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Government of Quebec Accumulated Sick Leave Fund
The Government of Quebec Accumulated Sick Leave Fund was established under Quebec's Financial Administration Act to manage the accrued sick leave obligations...
Government of Quebec Accumulated Sick Leave Fund
The Government of Quebec Accumulated Sick Leave Fund was established under Quebec's Financial Administration Act to manage the accrued sick leave obligations owed to provincial public-sector employees. Unlike a conventional pension fund that collects ongoing contributions, this fund represents a specific, actuarially determined liability pool. The Minister of Finance of Quebec, currently Eric Girard, sets the fund's investment policy, while day-to-day portfolio management is delegated entirely to the Caisse de dépôt et placement du Québec (CDPQ) under President and CEO Charles Emond. This delegation mirrors the structure used for Quebec's Retirement Plans Sinking Fund. The fund's assets are deployed across a broad institutional portfolio reflecting CDPQ's house strategy: public equities, fixed income, real assets, private equity, and infrastructure. The fund participates in the same investment pools as other Quebec public-sector mandates, gaining exposure to CDPQ's global direct-investment capabilities in real estate (e.g., Ivanhoé Cambridge) and infrastructure. Geographic exposure is global, with a significant home-country bias in Canadian fixed income and real assets, alongside developed and emerging market equities. As a pooled fund within CDPQ's overall asset base — which exceeded CAD $400 billion as of late 2024 (per CDPQ, 2024) — the Accumulated Sick Leave Fund benefits from the manager's scale in negotiating fees and sourcing co-investment opportunities. It does not maintain a separate investment team or offices. In May 2023, CDPQ announced a strategic shift toward higher private-asset allocations and decarbonization targets across all its depositor funds, directly influencing this fund's long-term asset mix (per CDPQ, May 2023). The fund's structural differentiator is its pooled, outsourced governance model. Rather than building an internal investment office for what is effectively a single-purpose liability fund, Quebec's Ministry of Finance uses CDPQ as a shared investment engine. This arrangement separates political oversight of policy from professional asset management and allows niche public funds to access private markets they could not efficiently source on their own.
General information
Firm type
Pension Fund
Location
Region
North America
Country
Canada
City
Quebec City
Corporate office
Quebec City, QC, Canada
Principals
Eric Girard
Minister of Finance, Government of Quebec
Charles Emond
President and CEO, CDPQ
Sector focus
Frequently asked questions
Who is responsible for investment decisions at the Accumulated Sick Leave Fund?
The Minister of Finance of Quebec sets the formal investment policy for the fund, but all execution and portfolio management is delegated to the Caisse de dépôt et placement du Québec (CDPQ). Charles Emond, as President and CEO of CDPQ, is responsible for the day-to-day investment decisions across all CDPQ-managed funds, including this one.
How is the Accumulated Sick Leave Fund related to CDPQ and other Quebec public funds?
The fund is one of several Quebec public-sector mandates managed by CDPQ under a pooled asset management structure. It is governed by the same Financial Administration Act framework as the Retirement Plans Sinking Fund (RPSF), and its assets are invested alongside other depositor funds in CDPQ's global portfolio. The Ministry of Finance retains policy authority, while CDPQ handles all investment operations.
What is the source of the fund's capital?
The fund represents the actuarially calculated liability for accumulated sick leave days owed to Quebec's provincial public-sector employees. Rather than paying out these benefits immediately, the province funded a dedicated pool that is invested to cover future obligations.
Does the fund invest directly in private companies or only through pooled vehicles?
Because the fund's assets are managed entirely by CDPQ within a pooled structure, it does not make separate direct investments. However, it gains indirect exposure to CDPQ's extensive direct private equity, real estate, and infrastructure holdings, including platforms like Ivanhoé Cambridge in real assets.
What is the fund's known asset allocation or sector exposure?
The fund participates in CDPQ's broad asset mix, which spans public equities, fixed income, real assets, private equity, and infrastructure. Geographic exposure is global with a meaningful Canadian home-country allocation in fixed income and real estate. CDPQ's 2023 strategy update signaled a measured increase in private-market weightings across all depositor funds.
Is the Accumulated Sick Leave Fund a pension fund or a sovereign wealth fund?
It is classified as a public-sector asset-owner fund, most closely resembling a pension fund in structure. It is not a sovereign wealth fund — its liabilities are specific to provincial employee sick leave rather than general government surplus or resource revenues.
Does the fund maintain its own investment staff or offices?
No. The fund has no dedicated investment professionals, separate offices, or board-level investment committee. All personnel and operational resources come from CDPQ, which manages the fund under a service agreement with the Ministry of Finance.
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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