Canadian investor La Caisse has hired Ambuj Agrawal from GIC-backed Indian smart meters platform Gemstar Infra as an operating partner, two sources familiar told Infralogic.

Agrawal will relocate to Singapore from Mumbai and will start at La Caisse on 11 May where he will be responsible for portfolio management, the sources said.

He has been with Gemstar since November 2023 as business head and CEO. Gemstar has a market share of more than 25% of the Indian smart meters industry, according to its website.

Prior to this, Agrawal was at Macquarie for 15 years from 2008 where he worked as an associate director and CFO of its asset management business in India.

In 2013, he took over as CFO of its branded roads platform Safeway Concessions, an investment vehicle with nine assets acquired from the Indian government in 2018 for INR 96.8bn (USD 1.5bn at the time). Safeway was sold to Vinci Concessions earlier this year in a deal valued at around INR 150bn.

La Caisse manages funds primarily for public and parapublic pension and insurance plans for more than six million Quebecers. It reported net assets of CAD 517bn at the end of December 2025. Its infrastructure portfolio posted a 9.2% return last year, while over a five-year period, the annualised return was 10.8%.

In the Asia-Pacific, La Caisse has offices in Singapore, New Delhi, and Sydney. The region accounts for about 10% of its overall investments.

La Caisse declined to comment. Gemstar Infra did not respond to a request for comment.