Caisse de Depot et Placement du Quebec

Caisse de dépôt et placement du Québec (CDPQ) is a prominent Canadian institutional investor that manages funds primarily for public and parapublic pension and insurance plans in Québec. Established in 1965, its core mandate is to generate optimal returns for its depositors while contributing to Québec's economic development. As of December 31, 2023, CDPQ reported net assets totaling C$434.0 billion (approximately US$320 billion), making it one of the largest institutional fund managers globally. Its long-term investment horizon and diversified portfolio strategy underpin its approach to wealth creation.

CDPQ employs a highly diversified investment strategy across a broad spectrum of asset classes, including fixed income, equities, real estate, infrastructure, and private equity. The organization is known for its significant direct investments, particularly in infrastructure and private equity, where it often takes substantial stakes in companies and projects worldwide. Its global footprint is extensive, with investments spanning North America, Europe, Asia, and Latin America, reflecting a commitment to identifying growth opportunities across diverse markets.

Within its private equity arm, CDPQ engages in direct investments, co-investments, and commitments to private equity and venture capital funds. For direct equity investments, particularly in growth-oriented companies, CDPQ typically targets substantial commitments. For instance, in 2021, CDPQ invested C$150 million (approximately US$110 million) in Plusgrade, a leading ancillary revenue platform for the travel industry, showcasing its capacity for significant growth equity cheques. While CDPQ also invests in venture capital funds, its direct equity investments in companies generally begin in the range of C$50 million (approximately US$37 million) for growth equity stakes, extending to hundreds of millions for larger private equity buyouts or significant minority positions.

Beyond financial returns, CDPQ integrates environmental, social, and governance (ESG) factors into its investment decisions, aiming for sustainable long-term value creation. Its strategic focus on sectors like renewable energy, digital infrastructure, and innovative technologies aligns with global trends and its mandate to support a resilient economy. CDPQ's role as a long-term partner, rather than a short-term financier, allows it to support the strategic development and expansion of its portfolio companies, contributing to both financial performance and broader economic impact.