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Caisse de Dépôt et Placement du Québec (CDPQ)
CDPQ was created in 1965 to manage the assets of Quebec's public pension plan and government insurance funds.
Caisse de Dépôt et Placement du Québec (CDPQ)
CDPQ was created in 1965 to manage the assets of Quebec's public pension plan and government insurance funds. The institution operates under a legislative mandate requiring it to deposit funds exclusively with the Caisse, which then deploys capital globally across a diversified portfolio. Charles Emond has served as President and CEO since 2020, steering the fund through a period of significant direct investment expansion. The fund's strategy spans public equities, fixed income, real estate, infrastructure, private equity, and private credit. It is known for direct co-investment partnerships and wholly owned operating platforms. In infrastructure, CDPQ partnered with DP World on a long-term vehicle holding Jebel Ali Port in Dubai and other global port assets. Its real estate portfolio includes Montreal Eaton Centre, CIBC Square in Toronto, 1211 Avenue of the Americas in New York, and regional retail properties like CrossIron Mills in Alberta. The fund also owns Einn Volant Aircraft Leasing and holds a stake in the SMBC Aviation Capital platform. CDPQ manages this portfolio from its Montreal headquarters. The fund is a member of the Institutional Investors Group on Climate Change, the Investor Leadership Network, and the Net-Zero Asset Owner Alliance, committing to a net-zero portfolio by 2050. In 2024, CDPQ and Brookfield Asset Management jointly launched the Catalytic Transition Fund, targeting emerging-market energy transition investments (per Bloomberg, 2024). The Caisse's structure differs fundamentally from most large allocators. It is a depositor rather than a plan sponsor — Quebec pension contributions flow directly to CDPQ, not to external managers — giving the fund structural authority to build and consolidate operating companies rather than relying on fund commitments. This has resulted in concentrated stakes in ports, aviation, and commercial real estate that operate as controlled subsidiaries rather than passive investments.
General information
Firm type
Pension Fund
Year founded
1965
AUM
$330.7 billion (Altss estimate)
Location
Region
North America
Country
Canada
City
Montreal
Corporate office
Montreal, Quebec, Canada
Principals
Charles Emond
President and CEO
Sector focus
Frequently asked questions
Who runs investment decisions at 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.
How does CDPQ source its direct infrastructure deals?
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.
Why does CDPQ own aircraft leasing and port companies directly?
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.
Does CDPQ co-invest alongside other institutional investors?
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.
How does CDPQ's net-zero commitment affect its portfolio?
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.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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