2023 Annual Report

Driving performance and progress

2023 Annual Report

2023 Annual Report

2023 Additional Information

2023 Highlights

$434.2 B Our net assets as at December 31, 2023

Results in 2023



$28.0 B

Investment results

-$0.9 B

Value added


Results over 5 years


Annualized return

$108.0 B

Investment results

$11.7 B

Value added


Results over 10 years


Annualized return

$206.7 B

Investment results

$28.4 B

Value added


Growth in our net assets since 2013

(in billions of dollars)

Growth in our net assets since 2013 graphics.

CDPQ in Québec

Our constructive capital at work for the local economy

More than anything else, ensuring the financial future of millions of people and the dynamism of our companies and communities is what drives us. That’s why we draw on all of our teams to generate optimal returns for our depositors and to contribute to Québec’s economic development.

Total assets in Québec

$88 B

In 2023, a $10 B 
increase in 1 year

$100 B

Our ambition
for 2026

$8 B

Our ambition for 2028 for funds entrusted to external Québec managers, which more than doubles the current level

Our 3 priority areas

Sustainable growth

We propel companies’ growth ambitions and support the next generation while promoting a greener economy, the consideration of ESG factors and the development of sustainable buildings and infrastructure.

$15 B

Total low-carbon Québec investments


Global reach

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


Number of acquisitions outside Québec by our portfolio companies in 2023


Technological change

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

$12 B

Assets in Québec related to promising technology sectors and the new economy

Investments and key projects in Québec in 2023

Learn more about our impact in Québec

Demi-cercles blanc.

“My takeaway for 2023, beyond the historic level of volatility and stock markets generating hyper-concentrated returns, is the complexity of our environment, which moved back and forth several times during the year. More than ever we need to invest selectively, leveraging our strengths and refocusing on what we do best. Our success will be equal to our ambition, the courage of our decisions and the cohesiveness of our teams.”

Charles Emond
President and Chief Executive Officer

Our Clients, the Depositors

Our teams work every day to ensure the prosperity of our 48 depositors’ funds

In 2023, CDPQ’s portfolio turned in a good performance, and our depositors’ individual plans remain in excellent financial shape. This situation is attributable in part to the investment results generated over the years, including in 2023.

Our principal depositors

Net assets and returns for our 3 main asset classes

$135.0 B

Net assets as at December 31, 2023


2023 return


5-year annualized return


10-year annualized return

Net assets by portfolio

$105.4 B

Net assets as at December 31, 2023


2023 return


5-year annualized return


10-year annualized return

Net assets by portfolio

$194.2 B

Net assets as at December 31, 2023


2023 return


5-year annualized return


10-year annualized return

Net assets by portfolio

Leading transaction around the world in 2023


Credit | United States | Cloud services

Specialty finance granted to this company, which installs and operates semiconductors in data centres whose capacity is leased to various clients.

Part of a US$2.3billion transaction.

St. Modwen portfolio 

Real Estate Debt | United Kingdom | Industrial properties

Hybrid financing in an amount of £275 million, out of a total loan of £525 million with a partner, for the construction of buildings and to stabilize an industrial portfolio.

First transaction in this country for Otéra Capital.

URBZ portfolio 

Real Estate | Germany | Logistics

Acquisition of a first last-mile logistics asset in Munich in partnership with URBZ Capital, an investment and asset management boutique.

Floor area: 12,570 m2 with expansion potential.

Vaughan Mills

Real Estate | Canada | Shopping centre

Syndication of a 49% stake in this shopping centre in Vaughan, Ontario, to LaSalle Investment Management.

One of Ivanhoé Cambridge’s largest transactions in this sector in recent years.


Infrastructure | Brazil | Power transmission

Acquisition of this 695‑km power transmission network located in the states of Tocantins and Goiás, which will be integrated into CDPQ’s Verene Energia.

Transaction amount: $110 M.

Clean Energy Finance Corporation (CEFC)

Infrastructure | Australia | Sustainable lands

The strategic partnership with this company, which is focused on agricultural land, has led to the acquisition of a farm dedicated to row crops.

Platform capacity: 
AU$200 M over 3 years to acquire assets.

USI Insurance Services

Private Equity | United States | Insurance

Sale of approximately two thirds of CDPQ’s shares in the company to KKR, an existing shareholder, and to USI.

Transaction amount: $1.5 B.

Fund and co-investment portfolio

Private Equity | International | Multisector

Partial sale of CDPQ positions in a diversified portfolio of over 60 private equity funds and co‑investments.

Transactions amount: $1.7 B.

Sustainable investing

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

View the Report