GIC, Atlas Merchant buy stake in US retirement services firm Ascensus

Singapore’s sovereign wealth fund GIC has teamed up with Atlas Merchant Capital to acquire just under a 25 per cent stake in Ascensus, the largest independent retirement and college savings services provider in the US, for an undisclosed amount.

According to an announcement, GIC and Atlas Merchant Capital will acquire the stake from private equity firms Genstar Capital and Aquiline Capital Partners. The sellers will continue to maintain control over the company, which claims to have helped over 7 million Americans save for retirement, education, and healthcare.

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