The Caisse de dépôt repatriates the private placement department

The Custodian and Placement Private Equity division of the Caisse will be managed from the Montreal office for the first time since 2014, except for short breaks.

Posted yesterday at 18:34

Andre Dubuc

Andre Dubuc

The Caisse announced on Monday the appointment of Martin Longchamps as senior vice president and head of private equity. The division handles all private placements outside of Quebec. Those in Quebec remain under the responsibility of Kim Thomassin, SVP and Chief, Quebec.

This is a promotion for Mr. Longchamps. He held the position of Managing Director and Head of Origination and Execution, Private Equity, at PSP Investments, a public sector pension investment board.

The private placement portfolio at PSP reaches 36 billion according to the 2022 annual report. The head of private placement at PSP is David Scudellari.

The Caisse’s private placements in Quebec and outside Quebec are worth a combined $82.5 billion, according to the institution’s latest annual report. According to the ranking of Private Equity International, the Caisse is the third largest private equity investor in the world.

“It’s an important appointment,” said Patric Besner, vice president of the Institute for the Governance of Private and Public Organizations (IGOPP), when asked for comment. “A significant part of the Caisse’s revenue in recent years has come from private placements. »

In fact, over five years, the Caisse de dépôt’s annual return on private placements was close to 20% before this year.

Mr. Longchamps will work from Montreal. He takes office on November 14. He replaces Martin Laguerra, who had his office in New York. According to our information, he has already left his post.

The Caisse declined to specify whether it was a voluntary departure or a thank you. In the case of involuntary departure, Caisse managers are entitled to severance pay, while they are not entitled to severance pay themselves.

The report we are hearing is that Mr. Laguerra’s departure stems from a cordial agreement between the parties.

His departure is in no way related to the failed investment in bitcoin bank Celsius as part of the judicial restructuring, as this placement falls under Alexander Synnett, PVP and Chief Technology Officer. Mr. Synnett reports to Marica Paul, Chief Financial and Operations Officer.

Mr. Laguerre is also not responsible for another investment that went wrong: Indian solar power producer Azure Power Global. This investment was supported by the Infrastructures team led by Emmanuel Jaclot. After nearly three months of delay, we’re still waiting for Azure’s annual financial statements.

Private placement of musical chairs

Macky Tall was replaced by Mr. Laguerre. The latter led the private placement for several months in 2020 following the departure of Stéphane Etroy, who led the London division from 2017 to 2019. An unsuccessful suitor for Michael Sabia as Caisse big boss, Mr. Tall left the organization in December 2020.

Before Mr. Etroy, Roland Lescure, then Caisse’s number two, briefly led the service in the weeks following the untimely departure of Andreas Beroutsos in 2016. He worked from New York.

In short, since the departure of Normand Provost, who led private placements from 2004 to 2013, CDP’s private placements outside of the Quebec division have been largely managed from abroad. Over the years, most VP Private Equity positions have moved overseas. The Caisse did not comment on the information on Monday, saying that the private equity team is twice as large in Montreal as in London and almost twice as large as in New York.

Senior Vice Presidents, Private Equity

2004-2013: Normand Provost (Montreal)
2014-2016: Andreas Beroutsos (New York)
2016: Roland Lescure (Montreal)
2017–2019: Stéphane Etroy (London)
2020: Macky Tall (Montreal)
2020–2022: Martin Laguerre (New York)
24/10/2022: Martin Longchamps (Montreal)

Leave a Comment