EUROPEAN COMMISSION DG Competition

Only the English text is available and authentic.

REGULATION (EC) No 139/2004 MERGER PROCEDURE

Article 6(1)(b) NON-OPPOSITION Date: 13/11/2024

In electronic form on the EUR-Lex website under document number 32024M11739

EUROPEAN COMMISSION

Brussels, 13.11.2024 C(2024) 8014 final

PUBLIC VERSION

Investcorp North American Private Equity Fund Limited 48 Grosvenor Street, Mayfair, London, W1K 3HW United Kingdom

Public Sector Pension Investment Board 1250 René-Lévesque Boulevard West, Suite 1400 Montréal, Québec, H3B 5E9 Canada

Dear Sir or Madam,

(1) On 21 October 2024, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation, by which Investcorp North American Private Equity Fund I GP, L.P. (‘Investcorp’, Cayman Islands) and Public Sector Pension Investment Board (‘PSP’, Canada) will acquire within the meaning of Article 3(1)(b) of the Merger Regulation joint control of the whole of PKF O’Connor Davies Advisory, LLC (‘PKF’, USA) by way of purchase of 3shares. ()

(2) The business activities of the undertakings concerned are the following:

– Investcorp is a global investment manager, specializing in alternative investments across various asset classes,

1() OJ L 24, 29.1.2004, p. 1 (the ‘Merger Regulation’). With effect from 1 December 2009, the Treaty on the Functioning of the European Union (‘TFEU’) has introduced certain changes, such as the replacement of ‘Community’ by ‘Union’ and ‘common market’ by ‘internal market’. The terminology of the TFEU will be used throughout this decision.

2() OJ L 1, 3.1.1994, p. 3 (the ‘EEA Agreement’).

3() OJ C, C/2024/6480, 25.10.2024.

– PSP is the pension investment manager of the pension plans of the Canadian Federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. It manages a diversified global portfolio including stocks, bonds and other fixed-income securities as well as investments in private equity, real estate, infrastructure, natural resources and credit investments, and,

– PKF is a US accounting and advisory firm offering accounting, auditing, tax and business advisory services.

(3) After examination of the notification, the European Commission has concluded that the notified operation falls within the scope of the Merger Regulation and of paragraph 5(a) and (c) of the Commission Notice on a simplified treatment for 4certain concentrations under Council Regulation (EC) No 139/2004. ()

(4) For the reasons set out in the Notice on a simplified treatment, the European Commission has decided not to oppose the notified operation and to declare it compatible with the internal market and with the EEA Agreement. This decision is adopted in application of Article 6(1)(b) of the Merger Regulation and Article 57 of the EEA Agreement.

For the Commission

(Signed) Olivier GUERSENT Director-General

4() OJ C 160, 5.5.2023, p. 1 (the ‘Notice on a simplified treatment’).

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