CDPQ (Caisse de depot et placement du Quebec) is one of Canada’s largest institutional investors, managing pension and insurance funds for public and parapublic sector plan members in Quebec. With approximately $425 billion in assets under management, CDPQ is among the most active and sophisticated institutional investors in global private markets.
Investment Strategy
CDPQ manages funds for approximately 48 depositors, including major Quebec pension plans, the Quebec Pension Plan, and public insurance programs. The fund’s investment strategy emphasizes long-term returns, portfolio resilience, and constructive impact on the Quebec and global economy.
The portfolio is diversified across fixed income, public equities, private equity, real estate, and infrastructure. Alternatives and real assets represent approximately 45% of total assets, reflecting CDPQ’s conviction in private markets as a return driver and diversification tool over long horizons.
CDPQ operates with significant internal investment capabilities across all asset classes, managing the majority of its portfolio in-house. The fund maintains offices in Montreal, New York, London, Paris, Singapore, Sydney, and other global locations.
CDPQ has distinguished itself through its willingness to take on complex, large-scale direct investments and to build operational platforms. The fund’s approach emphasizes active ownership, strategic engagement with portfolio companies, and long holding periods.
Private Markets Approach
CDPQ’s private equity group invests through fund commitments to external managers, co-investments, and a robust direct investment program. The direct investment team operates globally, originating and executing transactions across buyout, growth equity, and structured equity strategies. CDPQ has completed multi-billion dollar direct transactions and has built platform companies through buy-and-build strategies.
Ivanhoé Cambridge, CDPQ’s real estate subsidiary, is one of the world’s largest institutional real estate investors. The platform invests in office, logistics, residential, retail, life sciences, and data center properties through direct ownership, development, joint ventures, and strategic partnerships. Ivanhoé Cambridge operates globally with dedicated teams across North America, Europe, Asia-Pacific, and Latin America.
CDPQ Infra manages the fund’s infrastructure investments, including both passive fund commitments and large-scale direct infrastructure ownership. The REM light rail transit project in Montreal represents an unprecedented model of pension fund-led infrastructure development. The broader infrastructure portfolio spans transportation, energy, telecommunications, and utilities globally.
Credit investments include private debt, direct lending, and structured credit, managed through internal teams and external partnerships. CDPQ has built a significant credit platform that provides financing to companies across the capital structure.
Frequently Asked Questions
How does CDPQ invest in private equity?
CDPQ invests in private equity through fund commitments, co-investments, and a large-scale direct investment program. The fund's private equity team originates and executes direct transactions globally, with particular depth in North America and Europe. CDPQ has built platform companies, completed large buyouts, and made strategic minority investments independently. The fund has been a top-tier LP to leading global GPs for decades.
What is CDPQ's infrastructure investment platform?
Infrastructure is a core asset class for CDPQ, managed through CDPQ Infra. The fund has made landmark infrastructure investments including the REM (Reseau express metropolitain) light rail transit project in Montreal, which CDPQ designed, financed, and is building. CDPQ invests in transportation, energy, digital infrastructure, and utilities globally through both direct ownership and fund commitments.
How does CDPQ approach real estate?
CDPQ's real estate portfolio is managed through Ivanhoé Cambridge, one of the largest real estate investment platforms globally. Ivanhoé Cambridge invests in office, logistics, residential, retail, and life sciences properties across North America, Europe, Asia-Pacific, and Latin America through direct ownership, development, joint ventures, and fund commitments. The platform manages approximately C$77 billion in real estate assets.
