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Supplemental Pension Plan for Employees of the Québec Construction Industry
The plan was established to deliver retirement income to Québec construction industry participants. It operates under CCQ administration with investment...
Supplemental Pension Plan for Employees of the Québec Construction Industry
The plan was established to deliver retirement income to Québec construction industry participants. It operates under CCQ administration with investment management delegated to CDPQ. Assets include office properties such as 3 Bryant Park in New York and 85 Broad Street in New York, plus the Stuyvesant Town and Peter Cooper Village residential complex. Additional holdings cover infrastructure projects including the Réseau express métropolitain in Montréal and logistics developments in Germany. Geographic exposure spans Canada, the United States, the United Kingdom and Germany. CDPQ reports 33.6 billion USD under management for this plan. Ivanhoé Cambridge previously handled real estate allocation until 2024. The plan participates in industry associations including the Pension Investment Association of Canada. Governance ties the plan to CCQ as administrator and to multiple construction unions and employer associations that sit on the investment committee.
General information
Firm type
Pension Fund
Year founded
1987
Location
Region
North America
Country
Canada
City
Montreal
Corporate office
Montreal, Quebec, Canada
Principals
Audrey Murray
President and CEO of CCQ
Charles Emond
President and CEO of CDPQ
Sector focus
Frequently asked questions
Who makes the final investment decisions for this pension plan?
Investment decisions are executed entirely by the Caisse de dépôt et placement du Québec (CDPQ), led by President and CEO Charles Emond. The CCQ, as plan administrator, sets policy and oversees governance through a committee that includes union and employer representatives, but the active management mandate belongs to CDPQ.
How is the governance structured between the CCQ and CDPQ?
The Commission de la construction du Québec (CCQ) administers the plan and ensures compliance with its mandate, while CDPQ operates as the independent fiduciary. The link is reinforced by CCQ President Audrey Murray, who holds a seat on CDPQ's board. This separates political governance from professional asset management.
What is the plan's primary exposure in real assets?
The portfolio holds large-scale real estate and infrastructure. Confirmed direct property holdings include New York's 3 Bryant Park and Stuyvesant Town–Peter Cooper Village, Chicago's 10 & 120 South Riverside Plaza, and London's Stonecutter building. Its flagship infrastructure investment is a major stake in Montréal's Réseau express métropolitain (REM) light-rail network.
How does the plan source its capital?
Capital comes from mandatory contributions collected from all workers and employers in Québec's construction industry. The CCQ's May 2026 outlook projected sustained high workforce demand through 2030, suggesting a stable flow of new contributions.
Does the plan invest directly or only through CDPQ-managed funds?
The plan does not make direct investments. All capital is pooled and invested by CDPQ, which may make direct acquisitions, co-investments, or fund commitments on its behalf. The plan's exposure is therefore to CDPQ's total portfolio decisions.
Which unions and employer groups oversee investment policy?
The investment committee includes representation from major industry stakeholders. Union partners include FTQ-Construction and the Conseil provincial du Québec des métiers de la construction. Employers are represented by the Association de la construction du Québec (ACQ), ensuring a balanced governance structure.
What is the plan's stance on climate risk and ESG?
The plan's posture follows CDPQ's own sustainability commitments. CDPQ is a supporter and signatory of the Task Force on Climate-related Financial Disclosures (TCFD), and its investment strategy integrates climate risk as part of its broader fiduciary duty to the plan's beneficiaries.
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