LifeWorks

LifeWorks

LifeWorks was established in 2012 as a subsidiary of Morneau Shepell, the Canadian human-resources and pension-services firm now known as TELUS Health following its 2022 acquisition by TELUS. The platform was originally built to offer institutional and retirement-plan clients pooled access to alternative asset classes normally reserved for direct limited partners. Its parent, TELUS Health, inherits the pension-administration relationships that historically fed LifeWorks' investor base. The strategy centers on fund-of-funds construction across private equity, private debt, real estate, and infrastructure. The firm acts as a gatekeeper, selecting, blending, and monitoring external general partners rather than originating individual deals. Mandates observed in public record include distressed debt and secondary market exposures, suggesting a tilt toward value and opportunistic strategies alongside core private-market allocations. Confirmed underlying funds and portfolio holdings are not publicly itemized by the firm. Scale remains opaque. The underlying AUM figure reported in certain proprietary databases places deployment at roughly $38 million, though the firm makes no public statement. Team size is undisclosed. The 2022 TELUS Health acquisition of LifeWorks Inc. — the parent's corporate parent, distinct from this fund-management subsidiary — created a combined global workforce of roughly 15,000, but no breakout for the alternatives team exists. The structural differentiator is its nesting inside a pension-administration and health-services conglomerate. Unlike standalone fund-of-funds platforms that must win every mandate through pitchbooks and consultant gatekeepers, LifeWorks sits adjacent to a captive book of pension and benefits clients — providing a distribution channel that most sub-scale managers do not possess.