(Bloomberg) -- Financial firms in Quebec, including its largest bank, have set a goal of raising as much as C$1 billion ($735 million) for a new ESG fund. 

The group of 10 investors behind the Fonds Investi initiative includes provincial pension manager Caisse de Depot et Placement du Quebec, National Bank of Canada and the Federation des Caisses Desjardins du Quebec, a financial co-operative in the Canadian province. 

The initial expressions of interest from the firms include a total of C$300 million in commitments toward the new fund, according to a statement seen by Bloomberg. They’ll raise additional money over the next two years. 

Mandates of C$50 million to C$75 million will be granted to established asset managers in four categories: stocks, fixed income, hedge funds and private equity. The money will be managed under investment strategies that adopt environmental, social and governance principles, with a goal of helping Montreal grow as a hub for sustainable finance. 

It’s an initiative of Innocap Investment Management Inc. and Finance Montreal, an industry group in Canada’s second-largest city.

“Taking ESG factors into account provides a better measure of a company’s long-term viability and a better understanding of the risks it faces,” Mario Therrien, Caisse de Depot’s head of investment funds and external management, said in a statement. “It is therefore important to equip asset management firms to establish best practices.”

Innocap’s BNY Mellon-backed platform offers large institutional funds client accounts, through which they can access alternative asset managers around the world and customize their investments. About $56 billion is managed through the platform.

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