Private Equity

Investment Approach

Our Private Equity Strategy is dedicated to building a diversified global portfolio of corporate private equity investments, generating attractive absolute returns over the long-term for our clients. We offer a complete private equity solution for institutional and high net worth investors. Our strategy is focused on selecting the most attractive opportunities across sectors, channels and partners at any given point in the cycle. We create value through active sourcing, investment selection, structuring, governance and portfolio optimization for our clients.

Management Style

Our private equity team has complementary experience across the full spectrum of private equity investing. Our senior team has managed two of the world’s leading institutional private equity portfolios. The team has deep relationships and deal flow network that is truly global. Our approach is centred upon creating unique partnerships with world-class investors and management teams to maximize value across cycles, sectors and geographies.

Key principles

  • Direct underwriting model focused on fundamental evaluation of opportunities, irrespective of the channel (directs, co-investments, secondaries, partnerships)
  • Selective diversification across geographies, sectors and vintages
  • Invest in niche opportunities and uncorrelated assets typically in the middle market
  • Seek opportunities with downside protection and asymmetric return profiles

PRIVATE EQUITY AS AN ASSET CLASS

Private Equity has historically offered the following benefits:

  • Historical outperformance vs. public equity markets
  • Attractive risk-adjusted absolute returns
  • Portfolio diversification from public markets and other alternative asset classes
  • Broad investment universe not accessible through public markets
  • Multiple avenues for value creation

Private Equity Team

Antoine Bisson McLernonAntoine Bisson McLernon

Partner and Chief Executive Officer

He chairs the firm’s Investment Committee and oversees its three strategies: Agriculture, Private Equity and Private Credit.

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Antoine Bisson McLernon is Partner and Chief Executive Officer at Fiera Comox.

He chairs the firm’s Investment Committee and oversees its three strategies: Agriculture, Private Equity and Private Credit. Prior to establishing Fiera Comox in 2016, Antoine spent seven years with PSP Investments, where he last was Managing Director and head of Private Equity for the Americas and Asia. He ran both direct and fund investments, oversaw a $11.0 billion portfolio and a team of 25 people. In 2011, he started PSP Investments’ global Natural Resources group and led the group for five years, building a $3.0 billion portfolio of direct investments. Under his leadership, the group acquired over 2 million acres of timberland and farmland. During this period, Natural Resources was the top performing asset class at PSP. Antoine was a member of PSP Investments’ firm‑wide Investment Committee from 2011 until he left PSP Investments in July 2016.

Before joining PSP Investments in 2009, Antoine worked in private equity at Canada Pension Plan Investment Board and in investment banking at National Bank of Canada. He currently sits on the boards of directors of Auvil Fruit Company (US), Golden Pear Funding (US), Rangitata Dairies (New Zealand), and Lassen Land Company (US). He has previously sat on the boards of directors of Telesat (Canada), AmWins Group Inc. (US), Haymarket Financial LLP (UK), TimberWest Forest Corp.(Canada), Kaingaroa Timberlands (New Zealand), YBY Agro (Brazil) and X2 Resources (UK). Antoine received a Master of Business Administration from Harvard Business School and a Bachelor of Commerce (Great Distinction) from McGill University and is a CFA charterholder.

Patrick S. LynchPatrick S. Lynch

Partner, Head of Private Equity

Prior to joining Fiera Comox, Patrick was Head of Funds and Partnerships at Caisse de Dépôt et Placement du Québec, Canada’s second largest pension plan with $287bn in AUM and one of the top 10 PE investors globally.

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Patrick S. Lynch is Partner, Head of Private Equity at Fiera Comox.

Prior to joining Fiera Comox, Patrick was Head of Funds and Partnerships at Caisse de Dépôt et Placement du Québec, Canada’s second largest pension plan with $287bn in AUM and one of the top 10 PE investors globally. He was responsible for developing the strategy, leading the team, and managing all aspects of the portfolio for the funds programme including primary commitments, secondary sales, and establishing strategic investment partnerships with investors and business builders (PE firms, entrepreneurs, family offices, corporations, sovereign wealth funds and pension plans). He was a voting member of the Private Equity Investment Committee, the Co-investment Sub-committee as well as the External Managers (hedge funds) Investment Committee, and participated on the CDPQ-wide Partnerships Committee and CDPQ-wide Growth Markets Committee.

Before joining CDPQ, he was at sovereign fund Mubadala Development Company in Abu Dhabi for seven years, most recently as Head of Funds and Global Investment Partnerships, where he created, developed and oversaw Mubadala Capital’s fund investment business including LP commitments, co-investments, Secondaries, GP stakes and global investment partnerships across several alternative asset classes, growing it from inception to a high performing multi-billion dollar portfolio. Patrick was also a member of Mubadala Capital’s Investment Committee.

Previously, Patrick was an investment professional at TD Capital Private Equity Investors; as well as a management consultant with Mercer Management Consulting where he provided strategic advice to companies and financial due diligence to private equity firms. Patrick started his career at what is now AlixPartners, in London, with the corporate advisory and restructuring group working on a series of cross border restructuring projects and special projects for the CEO.  Patrick has held directorships on the Board of Directors of Verno Capital, Masdar Capital and The Raine Group.

Patrick received an MBA from Harvard Business School and a Bachelor of Commerce with First-Class Honours from McGill University.

Maxime PelletierMaxime Pelletier

Senior Principal, Private Equity

Prior to Fiera Comox, Maxime worked in private equity at Bain Capital in Boston and PSP Investments in Montreal, and in investment banking at Goldman Sachs in New York.

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Maxime Pelletier is Senior Principal, Private Equity at Fiera Comox.

Prior to Fiera Comox, Maxime worked in private equity at Bain Capital in Boston and PSP Investments in Montreal, and in investment banking at Goldman Sachs in New York. Maxime worked on numerous successful private equity transactions worth in excess of US $7 billion primarily in business services, and the retail, industrial and energy sectors. During his years at Goldman Sachs, Maxime was involved in multiple transactions in the Technology, Media & Telecom (TMT) space.

Maxime holds an MBA from Harvard Business School and a BCom (Honours) from Queen’s University.

Frédéric DesparsFrédéric Despars

Partner and Chief Operating Officer

Prior to Fiera Comox, Frédéric spent six years with PSP Investments where he last was Senior Vice President and Chief Legal Officer overseeing a team of 35 people.

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Frédéric Despars is Partner and Chief Operating Officer at Fiera Comox.

Prior to Fiera Comox, Frédéric spent six years with PSP Investments where he last was Senior Vice President and Chief Legal Officer overseeing a team of 35 people. Prior to his nomination as CLO, Frédéric led a team of transactional lawyers advising PSP’s natural resources, private equity, private debt, and infrastructure asset classes representing $24 billion of net assets. During his six years at PSP, Frédéric was directly involved with some of PSP’s most significant transactions, including leading the deal structuring and execution of the acquisition of a 50% interest in TimberWest ForestCorp. (Canada), the acquisition of a majority interest in Kaingaroa Timberlands (New Zealand) and the take private of Charter Hall Office REIT (Australia). Frédéric sat on the Boards of TimberWest Forest Corp. (Canada) and YBY Agro (Brazil).

Before joining PSP, Frédéric occupied the top legal position for a Montreal-based pharmaceutical company and held senior legal positions within the Quebecor group of companies. He started his career in private practice with Fasken Martineau (Montreal) and Clifford Chance (Paris). In 2005, he was recognized as one of Canada’s “Top 40 under 40” in-house counsel by Lexpert and the National Post. Over the years, Frédéric worked on transactions in more than twelve countries, including setting up joint ventures in the UK, New Zealand, Australia, Brazil, Italy and Egypt.

Frédéric holds an MBA from Laval University, law degrees in civil and common law from Ottawa University and a B.B.A. from HEC Montréal.

Ross GelberRoss Gelber

Senior Associate, Private Equity

Prior to joining Fiera Comox, Ross worked in Power Corporation’s Corporate Finance department in Montreal where he worked on major investments, acquisitions, value creation, and strategic initiatives for the holding company and its subsidiaries.

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Ross Gelber is a Senior Associate in Private Equity at Fiera Comox. Prior to joining Fiera Comox, Ross worked in Power Corporation’s Corporate Finance department in Montreal where he worked on major investments, acquisitions, value creation, and strategic initiatives for the holding company and its subsidiaries. Prior to that, Ross was in investment banking at RBC Capital Markets in London where he worked in the Diversified Industrials & Services group, completing several M&A and financing transactions in Europe. Ross started his career as an actuary at Reinsurance Group of America in Toronto.

Ross has BSc. in Actuarial Mathematics / Finance from Concordia and a MSc. in Financial Economics from the Said Business School at Oxford.

Maxime GouletMaxime Goulet

Associate, Private Equity

Prior to joining Fiera Comox, Maxime worked in private investments at Investissement Quebec and in real estate private equity at Ivanhoe Cambridge, the real estate investment arm of CDPQ.

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Maxime Goulet is an Associate, Private Equity at Fiera Comox.

Prior to joining Fiera Comox, Maxime worked in private investments at Investissement Quebec and in real estate private equity at Ivanhoe Cambridge, the real estate investment arm of CDPQ. During his time at Ivanhoe, Maxime was involved in several international transactions across various real estate sectors.

Maxime holds an MBA in finance and a B.B.A. from Laval University.

Max William DunberryMax William Dunberry

Analyst, Fiera Comox

In his role, Max provides support to the due diligence and analysis of the investments in the Fiera Comox Private Equity strategy.

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Max William Dunberry is an Analyst at Fiera Comox for the Private Credit, Agriculture and Private Equity Strategies. Prior to joining Fiera Comox, Max worked in the strategic partnership group of CDPQ where he analyzed multiple strategies across different asset classes in order to source investment opportunities for CDPQ’s Private Credit, Private Equity and Infrastructure’s investment teams. He previously also worked at Deloitte and BMO Financial Group.

Max holds a BBA from HEC (with high distinction).

 

Michel PietteMichel Piette

Senior Vice-President, Business Development

Michel Piette is a member of the Institutional Markets team and is responsible for client servicing and business development for institutional clients for private investment strategies.

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Michel Piette is a member of the Institutional Markets team and is responsible for client servicing and business development for institutional clients for private investment strategies.

Michel has 19 years of industry experience. Prior experiences include various positions as analyst and portfolio manager within investment management firms in the United Kingdom. Additionally, he held various business development roles within Deutsche Bank AG, based in London (UK). Prior to joining Fiera Capital, Michel was in charge of business development for Mercer’s Outsourced Chief Investment Officer and alternatives solutions in Montreal.

Michel graduated from University Laval with a Bachelor of Business Administration (BBA), majoring in Finance. He also holds the Chartered Financial Analyst (CFA) designation.

Vince MorelloVince Morello

Vice President, Finance and Administration

Vince is responsible for leading the firm’s Finance function, which includes the management of the accounting and budgeting cycle, treasury function, investment team support, as well as managing the accounting and valuation processes for the agriculture and private equity funds that are under the management of Fiera Comox.

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Vince Morello is Vice President, Finance and Administration at Fiera Comox.

Vince is responsible for leading the firm’s Finance function, which includes the management of the financial accounting, performance, valuation, treasury, taxation and budgeting functions.

Vince has more than 25 years of experience in the fields of finance and accounting. Prior to joining Fiera Comox, Vince spent the last 9 years in asset management and was Corporate Controller at PSP Investments. Prior to that, he held management positions in publicly traded companies operating in the construction materials and services, information technology, and manufacturing sectors.

Vince holds a Bachelor’s degree in Commerce and a Graduate Diploma in Public Accountancy from Concordia University as well as the Chartered Professional Accountant (CPA, CA) designation.

 

Anna TranAnna Tran

Corporate Controller

In her role as Corporate Controller, Anna overseas the financial accounting and reporting of investments and investment-related activities.

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In her role as Corporate Controller, Anna oversees the financial accounting and reporting of investments and investment-related activities. Prior to joining Fiera Comox, Anna spent the last 10 years in asset management, as Manager of Corporate Finance at PSP Investments and as Head of Operations for Private Equity and Infrastructure at CDPQ. 

She holds a Bachelor’s degree in commerce and a graduate diploma in accountancy from Montreal’s HEC, as well as the CPA, CA designation.

Matteo PisanoMatteo Pisano

Senior Accountant

Matteo is responsible for supporting the firm’s financial accounting and reporting functions, as well as overseeing the investor reporting activities, for the Agriculture, Private Equity and Private Credit investment strategies.

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Matteo Pisano is a Senior Accountant at Fiera Comox.

Matteo is responsible for supporting the firm’s financial accounting and reporting functions, as well as overseeing the investor reporting activities, for the Agriculture, Private Equity and Private Credit investment strategies.

Prior to joining Fiera Comox, Matteo worked as a Senior Auditor at PricewaterhouseCoopers LLP where he led external audits across an array of large international public and private clients operating primarily in the Asset & Wealth Management, Pension, and Real Estate sectors. He previously also worked at Concordia University as Senior Tutorial Instructor for courses in Canadian Taxation, Financial Reporting and Analysis of Markets.

Matteo holds the Chartered Professional Accountant (CPA auditor) designation. He earned his Bachelor of Commerce (with Distinction) and his Graduate Diploma in Chartered Professional Accountancy at Concordia University, where he graduated as Valedictorian of his 2017 cohort.