The Business Desk reports the UK’s largest private crematorium and cemetery firm sold in a private equity deal:

Westerleigh Group, the UK’s biggest private crematorium and cemetery operator, is being acquired by global alternative asset manager ICG for an undisclosed sum.

ICG’s European Infrastructure team will buy the business, based at Westerleigh, near Bristol, from Ontario Teachers’ Pension Plan and Universities Superannuation Scheme, which have jointly owned it since 2016.

The company operates 42 crematoria across England, Scotland and Wales and describes itself as the UK’s largest developer of new crematoria, having opened 21 sites since 2016.

Debbie Smith, chief executive of Westerleigh Group, said the firm’s priority had always been to provide exceptional care to the families and communities it served.

“ICG Infra shares our commitment to investing in our people, facilities and services, and brings a long-term perspective that aligns closely with our ambitions,” she added.

“We are grateful to Ontario Teachers’ and USS for their partnership and support since 2016, which has helped strengthen and grow the business.

“We look forward to working with ICG Infra as we continue investing in our network and developing new locations, in response to the resilient demand for our services across the UK.”

Under the outgoing owners, Westerleigh has invested in its SuperVenue concept, which the company says enables families to create more personalised funeral services, and developed a cremation funeral plan offering.

ICG Infra will partner with Westerleigh’s existing management team to support continued investment across the network and development of new locations.

Ludovic Laforge, managing director at ICG European Infrastructure, said: “Westerleigh provides an essential service to communities across the UK and has established a leading and highly reputable network of social infrastructure assets. We are very happy to partner with the Company and its management team.”

The transaction follows the €3.15bn close of ICG Infra’s second fund in 2025.

Completion remains subject to regulatory approvals and is expected in the fourth quarter of 2026. 

Today, ICG Infra agreed to acquire Westerleigh Group from Ontario Teachers' and USS

ICG, the global alternative asset manager, today announced that it has reached an agreement to acquire the Westerleigh Group (“Westerleigh” or “the Company”), a leading independent developer and operator of crematoria and cemeteries in the UK.

ICG’s European Infrastructure team (“ICG Infra”) will acquire Westerleigh from Ontario Teachers' Pension Plan (“Ontario Teachers’”) and Universities Superannuation Scheme (“USS”), which have jointly owned the business since 2016, supporting a period of significant growth for the Company. ICG Infra will partner closely with Westerleigh’s existing management team, led by Chief Executive Officer Debbie Smith, to support continued investment across the Company’s existing network, development of new locations, and enhancement of its service offering.

Founded over 30 years ago, Westerleigh is the UK's largest private operator of crematoria and cemeteries, providing services to communities across England, Scotland and Wales. The Company operates 42 crematoria and has built a strong reputation for high-quality care. Under Ontario Teachers’ and USS’s ownership, Westerleigh has expanded its network significantly in recent years and is the UK's largest developer of new crematoria, opening 21 since 2016, with additional sites under development. The Company has also continued to invest in its existing estate and service offering, including through the rollout of its SuperVenue concept, which enables families to create more personalised funeral services, and through the development of its cremation funeral plan offering.

For ICG Infra, the partnership aligns closely with its emphasis on key infrastructure, focusing on essential businesses with non-GDP-correlated characteristics and resilient demographic fundamentals. The transaction follows the €3.15bn close of ICG Infra’s second fund in 2025 and recent investments in Paulo Duarte Group and Comcreta.

Ludovic Laforge, Managing Director, ICG European Infrastructure, said:
“Westerleigh provides an essential service to communities across the UK and has established a leading and highly reputable network of social infrastructure assets. We are very happy to partner with the Company and its management team. Westerleigh is a strong fit with our strategy, and we look forward to supporting its next phase of growth.”

Debbie Smith, Chief Executive Officer of Westerleigh Group, added:
“At Westerleigh, our priority has always been to provide exceptional care to the families and communities we serve. ICG Infra shares our commitment to investing in our people, facilities and services, and brings a long-term perspective that aligns closely with our ambitions. We are grateful to Ontario Teachers’ and USS for their partnership and support since 2016, which has helped strengthen and grow the business. We look forward to working with ICG Infra as we continue investing in our network and developing new locations, in response to the resilient demand for our services across the UK.”

James Adam, Senior Managing Director, Infrastructure and Natural Resources at Ontario Teachers’, added:
“Over the last decade, we have been proud to support and partner with Westerleigh’s management team as it has strengthened its position as a leader in the sector, expanded its network, and continued to invest in providing the highest quality of care and services to families. We wish ICG Infra and the Westerleigh team continued success in their next stage of growth.”

Rob Horsnall, Head of Direct Equity, Private Markets Group, Universities Superannuation Scheme, added:
“We are proud of what has been achieved throughout our investment in Westerleigh and have enjoyed a close working relationship with the management team and our partners at Ontario Teachers’. During our involvement, Westerleigh has doubled its number of sites while maintaining a focus on delivering high-quality crematoria facilities and, most importantly, continues to deliver an exceptional service rooted in compassion. We would like to thank the management team for their dedication and have every confidence that the business will continue to thrive in its new partnership with ICG Infra.”

Completion of the transaction remains subject to customary regulatory conditions and approvals and is expected to complete in Q4 2026.

About ICG
ICG (LSE: ICG) is a global alternative asset manager with $126bn* in AUM and more than three decades of experience generating attractive returns. We operate from over 20 locations globally and invest our clients’ capital across Structured Capital; Private Equity Secondaries; Private Debt; Credit; and Real Assets. Our exceptional people originate differentiated opportunities, invest responsibly, and deliver long-term value. We partner with management teams, founders, and business owners in a creative and solutions-focused approach, supporting them with our expertise and flexible capital. For more information visit our website and follow us on LinkedIn.

*As at 30 June 2026.

About Ontario Teachers’
Ontario Teachers' Pension Plan Board (Ontario Teachers') is a global investor with net assets of $279.4 billion as of December 31, 2025. Ontario Teachers’ is a fully funded defined benefit pension plan, and it invests in a broad array of asset classes to deliver retirement security for 346,000 working members and pensioners. For more information, visit otpp.com and follow us on LinkedIn.

About Universities Superannuation Scheme
Universities Superannuation Scheme (USS) was established in 1974 as the principal pension scheme for universities and Higher Education institutions in the UK. We work with around 320 employers to help build a secure financial future for almost 599,000 members and their families. We are one of the largest pension schemes in the UK, with total assets of around £84bn (at 31 March 2026). For more information, please visit our website.

Before I give you my thoughts, it's also worth looking at the November 2016 press release when OTPP and USS acquired Westerleigh Group from Antin Infrastructure Partners:

LONDON – Ontario Teachers' Pension Plan ("Ontario Teachers'") and Universities Superannuation Scheme ("USS") today announced the acquisition of Westerleigh Group ("Westerleigh"), the UK crematoria developer and operator, from Antin Infrastructure Partners ("Antin").  The transaction is expected to close by year end.

Founded in 1991, Westerleigh Group has grown to become the leading developer and operator of crematoria and cemeteries in the UK, caring for over 30,000 funerals per year across its 22 sites.  It has a significant and successful track record of developing new crematoria, with 13 built since 1991.  Crematoria form an essential piece of social infrastructure in the UK, with over 75% of deaths cremated each year.

Richard Evans, Managing Director of Westerleigh, said: "We are grateful for Antin's backing over the past three years and are delighted to have new long-term, pension fund investors to support the Group through our next phase of growth."

Andrew Claerhout, Ontario Teachers' Senior Vice-President Infrastructure and Natural Resources, commented:  "We are very pleased to partner with USS, an institution with which we have tremendous alignment, and with Richard Evans and his outstanding management team to continue to drive Westerleigh's growth. This is a unique business that has established a strong position in the UK market. Their stable revenues and resilient operating model align well with our long-term investment requirements."

Gavin Merchant, Head of Real Assets at USS Investment Management, said: "We are delighted to be investing in Westerleigh which plays such a critical societal role in the UK.  We look forward to working with Richard, his team and our partners Ontario Teachers', to continue to grow Westerleigh as an essential social infrastructure provider and to maintain its reputation for a high quality of care."

About Ontario Teachers'

Ontario Teachers' is the largest single-profession pension plan in Canada. An independent organization since 1990, Ontario Teachers' invests and administers the pensions of more than 316,000 active and retired teachers in the Province of Ontario. As of December 31, 2015, Ontario Teachers' had net assets of C$171.4 billion (£104 billion), invested across a mix of equities (public and private), bonds, commodities, real assets (real estate and infrastructure) and absolute return strategies. Ontario Teachers' infrastructure portfolio was valued at approximately C$15.7 billion (£9.5 billion) as of December 31, 2015 and includes airports, high-speed rail, water and wastewater utilities, electricity and gas distribution, thermal and renewable power generation, toll roads and container terminals.

For more information on OTPP please go to www.otpp.com

About Universities Superannuation Scheme

Universities Superannuation Scheme was established in 1975 as the principal defined benefit pension scheme for universities and other higher education institutions in the UK.  It has around 375,000 scheme members across more than 360 institutions and is one of the largest pension schemes in the UK, with total fund assets of approximately £53 billion (as at 30 June 2016).

The scheme's trustee is Universities Superannuation Scheme Limited, a corporate trustee which provides scheme management and trusteeship from its offices based in Liverpool and London.  The trustee company delegates implementation of its investment strategy to a wholly-owned investment management subsidiary company - USS Investment Management Limited - which provides in-house investment management and advisory services.

For more information on Universities Superannuation Scheme please go to www.uss.co.uk

While financial details of the deal were not disclosed, we see another example of how OTPP and USS worked together to help the Westerleigh Group grow its operations over the last ten years. 

The company is the UK’s largest independent owners and operators of crematoria and cemeteries, with over 40 sites in England, Scotland, and Wales, and is trusted by more families than any other provider to deliver funerals for their loved ones:

All of Westerleigh's locations are set within beautifully landscaped gardens of remembrance which provide peaceful places for people to visit and reflect, while benefitting from exceptional care and support from its teams.

Our core objective is to deliver the highest possible standards of care. Westerleigh Group truly appreciates the social, environmental and financial benefits of providing professionally managed facilities in this highly specialist field.

We have unrivalled experience in the planning, development, operation and management of successful crematoria and cemeteries. We hope this website helps to shine a light on our extensive range of services and expertise and we would welcome the opportunity to hear how we may be able to help you deliver an improved experience to the bereaved.

Westerleigh Group prides itself on providing exceptional care to the bereaved, the standards of which are regularly inspected by the Federation of Burial and Cremation Authorities (FBCA) and the Scottish Government.

It is also an associate member of the National Society of Allied and Independent Funeral Directors (SAIF), a supplier member of the National Association of Funeral Directors (NAFD) and a member of the Funeral Suppliers’ Association (FSA). 

Instead of labelling it as a private equity asset, OTPP and USS labelled it as "social infrastructure," but the end result is the same: they exited the asset at an attractive sale price. 

As discussed above, they sold the asset to ICG, which is a global alternative asset manager with $126bn in AUM and more than three decades of experience generating attractive returns. 

The transaction follows the €3.15bn close of ICG Infra’s second fund in 2025. 

Now it is up to ICG to help the company grow during its next phase of growth. 

James Adam, Senior Managing Director, Infrastructure and Natural Resources at Ontario Teachers’ summed it up well:

“Over the last decade, we have been proud to support and partner with Westerleigh’s management team as it has strengthened its position as a leader in the sector, expanded its network, and continued to invest in providing the highest quality of care and services to families. We wish ICG Infra and the Westerleigh team continued success in their next stage of growth.” 

I also note what Debbie Smith, Chief Executive Officer of Westerleigh Group (featured at the top of this post) states:

“At Westerleigh, our priority has always been to provide exceptional care to the families and communities we serve. ICG Infra shares our commitment to investing in our people, facilities and services, and brings a long-term perspective that aligns closely with our ambitions. We are grateful to Ontario Teachers’ and USS for their partnership and support since 2016, which has helped strengthen and grow the business. We look forward to working with ICG Infra as we continue investing in our network and developing new locations, in response to the resilient demand for our services across the UK.”

So why did OTPP and USS sell this asset?

I can only speak for the former. Keep in mind, OTPP has a Portfolio Solutions group headed up by Kevin Kerr whose sole purpose is to look at all their private market holdings and see how they can add value to make them ready for an exit.

No doubt in my mind, when ICG Infra came knocking, they were ready to sell this asset at a price and they did so, exiting their investment.

It's part of managing a portfolio of private market assets; you don't collect them. When the time is right, you sell them. Read my discussion covering their mid-year results here and see what CIO Gillian Brown shared with me on why they sell assets when the price is right.

Why doesn't OTPP disclose financial details? It's their prerogative, at the end of the day what matters are portfolio returns (but yes, I wish every pension fund disclosed details of these transactions).

Alright, let me wrap it up there.  

Below, a clip from Westerleigh Group, they believe every life is unique, and every funeral should reflect the individual being remembered. "We support families in creating deeply personal farewells, combining compassion and respect for tradition with a commitment to innovation."

Also, in this Daci episode, Debbie Smith, the CEO of Westerleigh Group, sits down to discuss her trajectory, from her beginnings in pharmacy to her leadership roles at Boots and the Post Office. She shares her intriguing career journey that led her to Westerleigh (August 2023).

Sean Conlon, Lee Ying Shan, Ananya Chetia and Chloe Taylor of CNBC report the Dow tumbles more than 260 points after strong jobs report reignites rate hike fears:

The Dow Jones Industrial Average fell on Friday as August’s hotter-than-expected payrolls reading increased expectations that the Federal Reserve could raise interest rates at its next meeting.

The 30-stock Dow was down 271.86 points, or 0.51%, closing at 53,414.25. The S&P 500 slid 0.38% to end at 7,718.60, while the Nasdaq Composite dropped 0.29% to 26,506.99.

Nonfarm payrolls grew 162,000 last month, much more than the 53,000 that economists polled by Dow Jones expected. The unemployment rate held steady at 4.1%, as expected. On top of last month’s gain, figures for both June and July saw upward revisions.

Treasury yields rose following the report, with the 2-year yield hitting its highest level since January 2025. Expectations that the Fed could raise rates in a couple weeks increased, as fed funds futures traders are now pricing in a 58% chance of a hike, per the CME FedWatch tool. Odds were at 49.4% a day ago.

“A monster jobs report for August reminds us that this labor statistic has become highly volatile while nudging up the probability of a September hike slightly,” said Bradford Smith, portfolio manager at Janus Henderson Investors.

Now, the debate surrounding the Fed “will sit handily on the incoming inflation data,” he added. “After a hawkish appearance from Chairman Warsh at Jackson Hole last week, there is a clear bias at the Fed to take action if the incoming data does not show further progress on disinflation.”

The three major averages rose on Thursday, catching a tailwind as Treasury yields pulled back after Federal Reserve Governor Christopher Waller said he would be “inclined to support” keeping rates at their current target range of 3.5% to 3.75% at the central bank’s Sept. 15-16 meeting.

However, the Dow dropped 0.3% during the week. The S&P 500 added 0.1% week to date, while the Nasdaq notched a 0.4% gain. 

Stephen Culp and Niket Nishant of Reuters also report Wall Street ends lower as solid jobs data fuels hawkish Fed bets:

NEW YORK, Sept 4 (Reuters) - Wall Street dipped on Friday as a robust jobs report raised the probability that the U.S. Federal Reserve will increase its key interest ‌rate at this month's monetary policy meeting.

All three major U.S. indexes closed lower amid a broad selloff ahead of the three-day holiday weekend.

For the week, the indexes were essentially unchanged.

The Labor Department's August employment report showed the U.S. economy added 162,000 jobs last month, nearly three times the 56,000 consensus, while the department revised June and July payrolls ​upward by a total of 55,000 jobs. Labor market participation increased while the unemployment rate held firm at 4.1%.

While a stronger-than-expected jobs report would generally be good economic news, markets are interpreting it as a sign the data-dependent Fed will ⁠implement a rate hike at the conclusion of this month's policy meeting to curb war-related energy price pressures from morphing into broader, more systemic inflation.

"The labor market had a nice snapback last month, and it's hard not to think an improving labor market is not a positive development for the economy," said Ryan Detrick, chief market strategist at Carson Group in Omaha, Nebraska. "On the flip side, the odds of a Fed hike increased a little bit as the economy continues to run a little on the hot side."

"We'll get a lot more clarity on inflation next week at the consumer and producer levels," Detrick added, referring to the Labor Department's consumer and producer price indexes.

Financial markets are pricing in a 58.4% likelihood of a 25-basis-point rate hike at the conclusion of the Fed's September meeting, up from 49.4% on Thursday, according to CME's FedWatch tool.

The Dow Jones Industrial Average fell 272.51 points, or ‌0.51%, to ⁠53,413.60, the S&P 500 lost 29.30 points, or 0.38%, to 7,718.41 and the Nasdaq Composite lost 77.07 points, or 0.29%, to 26,506.99.

Among the 11 major S&P 500 sectors, consumer discretionary stocks were down the most, while industrials and tech showed modest gains.

Semiconductors (SOX) were clear outperformers, gaining 3.4%, but remain down 17.8% this quarter. Software and services having gained 24% over the same period, were clear laggards on the day, dropping 2.1%.

Lululemon Athletica (LULU) tumbled 17.4% after the activewear brand cut its full-year profit and revenue forecasts.

Adobe (ADBE) dropped 6.7% following its announcement that longtime CEO ⁠Shantanu Narayen will be succeeded by insider Anil Chakravarthy.

U.S. credit reporting agencies lost ground after Federal Housing Finance Agency Director Bill Pulte said on Thursday he directed Fannie Mae and Freddie Mac, created by the U.S. Congress to support the housing market, to approve all lenders to use the credit scoring system VantageScore.

Fair Isaac (FICO) lost 16.7%, TransUnion (TRU) dropped 5.9%, while ⁠Equifax (EFX) slid 6.4%.

U.S. markets will close on Monday in observance of the Labor Day holiday.

Declining issues outnumbered advancers by a 1.04-to-1 ratio on the NYSE. There were 151 new highs and 167 new lows on the NYSE.

On the Nasdaq, 2,478 stocks rose and 2,256 fell as advancing issues outnumbered decliners by a ⁠1.1-to-1 ratio.

The S&P 500 posted three new 52-week highs and six new lows while the Nasdaq Composite recorded 61 new highs and 99 new lows.

Volume on U.S. exchanges was 13.14 billion shares, compared with the 14.89 billion average for the full session over the last 20 trading days.

This morning all eyes were on the solid US August jobs report, fuelling speculation the Fed will cut rates at its next meeting on September 15-16.

While the jobs report was much better than expected and previous months revised up, I still maintain the Fed will likely not raise rates this month.

Of course, a hot inflation report next week might seal the deal for a rate hike but as I stated last week, this is much ado about nothing.

Importantly, even if the Fed raises by 25 basis points, it's a one-and-done deal, so this will not have a major impact on markets.

In other news today, President Trump demanded that the Federal Reserve slash interest rates or else he will cut off trade with countries with which the U.S. maintains trade deficits. He doubled down in the Oval Office later Friday, saying, “we should be paying the lowest interest rate in the world.” 

These demands and threats are baseless and only make the Fed's job more difficult. Moreover, higher tariffs will fuel more inflation, which will put upward pressure on yields, so he should be careful making these statements.

On another interesting note, Norway’s mammoth sovereign wealth fund wants to cut its holdings of government bonds, chiefly affecting US Treasurys, as it seeks greater returns elsewhere: 

Norway’s sovereign wealth fund has proposed cutting the allocation of government bonds in its $2.3 trillion investment portfolio, chiefly affecting its holdings of U.S. Treasurys, as it seeks to diversify its risk exposure and boost returns.

The heads of Norges Bank Investment Management wrote in a letter to the country’s Finance Ministry, made public Friday, that it recommended reducing the government subindex of its bond holdings from 70% to 50% — a level it said would provide sufficient liquidity during market turbulence while allowing it to seek greater returns elsewhere.

The proposed reallocation would gradually cut NBIM’s Treasury holdings from 34.1% to 21.9%, reduce its euro area holdings from 16.8% to 14.1%, and increase its share of Japanese government bonds to 7.4% from 4.6%.

NBIM also wants to begin weighting its government bond holdings by market value instead of gross domestic product because of the high debt loads of almost all developed economies. 

Makes perfect sense to me, and this has nothing to do with politics.

Alright, some stock market news to end this comment.

First,  this week's top-performing US large-cap stocks (full list here; I circled the ones that caught my attention):

Next, the worst-performing US large-cap stocks this week (full list here; I circled the ones that caught my attention): 

There were other stocks that caught my attention this week, like Snowflake which surged 22% on Thursday after cloud-based software company posted a blowout second quarter with revenue surging 35% to $1.55 billion:

 This stock hit a 52-week low of $118 when the Saascopalypse hysteria hit markets back in March- April, and only Brad Gerstner was pounding the table to buy (software stocks are up nearly 40% since the ‘SaaSpocalypse’ bottom).

That was a great buying opportunity.

What else? Shares of Ciena continue to struggle after a huge run-up into June. The stock tumbled on Thursday despite beating on earnings this morning:

But generally speaking, momentum stocks (MTUM) caught a bid this week led by semis (SMH):

Still, looking at those charts, it's unclear to me that momentum is turning the corner here in any convincing way. I would need to see what lies ahead in the coming weeks.

Over in Biotech Land, shares of Ultragenyx Pharmaceutical Inc. (RARE) are down 40% this week after the company announced its rare-disease drug candidate failed to meet its main goal in a late-stage trial:

Still, some analysts believe the drugmaker has plenty of life left in its pipeline and I do note one of the top biotech funds, RTW Investments, is the second-biggest holder of shares after BlackRock. 

Lastly, the stock of the week, a micro-cap called bioAffinity Technologies, Inc. (BIAF):

 

The stock is up 213% this week, 2,676% over the past month, was literally trading at 41 cents on August 17th. It looks like it's tumbling back down to earth in after-hours trading (another pump-and-dump scam).

Alright, enjoy your long Labour Day weekend, I'll be back next week.

Below, Investment Committee debates the return of the Mag 7 and share their top strategies with those names.

Also, Jeremy Siegel, Wharton School Professor of finance, joins 'Closing Bell' to talk what the August jobs report means for the FOMC's next rate hike decision.

Lastly, Rick Bensignor, Bensignor Investment Strategies founder and managing partner, joins 'Closing Bell Overtime' to talk the technical trade around markets, bond yields, and commodities.

This blog post was developed in partnership with Steve Greer, CEO of American Income Life Insurance Company.

This Labor Day, workers across the country are sending a clear message: they want a greater voice on the job. A near-record 71% of Americans approve of unions and surveys show over 50 million nonunion workers would join a union if they could.

At a time when many are struggling to afford basic necessities, it’s easy to understand why. Through unions and collective bargaining, workers have more power to win higher wages, better benefits, safer working conditions, and a fairer share of the wealth they create. Unions help build a strong middle class, reduce inequality, narrow racial economic disparities, and boost participation in our democracy.

Yet only 1 in 10 U.S. workers are in a union today—a sharp decline from the more than 1 in 3 workers who belonged to a union in the 1950s. That drop did not happen because workers stopped wanting or needing unions. It happened due to relentless attacks on unions and collective bargaining, and lawmakers’ failure to fix the broken labor laws that have allowed those attacks to succeed.

The consequences have been enormous. As union power has declined, workers have seen less of the gains from the economic growth they have helped create. Since 1979, productivity (how much average value workers produce in an hour of work) has grown 2.8 times as much as pay for typical workers.

New EPI research makes clear just how much working people stand to gain by rebuilding union power to 1950s’ levels.

Tripling union membership would raise the pay of the median worker by more than $7,700 a year, or nearly $270,000 over a 35-year career. That’s enough to more than cover the cost of sending two children to a four-year public university, for example. Crucially, both union and nonunion workers would see these gains because stronger unions raise standards across the labor market.

Scaled across the workforce, tripling union membership would shift an estimated $1.2 trillion to the pockets of working people every year. This is enough to reverse roughly one-third of the increase in inequality since 1979.

Stronger unions are also good for businesses and the broader economy. When workers earn more, they have more money to spend in their communities, strengthening consumer demand. Businesses would benefit from lower worker turnover, higher productivity, and workers who have a greater stake in the success of their workplaces.

Tripling union membership won’t be easy, but it’s far from a nostalgic pipe dream. It will take continued nationwide organizing and decisive policy action that makes it easier for workers to unionize. Federal lawmakers can start by passing legislation that expands collective bargaining rights, closes loopholes in existing law that allows employers to suppress worker organizing, and holds employers accountable when they violate workers’ labor rights. Further, state lawmakers should provide all public-sector workers with collective bargaining rights and repeal so-called right-to-work laws that weaken workers’ ability to organize and bargain collectively. 

This Labor Day, let’s recommit to putting more power in the hands of working people. That means giving more workers the freedom to organize. And it means setting an ambitious goal worthy of the moment: tripling union membership and building an economy that works for working people.

Below, EPI senior economist Elise Gould offers her insights on the jobs report released this morning. Read the full thread here. 

 

Today’s #jobs data can be considered a solid bounce back to relative weakness in June and July. Job growth has averaged 71k over the last 3 months. Weaker numbers for leisure and hospitality and unusual July losses in local government education employment seems to have resolved in August.
#econsky

[image or embed]

— Elise Gould (@elisegould.bsky.social) 7:43 AM · Sep 4, 2026

Leisure and hospitality and state/local government led the job growth for August, following by construction. Information and financial activities reported losses. Federal employment continues to trend down.
#EconSky

[image or embed]

— Elise Gould (@elisegould.bsky.social) 7:51 AM · Sep 4, 2026

With August losses, federal employment is now down 336,000 jobs since January 2025. The vital services federal employees provide cannot be done without these essential workers.
#EconSky

[image or embed]

— Elise Gould (@elisegould.bsky.social) 7:52 AM · Sep 4, 2026

The preliminary benchmark revisions were out last week, regular BLS communication needed for timely and accurate data. That release suggests there were 79,000 fewer jobs added than originally reported since Trump took office, including 178,000 fewer private sector jobs.

www.bls.gov/news.release…

[image or embed]

— Elise Gould (@elisegould.bsky.social) 7:59 AM · Sep 4, 2026

Nominal wage growth decelerated in August, rising just 3.1% over the year. Slowing nominal wage growth suggests workers don’t have the leverage to bid up their wages. Even with low unemployment, the depressed hires rate means workers aren’t finding new jobs to raise their wages.
#EconSky

[image or embed]

— Elise Gould (@elisegould.bsky.social) 8:15 AM · Sep 4, 2026

Even though unemployment held steady, I have continuing concerns about the depressed hires rate. Those who are lucky enough to have a job are sitting tight while new entrants or long-term employed can’t find work. Long-term unemployment has been steadily rising led by those unemployed over a year.

[image or embed]

— Elise Gould (@elisegould.bsky.social) 8:37 AM · Sep 4, 2026

Josh Welsh of Benefits and Pensions Monitor reports La Caisse, SMBC Aviation Capital expand aircraft leasing platform to US$3 billion:

Canadian pension fund manager La Caisse and SMBC Aviation Capital have doubled the size of Maple Aircraft Company Holdings (MACH), their joint aircraft financing and leasing platform, from US$1.5 billion to US$3 billion, according to a release Thursday.

The expansion, announced September 3, follows the full deployment of MACH's initial capital commitment ahead of the original timeline. Launched in 2024, the platform has assembled a portfolio of 21 aircraft leased to 13 airline customers across 10 markets, focusing on new-technology, fuel-efficient models. The investment period now extends through December 2029.

SMBC Aviation Capital, which services a fleet of more than 1,750 aircraft with over 170 airlines globally, will continue to source transactions for MACH and act as servicer.

Demand for flexible financing

"The successful deployment of MACH demonstrates the strength of our partnership with La Caisse and the continuing demand for flexible aircraft financing solutions," Barry Flannery, chief commercial officer of SMBC Aviation Capital, said.

Expanding the platform positions the partners to support airline customers seeking access to the fuel-efficient aircraft types currently most in demand, he added.

Martin Longchamps, executive vice-president and head of private equity and private credit at La Caisse, pointed to the combination of specialized aviation expertise, deep industry relationships and patient long-term capital as a driver of MACH's early results.

"With favourable long-term market dynamics and increasing demand for flexible financing solutions, MACH is well-positioned to expand its portfolio and capitalize on attractive opportunities across the aviation leasing market," he said. 

Today, La Caisse and SMBC Aviation Capital announced they doubled the size of their aircraft leasing platform, Maple Aircraft Company Holdings, to USD 3 billion:

• Launched in 2024, MACH has fully deployed its initial USD 1.5‑billion commitment ahead of schedule.
• With an investment period extended through 2029, MACH will continue expanding its portfolio of new technology, fuel-efficient aircraft, building on 21 aircraft leased to 13 airlines worldwide.

La Caisse (formerly CDPQ), a global investment group, and SMBC Aviation Capital, the leading global aviation finance platform, announced today the expansion of Maple Aircraft Company Holdings Limited (MACH), their joint aircraft financing and leasing platform.

Following the full deployment of its initial USD 1.5‑billion commitment ahead of schedule, the platform will grow to USD 3 billion and extend its runway through December 2029, expanding its capacity to provide airlines with flexible financing solutions for modern, fuel-efficient new-technology aircraft. Since its launch in 2024, MACH has built a portfolio of 21 aircraft leased to 13 airline customers across 10 markets.

SMBC Aviation Capital will continue to source transactions for the platform and act as servicer.

“The successful deployment of MACH demonstrates the strength of our partnership with La Caisse and the continuing demand for flexible aircraft financing solutions,” said Barry Flannery, Chief Commercial Officer of SMBC Aviation Capital. “Expanding the platform with our trusted partner, La Caisse, positions us to build on this momentum and continue to support our airline customers worldwide with access to modern, fuel-efficient aircraft of the types that are most in demand.”

“MACH’s strong execution since 2024 demonstrates the value of bringing together specialized aviation expertise, deep industry relationships and patient long-term capital,” said Martin Longchamps, Executive Vice-President and Head of Private Equity and Private Credit at La Caisse. “With favourable long-term market dynamics and increasing demand for flexible financing solutions, MACH is well-positioned to expand its portfolio and capitalize on attractive opportunities across the aviation leasing market.”

ABOUT SMBC AVIATION CAPITAL

SMBC Aviation Capital is the leading global aviation finance platform, servicing a fleet of over 1,750 aircraft with more than 170 airlines globally. Benefiting from the strong support of its shareholders, Sumitomo Mitsui Finance and Leasing Company, Sumitomo Mitsui Financial Group and Sumitomo Corporation, SMBC Aviation Capital has a high-quality global airline customer base with an owned portfolio comprising 80% new technology aircraft (by net book value). SMBC Aviation Capital has a strong capital position and holds an A- and BBB+ rating with S&P and Fitch respectively, reflecting the long-term strength of its business. For more information, please visit: www.smbc.aero.

ABOUT LA CAISSE

La Caisse has invested for over 60 years with a dual mandate: generate optimal long-term returns for its 48 depositors, who represent over 6 million Quebecers, and contribute to Québec’s economic development.

As a global investment group, La Caisse is active in the major financial markets, private equity, infrastructure, real estate and private credit. As at June 30, 2026, it held CAD 552 billion in net assets. For more information, visit LaCaisse.com, LinkedIn or Instagram.

La Caisse is a registered trademark of Caisse de dépôt et placement du Québec that is protected in Canada and other jurisdictions and licensed for use by its subsidiaries. 

Go back to read my comment on why La Caisse (formerly known as CDPQ) partnered up with SMBC Aviation back in early 2024 to finance a US$1.5 billion aircraft leasing platform (read my comment here).

Clearly, this platform has taken off in a big way, and that is why La Caisse decided to double its initial capital commitment to Maple Aircraft Company Holdings (MACH), their joint aircraft financing and leasing platform, from US$1.5 billion to US$3 billion. 

SMBC Aviation Capital headed by CEO Peter Barrett (featured at the top of this post), is a very impressive company that services a dynamic sector of aircraft leasing in the aviation industry. 

I recommend you read its 2025 Annual Report here and see the main highlights below and the CEO review starting on page 8 of the report:  

Barry Flannery, Chief Commercial Officer of SMBC Aviation Capital explains why this partnership is working well:

"The successful deployment of MACH demonstrates the strength of our partnership with La Caisse and the continuing demand for flexible aircraft financing solutions. Expanding the platform with our trusted partner, La Caisse, positions us to build on this momentum and continue to support our airline customers worldwide with access to modern, fuel-efficient aircraft of the types that are most in demand.”

Martin Longchamps, Executive Vice-President and Head of Private Equity and Private Credit at La Caisse, also sums it up well in the press release:

"MACH’s strong execution since 2024 demonstrates the value of bringing together specialized aviation expertise, deep industry relationships and patient long-term capital. With favourable long-term market dynamics and increasing demand for flexible financing solutions, MACH is well-positioned to expand its portfolio and capitalize on attractive opportunities across the aviation leasing market."

Below is a corporate video explaining SMBC Aviation's operations (2024). Very impressive company and a leasing platform that is growing fast with La Caisse and other strategic partners by its side.

Also, James Kelly, Head of Aviation Finance at KPMG, recently sat down with Peter Barrett, CEO of SMBC Aviation, to discuss recent trends in the industry. Great interview; take the time to listen to Barrett's comments.

Ranjani Raghavan of Bloomberg reports La Caisse buys US$1.3 billion stake in Indian telecom tower firm: 

Caisse de Depot et Placement du Quebec, Canada’s second-largest pension manager, is investing 121 billion rupees (US$1.3 billion) in Brookfield Asset Management-backed Altius Telecom Infrastructure Trust, which operates more than 258,000 telecom towers in India.

La Caisse will acquire a 24 per cent stake in Altius, with Brookfield continuing as the largest shareholder, according to a media statement Wednesday. Other existing investors include GIC Pte and British Columbia Investment Management Corp.

The deal reflects growing interest among global investors for Indian infrastructure assets, with Blackstone Inc., KKR & Co. and Macquarie Asset Management ramping up investments.

Earlier this week, CPP Investments, Ontario Teachers’ Pension Plan Board, Temasek Holdings Pte, AustralianSuper and others backed the National Investment and Infrastructure Fund Ltd.’s latest fund.

La Caisse’s other India investments include Azure Power India Pvt., Apraava Energy Pvt. and Maple Infrastructure Trust. It manages US$552 billion of assets globally.  

 DealRoom also reports La Caisse buys 24% of India tower giant Altius for C$1.76B:

What's the deal? Canadian investment group La Caisse has acquired a 24% stake in Altius Telecom Infrastructure Trust, India's largest independent telecom tower platform, for roughly INR 121 billion (C$1.76 billion). The transaction is complete. Brookfield remains Altius' largest investor, alongside La Caisse and existing shareholders affiliated with GIC and British Columbia Investment Management Corporation (BCI).

What each side brings: Altius owns and operates more than 258,000 telecom towers and sites across India, the infrastructure that lets mobile operators deliver 4G and 5G services. La Caisse — formerly CDPQ — held C$552 billion in net assets as of June 30, 2026, and points to its existing telecom tower and digital infrastructure holdings worldwide.

Why now? India is the world's second-largest telecommunications market, and rising mobile data use and 5G rollout are driving demand for more towers. "As India's economy grows and more people and businesses rely on higher use of mobile data, the infrastructure behind those connections needs to keep pace," said Emmanuel Jaclot, La Caisse's head of infrastructure and sustainability.

What's the endgame? Brookfield, which manages over $1 trillion in assets, plans to keep backing Altius' expansion. "We will continue to support Altius' next phase of growth by deploying our owner-operator capabilities and disciplined, long-term approach to infrastructure investing," said Sam Pollock, chief executive officer of Brookfield's Infrastructure group.

The signal: The deal adds another large institutional investor to a single Indian tower platform, pooling La Caisse, Brookfield, GIC, and BCI behind the country's connectivity buildout. It signals that global infrastructure capital continues to treat India's 5G expansion as a long-term bet.

Earlier today, La Caisse announced it will invest alongside Brookfield in Altius, India’s largest independent telecom tower platform:

• Investment reflects growing demand for mobile connectivity and 5G infrastructure in India.

Global investment group La Caisse (formerly CDPQ), and Brookfield today announced that La Caisse has invested approximately INR 121 billion (CAD 1.76 billion) to acquire a 24% stake in Altius Telecom Infrastructure Trust (“Altius”), India’s largest independent telecom tower platform. With the transaction now complete, Brookfield remains Altius' largest investor, alongside La Caisse and existing shareholders who are affiliates of GIC and British Columbia Investment Management Corporation (BCI).

Altius owns and operates more than 258,000 telecom towers and sites across India, giving it a nationwide presence. The platform provides the infrastructure that enables mobile operators to deliver 4G and 5G services. India is the world’s second-largest telecommunications market, and continued growth in mobile data use and 5G is increasing the need for digital infrastructure.

“As India’s economy grows and more people and businesses rely on higher use of mobile data, the infrastructure behind those connections needs to keep pace,” said Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure and Sustainability at La Caisse. “This is a sector we know well through our investments in telecom towers and digital infrastructure around the world. With Altius, we are investing in an attractive market through an established platform, alongside Brookfield and other institutional partners with whom we have longstanding relationships.”

Sam Pollock, CEO of Brookfield’s Infrastructure group, said, “Altius has built a scaled, nationwide platform that is in a leading position to meet India’s demand for mobile connectivity and 5G infrastructure. La Caisse’s investment brings another long-term institutional partner to the platform and reflects confidence in the strength of the business. Alongside our partners, we will continue to support Altius’ next phase of growth by deploying our owner-operator capabilities and disciplined, long-term approach to infrastructure investing.”

ABOUT LA CAISSE

La Caisse has invested for over 60 years with a dual mandate: generate optimal long-term returns for its 48 depositors, who represent over 6 million Quebecers, and contribute to Québec’s economic development.

As a global investment group, La Caisse is active in the major financial markets, private equity, infrastructure, real estate and private credit. As at June 30, 2026, it held CAD 552 billion in net assets. For more information, visit LaCaisse.com, LinkedIn or Instagram.

La Caisse is a registered trademark of Caisse de dépôt et placement du Québec that is protected in Canada and other jurisdictions and licensed for use by its subsidiaries.

ABOUT BROOKFIELD

Brookfield is a leading global investment firm with over $1 trillion in assets under management that owns and operates real assets and essential service businesses that form the backbone of the global economy. We invest on behalf of institutions and individuals around the world across infrastructure, energy, private equity, real estate, and credit—sectors critical to supporting economic growth and productivity. With a heritage spanning more than a century and operations in over 30 countries, we deploy long-term, patient capital to build the foundational assets and businesses that power a more connected, resilient, and sustainable future—seeking to build long-term wealth for our clients while delivering strong risk-adjusted returns for our shareholders.

For more information, please visit our website at www.brookfield.com. 

Alright, another big deal for La Caisse, acquiring a 24% stake in Altius Telecom Infrastructure Trust (Altius), India’s largest independent telecomtower platform.

La Caisse joins Brookfield, which will remain the largest shareholder, as well as GIG and BCI, which own a minority stake in Altius.

Just a little refresher. Back in 2024, BCI put out a press release that a Brookfield-led consortium completed the acquisition of the Indian tower business of American Tower Corporation:

• To own the largest tower portfolio in India and is the largest platform globally ex-China with 257,000 telecom sites

• Telecom Infrastructure portfolio will be housed under the new brand name Altius

Data Infrastructure Trust (“DIT”), an Infrastructure Investment Trust sponsored by Brookfield Asset Management (“Brookfield”) along with affiliates of investors including British Columbia Investment Management Corporation (BCI) and GIC today completed the acquisition of 100% of American Tower’s operations in India (“ATC India”). This transaction, approved by the Competition Commission of India, comprises the buyout of approximately 76,000 communications sites in India for an enterprise value of INR 182 billion (~$2.2 billion). With this acquisition, the Brookfield-led consortium reinforces its commitment to connecting India with an expanded portfolio of 257,000 telecom sites.

DIT currently houses Summit Digitel and Crest Digitel and is managed by its Investment Manager, Data Link, an affiliate of Brookfield. With this acquisition, Summit Digitel, Crest Digitel, and ATC India will be combined under the new brand name: Altius. The new brand embodies the organization’s commitment to developing and managing the highest quality telecom infrastructure that fuels progress and innovation for connecting India. This expanded telecom infrastructure footprint will ensure Altius is well positioned to provide a broader array of solutions to India’s telecom ecosystem.

Commenting on the acquisition, Arpit Agrawal, Managing Partner, Head of Infrastructure, India & Middle East, Brookfield said, “Our expertise, rooted in our history as an owner and operator of high-quality businesses, is exemplified by our acquisition of ATC India. It complements our existing business and further strengthens our footprint, creating the largest tower portfolio in the country and one of the largest platforms globally. We are pleased to continue to support the Digital India initiative with acquisitions of scale.”

Munish Seth, Group Managing Director, Data Link, said, “We are excited to enter the next phase of growth, where our enhanced digital connectivity will play a crucial role in transforming India’s telecom infrastructure. The acquired sites diversify Altius’ revenue streams creating value for our unit holders, while our scale, operational strength, and innovative capabilities position us to meet the evolving needs of the Indian telecom market and create long-term value for all stakeholders.”

This is Brookfield’s third acquisition in the Indian telecommunications space. In 2022, Brookfield acquired a portfolio of 6,300 indoor business solution sites and small cell sites, which advances the rollout of 5G and enables telecom operators to extend their coverage capacity in difficult-to-access and dense areas. Brookfield also has a portfolio of approximately 175,000 towers that were acquired in 2020 from Reliance Industrial Investments and Holdings Limited.

In India, Brookfield has approximately $29 billion in assets under management across Infrastructure, Real Estate, Renewable Power & Transition, and Private Equity.

About Brookfield Asset Management
Brookfield Asset Management Ltd. (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager with approximately $1 trillion of assets under management across renewable power and transition, infrastructure, private equity, real estate, and credit. We invest client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. We offer a range of alternative investment products to investors around the world — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors. We draw on Brookfield’s heritage as an owner and operator to invest for value and generate strong returns for our clients, across economic cycles.

About Data Infrastructure Trust
Data Infrastructure Trust (BSE: DATAINFRA) is an infrastructure investment trust (InvIT) set up with the objective of undertaking investment activities as an InvIT, under the SEBI InvIT Regulations and is sponsored by Brookfield Asset Management. DIT is managed by its Investment Manager, Data Link, an affiliate of Brookfield. DIT is the world’s largest telecom infrastructure platform (ex-China) and currently owns a portfolio of 257,000 telecom sites under the Altius brand.

About British Columbia Investment Management Corporation
British Columbia Investment Management Corporation (BCI) is amongst the largest institutional investors in Canada, with C$250.4 billion in gross assets under management as of March 31, 2024. Based in Victoria, British Columbia, with offices in Vancouver, New York, and London, U.K., BCI manages a portfolio of diversified public and private market investments on behalf of its British Columbia public sector clients. BCI’s infrastructure & renewable resources (I&RR) program, valued at approximately C$28.1 billion, invests in tangible long-life assets in the Americas, Europe, and Asia Pacific region, including direct investments in regulated utilities, energy, telecommunications, transportation, timberlands, and agri-businesses. BCI’s I&RR program has a global portfolio with seven active investments in the Asia-Pacific region. The program continues to expand its presence in the region with the addition of this investment in Data Infrastructure Trust.

This is important to keep in mind so I can situate you as to why this is an excellent deal for La Caisse.

Of course, La Caisse is no stranger to investing in telecom tower platforms. 

Recall, for example, Telus sold a 49.9% stake in cell towers to La Caisse last year for $1.26 billion (read my comment here). 

In late 2024, La Caisse inked a deal with OTPP and Spark New Zealand to acquire the remaining share in its mobile towers business, Connexa (OTPP and La Caisse co-own it, read my comment here).

In 2021, La Caisse took a €1.6 billion (30%) stake in American Tower’s European business, ATC Europe, co-owning it with OMERS (read my comment here). 

In short, La Caisse understands tower assets well and has a globally diversified portfolio in these assets.

So, when Brookfield came knocking with this opportunity to acquire a 24% stake in Altius, of course Emmanuel Jaclot and his team at La Caisse took it.

Sam Pollock, CEO of Brookfield’s Infrastructure business and Brookfield Infrastructure Partners, sums it up well:

“Altius has built a scaled, nationwide platform that is in a leading position to meet India’s demand for mobile connectivity and 5G infrastructure. La Caisse’s investment brings another long-term institutional partner to the platform and reflects confidence in the strength of the business. Alongside our partners, we will continue to support Altius’ next phase of growth by deploying our owner-operator capabilities and disciplined, long-term approach to infrastructure investing.” 

For those of you who don't know,  Pollock (featured at the top of this post), is the quiet billionaire who built Brookfield's infrastructure business over 30 years into the powerhouse it has become. 

He actually went to school in Montreal, is a graduate of Lower Canada College |(LCC) and then went on to Queen's University to study commerce and obtained his chartered accountant designation.  

What Sam Pollock and his team built at Brookfield is nothing short of incredible.

If Leo de Bever is known as the "godfather of infrastructure" because he first invested in the asset class when he was at OTPP, Sam Pollock was Mr. Infrastructure, quietly building an empire at Brookfield long before KKR, Blackstone and others got into the asset class.

So, when Sam Pollock calls you with a deal, you pick up the phone and listen carefully; he knows what he's talking about.

With this deal, La Caisse now joins Brookfield, BCI and GIC in owning a piece of India's Altius.  

This is a great way to participate in that country's growing demand for connectivity.

Below, in this episode of Money Control, Munish Seth, Group Managing Director of Altius Telecom Infrastructure Trust, talks with Danish Khan about how India’s data explosion and 5G rollout are creating massive opportunities for digital infrastructure companies. 

Speaking at the India Mobile Congress, he highlights the critical role of towers and data centers in connecting urban and rural India, the policy changes enabling faster network deployment, and how Altius is positioned to support telcos in scaling capacity and coverage across the country (October 2025).

Also, hear from Sam Pollock, CEO of Brookfield Infrastructure Partners, along with other Brookfield leaders, at Brookfield's 2025 Affiliate Investor Day.