The Caisse de dépôt et placement du Québec has chosen an outsider to fill a pivotal position in private equity and infrastructure investment.
The giant pension fund manager also said on Monday that it is searching for the right person to fill a newly created posting overseeing the increasingly important investment strategy in Quebec.
The Caisse has hired former McKinsey & Co. executive Andreas Beroutso as its new executive vice-president of private equity and infrastructure. He takes over from long-time Caisse manager Normand Provost, who announced his decision to retire last August.
In another move, the fund has appointed veteran executive Luc Houle as interim executive vice-president for Quebec.
A search process expected to take two to three months is under way to find someone to take over the new position on a permanent basis.
"With these changes, we will be even better equipped to reach our goals here in Quebec and in the world's most promising markets," said Caisse president and chief executive officer Michael Sabia.
"This new structure allows us to mobilize our teams based on two well-defined mandates and, more generally, to continue to enhance la Caisse's standard of performance and depth of expertise."
The new executive vice-president for Quebec will be in charge of managing the fund's Quebec-based private equity investment portfolio and also play a lead role in the planning and co-ordination of all Quebec-related activities, including advising on acquisition opportunities in the province, the Caisse said.