La Caisse, the public pension fund of Québec, awarded Pembroke Management Ltd. a C$250 million ($181 million) mandate, a part of La Caisse’s goal of having C$8 billion invested with Québec-based asset managers by 2028.
The investment will be made through the manager’s concentrated strategy, which invests in 15 to 20 North America-based, high-quality small and mid-cap public equities.
Pembroke Management, founded in 1968, manages assets for institutional investors, foundations, family offices, and individuals. The firm managed $1.7 billion in assets, as of May 23, according to a Form 13F filing.
“Contributing to Quebec’s financial ecosystem is an integral part of our strategy. With this in mind, we are calling on Québec-based management firms to support us in diversifying our portfolio, complementing the work of La Caisse’s teams, said Vincent Delisle, head of liquid markets at La Caisse, in a statement.
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“This mandate entrusted to Pembroke is a tangible application of this approach, which aims to maximize the performance of our portfolio while stimulating the growth of the asset management industry in Québec.”
La Caisse aims to more than double its investments to Quebec-based managers by 2028, complimentary to a goal of achieving C$100 billion invested in the province by 2026. The pension fund manages C$496 billion in assets in total, as of June 30.
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Tags: Caisse de dépôt et placement du Québec (CDPQ), Manager selection
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