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Supplemental Pension Plan for Employees of the Québec Construction Industry
Charles Emond runs a C$33.6B construction-worker retirement pool exclusively through CDPQ, holding Manhattan towers and the Montréal REM project.
Supplemental Pension Plan for Employees of the Québec Construction Industry
The Supplemental Pension Plan is the mandatory retirement vehicle for Québec's entire construction workforce, administered by the Commission de la construction du Québec (CCQ). Audrey Murray leads the CCQ as President and CEO while also serving on the board of CDPQ, the Caisse de dépôt et placement du Québec, which exclusively manages the plan's corpus. Union representatives from FTQ-Construction and the Conseil provincial du Québec des métiers de la construction sit alongside employer delegates from the Association de la construction du Québec on the plan's investment committee, ensuring tripartite governance of pooled contributions. The plan funnels all assets into CDPQ, which deploys them across a global portfolio weighted toward real assets and private equity. Confirmed holdings include Manhattan office towers 3 Bryant Park and 1211 Sixth Avenue, the Stuyvesant Town and Peter Cooper Village residential complex, Chicago's 10 & 120 South Riverside Plaza, and London's Stonecutter office building. The portfolio also holds a direct stake in the Réseau express métropolitain — the C$6.9 billion light-rail project reshaping greater Montréal — alongside industrial properties in Boston and Velten, Germany. CDPQ manages these assets with the same long-duration, inflation-sensitive posture it applies to Québec's public pension reserves. Total assets under management remain undisclosed by the plan or its administrator. Altss estimates the corpus at C$33.6 billion based on CDPQ depositor disclosures and construction-industry employment data. Beyond direct real estate and infrastructure positions, the plan gains exposure to private equity, fixed income and public equities through CDPQ's unified portfolio — though specific allocations are not broken out by depositor. In May 2026, the CCQ published industry outlook data projecting sustained construction employment growth through 2030, signaling continued contribution inflows. The plan's structural distinction lies in its closed-loop design: every hour worked on a Québec construction site generates mandatory contributions that flow exclusively to CDPQ, making the pension fund both captive and fully institutional. This arrangement eliminates retail distribution costs and anchors the liabilities to a single, actuarially modeled workforce. Governance is split between the CCQ and a committee of union and employer representatives, with no external manager search or direct co-investment activity — the strategy is a single, permanent mandate with Québec's largest institutional investor.
General information
Firm type
Pension Fund
Year founded
—
AUM
C$33.6B (Altss estimate)
Location
Region
North America
Country
Canada
City
Montreal
Corporate office
Montreal, Quebec, Canada
Principals
Audrey Murray
President and CEO of CCQ and Board Member of CDPQ
Charles Emond
President and CEO of CDPQ, the fund manager
Sector focus
Frequently asked questions
Who makes the investment decisions for this plan?
All plan assets are managed exclusively by the Caisse de dépôt et placement du Québec (CDPQ), led by President and CEO Charles Emond. The plan does not maintain an internal investment team or select external managers. An investment committee comprising union and employer representatives from Québec's construction industry provides governance oversight, but CDPQ retains full discretionary authority over portfolio construction and security selection.
How does the plan source its deal flow?
The plan does not source direct deals independently. Because all assets are committed to CDPQ, deal flow runs entirely through CDPQ's global investment platform, which deploys capital across real estate, infrastructure, private equity, fixed income and public equities. CDPQ's direct holdings — such as Manhattan office towers and the Réseau express métropolitain — originate through CDPQ's own sourcing teams in Montréal, New York, London and other global offices.
Is this plan structured as a standalone pension fund or a mandate within CDPQ?
It is a mandatory industry-wide pension plan whose assets are managed under an exclusive mandate by CDPQ. The plan itself is not a legal entity with independent investment authority; it is administered by the Commission de la construction du Québec (CCQ), which collects contributions and oversees governance, while CDPQ acts as the sole investment manager. The arrangement has been in place since the plan's inception and functions as one of CDPQ's largest depositor accounts.
Does the plan participate in fund commitments or only direct deals?
CDPQ manages the plan's capital primarily through direct investments in real estate, infrastructure and private equity, alongside allocations to public equities and fixed income. The plan does not issue separate fund commitments; its capital is pooled with CDPQ's general portfolio, gaining exposure to both direct positions and fund investments at CDPQ's discretion. Individual depositor-level breakdowns are not publicly reported.
Which sectors or asset classes does the plan emphasize?
The disclosed portfolio emphasizes large-scale real estate — office and residential towers in New York, Chicago, London and Boston — and infrastructure, most notably the Réseau express métropolitain in Montréal. CDPQ also deploys the plan's capital into private equity, public equities and fixed income. The asset mix reflects CDPQ's institutional preference for long-duration, inflation-linked assets that match long-dated construction-worker liabilities.
What is the governance relationship with the CCQ and construction unions?
The plan is administered by the CCQ under President and CEO Audrey Murray, who also sits on CDPQ's board. Union representatives from FTQ-Construction and the Conseil provincial du Québec des métiers de la construction, along with employer delegates from the Association de la construction du Québec, form the plan's investment committee. This tripartite structure oversees contribution levels and compliance but delegates all investment execution to CDPQ.
Are there any philanthropic or separate vehicles associated with this plan?
No philanthropic foundations or separate investment vehicles are associated with the plan. All contributions collected by the CCQ are directed exclusively to the pension plan and managed by CDPQ. The plan is not linked to any parallel venture, co-investment club, or family office structure.
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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