LA CAISSE IN QUÉBEC
CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC AR 2015 57
LA CAISSE IN QUÉBEC La Caisse’s achievements in Québec
CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC AR 2015 58
La Caisse’s achievements in Québec
ANP IM ACTFUL ROLE WITH QUÉBEC’S COMPANIES and economy
$15.0 B NW E INVestmeNTS IN THE PAST 550 6 YEARS SMEs THROUGHOUT QUÉBEC THAT PARTNER WITH LA CAISSE 330 BUILDIS NG OWNED OR FINANCED CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC AR 2015 59
AN APPROACH FOCUSED ON FOUR PILLARS
G ROwth OF BUSINESSES PR OJEcts WITH IMPACT In 2015, la Caisse helped further the With two electric public transit systems growth of several Québec businesses, being studied for Montréal and three including WSP Global, D-BOX, Fabritec downtown real estate projects underway, and Agropur Cooperative. la Caisse is making investments that have an impact in Québec.
INNOVATION ERNTREP ENEURIAL INITIATIVES One of our priorities is to invest Two major projects were launched in innovative companies and funds in 2015 to help boost the Québec that specialize in innovation, such entrepreneurial culture and ensure as Lightspeed, XPNDCROISSANCE that many more strong businesses and iNovia. are able to fuel the economy. CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC AR 2015 60
La Caisse’s achievements in Québec
FOUR FOCUS PILLARS TO MAXIMIZE OUR IMPACT IN QUÉBEC
G ROwth OF BUSINESSES INNOVATION
D-BOX Lightspeed A global leader in the development Created in 2005, Lightspeed is one of motion-simulation systems for of the new economy companies recognized the entertainment market, D-BOX met for their strong growth. As a result, the with experts in China through networking company received support from a number connections facilitated by Ivanhoé Cambridge of funds for innovation, including that in Asia. The Chinese market may therefore of iNovia Capital in 2014. A year later, soon join the 40 other countries already la Caisse alongside Investissement using D-BOX technology. Since the first Québec to invest in Lightspeed with investment by la Caisse in 2010, D-BOX iNovia, enabling the company to refine revenues and the number of theatres its technological solutions and pursue deploying its technology have grown its international growth. tremendously. A few key figures >> 17,000 transactions per minute processed with its cloud platform >> 36,000 clients in 100 countries >> More than 475 employees
Growth in revenues and in the number of theatres using the system
From $4.5 million to $20.6 million 25 450 400 20 2 350 300 Number of Number of 15 250 employees client stores
200 theatres of Number Revenues in $ millions 10 150 475 2016 36,000
5 100 1 50 290 2015 23,000 0 0
2010 2011 2012 2013 2014 2015 180 2014 18,000
INVESTMENTS BY LA CAISSE 80 2013 11,000 1 $7.1 million to help 2 $5 million to further the D-BOX optimize growth of the company 45 2012 4,200 its business model and its international expansion CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC AR 2015 61
PR OJEcts WITH IMPACT
AU SOMMET PLACE VILLE MARIE The top floors of Place Ville Marie, a main hub of Montréal’s downtown core, are undergoing an innovative transformation designed to offer new experiences. To carry out the project, Ivanhoé Cambridge has teamed up >>34 rd floor: Lounge with Claridge and creative partners >> 44th floor: Terraces and gsmprjct°, which specializes in the creation Les Enfants Terribles restaurant and production of visitor experiences, >> 45th floor: Interactive and evolving Sid Lee and Cirque du Soleil. The objective: Montréal-focused Exhibition Gallery create a key attraction sure to draw >> 46th floor: Observatory Montrealers and tourists alike. offering a stunning view
ERNTREP ENEURIAL INITIATIVES
DEVENIR ENTREPRENEUR Devenir entrepreneur, an ambitious entrepreneurship awareness campaign, strives to encourage more Quebecers to put their business ideas into action. It promotes entrepreneurship as a career option through a number of channels, including television advertisements and a web series entitled The Defining Moment. On the site, entrepreneurs of all ages and backgrounds share their stories about the turning point in their careers – the defining moment – when their bright idea developed into a real project. CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC AR 2015 62
La Caisse’s achievements in Québec
A COMMITMENT THAT GENERATED TANGIBLE RESULTS IN 2015
La Caisse is a leading institution in Québec. It deeply understands this market, and with its teams’ expertise and know-how, as well as its strategic advantages, it aims to generate returns for its clients, the depositors, and have an impact on the Québec economy.
T o strengthen Québec’s economic fabric, la Caisse fosters More than ever, la Caisse’s investments extended beyond the development of small, medium-sized and large high- dollars, with its teams notably reflecting on the best performing companies, undertakes major real estate and ways to finance infrastructure projects. This work led to infrastructure projects, and serves as a catalyst to stimulate a new and innovative model that will enable Caisse funds entrepreneurship. In this way, it achieves both facets of its to finance projects that will improve productivity and mission: generate a return for its clients while contributing stimulate economic activity while delivering returns. This to Québec’s economic development. public-public partnership model resulted in the imple mentation of CDPQ Infra, a new subsidiary responsible for I n 2015, la Caisse continued to refine its approach in Québec undertaking public infrastructure projects. CDPQ Infra by concentrating its efforts on four pillars: growth, inno- is currently studying two public transit projects. vation, projects with impact and entrepreneurship. It focused on expansion projects outside Québec and on L a Caisse also continued to deploy its Innover. Agir. program innovation initiatives by many Québec companies, as well through the launch, in partnership with Desjardins Group as on major real estate and infrastructure projects. This and National Bank, of the Devenir entrepreneur campaign. focus translated into new investments and commitments of I t also continued to implement its plan for downtown $2.2 billion for the year (excluding its investment in Montréal, which includes the innovative Au Sommet B ombardier Transportation), for a total of $11.2 billion over Place Ville Marie project and transformation of Fairmont four years. T he Queen Elizabeth hotel.
As at December 31, 2015, la Caisse’s total assets in Québec stood at $59.7 billion.
TABLE 26 ASSETS AND COMMITMENTS IN QUÉBEC – PRIVATE EQUITY (as at December 31 – in millions of dollars)
2015 2014 Assets and Assets and Undisbursed undisbursed Undisbursed undisbursed Assets commitments commitments Assets commitments commitments
Small and medium-sized businesses 980 673 1,653 824 812 1,636 Large businesses 7,543 266 7,809 6,789 408 7,197 Total 8,523 939 9,462 7,613 1,220 8,833 26_Private equity group assets equity group 26_Private _V2 374014_Tableaux RA AN V2 6/04/2016 374014_Tableaux
26 CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC AR 2015 63
LONG-TERM PARTNER OF QUÉBEC COMPANIES
La Caisse contributes to the growth of strong Québec companies able to compete with the best in their industry and in world markets. La Caisse builds long-term partnerships with these companies in order to have a genuine impact on their growth and help them create sustainable value. It offers them not only financing but also value-added services, including access to its business networks here in Québec and around the world, as well as to the solid sector-specific and transactional expertise of its teams. w oRKING with MEDIUM-SIZED IN VEstMENT ACTIVITIES – PRIVATE EQUITY AND LARGE BUSINESSES I n 2015, new private equity investments and commit- L a Caisse has developed unique expertise in helping ments by la Caisse in Québec totalled close to $610 million medium-sized and large companies with their growth and (this amount excludes the investment in Bombardier business succession. Its participation takes the shape of Transportation). Total assets reached $8.5 billion (see private equity, publicly-traded stocks and direct financing. T able 26, p. 62). The top 10 private equity investments La Caisse helps these companies create sustainable value, in Québec are shown in Table 27, while examples of tran- notably through innovation, modernization and acquisition sactions conducted during the year are presented on initiatives. In 2015, for example, it contributed to the page 66. realization of business projects conducted by WSP Global, D -Box, Lightspeed, Manac, Fabritec Group, Agropur SMALL CAPS C ooperative, Cirque du Soleil, IPL, Logistec and Fix Auto. L a Caisse also invests in publicly-traded Québec compa- nies with market capitalization of less than $1 billion. This commitment helps stimulate Québec’s equity market and the growth of these companies. Several such transac- tions took place in 2015, and a number of examples can be found on page 66.
TABLE 27 TOP 10 QUÉBEC INVESTMENTS – PRIVATE EQUITY (as at December 31, 2015)
CAMSO (formerly Camoplast Solideal) CGI Group Industrial Alliance, Insurance and Financial Services Laurentian Bank of Canada Quebecor Quebecor Media SNC-Lavalin Group TAD Canco (Kruger) Trencap (Gaz Métro) WSP Global Group 27_Top 10 québec investments – private – investments québec 10 27_Top _V2 374014_Tableaux RA AN V2 6/04/2016 374014_Tableaux
27 CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC AR 2015 64
La Caisse’s achievements in Québec
IN VEstMENT ACTIVITIES – PUBLIC EQUITY PARTNERSHIPS THAT FUEL A s at December 31, 2015, assets in Québec public equities THE GROWTH OF SMEs totalled $8.2 billion (see Table 28). Table 29 presents the I n addition to the activities of its investment teams, la Caisse top 10 positions in this asset class. has formed partnerships with a number of funds in Québec, some of which date back several years. This strategy enables T he weight of Québec securities in la Caisse’s Canadian it to fuel the growth of SMEs while accessing a pipeline of E quity portfolio reached 35.7%. By comparison, the weighting promising businesses. In doing so, la Caisse further of securities of Québec companies in the S&P/TSX index promotes the vitality of the Québec economy, considering for the same period was only 19.3%. This weighting, which that Québec SMEs contribute to it substantially. far exceeds the index, had a positive impact on the portfolio’s return. The Morningstar National Bank Québec Index, which CA APIT L CROISSANCE PME FUND measures the stock market performance of Québec companies, ended 2015 with a 1.4% return, versus a -8.3% T he Capital croissance PME fund (CCPME), created by return for the S&P/TSX index. la Caisse in partnership with Desjardins Group, places a particular focus on the growth of businesses in the regions of Québec and aims to maintain Québec-based ownership of businesses whose owners are planning to retire. In 2015, this fund invested a total amount of $62.5 million in 80 companies.
TABLE 28 TABLE 29 PORTFOLIO ASSETS OF TOP 10 QUÉBEC POSITIONS – QUÉBEC PUBLIC EQUITIES EQUITY MARKETS (as at December 31 - in millions of dollars) (as at December 31, 2015)
2015 2014 Alimentation Couche-Tard Total – Public Equity 8,193 8,325 CAE Canadian National Railway Company CGI Group Dollarama Gildan Activewear 28_portfolio assets of québec public equities 28_portfolio public québec assets of _V2 Industrial Alliance, Insurance and Financial Services National Bank of Canada Power Corporation of Canada SNC-Lavalin Group 29_Top 10 québec positions – equity markets – positions québec 10 29_Top _V2 374014_Tableaux RA AN V2 1/04/2016 374014_Tableaux 374014_Tableaux RA AN V2 1/04/2016 374014_Tableaux
28 29 CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC AR 2015 65
INNO VAtion CAPITAL QUÉE B C MANUFACTURING FUND T hrough targeted partnerships with well-established funds, L a Caisse has committed $200 million to the Québec la Caisse strives to ensure that new businesses can M anufacturing Fund (QMF) which, since 2006, has been successfully navigate the initial stages of their development. working with Québec manufacturers to help expand I n 2015, it made the following two new commitments: their operations. These contributions are more than just financial; QMF managers work alongside the manage • $20 million in iNovia Capital’s iNovia IV fund, which directs ment teams of the investee companies, notably to help its investments towards new generation digital platforms them improve profitability, define strategic actions and and services; coordinate their deployment. • $15 million in XPNDCROISSANCE, a fund dedicated to the technology, media, entertainment and sustainable I n 2015, for example, la Caisse and the QMF jointly invested transportation sectors. $6 million in Fabritec Group, a Bromont-based Québec company that designs and manufactures kitchen cabinets L a Caisse also has an ongoing partnership with Teralys and bathroom vanities. The investment will enable the C apital since its inception in 2009. Teralys invests in and purchase of new equipment and the implementation of develops specialized venture capital funds in the information a new production line to bolster the expansion of this technology, life sciences and green technology sectors. Québec manufacturer, which is seeing a significant increase T hrough its various funds and directly, Teralys invested a total in orders from international clients. of $123 million in 44 Québec businesses in 2015. SODÉMEX CAPITAL AND EXPERTISE T he $75-million Sodémex Exploration fund and $250-million FOR SPECIALIZED SECTORS S odémex Développement fund play a role in meeting S ome sectors play a specific role in Québec’s economy. the needs of Québec companies in the natural resources To meet the needs of businesses in these sectors, la Caisse sector at every stage of their growth. The team running has introduced a value-added offering by teaming up with this fund has technical and operational mining industry specialized funds and by creating funds that provide both expertise. La Caisse has been the sole investor in the capital and expertise. Sodémex Exploration fund since 1997 and launched S odémex Développement in 2013.
A s at December 31, 2015, the two Sodémex funds held interests in approximately 50 Québec businesses active in the natural resources sector. CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC AR 2015 66
La Caisse’s achievements in Québec
SOME OF THE DIRECT INVESTMENTS MADE IN BUSINESSES
In 2015, la Caisse invested in several businesses. Companies of all sizes, at different stages of growth. Here are a few examples.
WSP GLOBAL JEAN LESAGE INTERNATIONAL AIRPORT G lobal engineering leader A irport infrastructure Montréal Québec City >> Additional investment of $62.5 million >> $53 million in financing ( fourth investment since 2011) >> To upgrade and expand the airport >> Financing of the acquisition of a Canadian engineering consulting firm F abRITEC D esign and manufacturing of kitchen AGROPUR COOPERATIVE cabinets and bathroom vanities A gri-food Bromont Longueuil >> $3-million investment (for a total of $6 million, >> $150 million in financing including the $3 million invested by the QMF) >> To enable the company to strengthen >> For the purchase of some of the most advanced its position as one of North America’s equipment in the country and the creation largest dairy processors of a new production line
C iRQUE du Soleil FIX AUTO CANADA AND MONDOFIX I nternational producer of high-quality Auto collision repair franchises artistic entertainment Blainville Montréal >> $8.2-million investment >> 10% interest >> To further the growth of the company >> To facilitate the company’s growth and further its global expansion Napec Construction and maintenance of L oGISTEC electrical transmission lines and M aritime and environmental services natural gas distribution networks Montréal Drummondville >> $69-million investment >> $0.9-million share purchase >> To purchase a shareholder’s stake in the company >> To enable the company to deploy its growth plan Mc ana D esign, manufacturing and distribution of trailers STINGRAY DIGITAL GROUP and semi-trailers Provider of multiplatform music Saint-Georges services and multimedia solutions >> $32-million investment (for a total of $40 million, Montréal including the $8 million invested by the QMF) >> $2.2-million share purchase >> To privatize the company and foster its >> To enable the company to continue growth, in partnership with the founding to grow through acquisitions family (Dutil) CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC AR 2015 67
EXEMPLES OF INVESTMENTS MADE THROUGH FUNDS
Through its investments in funds, la Caisse gains access to a pipeline of promising businesses, enabling it to then invest directly in those that stand out for their growth. Here are a few examples of companies in which we invested through our partner funds in 2015.
XPNDCroissance TERALYS >> Téo TAXI (Taxelco) McRock Capital Montréal et White Star Capital Electrification of the taxi industry >> mnubo >> LION BUS Montréal Saint-Jérôme Management and analysis of intelligent Manufacturing and commercializing data for the Internet of Things of electric school buses S oDÉMEX Exploration i NoVIA CAPITAL >> MIdlaND EXPLORATION >>WCRE LABS Montréal Montréal Mineral exploration for precious and base metals Service offering platform for freelance developers and designers SODÉMEX DÉVELOPPEMENT >> CouloN MINES ANGES QUÉBEC CAPITAL Québec City >> Hexoskin (Carré Technologies) Base metals development project Montréal (copper and zinc) Design and manufacturing of wearable devices and health monitoring software NOVACAP >> INTELIA TECHNOLOGIES >>XNITRE METAL Joliette Saint-Laurent Design, development and manufacturing P rovider of heat treatment equipment of advanced electronics used for and services livestock production CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC AR 2015 68
La Caisse’s achievements in Québec
A LEADER IN QUÉBEC REAL ESTATE
Through its two subsidiaries, Ivanhoé Cambridge and Otéra Capital, la Caisse plays a leading role in the Québec real estate sector. Investments in real estate are crucial to the economy and generate key benefits for the entire province and its cities.
A s at December 31, 2015, la Caisse’s real estate assets which represents an investment of $18 million. In addition, in Québec totalled $10.3 billion, as detailed in Table 30. it continued the modernization of Place Ste-Foy and the Teh top 10 real estate investments in Québec are presented construction of the Quartier QB residential complex, in Table 31. phase 1 of which is slated for delivery in the summer of 2016. Once completed, this project will offer more than INVA HOÉ CAMBRIDGE 400 rental apartments and close to 200 condominiums. I vanhoé Cambridge, a world-class real estate company, is OTA ÉR CAPITAL a leader in Québec’s office building and shopping centre sector. As at December 31, 2015, it owned 21 properties O téra Capital, one of Canada’s leading mortgage in Québec with a total value of $6.2 billion. These holdings lenders, is very active in Québec, where it managed assets include eight shopping centres, eight office buildings, totalling $4.1 billion as at December 31, 2015. Otéra finances three prestigious hotels and a multiresidential complex. more than 300 commercial buildings across Québec. In 2015, the company granted some 30 new loans and refinancing, D uring the year, Ivanhoé Cambridge notably continued for a total of more than $965 million. to deploy its plan for downtown Montréal, which led to, among other things: TABLE 31 TOP 10 QUÉBEC INVESTMENTS – • the announcement of a partnership with a number of REAL ESTATE M ontréal firms to create Au Sommet Place Ville Marie, (as at December 31, 2015) an entertainment and dining destination on the top floors of 1, Place Ville Marie; Centre CDP Capital, Montréal • the announcement of a major transformation of the Fairview Pointe-Claire, Pointe-Claire Fairmont The Queen Elizabeth hotel valued at $140 mil- Galeries d’Anjou, Montréal liono t restore the status of this prestigious hotel as Laurier Québec, Québec City a leading luxury destination in downtown Montréal; Le 1000 De La Gauchetière, Montréal Montréal Eaton Centre, Montréal • the launch of construction of Maison Manuvie, a 27-storey building in the heart of Montréal. Place Ste-Foy, Québec City Place Ville Marie, Montréal Rockhill, Montréal I vanhoé Cambridge also began the modernization of World Trade Centre Montréal, Montréal the Laurier Québec shopping centre in Québec City,
TABLE 30 québec 10 investments31_Top _V2 REAL ESTATE ASSETS AND COMMITMENTS IN QUÉBEC (as at December 31 - in millions of dollars) 2015 2014 Assets and Assets and Undisbursed undisbursed Undisbursed undisbursed Assets commitments commitments Assets commitments commitments Shopping centres 3,458 56 3,514 3,499 53 3,552 Offices 4,459 264 4,723 4,276 185 4,461 Other 2,397 380 2,777 2,275 164 2,439 Total 10,314 700 11,014 10,050 402 10,452 374014_Tableaux RA AN V2 11/04/2016 374014_Tableaux 30_Real estate assets and commitments _V2 374014_Tableaux RA AN V2 4/04/2016 374014_Tableaux
31
30 CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC AR 2015 69
AN INNOVATIVE MODEL FOR PUBLIC INFRASTRUCTURE PROJECTS: CDPQ INFRA
In 2015, la Caisse introduced a unique model to finance and carry out public infrastructure projects.
T his public-public partnership model was developed and project management specialists. The mandate of CDPQ following an extensive review on how best to finance I nfra is to carry out commercially viable infrastructure infrastructure projects while aligning the infrastructure projects from start to finish, i.e. from the planning needs of governments with the objectives of an investor and financing stages of the project to its construction such as la Caisse. For its part, la Caisse was seeking to invest and operation. in assets that generated attractive, stable and predic- table long-term returns with a low risk of capital loss. D uring the year, implementation of the new subsidiary notably included the hiring of more than 20 infrastructure W ith this innovative model, la Caisse proposes to use its experts and the establishment of the governance structure extensive knowledge of global best practices in infrastructure, as set out in the commercial agreement with the Govern- acquired through 15 years of investing in this sector in ment of Québec. The CDPQ Infra team also launched the C anada, Europe, the United States and Australia, to finance study of two projects identified as priorities: the electric and undertake infrastructure projects, because they drive public transit system on the new Champlain Bridge and the productivity. These systems, which connect people to jobs, one linking downtown Montréal to Montréal-Trudeau information and world markets, make the economy I nternational Airport and the West Island. more competitive. T he consultation processes, conducted in collaboration with L a Caisse therefore established a new operational subsidiary the main municipal partners in the Montréal metropolitan for the infrastructure sector that brings together engineers region, will be launched in the spring of 2016. CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC AR 2015 70
La Caisse’s achievements in Québec
A KEY FINANCING ROLE IN QUÉBEC
La Caisse is a major holder of Québec bonds in the public and private sectors.
T hrough its activities, la Caisse helps expand the resources In 2015, certain investments that reached maturity were available to Québec’s public bodies and enhances the not renewed. La Caisse’s assets in bonds issued by Québec’s liquidity of their securities. As a result, these institutions public and private sectors therefore totalled $32.7 billion. have better access to financing, enabling them to generate Table 32 shows la Caisse’s Québec bond holdings. economic activity.
A long-standing partner of many Québec companies, la Caisse is also active in the private financing market. Or ve the years it has helped underwrite many projects that have enabled Québec companies to grow in local and international markets.
TABLE 32 ASSETS IN QUÉBEC – BONDS (as at December 31 – in billions of dollars) 2015 2014
Québec public sector Government of Québec 19.5 17.8 Hydro-Québec 4.5 4.4 Other crown corporations 1.3 1.8 Municipalities and para-governmental corporations 0.9 1.0 Subtotal 26.2 25.0 Private sector: corporate securities 6.5 9.0 Total 32.7 34.0 32_Assets in québec – bonds _V2 374014_Tableaux RA AN V2 1/04/2016 374014_Tableaux
32 CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC AR 2015 71
CONCRETE INITIATIVES TO STIMULATE ENTREPRENEURSHIP IN QUÉBEC
For la Caisse, stimulating entrepreneurship to generate a dynamic entrepreneurial ecosystem is vital for the sustainable growth of the Québec economy. This is why it is one of its top priorities. La Caisse seeks to promote the role of entrepreneurs in society and instill a strong entrepreneurial culture to foster the emergence of companies that will fuel tomorrow’s economy.
B eyond culture, la Caisse also strives to stimulate the growth AMU COM NITY OF DIVERSE and international expansion of small and medium-sized ENTREPRENEURIAL GROUPS companies in Québec. In 2015, it announced the creation E space CDPQ will bring key players from the entrepreneurial of Espace CDPQ and continued its deployment of the world together under one roof at Place Ville Marie to Innover. Agir. initiative with the launching of the three-year create a financing and development hub. The financing Devenir entrepreneur campaign. component will involve multi-sector venture capital firms that complement one another, including Anges Québec ESPACE CDPQ and iNovia Capital. La Caisse is establishing a $50-million fund as part of the initiative. The development component I n 2015, la Caisse marked its 50th anniversary with a permanent will be ensured by organizations such as the Business gesture for Québec’s economy when it announced the Families Foundation and École d’entrepreneurship de creation of Espace CDPQ. This entrepreneurial ecosystem Beauce. The venue, which will generate synergies and creates an environment conducive to financing, fostering encourage its tenants to work collaboratively to take development and collaborating with SMEs in the growth, businesses even further, will become a select location for globalization or ownership transfer phase. With this project, building partnerships with venture capital firms outside la Caisse aims to give new impetus to the most promising Québec, such as in Toronto, New York or Boston. businesses and able to succeed in the global marketplace. Espace CDPQ is slated to open in 2016. T he Espace CDPQ community aims to connect with businesses across Québec via a unique and complete ecosystem. The collaboration is expected to lead to innovative solutions and new ways to facilitate the growth and globalization of Québec’s SMEs. This entre- preneurial hub will also become a pool conducive to the emergence of new and promising businesses and a pipeline for potential investments for la Caisse. CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC AR 2015 72
La Caisse’s achievements in Québec
DEVENIR ENTREPRENEUR PARTNERSHIPS WITH KEY STAKEHOLDERS O n October 13, 2015, la Caisse, Desjardins Group and L a Caisse also continued to stand behind many initiatives National Bank kicked off Devenir entrepreneur, an extensive and organizations that promote entrepreneurship and the entrepreneurship awareness campaign and one of the top emergence of new entrepreneurs. The following are priorities identified in the first phase of the Innover. Agir. a few examples: initiative: stimulate entrepreneurial culture. Devenir • Prêt à Entreprendre, which, since its creation in 2012 has entrepreneur aims to inspire young people and their circles backed close to 150 entrepreneurs who operate some to consider entrepreneurship, inform them about the role 100 businesses, with more than $3 million in loans granted; of an entrepreneur, and close the considerable gap between Quebecers who plan to go into business and those • Y outh Fusion, an organization dedicated to lowering who actually make the leap. The integrated campaign is school dropout rates, which added an entrepreneu- being rolled out on a number of platforms, including rial component to its activities in 2015 as part of the television, social media and digital. Devenir entrepreneur campaign;
• L a Grande journée des petits entrepreneurs, now in its L AUNCH OF THE WEBSITE second year, which grew considerably in 2015 devenirentrepreneur.com and has attracted close to 2,000 young people from L aunched in 2015, the devenirentrepreneur.com website across Québec. was created with input from entrepreneurs from all regions, age groups and industries, with a view to building P ArtnersHIPS FOCUSED ON GROWTH a practical, inspirational site. The site features a number of AND INTERNATIONAL EXPANSION testimonials and entrepreneur profiles, provides advice L a Caisse is associated with many organizations and groups and tips, and directs entrepreneurs to the resources availa whose mission is to prepare Québec businesses to become ble that can best meet their needs. leaders in their sectors. Among these are:
T o promote entrepreneurial-oriented educational initiatives, • É cole d’Entrepreneurship de Beauce, a school created the site also provides access to the Entreprendre c’est to strengthen the leadership of business owners; apprendre toolbox, designed for primary and high school • L es Manufacturiers et Exportateurs du Québec, which teachers. A one-of-a-kind learning aid, the toolbox was helps Québec manufacturers and exporters become more developed in collaboration with close to 20 organizations competitive on local and international markets; that work with young people and the Québec school network. • Réseau Capital, which contributes to the growth and A lso available on the devenirentrepreneur.com site is the efficient operation of the private equity industry; web series The Defining Moment, which tells the stories of • Réseau QG100, a group of business leaders who promote entrepreneurs from a variety of backgrounds. Dynamic the development of leading global companies and and inspiring, these short video clips are also widely contribute to their sustainability in the context of available on social media sites. international competition;
• Passeport PME, a training and advisory program for SMEs with strong potential for international development. CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC AR 2015 73
A LEADER IN QUÉBEC’S FINANCIAL INDUSTRY
Through the very nature of its operations, la Caisse plays a major role in Québec’s financial industry. It also ensures the emergence of new financial leadership by developing a pool of qualified experts.
O ver the years, la Caisse has developed partnerships with C OLLAboration WITH THE FINANCIAL SECTOR Québec’s largest universities to meet the specific needs of L a Caisse plays a very active role in Finance Montréal, the financial sector. This collaboration involves funding for an organization that aims to strengthen Québec’s financial research chairs and the creation of training programs. sector. For example, it helped establish the International A number of examples follow: Pension Conference of Montréal, whose third edition • T he Caisse de dépôt et placement du Québec Research was held in 2015. As part of the program of structured, Chair in Portfolio Management at Université du Québec supervised internships for finance students, established à Montréal (UQAM); in collaboration with Finance Montréal, la Caisse hired 16 interns in 2015, for a total of 73 since the program was • T he Caisse de dépôt et placement du Québec Leader- created in 2011. ship Chair in Actuarial Management of Asset Risks at U niversité Laval; D uring the year, la Caisse also joined other financial • I ntensive training program for executives of fast-growing stakeholders to produce a study on the financing ecosystem SME s seeking to expand internationally, offered at in order to better understand the financing needs of HEC M ontréal; Québec businesses.
• S tudy on responsible investment at the Université de Sherbrooke; STRENGTHENING THE VITALITY OF SEVERAL SECTORS • S tudy on responsible investment at Concordia University; Aa s world-class investor, la Caisse uses the services of many • S ustainable Investment Professional Certification Program Québec companies in the financial sector and a variety of at Concordia University. other areas. Most of la Caisse’s daily banking transac- tions are handled by banks and brokers in Québec. The operations of la Caisse and its subsidiaries require almost 2,000 Québec suppliers. In 2015, la Caisse and its subsidiaries spent a total of $735 million in Québec.
As stipulated in its Policy on Contracts for the Acquisition or Leasing of Goods and Services, la Caisse favours Québec suppliers, provided they satisfy its cost and quality criteria. CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC AR 2015 74