Caisse de dépôt et placement du Québec
Native name
Caisse de dépôt et placement du Québec
TypeCrown corporation
IndustryPension fund
FoundedJuly 15, 1965 (1965-07-15)
HeadquartersPrice Building,
Quebec City
,
Canada
Key people
Charles Émond (CEO)
Total assetsIncrease CA$424 billion (June 30, 2023)
Number of employees
890 (at December 31, 2016, excluding its subsidiaries)[1]
Subsidiaries
Websitecdpq.com/en

The Caisse de dépôt et placement du Québec (CDPQ; English: Quebec Deposit and Investment Fund) is an institutional investor that manages several public and parapublic pension plans and insurance programs in Quebec. It was established in 1965 by an act of the National Assembly, under the government of Jean Lesage, as part of the Quiet Revolution, a period of social and political change in Quebec. It is the second-largest pension fund in Canada, after the Canada Pension Plan Investment Board.[2] It was created to manage the funds of the newly created Quebec Pension Plan, a public pension plan that aimed to provide financial security for Quebecers in retirement. The CDPQ’s mandate was to invest the funds prudently and profitably, while also contributing to Quebec’s economic development. As of June 30, 2023, CDPQ managed assets of C$424 billion, invested in Canada and elsewhere.[3] CDPQ is headquartered in Quebec City at the Price building and has its main business office in Montreal at Édifice Jacques-Parizeau.

The CDPQ is a unique institution that plays a vital role in the economic and social development of Quebec and Canada. It is one of the largest and most diversified institutional investors in the world, managing funds for public and parapublic pension and insurance plans. It invests in various sectors, such as private equity, fixed income, real estate, infrastructure, and renewable energy, both in Canada and abroad. It also supports Quebec-based companies with growth potential and contributes to the creation of jobs and wealth in the province.

Over the years, the CDPQ has expanded its scope and scale, managing the funds of other public and parapublic pension and insurance plans, such as the Government and Public Employees Retirement Plan (RREGOP), the Pension Plan of Management Personnel (PPMP), and the Fonds d’assurance automobile du Québec. It has also diversified its portfolio, investing in different asset classes and markets around the world. It has established offices in several countries, such as the United States, Mexico, Brazil, France, India, China, Singapore, and Australia. It has also acquired or partnered with several subsidiaries, such as Ivanhoé Cambridge (real estate), CDPQ Infra (infrastructure) and Otéra Capital (financing).

History

Creation and Early Years (1965-1979)

The CDPQ was established by an act of the National Assembly on July 15, 1965, under the government of Jean Lesage, as part of the Quiet Revolution, a period of social and political change in Quebec.[4] Its initial role was to manage the funds of the newly created Quebec Pension Plan, a public pension plan that aimed to provide financial security for Quebecers in retirement. The CDPQ’s mandate was to invest the funds prudently and profitably, while also contributing to Quebec’s economic development.

In its early years, the CDPQ focused on building a bond portfolio that included predominantly Quebec government and Hydro-Québec securities. It also made its first equity investment in Alcan Aluminium in 1967, and its first commercial mortgage loans in the same year.[5] In 1971, it created the private investments portfolio, which included investments in Quebec companies.[6]

Diversification and Expansion (1980-1999)

In the 1980s, the CDPQ entered into international markets and the real estate sector. It made its first transactions in global equities exchanges in 1983, and its first international private equity investment in Compagnie financière Martin Maurel, in France, in 1984. It also acquired its first office building, Place Delta in Sainte-Foy, in 1980,[7] and its first international real estate acquisition, Centre de conférence Albert-Borschette in Brussels, in 1993.[8]

In the 1990s, the CDPQ diversified its real estate portfolio and increased its equity allocation. It acquired the real estate assets of the Steinberg grocery chain in 1989,[9] and merged its real estate subsidiary Ivanhoé with Cambridge Shopping Centres in 2001, creating Ivanhoé Cambridge.[10] It also obtained a legislative change in 1997 that raised the allowable equity allocation to 70% of the portfolio’s assets, from 40%.[11] It also moved into infrastructure investment in 1999, with the construction of Highway 407 in Toronto.[12]

Crisis and Recovery (2000-2009)

In the 2000s, the CDPQ faced the worst financial crisis since the stock market crash of 1929, which resulted in a loss of $39.8 billion in 2008. Following the crisis, the CDPQ adopted a series of measures to increase its effectiveness, to refocus on its core competencies and to strengthen its risk management in order to better sustain long-term yields. It also launched a major plan to support Quebec businesses in 2009. It also adopted a responsible investing policy in 2004, and signed the UN’s Principles for Responsible Investment in 2006.[13] In 2009, Otéra Capital, a subsidiary of the CDPQ, was created to act as a leader in commercial real estate debt across North America. Otéra Capital offers innovative financing solutions for various real estate sectors, such as office, retail, industrial, multifamily, hospitality, and seniors housing.

Growth and Innovation (2010-Present)

In the 2010s, the CDPQ accelerated its pace of growth and expansion, both in Canada and abroad. It created the Global Quality Equity Portfolio in 2013,[14] which followed a new investment philosophy that favoured total returns, in-depth research, and investments in high quality assets, anchored in the real economy. It also combined all its real estate subsidiaries under one banner, Ivanhoé Cambridge, in 2011.[15] It also established offices in several countries, such as the United States, Mexico, Brazil, France, India, China, Singapore, and Australia. In 2015, CDPQ Infra, a subsidiary of the CDPQ, was created to act as a principal contractor for public infrastructure projects. CDPQ Infra is responsible for all phases of a project: planning, financing, execution and operation. It aims to foster the effective execution of modern, efficient and sustainable infrastructure projects that meet the needs of communities. CDPQ Infra also leverages the CDPQ’s infrastructure expertise and adopts international best practices to execute work on time and on budget.

In a September 28, 2021 press release, the CDPQ announced their 2021 climate strategy, which included divesting the remaining $3.9 billion currently held in oil company assets, which represented 1% of CDPQ's investment portfolio, by 2022.[16] According to the statement, the CDPQ was responding "to the markets, to science, and to the will of Quebecers who do not want their money to fuel the climate crisis."[16]

As of June 30, 2023, the CDPQ managed assets of C$ 424 billion, invested in various sectors, such as private equity, fixed income, real estate, infrastructure, and renewable energy, both in Canada and elsewhere. It also supported Quebec-based companies with growth potential and contributed to the creation of jobs and wealth in the province. It also strived to generate positive impacts for society and the environment. In 2022, Global SWF, a publication that covers sovereign wealth funds and other long-term public investors, awarded CDPQ the 2022 Fund of the Year award. The next year, Infrastructure Investor magazine, which focuses on the global infrastructure investment market, ranked CDPQ as the top institutional investor in infrastructure based on its asset size in the Global Investor 50 list.[17]

Mandate and independence

In 2005, article 4 of CDPQ's founding statute[18] was amended to make the institution's mandate explicit:

4.1. The mission of the Fund is to receive moneys on deposit as provided by law and manage them with a view to achieving optimal return on capital within the framework of depositors' investment policies while at the same time contributing to Québec's economic development.

In June 2015, the CDPQ statute was further amended to specify that CDPQ "acts with full independence in accordance with this Act."[19]

Growth and strategy

CDPQ has five investment priorities: optimal performance, Québec economy, worldwide presence, sustainable investing, and technology.[20]

CDPQ has expanded its global presence by opening offices in key markets such as New York, London, Paris, Shanghai, Singapore, Sydney and New Delhi.[21]

Involvement in Major Projects

Montreal Réseau express métropolitain (REM)

The REM (Réseau express métropolitain) is a public infrastructure project in Montréal that was proposed by CDPQ at the request of the government of Quebec. In 2015, CDPQ proposed a new model for infrastructure projects to the Québec government, based on its expertise and financial capacity. It then created a subsidiary, CDPQ Infra, to manage major public infrastructure projects in Québec and abroad. The REM is the first project of CDPQ Infra, which owns and operates the fully electric and automated light rail system that will serve Greater Montréal. CDPQ Infra is responsible for all aspects of the REM, from design and construction to financing and maintenance, as well as the procurement of rolling stock and systems.[22] CDPQ Infra also follows environmental and social standards, and communicates and consults with the public and stakeholders.[23] The REM project has several expected outcomes, such as improving the mobility of commuters, reducing greenhouse gas emissions, creating thousands of jobs, supporting the development of electric transportation, and stimulating economic and real estate growth. The REM construction began in April 2018 and is planned to be completed by 2027. The first trains will operate in 2023 between Brossard and Gare Centrale Stations. The REM will be one of the longest automated metro lines in the world, with a 67-km route and 26 stations.[24] It will connect downtown, the South Shore, the North Shore, the West Island and Montréal-Trudeau International Airport.

Vancouver Canada Line

Caisse de dépôt et placement du Québec (CDPQ) was part of a consortium that developed and operated the Canada Line project, a public transportation infrastructure in Metro Vancouver. The consortium was called “InTransit BC,” and it included CDPQ, AtkinsRéalis (formerly SNC-Lavalin), and other infrastructure and transportation companies.[25] The Canada Line project started in 2004, with the goal of providing transit options connecting downtown Vancouver to Vancouver International Airport and Richmond. InTransit BC, with CDPQ and its partners, won the public-private partnership contract for the Canada Line project. The consortium provided the financial backing and the expertise in infrastructure development and transportation systems. The project involved the construction of a new SkyTrain line, which included tunneling under the Fraser River and various stations along the route. The Canada Line opened to the public in 2009, on time and within budget.[26] It has become an important part of the Greater Vancouver transit system, facilitating the movement of people and goods while contributing to the region’s sustainable growth and development.

Investments Around The World

CDPQ has investments across different sectors and geographies. Here are a few examples:

Public Companies

Continent Country Investment Industry/Sector Stake Largest shareholder Source
North America Canada AtkinsRéalis Engineering consulting 19.97% Yes [27]
North America Canada WSP Global Engineering consulting 18.06% Yes [28]
Europe France Alstom Transportation 18% Yes [29]
North America Canada Boralex Energy 12.54% Yes [30]
North America Canada CGI Information technology consulting 11.70% Yes [31]
North America Canada Alimentation Couche-Tard Convenience Store 5.398% No [32]
North America Canada National Bank of Canada Financial Services 2.778% No [33]
North America Canada Bombardier Transportation 2.697% No [34]
North America Canada BCE Telecommunication 2.521% No [35]
North America Canada Canadian National Railway Transportation 1.901% No [36]

Infrastructure

Continent Country Investment Stake Source
Europe UK Eurostar 30% [37]
Oceania Australia Sydney Metro 24.9% [38]
Europe UK Heathrow Airport 12.62% [39]
Oceania Australia Port of Brisbane 26.7% [40]
Oceania Australia TransGrid 24.99% [41]
South America Brazil Transportadora Associada de Gás S.A. 50% [42]

Real Estate

Continent Country Investment Industry/Sector Source
North America United States IDI LOGISTICS Logistics [43]
North America Canada CIBC Square Offices [44]
Europe France Tours Duo Offices [45]
Oceania Australia LOGOS Logistics [46]

Awards and Recognition

Terra Carta Seal (2023) - Sustainable Markets Initiative

Source:[47]

2022 Fund of the Year - Global SWF

Source:[48]

Sustainable finance - World Benchmarking Alliance

CDPQ ranked first among 59 global pension funds in the rankings.[49][50]

World’s Largest Institutional Investor in Infrastructure - Global Investor 50

CDPQ ranked first in the 2023 edition of the list.[17]

Organization

CDPQ's board of directors can have up to 15 members, two-thirds of whom must be independent. It is composed of its chair, the president and CEO, depositor representatives, and independent members. The board is responsible for establishing CDPQ's main orientations and ensuring that CDPQ operates according to all legislative and regulatory requirements. The position of chairman of the board of directors is separate from that of president and chief executive officer.

The Québec government appoints members of the board of directors, upon consultation with the board. CDPQ's board of directors has defined a profile of expertise and experience required for its independent directors.[51]

The executive committee is composed of the president and CEO and the senior officers of CDPQ's various sectors.

Subsidiaries

CDPQ has three subsidiaries: Ivanhoé Cambridge, Otéra Capital and CDPQ Infra.[52]: 61 

The headquarters for the subsidiaries are located in the Jacques-Parizeau building in Montreal.

Ivanhoé Cambridge

Ivanhoé Cambridge is the real estate subsidiary of CDPQ. The company aims to invest in real estate assets ranging from office space, shopping centres to multi-residential buildings. Some of the biggest projects for Ivanhoé Cambridge are CIBC Square in Toronto and Tours Duo in Paris.

Otéra Capital

Otéra Capital is a company that provides commercial real estate debt financing across North America. It is a subsidiary of CDPQ. Otéra Capital has a portfolio of over $29 billion CAD in loans as of December 31, 2022.[53] It offers various financing options for different real estate sectors, such as office, industrial, retail, multi-family, hospitality, and seniors housing. Otéra Capital also has a strong commitment to environmental, social and governance (ESG) principles and has recently granted its first green loan to a sustainable office building project in Toronto. Otéra Capital’s headquarters are located in Montreal, Quebec, and it has offices in Toronto, Vancouver, New York and Los Angeles.

CDPQ Infra

CDPQ Infra is a subsidiary of the CDPQ, dedicated to the development of infrastructures and their management. At the time of its creation, CDPQ Infra was commissioned by the Couillard government with the evaluation of two public transport projects for Greater Montreal;

a) A public transit system on the Samuel-de-Champlain Bridge
b) A public transit system for the West Island (between downtown Montreal, Pierre-Elliot-Trudeau International Airport and the West Island).[54]

On 22 April 2016, CDPQ Infra unveiled plans for a new public transportation project, the Réseau express métropolitain (REM).[55] As proposed, the REM will link downtown Montréal, the South Shore, the West Island (Sainte-Anne-de-Bellevue), the North Shore (Deux-Montagnes) and the airport through a unified, electrically powered and fully automated, 67-km light metro system.[56] The new network represents an investment of approximately $5.5 billion, of which CDPQ Infra is willing to commit $3 billion as the majority shareholder.

On March 8, 2017, General Electric said it had agreed to sell GE Water for around US$3.4 billion to Suez Environnement in France and CDPQ.[57][58]

Investments

Type

CDPQ's portfolio is divided into four main categories of assets:[59]

  • Fixed Income
    • Bonds
    • Estate Debt
    • Short Term Investments
    • Long Term Bonds
  • Inflation-Sensitive Investments
    • Real Estate
    • Infrastructure
    • Real Return Bonds
  • Equity
    • Global Quality Equity
    • Canadian Equity
    • Emerging Markets Equity
    • U.S. Equity
    • EAFE Equity
    • Private Equity
  • Other Investments

Geographic diversification

Geographic exposure of the overall portfolio, based on the country where the main place of business of the company or issuer is located or, in the case of real estate, the geographic location of properties:[60]

Region 2022[61] 2018[62] 2017[63] 2016[64] 2015[65] 2014[66]
Canada 25% 36% 42% 41% 46,0% 52,6%
United-States 40% 30% 28% 31% 26,5% 21,8%
Europe 16% 14% 13% 13% 13,8% 14,1%
Emerging markets 16% 14% 11% 9% 7,7% 6,7%
Other regions 3% 6% 6% 6% 6,0% 4,8%
Total 100% 100% 100% 100% 100% 100%

Main depositors

The eight principal depositors represented 96.4% of net assets as at December 31, 2022.[61]

Depositor Dec 31, 2022

(billion CAD)

The Government of Québec Ministry of Finance 107,5
The Quebec Pension Plan (QPP), (French: Régie des Rentes du Québec; RRQ) 106,8
Government and Public Employees Retirement Plan 83,3
Supplemental Pension Plan for Employees of the Québec Construction Industry 28,5
Commission de la Santé et de la Sécurité du Travail (CSST), Québec's occupational safety and health agency 19,3
The Government of Québec Ministry of Finance (Generations Fund) 17,8
Société de l'assurance automobile du Québec (SAAQ) (English: Quebec Automobile Insurance Corporation) 13,4
Pension Plan of Management Personnel 10.9
Total 387,5
Source:[61]

Performance

Changes in CDPQ's net assets since inception[67][68]
Year Net assets as of December 31 Rate of return (annual)
1966 $0,2 B -
1967 $0,4 B 100%
1968 $0,7 B 75%
1969 $1,0 B 42,86%
1970 $1,3 B 30%
1971 $1,7 B 30,77%
1972 $2,2 B 29,41%
1973 $2,6 B 18,18%
1974 $3,2 B 23,08%
1975 $4,1 B 28,13%
1976 $4,9 B 19,51%
1977 $6,0 B 22,45%
1978 $7,9 B 31,67%
1979 $9,2 B 16,46%
1980 $10,9 B 18,48%
1981 $11,4 B 4,59%
1982 $16,0 B 40,35%
1983 $18,0 B 12,5%
1984 $20,1 B 11,67%
1985 $22,4 B 11,44%
1986 $24,9 B 11,16%
1987 $27,3 B 9,64%
1988 $29,9 B 9,52%
1989 $33,3 B 11,37%
1990 $35,7 B 7,21%
1991 $38,1 B 6,72%
1992 $41,3 B 8,4%
1993 $47,1 B 14,04%
1994 $45,3 B -3,82%
1995 $51,4 B 13,47%
1996 $57,4 B 11,67%
1997 $64,1 B 11,67%
1998 $69,0 B 7,64%
1999 $81,5 B 18,12%
2000 $88,3 B 8,34%
2001 $85,3 B -3,4%
2002 $77,7 B -8,91%
2003 $89,4 B 15,06%
2004 $102,4 B 14,54%
2005 $122,2 B 19,34%
2006 $143,5 B 17,43%
2007 $155,4 B 8,29%
2008 $120,1 B -22,73%
2009 $131,6 B 9,58%
2010 $151,7 B 15,27%
2011 $159,0 B 4,81%
2012 $176,2 B 10,82%
2013 $200,1 B 13,57%
2014 $225,9 B 12,89%
2015 $248,0 B 9,8%
2016 $270,7 B 9,15%
2017 $298,5 B 10,27%
2018 $309,5 B 3,68%
2019 $340,1 B 9,88%
2020 $365,5 B 7,47%
2021 $419,8 B 14,85%
2022 $401,9 B -4,26%

Controversy over private security investments

CQDP has been criticized for investing in the private security industry. It became the main shareholder of Allied Universal and also invested in CAE Inc. The critics address the poor economic value of those choices.[69] They also address the great social and ethical problems that surround this industry.[70] The holding of Allied Universal by CQDP became more of a problem after the company acquired G4S, a firm which have been implied in many controversies that led most of public pension funds to desinvest from it.[71] G4S holds parts of Policity Corporation, a company that operate Israel's National Police Academy. The global ESG rating of G4S in 2019 was C−.

See also

References

  1. ↑ "2016 Annual Report" (PDF). Archived from the original (PDF) on 2017-06-18. Retrieved 2017-10-29.
  2. ↑ "Canadian Public Pension Fund Rankings | Sovereign Wealth Fund Institute". Archived from the original on 2015-07-08. Retrieved 2015-07-08.
  3. ↑ "Press Release 2018". 21 February 2019. Retrieved 2019-02-21.
  4. ↑ "Our history". CDPQ. 2017-02-06. Retrieved 2023-11-04.
  5. ↑ "Our history". CDPQ. 2017-02-06. Retrieved 2023-11-04.
  6. ↑ "Our history". CDPQ. 2017-02-06. Retrieved 2023-11-04.
  7. ↑ "Our history". CDPQ. 2017-02-06. Retrieved 2023-11-04.
  8. ↑ "Our history". CDPQ. 2017-02-06. Retrieved 2023-11-04.
  9. ↑ "Our history". CDPQ. 2017-02-06. Retrieved 2023-11-04.
  10. ↑ "Our history". CDPQ. 2017-02-06. Retrieved 2023-11-04.
  11. ↑ "Our history". CDPQ. 2017-02-06. Retrieved 2023-11-04.
  12. ↑ "Our history". CDPQ. 2017-02-06. Retrieved 2023-11-04.
  13. ↑ "Our history". CDPQ. 2017-02-06. Retrieved 2023-11-04.
  14. ↑ "Our history". CDPQ. 2017-02-06. Retrieved 2023-11-04.
  15. ↑ "Our history". CDPQ. 2017-02-06. Retrieved 2023-11-04.
  16. 1 2 "The Caisse de Depot et Placement Du Quebec Wants out of Oil by 2022". CTV News. Montreal. September 28, 2021. Retrieved September 28, 2021.
  17. 1 2 "CDPQ: world's largest institutional investor in infrastructure". CDPQ. 2023-06-12. Retrieved 2023-11-02.
  18. ↑ "Redirection". www2.publicationsduquebec.gouv.qc.ca.
  19. ↑ Archived 2015-07-10 at the Wayback Machine
  20. ↑ "Our approach: Aligning performance and progress". CDPQ. 2021-09-03. Retrieved 2023-12-02.
  21. ↑ "Contact us". CDPQ. 2017-02-07. Retrieved 2023-12-02.
  22. ↑ "CDPQ Infra | Building sustainable transport infrastructure for communities". CDPQ Infra | Un modèle novateur pour les projets d’infrastructures. 2022-03-22. Retrieved 2023-12-02.
  23. ↑ "Events". REM. Retrieved 2023-12-02.
  24. ↑ "Réseau express métropolitain". CDPQ Infra | Un modèle novateur pour les projets d’infrastructures. 2019-10-10. Retrieved 2023-12-02.
  25. ↑ "Canada Line Information Bulletin" (PDF). Archived from the original (PDF) on 2011-07-06.
  26. ↑ "Vancouver C$2 bln transit line opens early". Reuters. 2009-08-17. Retrieved 2023-12-02.
  27. ↑ "SNC-Lavalin Group Inc. : Shareholders Board Members Managers and Company Profile | CA78460T1057 | MarketScreener". www.marketscreener.com. Retrieved 2023-12-06.
  28. ↑ "WSP Global Inc. : Shareholders Board Members Managers and Company Profile | CA92938W2022 | MarketScreener". www.marketscreener.com. Retrieved 2023-12-06.
  29. ↑ Québec, Caisse de dépôt et placement du. "CDPQ becomes Alstom's largest shareholder following the announced acquisition of Bombardier Transportation". www.newswire.ca. Retrieved 2023-11-18.
  30. ↑ "Boralex Inc. : Shareholders Board Members Managers and Company Profile | CA09950M3003 | MarketScreener". www.marketscreener.com. Retrieved 2023-12-06.
  31. ↑ "CGI Inc. : Shareholders Board Members Managers and Company Profile | CA12532H1047 | MarketScreener". www.marketscreener.com. Retrieved 2023-12-06.
  32. ↑ "Alimentation Couche-Tard Inc. : Shareholders Board Members Managers and Company Profile | CA01626P1484 | MarketScreener". www.marketscreener.com. Retrieved 2023-12-06.
  33. ↑ "National Bank of Canada : Shareholders Board Members Managers and Company Profile | CA6330671034 | MarketScreener". www.marketscreener.com. Retrieved 2023-12-06.
  34. ↑ "Bombardier Inc. : Shareholders Board Members Managers and Company Profile | CA0977518798 | MarketScreener". www.marketscreener.com. Retrieved 2023-12-06.
  35. ↑ "BCE Inc. : Shareholders Board Members Managers and Company Profile | CA05534B7604 | MarketScreener". www.marketscreener.com. Retrieved 2023-12-06.
  36. ↑ "Canadian National Railway Company : Shareholders Board Members Managers and Company Profile | CA1363751027 | MarketScreener". www.marketscreener.com. Retrieved 2023-12-06.
  37. ↑ Québec, Caisse de dépôt et placement du. "CDPQ and Hermes Infrastructure acquisition of a 40% Shareholding in Eurostar from the UK Government". www.newswire.ca. Archived from the original on 2023-07-12. Retrieved 2023-11-18.
  38. ↑ Québec, Caisse de dépôt et placement du. "CDPQ invests in Sydney Metro, Australia's first driverless metro system". www.newswire.ca. Retrieved 2023-11-18.
  39. ↑ "About Heathrow | Heathrow". Heathrow Airport. Retrieved 2023-11-18.
  40. ↑ Québec, Caisse de dépôt et placement du. "La Caisse acquires a 26.7% interest in Australia's Port of Brisbane". www.newswire.ca. Archived from the original on 2023-07-12. Retrieved 2023-11-18.
  41. ↑ "CDPQ participates in the acquisition of the 99-year lease of Australia's largest electricity transmission network". CDPQ. 2017-03-14. Retrieved 2023-11-18.
  42. ↑ "Engie Brasil sells 15% stake in gas pipeline firm TAG to Canada's CDPQ". Reuters. 2017-03-14. Retrieved 2024-01-15.
  43. ↑ "Ivanhoé Cambridge and Oxford Properties form partnership to invest in IDI Logistics". CDPQ. 2019-01-30. Retrieved 2023-12-06.
  44. ↑ "Ivanhoé Cambridge and Hines Break Ground on CIBC SQUARE's Second Tower in Toronto". CDPQ. 2021-07-06. Retrieved 2023-12-06.
  45. ↑ "Ivanhoé Cambridge signs a lease with Natixis for the entirety of approximately 90,000 m² (969,000 ft²)". CDPQ. 2021-07-05. Retrieved 2023-12-06.
  46. ↑ "LOGOS Property Group welcomes strategic investment by Ivanhoé Cambridge". CDPQ. 2017-02-15. Retrieved 2023-12-06.
  47. ↑ CDPQ. "CDPQ awarded Sustainable Markets Initiative 2023 Terra Carta Seal for its leadership on sustainability". www.newswire.ca. Retrieved 2023-11-30.
  48. ↑ "Fund of the Year (Jan'23): CDPQ (GlobalSWF)". globalswf.com. Retrieved 2023-11-02.
  49. ↑ GRRR.nl. "Financial System Benchmark". World Benchmarking Alliance. Retrieved 2023-11-02.
  50. ↑ "Financial System Benchmark | World Benchmarking Alliance". 2023-04-01. Archived from the original on 2023-04-01. Retrieved 2023-11-02.{{cite web}}: CS1 maint: bot: original URL status unknown (link)
  51. ↑ "Archived copy" (PDF). Archived from the original (PDF) on 2015-07-08. Retrieved 2015-07-09.{{cite web}}: CS1 maint: archived copy as title (link)
  52. ↑ "2020 Annual Report" (PDF). Caisse de dépôt et placement du Québec. Retrieved 2021-06-02.
  53. ↑ "Home". Otera Capital. 2023-09-26. Retrieved 2023-11-02.
  54. ↑ "La Caisse unveils agreement with Quebec government to carry out infrastructure projects". Caisse de dépôt et placement du Québec. Archived from the original on 2016-06-02.
  55. ↑ Magder, Jason (April 22, 2016). "Electric light-rail train network to span Montreal by 2020". Montreal Gazette. Retrieved 2021-06-04.
  56. ↑ CDPQ Infra - Réseau électrique métropolitain [EN]. Réseau express métropolitain - REM. 22 April 2016. Archived from the original on 2021-12-21. Retrieved 2021-06-04 – via YouTube.
  57. ↑ Hufford, Austen (March 8, 2017). "General Electric to Sell Water Unit to France's Suez, Canadian Pension Fund". The Wall Street Journal. New York City. Retrieved 2017-03-09.
  58. ↑ De Clercq, Geert (March 8, 2017). "Suez targets industrial water with $3.4 billion GE Water deal". Reuters. Retrieved 2019-08-10.
  59. ↑ "Portfolio". Caisse de dépôt et placement du Québec. Archived from the original on 2015-10-19. Retrieved 2015-07-09.
  60. ↑ "2015 Annual Report" (PDF). Caisse de dépôt et placement du Québec. Archived from the original (PDF) on 2016-06-04.
  61. 1 2 3 "2022 Annual Report – CDPQ" (PDF). December 31, 2022.
  62. ↑ "2018 Annual Report". Caisse de dépôt et placement du Québec. 2019-05-31. Retrieved 2021-05-31.
  63. ↑ "2017 Annual Report – Caisse de dépôt et placement du Québec" (PDF). December 31, 2016.
  64. ↑ "2016 Annual Report – Caisse de dépôt et placement du Québec" (PDF). December 31, 2015.
  65. ↑ "2015 Annual Report - CDPQ" (PDF). December 31, 2014.
  66. ↑ "2014 Annual report - CDPQ" (PDF). December 31, 2013.
  67. ↑ "Performance: Generating sustainable value". CDPQ. 2017-01-13. Retrieved 2023-12-27.
  68. ↑ "Performance: Generating sustainable value | CDPQ". web.archive.org. 2023-06-07. Archived from the original on 2023-06-07. Retrieved 2023-12-27.{{cite web}}: CS1 maint: bot: original URL status unknown (link)
  69. ↑ "La Caisse et les dangers de la sécurité privée". La Presse (in French). 2020-06-22. Retrieved 2022-08-24.
  70. ↑ "Climate Action Pursuit: Sustainability Investing, the Obstacles, and the Opportunities | Chief Investment Officer". www.ai-cio.com. Retrieved 2022-08-24.
  71. ↑ Ollivier de Leth, David (July 2020). "G4S company scan". SOMO.
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