Quebec's giant pension fund, the C$125bn (US$82bn) Caisse de dépôt et placement du Québec (CDP), has made a C$15m (US$9.77m) investment in Proxima Systems, a customer care and billing software provider for the telecommunications industry.
CDP's investment, made through its fund management subsidiary CDP Capital Communications, is a joint venture with Fonds de solidarité FTQ. The C$15m supplied by CDP and the Fonds represents more than half of the company's new financing round, which is set at C$25m (US$16.3m).
Speaking about CDP's investment, Pierre Bélanger, president of CDP Capital Communications, said: Having been a financial and corporate partner of Proxima since 1997, we have seen their growth potential confirming itself at a very rapid pace. Our commitment reflects our belief in Proxima's development strategy. Their technology has made them a notable player in the European market and it should open doors in other markets.
The C$3.8bn (US$2.47bn) Fonds de solidarité FTQ is a labour-sponsored investment fund. The Fonds relies on the savings of Quebec's inhabitants, primarily through their Registered Retirement Savings Plans (RRSP), to help create and maintain jobs in Québec-based companies and to further Québec's economic growth.
CDP Capital Communications currently has investments in 109 companies in Québec, Canada and world markets. CDP's private-investment subsidiaries hold a combined portfolio valued at approximately C$15bn (US$9.8bn).
By Geoffrey Ho
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