Dive into the Espace CDPQ universe
In the article Inside CDPQ’s workspace for VCs, published by PitchBook news, Managing Director Nicolas Rubbo explains the genesis and mandate of Espace CDPQ, which has become the most important venture capital community in Québec and Canada.
Described as CDPQ's initiative to make Québec into a venture capital epicentre like Silicon Valley and New York, Espace CDPQ opened its doors in 2016. Early on, it was a workspace where eight venture capital funds coexisted along with ecosystem actors. Today, the community features 25 venture capital funds with over 18 billion in assets under management.
"We know that fund managers will be in coopetition for some transactions. That happens naturally, but there are more advantages to having them under the same roof," says Rubbo.
Espace CDPQ fosters collaboration between investors by means of shared conference rooms, neighbouring offices, and networking events. This proximity facilitates such things as co-investments (160 since it opened!), talent sharing and learning by osmosis.
Today, CDPQ is an LP investor in 13 of Espace CDPQ's 25 funds, either directly or through a fund of funds. "CDPQ keeps an eye how how the funds are evolving, and on potential transactions," Rubbo notes.
One interesting example is CDPQ's investment in Lightspeed, which may have been made a little more quickly than usual through an investment by Inovia Capital, an Espace CDPQ tenant. Lightspeed became Québec's first unicorn when it entered the stock market in March 2019.
