Caisse de Dépôt et Placement du Québec (CDPQ)

Charles Emond is President and CEO, a role he has held since 2020. He oversees all investment strategy, asset allocation, and external partnerships. The fund maintains internal investment teams across its major asset classes — infrastructure, real estate, private equity, public markets, and fixed income — with direct decision-making authority rather than relying on external managers.

CDPQ sources deals through long-term strategic partnerships and wholly owned platforms rather than competitive auctions. The fund's relationship with DP World, for example, involves co-investment vehicles that hold port assets globally. CDPQ also builds proprietary operating companies like Einn Volant Aircraft Leasing, giving it deal flow and operational control that fund-of-funds allocators do not access.

CDPQ's legislative structure as a depositor — receiving direct contributions from Quebec pension plans — gives it a permanent capital base that suits owning long-duration, illiquid assets outright. Rather than committing to infrastructure or private equity funds, CDPQ acquires controlling or co-controlling stakes and operates the assets on its balance sheet. This reduces fee leakage and increases alignment with its 30-year liability horizon.

Yes. CDPQ frequently partners with other large institutional investors and operators. Its Catalytic Transition Fund was co-launched with Brookfield Asset Management in 2024. CDPQ has also partnered with SMBC Aviation Capital on aircraft financing. These co-investor relationships reduce single-asset concentration risk while maintaining direct ownership economics.

CDPQ joined the Net-Zero Asset Owner Alliance, committed to achieving a net-zero portfolio by 2050. The fund has built out a renewable energy portfolio alongside its infrastructure investments. Its 2024 Catalytic Transition Fund explicitly targets energy transition assets in emerging markets. CDPQ also holds legacy natural gas exposure, making the transition a multi-decade portfolio engineering challenge rather than a binary divestment.