s reach into Asian markets.
The company now partners with over 650 large financial institutions and over 8,000 wealth management firms in 21 countries.
Adrian Durham, Founder & Group CEO of FNZ said,
“Our growth trajectory shows no signs of slowing down, and we are delighted to welcome CPP Investments and Motive Partners to FNZ and look forward to working with them as we further invest in and enhance our core platform, delivering substantial incremental benefits to our customers and their clients.”
Hafiz Lalani, Managing Director, Head of Europe, Direct Private Equity at CPP Investments said,
“FNZ has seen considerable success and we are excited to support FNZ and its leadership in continuing to deliver on their vision to expand FNZ’s global footprint, while at the same time delivering attractive risk-adjusted returns for CPP contributors and beneficiaries.
Partnered with Motive, we believe we bring a unique combination of long-term capital and specialised expertise in the wealth management sector. We look forward to being a strategic and value-added partner to FNZ and to joining the business’ existing investors.”
