A group of investors including Bain Capital LP and Abu Dhabi Investment Authority have bought a 20 percent stake in Canadian asset manager CI Financial Corp.‘s U.S. management unit.

The $1 billion cash injection gives the business an enterprise value of about $5.3 billion, CI said in a statement that also named Ares Management Corp. and the state of Wisconsin as members of the investor group, according to Bloomberg News. For CI, the transaction provides financial relief, allowing it to pay down some of the debt it accumulated when it acquired wealth management offices across the U.S. as part of a growth strategy by chief executive officer Kurt MacAlpine. CI announced plans last year to take the U.S. division public and still intends to do so in the future, reported Bloomberg.

“The CI board is thrilled by the outcome of this transaction, which creates substantial value for our shareholders and represents an attractive alternative to an IPO of CI U.S.,” chairman Bill Holland said. “We have retained majority ownership of CI U.S. while partnering with world-class investors and adding new directors at CI U.S.”