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The decision will see 129 officers and eight civilian staff moved to units including organized crime, anti-terrorism and drugs, according to an internal email obtained by the Toronto Star. Integrating them into these other divisions will “attain the most effective use of our existing resources,” the email said. (Toronto Star)

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Talking point: The decision worries observers who believe financial crimes will increase in the unit’s absence. Garry Clement, former director of the RCMP’s proceeds of crime unit, argued that since a similar reorganization in B.C., there has been a profusion of money laundering in the province via casinos and real estate. The scale of the practice in B.C. led the federal government to announce a dedicated money-laundering task force in its last budget. A May 2019 C.D. Howe report found that Canada is likely missing almost all of the money-laundering activities in the country (estimated at $40 billion to $100 billion a year) because of loose requirements and lenient penalties.

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It’s up to individual municipalities to decide if e-scooters will be permitted on public roads, but provincial rules will limit the allowable speed to 24 kilometres per hour and require riders under 18 to wear helmets. (The Logic)

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Talking point: The provincial regulations come one day after The Logic reported Ontario was likely to approve the controversial devices “very, very soon.” Ontario’s approach tasks municipalities with the decisions on more controversial issues—namely, whether or not e-scooters can operate on public roads and where they can park. There has been backlash this year around where e-scooters are parked in Montreal, Edmonton and Calgary. But some cities have already indicated they’re ready to play ball. Earlier this year, Waterloo said it was interested in permitting e-scooters on public roads once the province changed the rules. It’s unlikely to be the only one—earlier this month, Stewart Lyons, CEO of Bird Canada, told me he expects Ontario to have the most scooter markets in the country.

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CPPIB is acquiring 23.7 per cent, while Teachers’ will take 16.3 per cent of the Mexico City-based firm, which owns 18 large infrastructure projects, including 13 toll roads. The deal is subject to approval by regulators. (The Logic)

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Talking point: The Canadian pension funds invested in one toll road in partnership with IDEAL in 2016, and a second in 2018. This deal will give them stakes in four additional toll roads. CPPIB has been increasing its exposure to toll roads, which provide a steady source of recurring revenue. In August, the pension received court approval to buy an additional 10.01 per cent in Ontario’s Highway 407 for up to $3.25 billion. The two pension funds have worked together on major investments earlier this year. In March, they were part of a consortium buying a British satellite company for US$3.4 billion.

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Claerhout is joining the New York-based private equity firm as a partner. He spent almost 13 years at the Ontario Teachers’ Pension Plan before leaving in February 2018, when he was head of infrastructure. (The Logic)

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Talking point: Claerhout is tasked with co-leading infrastructure investments for Searchlight’s more than US$7 billion in assets under management. At Teachers’, he managed over US$18 billion in investments. Claerhout will be competing for deals against his former colleagues. In October, Teachers’ CIO Ziad Hindo told The Logic he plans to focus on infrastructure investments; earlier this year, the pension fund signed a deal with Sidewalk Labs to make investments in the space. That’s not the only overlap area. After leaving Teachers’, Claerhout spent nearly two years at Boston Consulting Group (BCG). BCG Digital Ventures is now partnering with Teachers’ on a new incubator, which is partially focused on infrastructure firms.

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The Toronto-based portfolio manager hopes to list its closed-end fund on an exchange in the next two months. In February, the regulator declined to sign off on 3iQ’s prospectus, citing among other concerns the security of the fund’s Bitcoin holdings and the company’s ability to properly value them. (Globe and Mail)

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Talking point: 3iQ first approached the OSC about the fund in November 2016, a year in which the price of Bitcoin doubled. Regulators in Canada and the U.S. haven’t approved many cryptocurrency funds, and those that have been are limited to high-net-worth investors, so when 3iQ’s fund launches, it will be one of only a few of its kind available to retail investors and their investment advisers. But the price of Bitcoin and other such currencies have fluctuated dramatically since the company originally proposed the project, including two major crashes at the start and end of 2018. That and renewed cryptocurrency regulatory concerns could dampen demand.

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The Caisse de dépôt et placement du Québec’s investment is part of a US$275-million round that includes Sequoia Capital and values Bird at US$2.5 billion. (The Logic)

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Talking point: This is the Caisse’s first e-scooter investment, and it comes as Ontario government officials keep dropping hints they’re about to allow the vehicles on public roads. Bird already operates in Calgary and Edmonton, and is trying to carve out beachheads in Kelowna, B.C. and Toronto. Several city councillors have expressed reservations about Bird coming in to Toronto, but it’s not the only Ontario market up for grabs. Windsor, Waterloo and Ottawa have all indicated a willingness to have e-scooters on their streets. The Caisse’s investment puts pressure on rival Lime to bring in a similarly large amount in the round it’s currently trying to raise. Both firms are looking for cash to fuel their expansions, but the era of quickly trying to enter as many cities as possible—regardless of regulatory concerns or losses—is well over. Investors are less willing to back money-losing businesses since Uber and Lyft’s underwhelming public debuts. “Because the tech investing community is changing and reacting quickly to the public markets, I think it’s very difficult if you’re a growth-stage company—a growth-at-all-costs company—to be burning hundreds of millions of dollars with negative unit economics,” said Bird CEO Travis VanderZanden at the TechCrunch Disrupt conference on Thursday. “I think this is going to be a healthy reset for the tech community.”

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Koru will be a partnership with Boston Consulting Group Digital Ventures and work with companies in the Ontario Teachers’ Pension Plan’s $201.4-billion portfolio to protect them from disruption by building new firms, as The Logic reported earlier this week. On Wednesday, Teachers’ announced Koru is incubating three companies and plans to launch four more in 2020. Bryan Marcovici will be managing partner of Koru, which plans to hire 35 people. (The Logic)

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Talking point: Teachers’ is increasingly relying on partnerships as it seeks to catch up with other pension funds in the tech space. In August, the pension fund announced a partnership with Google sister company Sidewalk Labs to focus on cutting-edge infrastructure innovations. Rivals Caisse de dépôt et placement du Québec, the Ontario Municipal Employees Retirement System and the Canada Pension Plan Investment Board are also trying to protect their existing investments from disruption while making new ones, but are looking to do so on their own. The Caisse, for example, is building a “Disruptive Technologies strategy” for its $310-billion portfolio that includes examining its investments in publicly traded firms and challenging them as needed.