GIC, Stone Point to acquire US retirement services firm Ascensus

Singapore’s sovereign wealth fund GIC has partnered with American private equity firm Stone Point Capital to acquire Ascensus, the largest independent retirement and college savings services provider in the US, according to an announcement.

The partners have agreed to acquire Ascensus for an undisclosed amount from a PE consortium led by Genstar Capital, Aquiline Capital Partners, and Atlas Merchant Capital. Genstar and Aquiline will maintain a minority stake in Ascensus following the acquisition.

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