Pierre Fortier

Caisse de Depot et Placement du Quebec manages over $150 billion in public pension plan assets in the Canadian province of Quebec. It was founded in 1965 by an act of the National Assembly. CDP currently manages about $3.5 billion in hedge fund investments. About 85-90% of this allocation is invested in hedge funds and 10-15% is invested in funds of hedge funds. CDP also manages a large private equity and real estate portfolio. CDP describes itself as a "patient' investor, and it likes to work with manages for the long-term, so there is not a huge turnover in its portfolio.On the fund of funds side, CDP currently has four separate managers, each with a specific mandate based on skill set and core competencies. CDP is the sole investor in each of these fund of fund vehicles, and it has discretion over investment decisions. The firm considers these managers as an extension of its internal team and requires a very high level of client service. Currently the four investment themes are commodities/relative value, Asia, Canada, and opportunistic. The firm does not actively look to invest in co-mingled funds of funds.