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Quebec’s Caisse Writes Off Celsius, Saying Bet Was ‘Too Soon’

  • ‘Due diligence is not a guarantee of success,’ Emond says
  • Pension manager lost 7.9% in first half on equity, bond rout
Charles Emond, chief executive officer of Caisse de Depot et Placement du Quebec, right, arrives for a news conference in Montreal in February.
Charles Emond, chief executive officer of Caisse de Depot et Placement du Quebec, right, arrives for a news conference in Montreal in February.Photographer: Christinne Muschi/Bloomberg
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Quebec’s $303 billion pension manager has written off its stake in bankrupt cryptocurrency lender Celsius Network LLC, with its chief executive officer conceding the fund invested “too soon” in the sector.  

Charles Emond, CEO of the Caisse de Depot et Placement du Quebec, spoke publicly for the first time Wednesday about the fund’s decision last year to invest $150 million in Celsius. He described the crypto industry as a sector “in transition” but defended the work done by CDPQ’s staff.