Our history

CDPQ has evolved and grown considerably since its creation in 1965. Today, it takes a long-term perspective towards investing its clients’ funds around the world. Discover our history.

CDPQ, celebrating half a century

Video produced for the 50th anniversary of CDPQ, on July 15, 2015. 

The early years


  • CDPQ is created by a law passed in the National Assembly of Québec
  • Initial role: to manage the funds of the Québec Pension Plan, a newly-created universal retirement plan


  • First deposit by its first client: the Québec Pension Plan
  • First transaction: the purchase of bonds issued by the International Bank for Reconstruction and Development
  • Establishment of a bond portfolio that includes predominantly Québec government and Hydro-Québec securities


  • First equity investment: Alcan Aluminium
  • First commercial mortgage loans


  • Creation of the private investments portfolio which includes investments in Québec companies


  • Management of the largest portfolio of Canadian equities in the country, which includes holdings in 155 companies

Entry into international markets and the real estate sector


  • Net assets exceed $10 billion
  • Acquisition of a first office building, Place Delta in Sainte-Foy


  • First transactions in global equities exchanges


  • First international private equity investment: Compagnie financière Martin Maurel, in France

Diversification of the real estate portfolio


  • Acquisition of the real estate assets of the Steinberg grocery chain
  • Ivanhoé, the new real estate subsidiary, owns and manages primarily shopping centers


  • First international real estate acquisition: Centre de conférence Albert-Borschette in Brussels


  • Net assets surpass $50 billion

Accelerating pace of growth and expansion


  • CDPQ real estate group becomes the largest owner of real estate properties in Québec and the second largest in Canada


  • A legislative change raises the allowable equity allocation to 70% of the portfolio’s assets, from 40%


  • CDPQ moves into infrastructure investment with the construction of Highway 407 in Toronto


  • Ivanhoé and Cambridge Shopping Centres are merged to create Ivanhoé Cambridge


  • CDPQ obtains the top short-term and long-term credit ratings from the main rating agencies


  • Net assets exceed $100 billion
  • CDPQ adopts a responsible investing policy

Changing course toward the long term


  • CDPQ signs the UN’s Principles for Responsible Investment


  • CDPQ faces the worst financial crisis since the stock market crash of 1929


  • Following the crisis, CDPQ adopts 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.
  • CDPQ launches a major plan to support Québec businesses


  • All real estate subsidiaries are combined under one banner: Ivanhoé Cambridge


  • The Global Quality Equity Portfolio is created
  • This portfolio is managed through a new investment philosophy which favours total returns, in-depth research, and investments in high quality assets, anchored in the real economy

Increasing global expansion, real assets


  • New international offices are opened to take advantage of the best global investment opportunities


  • CDPQ Infra is created as a new subsidiary that focuses on the design, financing, development and operation of infrastructure projects
  • To mark its 50th anniversary in a permanent way, CDPQ creates Espace CDPQ, an investment and development hub for entrepreneurs


  • CDPQ Infra proposes an electric, public transit project for the Greater Montréal area
  • The REM network, a light rail system, promises 67 kilometers of track, linking downtown Montréal to the South Shore, North Shore, West Island and the international airport
  • Investments in Mexico and India

Emphasizing sustainable investing


  • Adoption of an investment strategy to address climate change and a statement on international taxation
  • Repositioning fixed income portfolios and evolution of credit activities
  • First direct investment in Colombia


  • Réseau express métropolitain (REM) construction officially started
  • Creation of Espace CDPQ | Axe IA
  • Strengthening of CDPQ's strategic partnerships approach, in both developed and growth markets


  • Co-founded the Net-Zero Alliance, an initiative calling on major investors to commit to achieving carbon-neutral portfolios by 2050 
  • Work began on several branches of the REM, including 2 kilometres of tracks on the South Shore and construction of 10 stations
  • Created the CDPQ–AI Fund for Québec companies specialized in artificial intelligence

Progress in an unusual environment


  • $4-billion envelope to support Québec companies temporarily affected by the pandemic
  • Creation of CDPQ Global to steer our globalization strategy with a cross-functional perspective
  • Implementation of strategic changes to evolve our portfolio


  • Historic increase in our total assets in Québec in one year, which stand at $78 billion, including $60 billion in the private sector
  • Announcement of a new climate strategy reflecting our enhanced ambition to meet this global challenge
  • Evolution of our equity markets strategy to expand our investment universe


  • An active year in Québec in a slowing global market, with an ambition of $100 billion in Québec assets by 2026
  • Internationally recognized expertise and sustainability approach, with several distinctions received, including being named 2022 Fund of the Year by Global SWF


  • Notable progress on our key priorities, with a sustained level of activity in Québec and advances in sustainable investing that bring us closer to our targets
  • Commissioning of the South Shore branch of the REM, which connects Brossard and downtown Montréal with 5 stations