2021 Annual Report
Investing in a sustainable future
2021 Annual Report
2021 Highlights
As a global investment group rooted in Québec, CDPQ aims to deliver optimal performance over the long term.
Total portfolio geographic exposure
As at December 31, 2021
$419.8 B
Net assets as at December 31, 2021
2021 results
13.5%
Return
$48.7 B
Investment results
Results over 5 years
8.9%
Annualized return
$141.0 B
Investment results
Results over 10 years
9.6%
Annualized return
$241.0 B
Investment results
Results by Asset Class
$201.2 B
Net assets as at December 31, 2021
13.7%
Annualized return over 5 years
24.6%
2021 return
Net assets by portfolio and mandate
$129.4 B
Net assets as at December 31, 2021
4.5%
Annualized return over 5 years
-0.6%
2021 return
Net assets by portfolio
$87.4 B
Net assets as at December 31, 2021
4.8%
Annualized return over 5 years
13.6%
2021 return
Net assets by portfolio
Our Clients: Quebecers
We seize promising investment opportunities to meet our clients’ long-term needs.
CDPQ at a glance
Our Main Depositors
For our 8 largest depositors, we have achieved returns ranging from:
9.3% to 15.9%
in 2021
7.6% to 9.8%
over 5 years
8.2% to 10.6%
over 10 years
Growing Québec’s Economy and Companies
Our mission: generate returns while contributing to economic development.
$78 B
Total assets
in Québec
Historic increase
in total assets in Québec
+$10 B
In one year
$6.5 B
New investments and commitments in 2021
$60 B
In the Québec private sector
A 4-pillar strategy to guide CDPQ’s actions among companies and players in Québec’s economy:
Growth
Propelling Québec companies
15%
Average annual revenue growth for portfolio companies over the last 5 years
Globalization
Navigating international markets
Nearly 350
Acquisitions outside of Québec by portfolio companies in 5 years, or over 1 per week
Technological leap
Accelerating the digital shift
$13 B
Assets in Québec related to technology sectors and the new economy
Sustainable economy and communities
Focusing on projects of the future
$10.6 B
Total investments in low-carbon assets in Québec
Key investments in Québec in 2021
Énergir
- Leading distributor of natural gas, electricity and renewable energy
- Increased our stake in the company to 80.9%
Cossette
- Acquisition of a majority stake in BlueFocus International
- Alongside CVC Capital Partners, creation of Plus Company, a global marketing and communication platform that brings together several agencies, including Cossette, We Are Social and fuseproject
New Look Vision Group
- Canada’s leading provider of vision care products and services
- Participation in the privatization of the company, valued at $1 billion, to expand its services and network of stores in North America
Solmax
- Reinvestment in the largest manufacturer of geosynthetic membranes in the world
- Support for the acquisition of TenCate Geosynthetics, which allows it to maintain its position as world leader in the field
CAE
- Reinvestment of $475 million in this global leader in the civil aviation, defense and security and health care industries
- Support for the acquisition of certain activities of U.S.-based L3Harris Technologies
Beyond Technologies
- Canadian leader in SAP solutions integration
- Acquisition of a 20% minority interest to support its strategic acquisition projects and its international expansion, particularly in Europe and the United States
Syntax Systems
- Participation in a US$545-million financing co-led by CDPQ, in partnership with Novacap
- Support the growth of this major global provider of cloud-based management services based in Montréal
Demers Ambulances
- World leader in ambulance manufacturing
- Strategic support in the design of a fully electric ambulance adapted to the needs of both paramedics and patients
REM
- Continued progress on the REM, with more than 30 active construction sites
- Commissioning of the first branch—Brossard station to Montréal’s Central Station—in fall 2022
Affordable housing
- Investment of $151 million, including $30 million from Ivanhoé Cambridge, led by a group of investors including the governments of Québec and Canada
- Objective: Build, acquire and renovate over 1,500 affordable housing units in Québec
We develop ambitious initiatives to support our companies’ success and encourage Québec’s next generation.
Ambition ME
Redefined in 2021, our financing solutions and support services offering aims to propel mid-market Québec companies with strong development potential to the next stage of their growth.
Repères numériques
This training and coaching program was created in 2021 to support Québec SMEs in implementing a digital business culture within their organization.
Cheffes de file
Launched by CDPQ in 2018, this community of practice aims to accelerate the growth of companies owned by women with sales of $5–20 million.
“In 2021, we continued working to deliver a strong performance as an investor and partner of choice on a global scale. I’m proud of our teams’ achievements, which have seen CDPQ generate its best absolute and relative returns in over ten years.”
Charles Emond
President and Chief Executive Officer
Long-term Partnerships
We cultivate quality business relationships to maximize our impact.
Selected partnerships and investments around the world in 2021
Avante Capital Partners
- New partnership with this U.S. private credit fund co-founded by two women, whose team reflects significant diversity
- Targeted deployment in companies that place diversity at the heart of their strategy
Constellation
- Association since 2019 with this insurance company that contributed to the creation of a platform, alongside OTPP
- 2 major acquisitions announced in 2021 by the US$1‑billion platform
PAG
- Partnership established in 2017 between Ivanhoé Cambridge and this private equity firm focused on Asia
- Launch of a US$400‑million platform to develop and acquire logistics facilities in Japan
Telefónica
- New partnership with one of the world’s largest telecommunications service providers
- Creation of FiBrasil, a joint venture for the development, construction and operation of a fibre-optic network in Brazil
Climate Innovation Fund
- Fund that leverages partnerships to deploy a $500‑million envelope in 2 sectors: energy transition and sustainable agri‑food
- Agreements concluded with S2G Ventures, Energize Ventures and BP Ventures, resulting in 5 transactions in 2021
Druva
- California-based global leader in cloud data protection and management
- Participation in a US$147‑million growth financing round, including US$100 million from CDPQ
ATC Europe
- Major independent provider of communication infrastructure in Europe
- Acquisition of a 30% stake in the company as part of a transaction worth over €1.6 billion with American Tower
MN Park
- Portfolio of offices and R&D laboratories in Genome Valley, Hyderabad, India
- Investment by Ivanhoé Cambridge, in partnership with Lighthouse Canton, in the promising life sciences sector
425 Park Avenue
- US$467.5 million in financing granted by Otéra Capital
- Repayment of the construction loan and completion of this prestigious 47‑floor office tower in Manhattan, designed by Lord Norman Foster
Sustainable Investing
Sustainable Investing ReportOur constructive capital creates lasting benefits in communities.
$39 B
Low-carbon assets in the portfolio, up $21 B in 4 years
49%
Reduction in the portfolio’s carbon intensity since 2017
2021 Annual Report
For a complete overview of our 2021 results, our achievements and our progress in Québec and around the world:
