Power Sustainable Appoints Bruce Heyman as CEO to Lead Expansion

Mr. Heyman brings tremendous experience, with over three decades in wealth and asset management as a former partner at Goldman Sachs, and as former U.S. Ambassador to Canada.

Olivier Desmarais, who started Power Sustainable in 2019, will remain Chairman of the Board.

MONTREAL, Oct. 2, 2024 /CNW/ -- Power Sustainable, a leading sustainability-focused alternative asset manager, today announced the appointment of Bruce Heyman, former Goldman Sachs partner and U.S. Ambassador to Canada, as its new Chief Executive Officer. Mr. Heyman is joining Olivier Desmarais and his team, in order to accelerate growth, particularly in the U.S. market, and to further establish Power Sustainable as a global leader in sustainable investments. Mr. Desmarais will remain Chairman of the Board.

Mr. Heyman has served as a Senior Advisor to Mr. Desmarais and the Power Sustainable team since 2021, and has played a key role in shaping the company's strategy.

"Bruce is the perfect person to lead Power Sustainable as we enter this growth phase. His track record and leadership in both the private and public sectors, combined with his conviction in the opportunity of sustainable economic growth, make him ideally suited to help us expand our footprint, particularly in the U.S. market," said Mr. Desmarais. "I look forward to partnering with Bruce and working closely with him to continue driving growth at Power Sustainable," added Mr. Desmarais.

With 33 years of experience in wealth and asset management at Goldman Sachs, Mr. Heyman brings extensive financial sector expertise and a focus on long-term value creation. Moreover, having served as U.S. Ambassador to Canada from 2014 to 2017, Mr. Heyman has a deep appreciation of the importance and vast potential of the US-Canada economic relationship. As CEO, Mr. Heyman will enhance Power Sustainable's operational capabilities and elevate its brand across the North American financial industry.

"I am honoured by the opportunity to work with Olivier and continue building on the incredible foundation that he has laid. Power Sustainable is uniquely positioned to accelerate capital deployment in pursuit of both competitive returns and positive sustainability impacts." said Mr. Heyman.

Mr. Heyman's top priorities as CEO will include scaling Power Sustainable's reach, working with the investment teams to deploy capital, and building the firm's leadership in sustainability.

Since its founding five years ago, Power Sustainable has grown rapidly and currently has CAD 3.9B in assets under management (as of June 30, 2024). Backed by its shareholders and strategic partners – Power Corporation of Canada and Canada Life – the company has become a standout player in the alternative asset management space, employing several complementary investment strategies focused on targeting sustainable outcomes and competitive financial returns:

• Power Sustainable Energy Infrastructure (PSEI), based in Montreal: PSEI invests in, develops, and operates renewable energy projects across North America. It launched in 2021 and has CAD 1.8B in capital commitments from its limited partners. It is led by Pierre-Olivier Perras and John Pires.
• Power Sustainable Lios (PSL), based in Toronto: PSL is a specialized North American agri-food private equity investment platform. PSL invests in mid-market food companies and is led by Jonathan Belair, Craig Hanna, and James Rickert.
• Power Sustainable Infrastructure Credit (PSIC), based in Miami: PSIC invests in a broad range of sustainable infrastructure projects, from hyperscale data centers to community solar. Last year, it announced a USD 600M commitment to the strategy. It is led by Tom Murray.
• Power Sustainable Decarbonization (PSD), based in NYC: PSD recently launched, and seeks to invest in mid-market companies that contribute to the decarbonization of the North American economy. It is led by Martin Aares and Karine Khatcherian.

About Power Sustainable
Power Sustainable is a sustainability-focused alternative asset manager which finances companies and projects that aim for both competitive returns and positive sustainability outcomes. The firm offers institutional investors exposure to alternative assets, which aim to accelerate and scale sustainable solutions across multiple industries.

Power Sustainable is a subsidiary of Power Corporation of Canada (TSX: POW) (TSX: POW.PR.E), an international management and holding company that focuses on financial services in North America, Europe, and Asia.

With CAD 3.9B in assets under management (as of June 30, 2024), Power Sustainable's mission is to catalyze capital towards clean global solutions. Learn more on Power Sustainable's LinkedIn and Website.

For more information, contact:
Ian Cameron
Director of Communications
438 308-7697
[e-mail]

SOURCE Power Sustainable