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Quebec Looks to Tap CDPQ for Public Infrastructure Projects

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Caisse de dépôt et placement du Québec (CDPQ) has reached an agreement with the Government of Québec to develop and manage infrastructure assets for the province. Under the agreement and subject to the approval of province legislative amendments, CDPQ will form a new subsidiary called CDPQ Infra. This unit will lead the planning, financing, execution and operation of selected infrastructure projects. CDPQ Infra will also actively seek out investments. Instead of placing higher debt burdens on Québec finances, pension money is being tapped to fund public infrastructure projects that can generate commercial returns.

See the Institutional Investor Profile of Caisse de dépôt et placement du Québec

Two Projects

Two infrastructure projects have already been identified. One is creating a public transit system on Montréal’s new Champlain Bridge. The other project is having a public transit system that links downtown Montréal to the Montréal-Trudeau International Airport and the West Island.

“Infrastructure has been central to our investment strategy for several years,” said Michael Sabia, President and Chief Executive Officer of CDPQ in a press release. “Our clients look for tangible projects that generate stable, predictable returns. Infrastructure is perfectly aligned with their long-term goals.

“Today’s agreement will allow us to increase our exposure to infrastructure while concretely putting our expertise to work for Québec’s economy,” Mr. Sabia continued. “These investments will generate returns that help to secure Quebecers’ retirement for the future. It’s a win-win partnership that benefits everyone.”

Marina One and DUO Officially Open

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Khazanah Nasional Berhad and Temasek Holdings (Private) Limited announced the official opening of two major building projects, Marina One and DUO. Together the properties have a gross development value of 11 billion SGD. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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SWFI First Read, January 16, 2018

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BP Plans to Take $1.7 Billion Charge to End Legal Claims on Deepwater Horizon

BP Plc is planning to take a US$ 1.7 billion charge to end legal claims regarding the disastrous 2010 Deepwater Horizon spill in the Gulf of Mexico.

Ethereum Co-Founder Leaves Fenbushi Capital

Vitalik Buterin, a co-founder of Ethereum, which is a cryptocurrency, exited China-based Fenbushi Capital. Fenbushi Capital was formed in 2015. Buterin is retaining his role as an advisor of Fenbushi Capital. Buterin dropped out of the University of Waterloo in 2014 when he got a Thiel Fellowship. This permitted him to work on Ethereum full time.

Kingdom Holding Sells Four Seasons Beirut Hotel Stake

Saudi Arabia’s Kingdom Holding sold its position in the Four Seasons Hotel in Beirut for roughly US$ 100 million. Blominvest, a unit of Blom Bank, advised on the transaction. The Four Seasons will continue to manage the property.

Mercer Signs Deal to Buy BFC

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Deutsche Bundesbank to Slowly Add Renminbi into Foreign Reserve Mix

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Deutsche Bundesbank’s executive board made a decision to invest in Chinese renminbi in the summer of 2017 as part of its foreign currency reserves. The German central bank on January 15, 2018, confirmed it will start investing in Chinese renminbi and also consider investing in additional foreign currencies. The move mimics the European Central Bank (ECB), which already considers the Chinese renminbi as a reserve currency. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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