Canadian pension commits $4.5bn to port and terminal expansion

The C$333 billion (US$254 billion) Caisse de depot et placement du Quebec (CDPQ) has committed to expanding its investments within its infrastructure partnership with Dubai-based DP World through a $4.5 billion round of funding that will grow the group’s shared platform to $8.2 billion. The platform was set up by the pension fund and DP World in 2016 and will now also explore new investments in diversified and integrated supply chain support services. Currently, the investments include 10 port terminals globally and across various stages of the asset life cycle. The enhanced platform will continue to target assets in regions such as Europe and Asia Pacific. According to a joint press release, the investment platform seeks to pursue its diversification objectives by expanding across a wider part of the integrated marine supply chain, such as logistics services linked to terminals. DP World and CDPQ say that the ports sector has been resilient despite the impact of COVID-19 on the global supply chain landscape. DP World said it has strengthened its logistics capabilities through recent strategic investments in automation and digital technology. “The opportunity for the port and logistics industry is significant and the outlook remains positive as consumer demand triggers major shifts across the global supply chain,” said Sultan Ahmed Bin Sulayem, group chairman and CEO of DP World. He added that CDPQ has been a steadfast partner whose long-term vision the company shares. According to Emmanuel Jaclot, executive vice president and head of infrastructure at CDPQ, the enhanced platform will seek investments in “high-quality port and terminal infrastructure assets that will help design the future of smart trade and logistics.” “As we take the next step in our partnership, we will further diversify our geographic reach and look to seize new opportunities in a sector that, even during a uniquely challenging period, is driven by long-term fundamental trends,” Jaclot commented. Jaclot has been with CDPQ since 2018 and is responsible for the Caisse's strategy and infrastructure investments worldwide. Before joining the Caisse, Mr. Jaclot held the position of senior vice president at Schneider Electric, a world leader in energy management based in London. At year-end 2019, CDPQ had C$27.8 billion in its infrastructure portfolio. In April, Macky Tall was promoted to oversee the real assets program at the pension system. Tall joined the pension in 2004 as director of investment for the infrastructure program which he built up to total more the US$20 billion with a focus on strategic partnerships. He has globally positioned CDPQ’s infrastructure activities.

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