CDPQ, a prominent global investor and one of Canada's largest pension funds, has named N Venkatram (Venkat) as the Country Chair for CDPQ India. Venkat previously held the position of CEO & Managing Partner at Deloitte South Asia from 2015 to 2023. Additionally, he was a member of Deloitte Touche Tohmatsu's Global Executive and the Asia Pacific Executive and served on the South Asia Board and Executive Committee for 12 years.
Venkatram will join CDPQ on April 1, 2024, the company said. He will also be a member of CDPQ's Global Management team. Last month, CDPQ hired Pratibha Bajaj, former Regional Lead, Digital Infrastructure, IFC as senior director -Infrastructure, India. Saurabh Agarwal, managing director at CDPQ India and its local head, quit last year, ending a six-year tenure with the Canadian fund.
Since 2016, CDPQ, a significant investor in India's renewable energy and road sectors, has deployed approximately $9 billion, witnessing a doubling of its assets in just 6 years. Moreover, it has collaborated with Piramal Asset Management to invest in a private credit financing platform and partnered with Embassy Group for an office business parks investment platform. Other notable investments by CDPQ in India include PharmEasy and logistics firm Logos India. In the Indian market, the pension fund also holds ownership of Maple Highways, serving as CDPQ's platform for the roads sector, and acts as the sponsor of the Indian Highway Concession Trust (IHCT).
CDPQ holds ownership of Azure Power, a prominent independent solar power producer, and Apraava Energy, a green energy producer headquartered in Mumbai. However, Azure Power, previously listed on the NYSE amidst significant attention, underwent delisting amid controversy in 2022-2023. Governance concerns arose following a whistleblower report alleging corruption, leading to the resignation of its auditor and delays in financial reporting. "CDPQ has a long-term conviction towards India's high potential economy. The addition of Venkat as Country Chair and a member of our Global Management team is an indication of our ongoing commitment towards developing partnerships that are aligned with driving performance and sustainable impact" said Charles Emond, President and Chief Executive Officer, CDPQ.
During his four decades of professional experience, encompassing thirty years at Deloitte, Venkat has been instrumental in aiding companies to enhance governance and controls, secure capital, navigate mergers and acquisitions, and address their most intricate accounting and business challenges, as stated by the company. "What excites me most is CDPQ's mission to contribute to the economic development and prosperity of geographies that it invests in while fulfilling its mandate of generating optimal returns for clients. This resonates deeply in the current global business environment", said Venkat.
"Venkat's international leadership and experience around complex business organizations and partnerships bring significant additional depth to the pursuit of our ambitions – both in India and globally", said Marc-André Blanchard, Executive Vice-President and Head of CDPQ Global and Global Head of Sustainability. Venkat has been a member of the Mutual Fund Committee and the Corporate Governance Committee established by the Securities Exchange Board of India (SEBI). Currently, he serves on the SEBI Takeover Panel, the Corporate Bonds & Securitization Advisory Committee, and the High-Powered Committee on Settlements. As of December 31, 2023, CDPQ's Assets Under Management (AUM) totaled $322 billion.