RIO DE JANEIRO, BRAZIL – The CDPQ pension fund, for public employees of the province of Quebec, Canada, wants to expand its investments in safe assets in Brazil. Currently, the fund already has US$5.1 billion in assets in Brazil, which represents about 1.5% of the total US$330 billion of available capital.
According to Denis Jungerman, director of CDPQ in Brazil, the goal is to reach 2.5% in the next five years, focusing on renewable energy and low carbon businesses. The most recent bets were acquiring the TAG gas pipeline network and the Fibrasil data infrastructure network.
About the risks of the Brazilian economy, Jungerman says he is prepared. “It is complicated, but we are long-term investors and know how to deal well with the country’s volatility,” he said. By the end of this year, CDPQ will divest assets in oil companies as an ESG initiative to encourage the development of cleaner and more sustainable economies.
