Cyril Cabanes, the long-serving managing director of infrastructure for the Asia-Pacific region at Caisse de dépôt et placement du Québec, has left the Canadian investor.

In addition, Deepak Malhotra, who was a director, infrastructure for South Asia, left the business at a similar time as Cabanes, understood to be several months ago.

Their next moves are not yet known, and it is not known if the departures are linked to each other.

The executives stepped down from the boards of several of CDPQ’s investment platforms in the region at the end of October 2023, after leaving their roles at the investor. These included board positions at Indian renewables platforms Apraava Energy and Azure Energy, and Asian toll road platform Maple Highways.

Saurabh Agarwal, who was managing director of CDPQ India and managing director, infrastructure for South Asia, also left the firm in 2023, in a move that was widely reported at the time. He resigned a board position at Maple Highways in June 2023, to be replaced by Malhotra before the latter’s departure in October.

It is not known if Agarwal’s departure is linked to those of Cabanes and Malhotra.

Agarwal is the only one of the three to have confirmed his departure publicly via a note on LinkedIn dated August 2023, when he said: “Last week, I left CDPQ after a wonderful experience building the infrastructure platform while supporting the country leadership for CDPQ in India. It is gratifying to have been part of a journey in building platforms and friendships that were built.

“A new chapter is beginning for me now, the contours of which are being drawn.”

Cabanes is the most senior of the departures, having been responsible for all CDPQ’s infrastructure investment activities in the Asia-Pacific and Middle East regions, overseeing the teams based in Delhi, Singapore and Sydney. He had been with CDPQ since 2016, after roles with Marubeni Corporation in Singapore and C3 in Sydney.

Agarwal was in his role as head of CDPQ India for just over a year but had been a regional director since 2017. He previously spent nine years with Morgan Stanley Investment Management.

Malhotra joined CDPQ in 2018 and worked at the International Finance Corporation and the World Bank prior to that.

Agarwal and Cabanes have been contacted for comment. Malhotra could not be reached for comment prior to publication.

A spokesman for CDPQ declined to comment on the departures.