Caisse de Depot et Placement du Quebec named Martin Longchamps as its new head of private equity, poaching the executive from another Canadian pension manager to run one of its largest portfolios. 

Longchamps will succeed Martin Laguerre, who had been in the role for less than two years, based in New York. Laguerre did not respond to a request for comment; the fund provided no explanation for his departure. 

Longchamps, who was managing director of private equity at the Public Sector Pension Investment Board, will work from the Caisse’s head office in Montreal, as he already lives in the city. 

Caisse de Depot had an exceptional year in private equity in 2021, posting a 39.2 per cent return amid buoyant markets and strong performance in technology and health care. About a quarter of its private holdings are in technology and telecommunications, including software firm Druva and technology services firm Wizeline. 

Its private equity portfolio was worth $82.5 billion, or nearly 20 per cent of CDPQ’s assets under management at the end of last year. 

The Caisse recorded a 2.4 per cent drop in private equity for the first six months of 2022, compared with a 16 per cent decline for its public stock holdings.

The fund has attracted scrutiny in recent months for its $150 million investment in cryptocurrency lender Celsius Network LLC -- though Laguerre was not involved in the venture, according to a spokesperson for the fund. The investment, made about a year ago, is now worthless after Celsius filed for bankruptcy. 

Longchamps will start in his new position on Nov. 14. “His experience in the institutional and private sectors, in all stages of the investment and asset management cycle, will be an asset,” Caisse Chief Executive Officer Charles Emond said in a statement.