Investment Spotlight

AIMCo completed the sale of its stake in DIG Airgas, a leading industrial gas provider in South Korea. Operating a nationwide network of air separation units and on site generators, the business supplies essential gases to blue chip customers across petrochemical, semiconductor, display and other advanced manufacturing sectors. This investment, made through the relationship with Macquarie Asset Management, resulted in meaningful returns for AIMCo clients.

AIMCo’s Private Debt & Loan team invested in the senior secured term loans of a diversified European funeral infrastructure and services platform. The highly sought after asset is expected to deliver attractive risk adjusted returns, supported by resilient demand characteristics, exclusive long-term concessions over funeral infrastructure, and conservative loan documentation.

The Renewable Resources portfolio expanded its European permanent crops platform through the acquisition of Estadal and Tojalillo Grande, adding more than 2,500 hectares of high‑quality agricultural assets across Spain and Portugal. These investments increased exposure to established Iberian growing regions and diversified the crop mix, including almonds, citrus, olives, and other permanent crops, reinforcing the portfolio’s focus on scalable, long‑life agricultural investments with strong underlying fundamentals.

The Commercial Mortgage-Backed Securities market experienced a significant resurgence in 2025, with markets seeing issuances surpassing pre-COVID levels. AIMCo’s Mortgages team capitalized on this growing market segment by participating in 2 Canadian floating-rate transactions (totaling CA$130.8 million) and 1 U.S. fixed-rate transaction (totaling US$95.5 million). Each of these transactions are Single Borrower loans backed by large, institutional sponsors and supported by strong, cash-flowing assets.

AIMCo Private Equity committed €50 million to Inflexion Buyout Fund VII (BOF VII). BOF VII is a pan-European middle market buyout strategy that targets high-growth and profitable Services, Technology, Healthcare, and Industrial businesses. Given its strong track record, Inflexion was able to successfully reach their hard cap of €4.5 billion for BOF VII in under six months. This represents a new strategic relationship for AIMCo with the potential for future co-investment opportunities.

AIMCo, along with partners Cadillac Fairview and Shape Properties, are nearing completion of the significant mixed-use densification project at CF Richmond Centre which includes 1,087 homes across 7 towers, 79 affordable housing units, and 125,000 square feet of retail. The condos are 99% sold and closed resulting in a significant repatriation of capital and profit to date.

AIMCo Private Equity invested US$55 million alongside New Mountain Capital (NMC) to acquire NSM Insurance Group’s U.S. commercial insurance division. Post carve-out, the portfolio of insurance programs across Property & Casualty, Accident & Health, and Reinsurance was re-branded under the name Novacore. Since 2022, AIMCo tracked the asset and engaged NMC as a potential co-investment partner. AIMCo’s strong relationship with NMC and sector knowledge enabled access to the deal.

AIMCo Private Equity invested US$30 million alongside TPG GP Solutions into the single-asset Continuation Vehicle (CV) of Identity Digital, the largest top-level domain registry business globally. The CV saw significant demand from potential investors, while AIMCo was uniquely positioned through its strategic relationship with TPG, helping secure an allocation to this opportunity.