2022 Annual Report

Creating value in an environment
like no other

2022 Annual Report

2022 Annual Report

2022 Annual Report Additional Information

2022 Highlights

CDPQ unites constructive capital and dedicated teams carrying out our mission.

Some distinctions

Logo SWF.

Global SWF

CDPQ was named 2022 Fund of the Year by Global SWF, a global reference that analyzes the activities of some 400 sovereign wealth and public pension funds.

Logo World Benchmarking Alliance

World Benchmarking Alliance

Ranked 1st among 59 global pension funds in the WBA’s sustainable finance rankings.

Logo Best Places to Work.

Best Places to Work

CDPQ placed 16th among the world’s 20 best places to work.

Value across all periods

$401.9 B Net assets as at December 31, 2022

Results over 10 years


Annualized return

$201.5 B

Investment results

$30.1 B

Value added

Results over 5 years


Annualized return

$91.8 B

Investment results

$17.9 B

Value added

Results in 2022



-$24.6 B

Investment results

$10.4 B

Value added

Change in net assets since 2012

(in billions of dollars)

Change in net assets since 2012 graphics.

Portfolio diversification

Our strategy seeks to leverage growing diversified asset classes, regions and sectors.

$119.4 B

Net assets as at December 31, 2022


Five-year annualized return


2022 return

Net assets by portfolio

$102.2 B

Net assets as at December 31, 2022


Five-year annualized return


2022 return

Net assets by portfolio

$179.9 B

Net assets as at December 31, 2022


Five-year annualized return


2022 return

Net assets by portfolio

Total portfolio geographic exposure

(as at December 31, 2022)

Our clients, the depositors

What drives us: Creating value for Quebecers.

Our main clients

Performances of our eight largest depositors

The results generated by CDPQ over the years provide them with a sound financial position.

6.4% to 9.1%

Over 10 years

4.2% to 6.7%

Over 5 years

-8.0% to -3.9%

In 2022

Growing Québec’s economy and companies

We leverage the full strength of CDPQ to support companies and the economy to give us the edge to go further together.

$78.4 B

Total assets in Québec

$4.0 B

New investments and commitments in 2022

1stIn the world

We are the global institutional investor that is most present in its local economy

$100 B
In Québec assets

Our ambition for 2026

Our three pillars 

Sustainable growth

We propel companies’ growth ambitions and support the next generation while promoting a greener economy


Average annual revenue growth for Québec portfolio companies over the last five years

$12 B

Total investments in low-carbon assets in Québec 

Global reach

We help create Québec champions in North America and around the world to generate benefits for Québec

Nearly 350

Number of acquisitions outside Québec carried out by our portfolio companies in 5 years

Nearly 40

Connection and networking opportunities created in 2022 to internationalize our Québec companies

Technological change

We back the growth of innovative businesses and accelerate the digital transformation of companies in more traditional industries

Nearly $12 B

Assets in Québec related to technology sectors and the new economy

Nearly 300

Promising Québec-based companies supported by the funds at Espace CDPQ

Our value proposition


We offer flexible financing solutions tailored to companies’ needs and situations

Diversified expertise

We can count on teams that specialize in investment and cutting edge fields

Capacity to forge relationships

We facilitate connections and networking to generate value for companies for Québec companies

Key investments in Québec in 2022

Developing initiatives for entrepreneurship and the next generation in Québec

Our work goes beyond the sums invested—we help grow local companies and energize the ecosystem and the next generation.

Ambition ME

Ambition ME

Providing financing and support for SMEs in Québec to propel them to the next stage of their growth.

Learn more

Repères numériques

Repères numériques

A training program to develop a digital culture within SMEs with annual revenues of between $5 million and $35 million.

Learn more

Cheffes de file

Les Cheffes de file

A community of practice to accelerate the growth of women-owned companies with annual revenues ranging from $5 million to $50 million.

Learn more


“Despite the headwinds, CDPQ demonstrated its capacity to generate value for its clients. A big part of that is the expertise and commitment of our teams, who really made the difference in this unprecedented year.”

Charles Emond
President and Chief Executive Officer

Long-term partnerships

To go even further, we forge strategic partnerships based on a shared vision.

Some global partnerships and investments in 2022

Sustainable Investing

We take concrete action to generate positive impacts for people, communities and the environment.

View the Report



$47 B

Low-carbon assets in the portfolio, up $29 B in 5 years



Proportion of women at CDPQ, where they hold more than one quarter of investment positions



Resolutions on various topics voted on at shareholder meetings in 2022

2022 Annual Report

This report presents a complete overview of our 2022 results, our achievements and our progress in Québec and around the world.

2022 Annual Report

2022 Annual Report – Additional Information

See our prior annual reports