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Generations Fund
Generations Fund is a government agency based in Quebec, Canada. It manages approximately $7 billion in assets across one fund. Its investment focus is on...
Generations Fund
Generations Fund is a government agency based in Quebec, Canada. It manages approximately $7 billion in assets across one fund. Its investment focus is on North America.
General information
Firm type
Government / Public Body
Year founded
2022
Location
Region
North America
Country
Canada
City
Quebec City
Corporate office
Quebec City, Quebec, Canada
Frequently asked questions
Who manages the Generations Fund's investment portfolio?
The Caisse de dépôt et placement du Québec (CDPQ) manages the Generations Fund under a legislated mandate. CDPQ invests the fund's capital alongside its own depositors' assets across a global portfolio that includes public equities, fixed income, private equity, infrastructure, and real estate. The fund does not employ separate investment staff.
What is the source of the Generations Fund's capital?
The fund receives dedicated revenue streams set out in provincial legislation, principally water-power royalties from Hydro-Québec, mining duties, and proceeds from the sale of certain government assets. These sources are deposited into the fund each fiscal year and are compounded rather than spent on operating programs.
Is the Generations Fund a sovereign wealth fund?
It is not a sovereign wealth fund in the traditional sense. The Generations Fund was created specifically to retire Quebec's gross public debt, not to serve intergenerational savings or commodity-stabilization purposes. Its target is to reduce the province's net debt to 17% of GDP, after which the fund's accumulated assets would be applied against the remaining debt.
Does the Generations Fund make direct investments or co-investments?
No. The fund does not make direct investments or co-investments independently. It participates proportionally in CDPQ's total portfolio, meaning its exposure mirrors the Caisse's institutional asset allocation rather than reflecting a separate direct-deal strategy.
How large is the Generations Fund today?
Quebec's March 2024 budget reported the fund's book value at CAD 12.3 billion. CDPQ does not break out the Generations Fund's position separately in its own audited financial statements, and the fund therefore carries no independently published market value.
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