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CDPQ Fits into Menswear Retailer Frank and Oak in Series C Round

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Montreal-based online fashion retailer Frank and Oak raised US$ 16 million in Series C financing led by local institutional investor Caisse de dépôt et placement du Québec (CDPQ). The company’s fourth fundraising effort also saw contributions from returning investors such as Goodwater Capital, a consumer technology-oriented investment firm out of California, and state-backed provincial financier Investissement Quebec.

Origin Story

Frank and Oak first launched in 2012 as a one-stop-shop for men looking to easily up their fashion game through the brand’s personalized recommendation newsletter, but has since expanded its offerings to include womenswear and accessories as well. The company has also harnessed the power of artificial intelligence (AI) to help customers look their best with its Style Plan program, which lets members pick and choose items that catch their fancy from a monthly box curated by their stylist and shipped straight to their door.

For Frank and Oak co-founders Ethan Song and Hicham Ratnani, bringing on new investors like CDPQ was about more than just the capital they can bring to the table. “It was important to us to find not only investors, but also partners that believe in our product and our offer as a business, and that we can count on their expertise to contribute to the growth of our organization,” said the pair in an email to SWFI.

Proceeds from the round will enable Frank and Oak to continue development of its vertically integrated supply chain, bolster implantation of its smart-learning recommendation features, and support growth of its online business in North America and other parts of the world. The company has also brought on new talent to its executive team, including Frédéric Boivin as Vice President of Merchandising and Brad Evans as National Sales Manager. Joanne Nemeroff, former president of Limited Brands Canada and La Senza, to serve on its supervisory board.

Online fashion retailers are getting the attention of large assets owners. Another fashion e-commerce outfit Farfetch touts Singapore’s Temasek Holdings as a backer and is looking at possibly conducting an initial public offering.

Rumors Swirl Around PIF Looking at Tesla Rivals

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Saudi Arabia’s Public Investment Fund (PIF) could be doubling down on electric automobile manufacturers. It was revealed that PIF has a sizeable stake in Tesla Inc. Elon Musk’s recent tweets have stirred up financial media and has even prompted an SEC probe.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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DLF-GIC to Kick in Rs 12.5 Billion for Midtown Project

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Indian real estate giant DLF, which has worked with Singapore’s GIC Private Limited in the past, is working on a new housing project in central Delhi dubbed Midtown. Large residential real estate projects in India’s capital are difficult to come by. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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QIA-Glencore Stake Valued at 7.4 Billion euros

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QHG Oil Ventures is selling a 14.2 % stake in Moscow-based Rosneft for €7.4 billion (US$ 8.4 billion) to the Qatar Investment Authority (QIA). This is according to a QHG financial statement. QHG Oil Ventures is a joint venture between the Qatar Investment Authority and Glencore, a Swiss-based, broad-spectrum mining and commodity company. QHG Oil Ventures was originally formed to invest in Rosneft. QHG purchased a 19.5 % stake in the company in 2016, in a deal that supplied Russia with needed funding at the time, and the estimated value of the investment has remained steady. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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