2022 Annual Report
Creating value in an environment
like no other
2022 Annual Report
2022 Highlights
CDPQ unites constructive capital and dedicated teams carrying out our
Some distinctions
Global SWF
CDPQ was named 2022
World Benchmarking Alliance
Ranked 1st among 59 global pension funds in the WBA’s sustainable finance rankings.
Best Places to Work
CDPQ placed 16th among the world’s 20



Value across all periods
$401.9 BNet assets
as at December 31, 2022
Results over 10 years
8.0%
Annualized return
$201.5
Investment results
$30.1
Value added
Results over 5 years
5.8%
Annualized return
$91.8
Investment results
$17.9
Value added
Results in 2022
-5.6%
Return
-$24.6
Investment results
$10.4
Value added
Change in net assets since 2012
(in billions of dollars)
Portfolio diversification
Our strategy seeks to leverage growing diversified asset classes, regions and
$119.4
Net assets as at December
0.5%
Five-year annualized return
-14.9%
2022 return
Net assets by portfolio
$102.2
Net assets as at December
5.4%
Five-year annualized return
12.0%
2022 return
Net assets by portfolio
$179.9 B
Net assets as at December
9.5%
Five-year annualized return
-5.7%
2022 return
Net assets by portfolio
Total portfolio geographic exposure
(as at December
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
New investments and commitments in
1stIn the world
We are the global institutional investor that is most present in its local economy
$100
Our ambition for
Our three pillars

Sustainable growth
We propel companies’ growth ambitions and support the next generation while promoting a greener economy
15%
Average annual revenue growth for Québec portfolio companies over the last five
$12
Total investments in low-carbon assets in

Global reach
We help create Québec champions in North America and around the world to generate benefits for
Nearly 350
Number of acquisitions outside Québec carried out by our portfolio companies in 5
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
Nearly 300
Promising Québec-based companies supported by the funds at Espace CDPQ
Our value proposition
Capital
We offer flexible financing solutions tailored to companies’ needs and
Diversified expertise
We can count on teams that specialize in investment and cutting edge
Capacity to forge relationships
We facilitate connections and networking to generate value for companies for Québec companies
Key investments in Québec in 2022
Pomerleau
- One of Canada’s largest construction companies
- A $150-million additional investment to support its growth plan and key role in its acquisition of ITC Construction Group
GRYB
- Specialist in heavy machinery equipment based in
- Co-investment to accelerate its expansion through acquisitions and the development of its product
Haleco
- Mixed-use project to redevelop a site in downtown Montréal
- Ivanhoé Cambridge’s participation in an investment of nearly $200
Odea Montréal
- Project located at the gateway to Old Montreal with 435
- Otéra Capital granted a $110
REM
- Structuring transportation network for Greater Montréal
- Several important phases completed in
Nortera
- Leading canned and frozen vegetable producer in
- Acquisition of a 65% joint interest in the company to support its expansion in North
Plusgrade
- Global ancillary revenue leader for the tourism and financial services
- Support for the company’s acquisition of the Points loyalty transaction platform for US$385
WSP
- Internationally recognized engineering
- CDPQ took part in a $400
Talent.com
- Global leader in job
- CDPQ took part in a US$120
Fonds québécois d’amorçage Teralys
- Fund of funds for innovative companies in the start-up stage, launched in
- A $40-million additional investment in the fund, increasing our support for young Québec companies to $90
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
Providing financing and support for SMEs in Québec to propel them to the next stage of their

Repères numériques
A training program to develop a digital culture within SMEs with annual revenues of between $5

Les Cheffes de file
A community of practice to accelerate the growth of women-owned companies with annual revenues ranging from $5

“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
Invenergy Renewables
- Partnership since 2013 with this leader in North American production of renewable
- Secured, through this partner and a group of investors, a lease for an offshore wind farm, with the winning bid of US$645
Howden Group Holdings
- Collaboration since
- Support for its expansion founded on acquisitions, including Aston Lark in
NVELOP
- New association between Ivanhoé Cambridge and this real estate logistics specialist
- Two acquisitions in Germany to develop modern and sustainable logistics properties
AppDirect
- Partnership since 2020 with this global business platform leader headquartered in San
- Strategic backing for the company’s organic and acquisition-driven growth, including for the launch of AppDirect Capital
RXR Realty
- New partnership between Otéra Capital and this U.S.-based real estate company
- Financing for two multi-residential projects in the New York region, including brownfield rehabilitation and affordable housing
Medical Solutions
- U.S.-based provider of global workforce solutions in the health care
- Support for its acquisition of Host
Fundamental Renewables
- U.S.-based lender dedicated to clean energy
- Interest in US$400
Akiem
- Leading locomotive rental company in France as well as in
- Acquisition of the Akiem Group, enhancing CDPQ’s positioning in sustainable mobility
Scape
- Partnership with this leading player, the owner of the largest portfolio of student residences in
- Transaction worth nearly AU$1
Sustainable Investing
We take concrete action to generate positive impacts for people, communities and the environment.
Environment
$47 B
Low-carbon assets in the portfolio, up $29
Social
45%
Proportion of women at CDPQ, where they hold more than one quarter of investment positions
Governance
54,337
Resolutions on various topics voted on at shareholder meetings in
2022 Annual Report
This report presents a complete overview of our 2022 results, our achievements and our progress in Québec and around the