La Caisse adds private equity exec

The C$20.2bn system has hired former McKinsey partner Andreas Beroutsos.

La Caisse de dépôt et placement du Québec has appointed Andreas Beroutsos as executive vice president of private equity and infrastructure, according to a statement.

Beroutsos will oversee all private equity investments conducted outside Québec. He began his new role on Monday and is based in Montréal.

Previously, Beroutsos was a managing director at One Point Capital and managing partner at Navigos Capital, two New York-based firms he founded. He has also worked as a partner and senior managing director at Eton Park Capital Management, where he focused on private and illiquid investing. He also spent 20 years at McKinsey & Company, where he established and managed the global private equity practice and was a director and senior partner.

La Caisse has also hired an executive vice president of Québec to focus on private equity investments in the region.

“Today, given La Caisse’s increased presence and its commitment to play a leading role with Québec companies throughout the province, it was a logical decision to create the position,” according to the statement.

Until a permanent executive is selected in between two and three months, La Caisse senior vice president or private equity Luc Houle will serve as interim executive vice president. Houle has worked at La Caisse for more than 30 years and has led the medium-sized companies, large companies and venture capital teams. Both Houle and Beroutsos will serve on La Caisse’s executive committee. 

The hires follow Normand Provost’s retirement announcement in August 2013. Provost has been the executive vice president of private equity since 2003 and has been with La Caisse since 1980, according to La Caisse’s website. 

Earlier this year, La Caisse reported private equity returns of 19.7 percent in 2013. The returns were La Caisse’s highest in three years, despite coming in slightly below its benchmark private equity return of 22.7 percent. La Caisse recorded returns of 13.6 percent and 7.1 percent in 2012 and 2011, respectively.

The performance brought the value of its private equity portfolio to C$20.2 billion at year-end. La Caisse manages institutional funds primarily in the public and private pension and insurance funds in Québec.