May 24, 2018 / 4:05 PM / a month ago

Canada infrastructure bank appoints first chief executive

TORONTO, May 24 (Reuters) - Canada’s infrastructure bank said on Thursday it had appointed former pension fund executive Pierre Lavallee as its first chief executive, taking charge of the new body set up to facilitate private investment in infrastructure projects.

Over the past six years, Lavallee has held various roles at the Canada Pension Plan Investment Board, Canada’s biggest public pension plan, where he was most recently global head of investment partnerships. Lavallee left CPPIB earlier this month as part of a management shake-up.

The infrastructure bank is courting pension funds in Canada and overseas and other investors such as sovereign wealth funds to supplement government investment in projects such as new roads and bridges.

The government advisory panel that recommended the bank’s creation had said it could look to raise C$4 to C$5 of private funding for every C$1 provided by taxpayers to fund projects.

The infrastructure bank, set up in 2017, has yet to facilitate funding for any projects. (Reporting by Matt Scuffham Editing by Tom Brown)

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