2020 Annual Report
2020 HIGHLIGHTS
We are a global investment group with assets in all major markets.
Total portfolio geographic exposure
As at december 31, 2020
$365.5 B
Net assets as at December 31, 2020
2020 results
7.7%
Return
$24.8 B
Investment results
Results over 5 years
7.8%
Annualized return
$110.7 B
Investment results
Results over 10 years
8.6%
Annualized return
$198.0 B
Investment results
RESULTS BY ASSET CLASS
$182.3 B
Net assets as at December 31, 2020
11.0%
Annualized over 5 years
12.4%
In 2020
$110.2 B
Net assets as at December 31, 2020
5.3%
Annualized over 5 years
9.0%
In 2020
$67.2 B
Net assets as at December 31, 2020
4.3%
Annualized over 5 years
-7.0%
In 2020
OUR CLIENTS: QUEBECERS
We aim to ensure that our depositors’ funds and the pensions of millions of people are sustainable.
CDPQ at a glance
Our Main Depositors
GROWING QUÉBEC’S ECONOMY
AND COMPANIES
We are actively participating in the
$68.3 B
Total assets in Québec
$50 B
Total assets in the Québec private sector
$30 B
Increase in the private sector over the last 10 years
Our commitment to Québec businesses and economic stakeholders is based on four pillars
Growth
Propelling Québec companies
15%
Average annual revenue growth for portfolio companies over the last five years
Globalization
Navigating international markets
285
International acquisitions by portfolio companies over the last five years
Technological leap
Accelerating the digital shift
$11.6 B
Assets in Québec related to the technology and new economy sectors
Sustainable economy and communities
Focusing on projects of the future
$10 B
Total investments in low-carbon assets in Québec
Key achievements and investments in Québec in 2020
$4-billion envelope
- Envelope to support Québec companies temporarily affected by the pandemic
- Objective: Help them weather the crisis while boosting their recovery and longer-term growth plans
Equity 25³
- A $250-million fund over four years to increase diversity and inclusion in Québec and Canadian companies
- Investments of $5 to $30 million and support for implementing a diversity plan
Canam Group
- Participation in the repatriation of this leading construction company’s Canadian operations and the acquisition of assets
- This transaction of more than $840 million enabled the company to become entirely Québec-owned again and to continue its expansion
Medicom
- A key player in the health care industry that manufactures and distributes medical supplies
- Loan to explore new avenues of expansion and increase accessibility to its products
CAE
- World leader in the aeronautics sector
- Invested $150 million to support its expansion plans and the development of its training services in Europe
Eddyfi/NDT
- Leader in non-destructive inspection technologies in the Québec City area
- Investment to support two major acquisitions in Europe
Nuvei
- Global provider of payment software
- Support for its listing on the Toronto Stock Exchange, the largest ever for a technology company on the TSX at the time
Dialogue
- Participated in a $43-million financing round
- Objective: enable this Canadian telemedicine leader to expand its range of services and pursue its international growth
AddÉnergie
- New round of investment in this Québec-based operator of electric vehicle charging stations
- Objective: continue its development plan and North American expansion
REM
- 2,000 workers on more than 20 active construction sites in Greater Montréal
- A proposed $10-billion project, the REM de l’Est will serve the east and northeast sectors of the city, with 32 km of tracks and 23 stations
“History will remember 2020 as a year like no other. In mid-March, the pandemic brought entire sectors of the economy to a halt. For an investor like CDPQ, this unprecedented crisis had its share of challenges and opportunities. It provided an opportunity to confirm our strengths and sharpen the focus of our actions in the coming years.”
Charles Emond
President and CEO
LONG-TERM PARTNERSHIPS
We partner with the best to expand our reach.
Selected partnerships and investments around the world in 2020
LOGOS
- Partner in logistics and industrial real estate since 2015
- Launch of a 4th development vehicle in Asia with US$800-million of capacity and acquisition of an Australian site to create a $230-million logistics platform
S2G Ventures
- New partnership with this venture capital fund targeting the agri-food sector
- Investment of up to US$125 million in climate change opportunities
Plenary Group
- Long-standing business relationship with this public-private partnership specialist with operations in Australia, Canada and the United States
- CDPQ acquired Plenary Americas, a North American leader in public infrastructure
Alstom
- World’s second-largest player in sustainable mobility following its acquisition of Bombardier Transportation
- Our agreement: $4 billion for a 17.5% equity stake, with structuring commitments for Québec
Colisée
- A retirement home sector leader in Europe
- Our objective: take a stake in the company so it can consider new growth opportunities while consolidating its care and service offering
Titan Aircraft Investments
- Leading air cargo solutions provider
- Our value added: leveraging our ability to design innovative financing structures to support new acquisitions
AppDirect
- Leading subscription commerce platform in the United States
- $185 million alongside partners to accelerate its global expansion
Stewardship Investing
We invest constructive capital to support sustainable businesses and projects around the world.
$36 B
Low-carbon assets in the portfolio, up $18 B since 2017, including $2 B in 2020
-38%
Reduction in our portfolio’s carbon intensity since 2017, compared to our 25% reduction objective by 2025
2020 Annual Report
For a complete overview of our 2020 results, our achievements and our progress in Québec and around the world:
