Caisse Completes Investment in TIAA-CREF Global Agriculture

Caisse de dépôt et placement du Québec (“Caisse”) completed an investment of US$250M in TIAA-CREF Global Agriculture LLC, a new company comprised of several international institutional investors, with $2 billion in commitments to invest in farmland in the United States, Australia and Brazil.

The company began investing capital in April 2011 and includes AP2, British Columbia Investment Management Corporation (bcIMC), the Caisse and other like-minded institutions. TIAA has a significant stake in the company, and an affiliate of TIAA, Teachers Advisors, Inc., serves as the manager.

TIAA-CREF was represented in-house by Keith Atkinson, Director, Associate General Counsel, Asset Management Law and by Paul Hastings LLP with a team that included Joshua Sternoff, Vivek Nayar and Joseph Reiss (investment funds) and Thomas Wisialowski (tax).

Caisse was represented in-house by Robert Côté, Vice-President, Legal Affairs – Private Placements, by Fasken Martineau DuMoulin LLP with a team that included Daniel Picotte (corporate); Jonathan Halwagi (investment funds) and Alain Ranger (tax); and by Jeffrey Scheine (US tax) and Patrick Michel (investment funds) of Kaye Scholer LLP.