# Gouvernement du Québec

Gouvernement du Québec is a Sovereign Wealth Fund based in Montreal, Canada.

## Overview

- **Organization type:** Sovereign Wealth Fund
- **Headquarters:** Montreal, Canada
- **Region:** North America
- **Address:** Montreal, Quebec, Canada
- **Founded:** 1965
- **Assets under management:** Undisclosed
- **Website:** gouv.qc.ca
- **LinkedIn:** https://www.linkedin.com/company/gouvernement-du-quebec

## Regulatory record

- **Reports private funds:** No

## About

Gouvernement Du Québec is an investment firm. It has made one investment, deploying $2 million in total capital. The firm focuses on biotechnology.

## Sectors

- Infrastructure
- Real Estate
- Private Credit
- Hedge Funds
- Secondaries & Special Situations

## Offices

- Quebec City
- Ottawa
- Rome

## People

- François Legault — Premier of Quebec

## Questions

### How is the Gouvernement du Québec structured for investment purposes?

The Gouvernement du Québec operates as a sovereign entity that delegates investment functions to several Crown corporations, most notably the Caisse de dépôt et placement du Québec (CDPQ). CDPQ manages public pension and insurance funds under a mandate of long-term returns. The government also directly manages fiscal policy, debt issuance, and other public sector investments.

### Does the Gouvernement du Québec invest directly in companies?

Yes, primarily through CDPQ, which invests directly in private and public companies across infrastructure, real estate, and private equity. Notable direct holdings include the Port of Montreal and stakes in Alimentation Couche-Tard (per public filings). The government also invests indirectly through bonds and funds managed by CDPQ.

### What is the relationship between the Gouvernement du Québec and CDPQ?

CDPQ is a wholly owned Crown corporation of the Gouvernement du Québec, established to manage the province's pension and insurance reserves. It operates independently with an investment mandate but reports to the National Assembly. The government sets the overall fiscal framework and policy direction.

### What is the capital deployment approach of the Gouvernement du Québec?

The government uses CDPQ as its primary investment arm, which allocates capital across diversified asset classes including equities, fixed income, infrastructure, and real estate. CDPQ also engages in direct co-investments and private equity through its private capital division. The government does not disclose a single AUM figure for all provincial investments but CDPQ alone reported CAD 434 billion in 2024 (per CDPQ, 2024).

### Does the Gouvernement du Québec have offices outside Canada?

Yes, through CDPQ, which has offices in New York, London, and Singapore. The government itself maintains diplomatic offices in Rome and other locations. Investment teams are primarily based in Montreal and Quebec City.

### What sectors and geographies do the Gouvernement du Québec's investments focus on?

Investment focus includes infrastructure (ports, energy, transportation), real estate (office, industrial, residential), and financial markets. Geographically, the portfolio is heavily weighted toward Canada but includes significant exposure to the U.S., Europe, and Asia. CDPQ has stated a commitment to long-term holdings and sustainable investing.

### What is the historical performance of the Gouvernement du Québec's investments?

Performance data is primarily disclosed by CDPQ, which reported an annualized return of about 8% over the last 10 years (per CDPQ, 2024). The government's own performance is not separately reported. Historical returns are influenced by Quebec's bond ratings and fiscal policies.

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Last updated: 2026-06-03T20:00:00.000Z

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