The Caisse, with the two hands in tax havens

La Caisse, les deux mains dans les paradis fiscaux

The Caisse de dépôt et placement du Québec owns nine subsidiaries which have been incorporated in the tax havens, eight in the Cayman islands and in Bermuda.

These subsidiaries of the Fund manage assets the total value of which varies in a range from $ 3 to $ 4.5 billion. On the nine subsidiaries, six of them have their main establishment in the United States, one in Singapore, one in Ireland, and the United Kingdom.

By being “owner” of subsidiaries registered in tax havens, the Caisse shows us to what extent the use of tax havens is not disturbed in any way, even if it goes against the fight against tax havens that the government of Quebec has carried out for many years. A struggle that is also the consensus from all the political parties.

It is important to emphasise here that these assets of 3 to $ 4.5 billion that have these nine subsidiaries of the Fund, in addition to tens of billions of dollars of assets held in a wide range of investment funds registered in tax havens. In 2018, we talked about $ 30 billion. The annual report 2019 of the Caisse is not yet filed, it’s impossible for the moment to know how much the Fund’s assets in tax havens.

Why the Fund continues to brew of big business through companies and funds registered in tax havens ? Defense of the Case : “These structures are existing for reasons of legitimate business and allow the sharing of expertise, better manage risks and achieve economies of scale. “

And the ultimate reason mentioned every time the media talk about the Fund’s investment in tax havens ? This is for our good that the Cashier uses the “tax jurisdictions reduced” in us avoiding an alleged double taxation.

Question : why did the governments of the world (including those in Quebec and Ottawa) are they the war to businesses and rich individuals who use tax havens, if those structures put in place ” are existing for reasons of legitimate business, better manage risks and achieve economies of scale “, as stated in the Fund ?

Values blurry

Let’s go back to the value of “3 to $ 4.5 billion” of assets that the Fund owns in its own subsidiaries registered in tax havens.

Why a fork also fuzzy ?

Because the Fund will disclose in its annual reports that a wave value of the investments it has in stocks, bonds and receivables issued on the private market.

And the height of lack of transparency : the more the private placement is bigger, the value reported publicly by the Fund is unclear.

Example. The Fund holds 72 % of the joint venture ” Kiwi Holdco Cayo, LTD.”. What is the value of the investment of the Fund in the joint venture incorporated in the Cayman islands ?

Its value is “1.5 billion and more,” she reported December 31, 2018. How much is the “more” in question ? Up to us to guess !

Another example : the fund of private investments ” KKR-CDP Partners LP “, also formed in the Cayman islands and controlled to 90.1 % by the Caisse, has a value varying within a range of 300 – 500 million “. A “small” gap of $ 200 million in the assessment that the Fund earns.

Worse yet : when private investments are worth $ 500 million to $ 1.5 billion, the Fund is content to report them in ranges from ” $ 500 million to $ 1 billion “, and another range of ” 1 to $ 1.5 billion “.

Well, yes ! The Fund presents the value of these huge investments with the range of half a billion. A true joke !


  • 150-300 million (GMAC ASO Fund Inc.)
  • 150-300 million (Ionic Pamli Global Credit Strategies Fund)
  • 150-300 million (Kildonan Quebec Fund Ltd)
  • 100-150 million (Apollo Hercules Partners LP EC Partners LP)
  • 500 Million-1 billion (GSO Churchill Partners LP)
  • 100-150 million (GSO Churchill Partners II LP)
  • 300-500 million (KKR-CDP Partners LP)
  • 1.5 billion and more(Kiwi Holdco Cayco, Ltd (FNZ))
  • 100-300 million (Einn Flying Aircraft Leasing Holdings Ltd)
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