Investor Presentaiton
Alternative asset investment platforms
Asset Management
Activities
Investing
Activities
Recurring
Carried
Fee-Related
Interest +
Earnings
Proprietary
Capital
Value
to Power
($ millions)
Asset Management Activities
Sagard
Sagard
POWER
SUSTAINABLE
Q3 2023 Q3 2022
Management fees (1)
42
36
Investment platform expenses
(44)
(39)
Fee-related earnings (loss)
(2)
(3)
Net carried interest (2)
(1)
(3)
Other
(3)
(3)
(6)
(9)
Asset Management - Building investment platforms to deliver recurring
asset management earnings
☐
Through ownership in the GPs of Sagard and Power Sustainable,
Power expects to generate a recurring stream of management fees
and its share of performance-based carried interest, net of operating
expenses
Power Sustainable
Management fees (1)
Investment platform expenses
Fee-related earnings (loss)
Net performance fees and carried interest (2)
Other
7
5
(16)
(14)
(9)
(9)
(3)
7
(3)
(1)
(15)
(3)
(21)
(12)
Investing Activities (Power's Proprietary Capital)
Sagard
Private equity and other strategies
Venture capital (fintech investments) (3)
Power Sustainable
2
1
(6)
Public equity (4)
Investing Activities - Earning attractive returns on its proprietary capital
across multiple strategies
☐
■
Power invests proprietary capital in the strategies of Sagard and
Power Sustainable to support their growth and development as
alternative asset managers
Power seeks to earn attractive returns on its proprietary capital
Platforms' growth strategy is focused on raising 3rd party capital
Energy infrastructure (5)
Revaluation of NCI liabilities (5)
248 2.
(24)
3
(26)
10
(7)
(33)
Contribution to Net Earnings (Loss)
(11)
(45)
1 Includes management fees charged by the investment platform on proprietary capital. Management
fees paid by the Corporation are deducted from income from investing activities.
2 Refer to the Corporation's most recent interim MD&A for further detail.
3 Includes the Corporation's share of earnings (losses) of Wealthsimple.
4 Chinese public equities classified as FVOCI upon adoption of IFRS 9 on January 1, 2023. Going forward,
results are comprised of dividend income and management and performance fee expenses.
5 Comparative information has been restated in accordance with the current presentation.
POWER CORPORATION OF CANADA QUARTERLY RESULTS PRESENTATION | Q3 2023
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