Caisse de dépôt et placement du Québec made just four investments through Equity 25³ since launching it in 2020. CDPQ spokesperson Kate Montfette told BetaKit that the pension fund manager has moved those companies into its broader private equity portfolio. She did not say how much of the $250 million remains. (BetaKit)

Talking point: CDPQ billed Equity 25³ as the country’s largest fund “leveraging diversity as a vector of development and expansion.” To qualify for funding—which ranged in cheque sizes from $5 million to $30 million—companies had to commit to having people of diverse backgrounds make up at least 25 per cent of their boards, management teams and shareholders. Wils Théagène, who led the fund and has since left CDPQ, said a lack of other early-stage capital for underrepresented founders has left a shortage of companies big enough for Equity 25³ to fund. Despite closing the fund, Montfette said CDPQ is “always interested in investments that promote diversity, equity, and inclusion.”