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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.

Emirates NBD Acquires Turkey’s Denizbank in $3.2 Billion Deal with Sberbank

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In a bid to establish itself as one of the region’s leading providers of financial services, Emirates NBD – Dubai’s largest bank – has entered into a deal to acquire a 99.99% stake in Turkey’s DenizBank A.Ş. for a bargain price of US$ 3.2 billion from Russian state-owned lender Sberbank. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Brazilian President Michel Temer Orders Liquidation of Sovereign Wealth Fund

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Brazilian President Michel Temer signed an executive order to shut down the country’s sovereign wealth fund. The money in the sovereign fund will go toward repayment of foreign debt.

The Sovereign Fund of Brazil, also known as Fundo Soberano do Brasil, was formed in 2008.

The formation of the Fundo Soberano do Brasil was authorized by then Brazilian President Luiz Inacio Lula da Silva.

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CDPQ Boosts Stake in Invenergy Renewables

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Caisse de dépôt et placement du Québec (CDPQ) boosted its ownership stake in Chicago-based Invenergy Renewables LLC. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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