Latest news with #CDPQ
Cision Canada
15 hours ago
- Business
- Cision Canada
CDPQ and Temasek cash in on FNZ's uncommercial capital raises, leaving employee shareholders out in the cold
LONDON, June 5, 2025 /CNW/ -- Warrants issued as part of three successive FIAT transactions by global wealth management platform FNZ – raising approximately US$1.5 billion in new capital – have now been exercised by two of the institutional investors. As part of the uncommercial terms of these equity raises, FNZ's board and management issued US$1.2 billion worth of Redeemable Preference Shares alongside a bundle of 27,625 Warrants. Now, CDPQ and Temasek have exercised their Warrants, crystalising the significant dilution for employee shareholders. These Warrants enabled FNZ's institutional and private equity investors, who control the board and management, to acquire FNZ Class A shares at US$0.25 per share. This is a staggering discount compared to a potential market price of US$130,000 per share. Based on FNZ's most recent publicly available enterprise valuation of US$20 billion, the fair market cost of these shares should have been US$3.6 billion, not US$7,000. Now that CDPQ and Temasek have exercised their Warrants, they have secured 19,361 new Class A shares, representing over 70% of the total Warrants issued. Employee shareholders point to this deal as a glaring example of "non-arm's-length transactions", favouring the institutional shareholders represented by the board at the expense of employee shareholders. "This is daylight robbery and it is clear that the likes of CPP, Generation and Motive will now follow suit," said one senior FNZ employee shareholder, speaking on condition of anonymity. "Our institutional and PE investors each handed themselves a package worth billions, and in doing so have obliterated the value of the shares held by employee and former employee shareholders, who built the company." FNZ's management and board have significantly diluted employee shareholders. In addition to the Warrants, the Redeemable Preference Shares were structured with extremely high return hurdles, providing a two or three times Multiple of Invested Capital (MOIC) for redemption. The FNZ board has failed to engage with employee shareholders regarding their concerns. FNZ employee shareholders are now bringing their case to the High Court of New Zealand in what will be one of Asia Pacific's largest class actions of its kind.
Yahoo
15 hours ago
- Business
- Yahoo
CDPQ and Temasek cash in on FNZ's uncommercial capital raises, leaving employee shareholders out in the cold
LONDON, June 5, 2025 /CNW/ -- Warrants issued as part of three successive FIAT transactions by global wealth management platform FNZ – raising approximately US$1.5 billion in new capital – have now been exercised by two of the institutional investors. As part of the uncommercial terms of these equity raises, FNZ's board and management issued US$1.2 billion worth of Redeemable Preference Shares alongside a bundle of 27,625 Warrants. Now, CDPQ and Temasek have exercised their Warrants, crystalising the significant dilution for employee shareholders. These Warrants enabled FNZ's institutional and private equity investors, who control the board and management, to acquire FNZ Class A shares at US$0.25 per share. This is a staggering discount compared to a potential market price of US$130,000 per share. Based on FNZ's most recent publicly available enterprise valuation of US$20 billion, the fair market cost of these shares should have been US$3.6 billion, not US$7,000. Now that CDPQ and Temasek have exercised their Warrants, they have secured 19,361 new Class A shares, representing over 70% of the total Warrants issued. Employee shareholders point to this deal as a glaring example of "non-arm's-length transactions", favouring the institutional shareholders represented by the board at the expense of employee shareholders. "This is daylight robbery and it is clear that the likes of CPP, Generation and Motive will now follow suit," said one senior FNZ employee shareholder, speaking on condition of anonymity. "Our institutional and PE investors each handed themselves a package worth billions, and in doing so have obliterated the value of the shares held by employee and former employee shareholders, who built the company." FNZ's management and board have significantly diluted employee shareholders. In addition to the Warrants, the Redeemable Preference Shares were structured with extremely high return hurdles, providing a two or three times Multiple of Invested Capital (MOIC) for redemption. The FNZ board has failed to engage with employee shareholders regarding their concerns. FNZ employee shareholders are now bringing their case to the High Court of New Zealand in what will be one of Asia Pacific's largest class actions of its kind. View original content: SOURCE FNZ Employee Shareholders View original content:
Bloomberg
4 days ago
- Business
- Bloomberg
Carney Picks Canadian Pension Executive as Next Chief of Staff
Prime Minister Mark Carney is hiring an executive from one of Canada's top pension fund managers to be his chief of staff. The Caisse de dépôt et placement du Québec said in a release Sunday that Marc-André Blanchard, executive vice-president and head of CDPQ Global and and global head of sustainability, was leaving to become Carney's chief of staff.
Associated Press
4 days ago
- Business
- Associated Press
Marc-André Blanchard leaves CDPQ to serve Canada
MONTRÉAL, June 1, 2025 /CNW/ - CDPQ acknowledges the significant contribution of Marc-André Blanchard, Executive Vice-President and Head of CDPQ Global and Global Head of Sustainability, who announced today his departure to take on the role of Chief of Staff to the Prime Minister of Canada, Mr. Mark Carney. Arriving at CDPQ in 2020, Marc-André Blanchard has profoundly impacted the organization. A former Canadian Ambassador to the United Nations and a recognized leader in the private sector, he has leveraged his expertise to serve CDPQ's international ambitions and sustainable development strategy. Under his leadership, CDPQ Global was established to support its investment teams on the ground through high-level relations with governments and partners worldwide in order to assist Québec companies in their globalization and to position CDPQ as a preferred investment partner internationally. In 2022, Marc-André Blanchard also took over the leadership of the Sustainability team, where he played a decisive role. Under his direction, CDPQ adopted an ambitious approach to the energy transition and promoted its global leadership on sustainability issues in major international forums, achieving significant progress. CDPQ recently reached and surpassed its climate targets and was recognized last year as the world's leading pension fund for governance, sustainability, and resilience by Global SWF, a benchmark in the industry. Marc-André Blanchard leaves behind a strong and experienced team ready to execute the vision he has developed. 'CDPQ is an exceptional organization, and it has been an honour to serve Québec and the six million Quebecers it represents. I leave knowing there is a strong, committed and innovative team that will continue to raise the bar and showcase CDPQ on the international stage. Answering the call to serve my country is a decision I make with humility and enthusiasm,' said Marc-André Blanchard. 'Marc-André has definitely left his mark on CDPQ. Thanks to his leadership, we have transformed from an organization present in the world to a truly united and globally recognized organization. Additionally, we have raised our ambition in sustainable investment, which is now a hallmark of the institution. Marc-André has always been driven by a deep desire to serve the public, and we thank him for his significant contribution to CDPQ as well as for the skilled team he has built. We wish him every success in his new role,' said Charles Emond, President and CEO of CDPQ. ABOUT CDPQ At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public pension and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at December 31, 2024, CDPQ's net assets totalled CAD 473 billion. For more information, visit consult our LinkedIn or Instagram pages, or follow us on X. CDPQ is a registered trademark owned by Caisse de dépôt et placement du Québec and licensed for use by its subsidiaries. For more information MEDIA RELATIONS TEAM + 1 514 847-5493 [email protected] SOURCE CDPQ
Cision Canada
4 days ago
- Business
- Cision Canada
Marc-André Blanchard leaves CDPQ to serve Canada Français
MONTRÉAL, June 1, 2025 /CNW/ - CDPQ acknowledges the significant contribution of Marc-André Blanchard, Executive Vice-President and Head of CDPQ Global and Global Head of Sustainability, who announced today his departure to take on the role of Chief of Staff to the Prime Minister of Canada, Mr. Mark Carney. Arriving at CDPQ in 2020, Marc-André Blanchard has profoundly impacted the organization. A former Canadian Ambassador to the United Nations and a recognized leader in the private sector, he has leveraged his expertise to serve CDPQ's international ambitions and sustainable development strategy. Under his leadership, CDPQ Global was established to support its investment teams on the ground through high-level relations with governments and partners worldwide in order to assist Québec companies in their globalization and to position CDPQ as a preferred investment partner internationally. In 2022, Marc-André Blanchard also took over the leadership of the Sustainability team, where he played a decisive role. Under his direction, CDPQ adopted an ambitious approach to the energy transition and promoted its global leadership on sustainability issues in major international forums, achieving significant progress. CDPQ recently reached and surpassed its climate targets and was recognized last year as the world's leading pension fund for governance, sustainability, and resilience by Global SWF, a benchmark in the industry. Marc-André Blanchard leaves behind a strong and experienced team ready to execute the vision he has developed. "CDPQ is an exceptional organization, and it has been an honour to serve Québec and the six million Quebecers it represents. I leave knowing there is a strong, committed and innovative team that will continue to raise the bar and showcase CDPQ on the international stage. Answering the call to serve my country is a decision I make with humility and enthusiasm," said Marc-André Blanchard. "Marc-André has definitely left his mark on CDPQ. Thanks to his leadership, we have transformed from an organization present in the world to a truly united and globally recognized organization. Additionally, we have raised our ambition in sustainable investment, which is now a hallmark of the institution. Marc-André has always been driven by a deep desire to serve the public, and we thank him for his significant contribution to CDPQ as well as for the skilled team he has built. We wish him every success in his new role," said Charles Emond, President and CEO of CDPQ. ABOUT CDPQ At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public pension and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at December 31, 2024, CDPQ's net assets totalled CAD 473 billion. For more information, visit consult our LinkedIn or Instagram pages, or follow us on X.
