While it prides itself on being at the forefront of financial and social responsibility, the Caisse de depot is in fact less transparent than other major North American investors.
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Unlike several pension funds in the United States and Canada, the Quebec institution does not disclose precisely the amounts it has entrusted to private funds. It only provides a range that indicates, for example, that the value of an investment is between $300 and $500 million.
The Caisse only gives a range (indicated by a letter) to disclose the value of its investments in private funds.
Excerpt from the CDPQ’s annual report
Why this blur? “In order not to harm the competitiveness of the Caisse”, laconically supports a spokesperson for the institution, Kate Monfette.
Kate Monfette, CDPQ spokesperson
Photo taken from LinkedIn
However, the Caisse’s great Toronto rival, Investissements RPC, publishes each year the sums invested in each private fund as well as the present value of these.
CPP Investments provides detailed information on its private fund investments.
Screenshot of the CPP Investments website
The largest pension fund in the United States, California’s CalPERS, does so as well.
Once a year, CalPERS publishes the present value of its private fund investments.
Excerpt from CalPERS Annual Report
Others go even further. In Maine, the Public Service Retirement Fund (MainePERS) discloses, four times a year, the performance of each of its fund investments. The specific performance of certain investments made in partnership with funds is also presented.
MainePERS gives the return on its investments in private funds and investments made in partnership with them (co-investments).
Screenshot of MainePERS website
Unjustified excuse
“The importance given to competitive aspects [pour refuser de communiquer de l’information] is almost always exaggerated,” said Richard Leblanc, a professor specializing in governance at York University.
“Other pension funds are more transparent,” he adds. What is so special about Quebec?”
It should be noted, however, that the Caisse communicates more information than some of its peers with respect to real estate financing, direct investments in unlisted companies and its significant holdings in companies.
“La Caisse is also the only one among the eight major funds in Canada to adhere to GIPS standards, which are the highest in terms of transparency and disclosure of returns in the industry,” said Ms.me Monfette.
The office of the Minister of Finance, Éric Girard, who is responsible for the Caisse, refused to answer the questions of the Log on the subject.