The Caisse de dépôt et placement du Québec has joined up with the Desjardins Group to create an investment fund aimed at the financial technology sector and artificial intelligence applied to finance.

With an expected size of $75 million and based in Montreal, the fund will make share capital investments and target companies in Quebec and elsewhere in Canada that develop technology affecting investments, payments, client acquisition and retention, data analysis, deposits and loans, security or insurance.

“This new fund is very timely,” said Guy Cormier, president and chief executive officer of the Desjardins Group.

“Not even two weeks ago, the Brookfield Institute ranked Montreal in first place in Canada for its concentration of jobs in the high-tech sector. This support for fin tech will enable our financial sector companies to be world-class pioneers, particularly with regard to customer experience and competitiveness with the giants that are moving into our industry.”

Read: How can big insurers, new tech-focused players work together?

The two sponsors, which will appoint a manager for the fund soon, say other institutional investors have expressed interest in joining before the first closing.

In other news, the Caisse has announced an investment in wind and solar power assets in Mexico. Along with CKD Infraestructura Mexico, the Caisse will acquire 80 per cent of a portfolio of eight wind and solar assets owned by Enel Green Power. Since 2015, the Caisse and CKD Infraestructura, a consortium of Mexican institutional investors, have had a platform that has invested in road and telecommunications infrastructure. They’re now adding green energy to the portfolio as the Mexican government has set a goal of generating 40 per cent of its electricity from renewable sources by 2035.

Copyright © 2020 Transcontinental Media G.P. Originally published on

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