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La Caisse hires IFC exec for emerging markets

Former COO of the IFC Rashad Kaldany will join the C$186bn system to build out its team focused on emerging markets.

Caisse de dépôt et placement du Québec has hired Rashad Kaldany as executive vice president, emerging markets. 

Kaldany, who will join La Caisse in September, was most recently chief operating officer at the International Finance Corporation, the financial arm of the World Bank Group, where he oversaw all of IFC’s investment and advisory activities. Kaldany worked at IFC for nearly 20 years and in 2012 helped invest $25 billion in emerging markets. 

At La Caisse, Kaldany will be responsible for building out a group focused on emerging markets “to advise and support the investment teams”, according to a statement. La Caisse’s overall exposure to emerging markets stood at 5.6 percent as of 31 December 2012, up from 5 percent at the end of 2011, according to La Caisee’s most recent annual report. 

The hiring of Kaldany comes one week after La Caisse’s executive vice president of private equity Normand Provost announced he would retire in 2014 and transition to the role of strategic adviser to the president. La Caisse has launched a search process to replace Provost, who joined the financial institution in 1980.

The C$185.9 billion (€132.9 billion; $177.4 billion) system’s private equity portfolio posted a 13.6 percent return in 2012, nearly double the 7.1 percent return from the previous year. 

La Caisse manages institutional funds primarily from public and private pension and insurance funds in Québec. The system had roughly 55 percent of its private equity portfolio in direct investments as of 31 December 2012, with the remaining 45 percent in funds.