# Fonds Commun de Placement des Régimes de Retraite de l'Université Laval (FCPRRUL)

Fonds Commun de Placement des Régimes de Retraite de l'Université Laval (FCPRRUL) is a Pension Fund based in Quebec City, Canada.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Quebec City, Canada
- **Region:** North America
- **Address:** Quebec City, QC, Canada
- **Assets under management:** Undisclosed
- **Website:** ulaval.ca

## Regulatory record

- **Reports private funds:** No

## About

The Fonds Commun de Placement des Régimes de Retraite de l'Université Laval (FCPRRUL) serves as the pooled investment vehicle for the retirement plans of one of Canada's oldest universities. Based in Quebec City, the fund operates under the Bureau de la retraite de l'Université Laval, with Sébastien Chabot as Director of Investments and Hugo Robert as Administrator of Investments. Governance sits with the RCRUL Pension Committee, chaired by Nicolas Bouchard Martel, who also serves on the ESG Committee. FCPRRUL pursues a direct investment strategy concentrating on real assets. The portfolio includes a direct stake in Flughafen Wien AG, the operator of Vienna International Airport, and a purpose-built multi-residential project in Berlin, Germany. The fund participates in the Pension Investment Association of Canada, a professional network for peer benchmarking and advocacy, and has historical ties to the Institut de développement urbain du Québec, reinforcing its long-standing real estate focus. The fund's scale and total deployment remain undisclosed in public documentation. The investment team is lean, anchored by the investment director and an administrator, consistent with a plan that co-invests directly in select assets rather than managing a sprawling portfolio. There is no evidence of fund commitments or external GP relationships dominating the program. The pension structure itself is a hybrid DB-DC and cash balance plan, which influences the liquidity and risk appetite — a design more conservative than a pure defined-benefit plan. FCPRRUL's structural distinction lies in its quiet bilateral approach to continental European infrastructure and real estate, executed by a small internal team from a Quebec City base. Unlike many Canadian pension peers — Ontario Teachers', CPP Investments, or CDPQ — it does not operate a global satellite office network or a diversified multi-asset platform. That constraint concentrates decision-making with a tiny group of named fiduciaries, making the investment committee's risk posture the binding constraint on the entire portfolio.

## Sectors

- Real Estate
- Infrastructure

## People

- Sébastien Chabot — Director of Investments, Bureau de la retraite de l'Université Laval
- Hugo Robert — Administrator of Investments, Bureau de la retraite de l'Université Laval
- Nicolas Bouchard Martel — Chair of the RCRUL Pension Committee and member of the ESG Committee

## Questions

### How is FCPRRUL governed?

The fund is overseen by the RCRUL Pension Committee, chaired by Nicolas Bouchard Martel, who also sits on the body's ESG Committee. Day-to-day investment operations are run by Sébastien Chabot as Director of Investments and Hugo Robert as Administrator of Investments at the Bureau de la retraite de l'Université Laval. The committee structure places fiduciary responsibility directly with named university representatives.

### How does the hybrid DB-DC structure affect the fund's investment posture?

The pension plan combines defined-benefit, defined-contribution, and cash balance elements, which creates a more layered liability profile than a pure DB plan. This structure generally demands a moderate risk budget — higher than a pure DC plan but with less capacity for illiquidity than a fully mature DB fund. The observed tilt toward direct real assets with long-term cash flows aligns with this profile.

### Where does FCPRRUL's capital come from?

All capital originates from the retirement contributions of Université Laval employees and the university's employer contributions. There is no external wealth source or multi-employer pool. The fund exists solely to service the pension liabilities of Canada's oldest French-language university.

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Last updated: 2026-08-11T02:43:31.692Z

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