April 22, 2016, Caisse de dépôt et placement du Québec made a striking announcement. The Montreal-based investor, which has managed public pension and insurance assets since 1965, revealed ambitious plans to build, own, and operate a C$5.5 billion ($4.2 billion), 42-mile, 24-station light-rail system in its home city. What's more, the pension manager unveiled an innovative scheme to pay for the project: Rather than follow the usual infrastructure financing road map, in which public pension funds and established infrastructure managers invest togetherin, say, an airportor a highway, Caisse, withC$255billion under management,would invest a stunning C$3.3 billionofitsownassets in the rail system, with the rest of the money coming from the province of Quebec and the Canadian federal government.
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