La Caisse

Name

La Caisse

Legal name

Caisse de dépôt et placement du Québec

Website

https://lacaisse.com

Company type

Private

Founded year

1965

Operating status

Operating

Headcount range

1,001–5,000 employees

Ownership category

akta.pro rank

Product category

Institutional Asset Management (Pension Fund Management)

NAICS

Portfolio Management and Investment Advice (523940), Other Financial Vehicles (525990), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investors, Nec (6799), Asset-Backed Securities (6189), Real Estate Investment Trusts (6798)

akta.pro primary industry

Large-Cap / Sponsor Finance Direct Lending (FSANADAJ)

akta.pro secondary industries

Debt Capital Raising Intermediation (Private Debt/Mezzanine/Bonds) (FSAEALAM), Private Credit — Infrastructure Debt & Project Finance (FSAHAJAJ), Construction & Development (C&D) Lending — Commercial/Multifamily (FSALADAH)

Keywords

• Institutional asset management
• Pension fund management
• Private equity investments
• Infrastructure investing
• Fixed income management

Headquarters

HQ city

Montréal

HQ country

Canada

HQ region

North America

Offices11 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Net Investment Returns: As a pension fund manager, La Caisse generates returns from its net assets (CAD 517.3 billion as of Dec 31, 2025) through diversified portfolio management across equities (CAD 236.0B), fixed income (CAD 176.3B) and real assets (CAD 117.4B). Reported 9.3% weighted average return for 2025; 6.5% annualized over 5 years and 7.2% over 10 years. Revenue is generated through investment performance rather than management fees, with surplus distributed back to 48 depositors.
2. Debt Issuance (CADEPO): Periodic issuance of debt securities (CADEPO) to diversify and grow the portfolio. Recent issuances include USD 1B 10-year note at 3.25%, EUR 1.5B 7-year green bond, CAD 1.25B 5-year green bond, AUD 1.75B 5-year note, CAD 1G 10-year note and USD 1.5B 5-year note. Outstanding total of USD 34.5B across medium/long-term and short-term programs as of December 31, 2025.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

La Caisse is a Canadian institutional investor and pension fund manager that invests the funds of 48 public and parapublic Quebec pension and insurance depositors across diversified asset classes — Equity Markets (CAD 151.1B), Private Equity (CAD 84.9B), Fixed Income (CAD 176.3B), Real Estate (CAD 42.9B) and Infrastructure (CAD 74.5B) — representing net assets of CAD 517.3 billion as of December 31, 2025, serving more than 6 million Quebecers. It generates returns through active in-house portfolio management, co-investment joint ventures with global institutional sponsors, and operates CDPQ Infra as a wholly-owned subsidiary that plans, finances, builds and operates major public infrastructure projects in Quebec.

Product overview

La Caisse (Caisse de dépôt et placement du Québec) is a global investment group — not a SaaS product company. Its "products" are specialized investment portfolios and dedicated business lines organized as a platform-plus-modules architecture. The core platform encompasses six major asset categories (Equity Markets, Private Equity, Fixed Income, Real Estate, Infrastructure, and Funds and External Management), managed through specialized teams and complemented by Québec-focused offerings such as the Investments in Québec / Mid-Market Company Offering and the AI Expertise Program powered by Vooban. Specialized operating subsidiaries extend the platform, including CDPQ Infra (infrastructure project planning, financing, construction, and operations) which delivers transit projects like the Réseau express métropolitain (REM), TramCité, and the Alto high-speed rail project. The firm also maintains partnerships such as the IA program (with Vooban), the Espace CDPQ venture-capital community, and the Les Cheffes de file entrepreneur initiative, plus an Art Collection and Prize La Caisse in contemporary art.

Differentiator

Problem solved

Functional benefit

Brands

• La Caisse en art actuel Prize: Annual contemporary visual arts prize awarded by La Caisse to a mid-career Quebec artist.
• La Collection d'œuvres d'art de La Caisse
• Espace CDPQ
• Les Cheffes de file

Products and services

• Equity Markets (Marchés boursiers)
• Private Equity (Placements privés) CAD 84.9 billion direct private equity portfolio with 55 years of experience. Typical investments of CAD 75-500 million for minority equity stakes, with active ownership support including governance participation, strategic support, and access to networks. Ranked among the Top 10 largest private equity investors worldwide by PEI.
• Fixed Income (Revenu fixe) CAD 176.3 billion fixed-income portfolio with nearly 170 specialists across Montréal, Toronto, London, and New York. Covers government rates, corporate credit, real estate credit, infrastructure financing, and customized financing solutions. The credit portfolio has nearly tripled since the 2017 strategic pivot to credit.
• Real Estate (Immobilier) CAD 42.9 billion (gross asset value of CAD 73 billion) real estate portfolio operating globally through strategic partnerships and world-leading fund managers. Investments span residential (30%), logistics (28%), offices (21%), retail (12%), and other (9%) across North America, Europe, Asia-Pacific, and Latin America.
• Infrastructure (Infrastructures) CAD 74.5 billion infrastructure portfolio investing in 19 countries, including ports, airports, highways, wind farms, passenger transport systems, and energy transmission/distribution networks. Ranked 2nd largest institutional infrastructure investor globally by Infrastructure Investor GI 75. Includes the operating subsidiary CDPQ Infra.
• Investments in Québec (Investissements au Québec) CAD 100.1 billion Québec-focused investment program covering mid-market companies, large enterprises, public companies, operational partnerships, venture capital and technology, and fund investments. La Caisse is the most invested pension fund in its local economy in the world. Includes the Mid-Market Company Offering (minimum CAD 5 million investments with operational partner support).
• Mid-Market Company Offering (Offre moyennes entreprises) Dedicated mid-market investment offering providing capital (minimum CAD 5 million), expertise (specialized investment team and operational partners), and network access for Québec SMEs with strong growth potential, sustainable competitive advantages, and experienced management teams.
• CDPQ Infra Subsidiary specializing in integrated planning, financing, construction, and operation of major public infrastructure projects. Delivers Québec transit projects including the Réseau express métropolitain (REM), TramCité (19 km modern tramway in Québec City), and leads the Cadence consortium for the Alto high-speed rail project between Québec City and Toronto.
• Réseau express métropolitain (REM) Automated light rail transit system for Greater Montréal, 67 km, connecting South Shore, North Shore, West Island, and Montréal-Trudeau International Airport to downtown. Currently operational with phased openings (South Shore antenna operational since 2023, Deux-Montagnes antenna in 2025). The world's longest automated metro line.
• TramCité Future 19 km modern tramway network to serve as the backbone of mobility in Québec City, improving travel fluidity and optimizing the quality of public transit.
• Alto high-speed rail High-speed rail network of nearly 1,000 km connecting Québec City, Trois-Rivières, Laval, Montréal, Ottawa, Peterborough, and Toronto. Implementation led by the Cadence consortium, directed by CDPQ Infra.
• AI Expertise Program (Programme Expertise IA) Program powered by Vooban that helps Québec companies adopt artificial intelligence and boost productivity. The renewed edition runs as an innovation sprint from April to September; eligibility requires at least $25 million in sales, Québec headquarters, and capacity to invest in an innovation project with low to moderate technological risk.
• Debt Issuance Programs (CADEPO — medium/long-term notes and short-term commercial paper) Global debt issuance programs used to construct a diversified, high-quality portfolio. Medium/long-term note program outstanding balance of US$26.3 billion (market value), short-term bill programs with combined Canadian/European limit of CAD 4 billion (CAD 1.3 billion outstanding) and US program limit of US$12 billion (US$7.3 billion outstanding). Total outstanding US$34.5 billion as of December 31, 2025.
• Green Bonds (Obligations vertes) Green bond program with framework validated by Sustainalytics Second Party Opinion, aligned with climate transition financing. Includes impact reports for 2021 and 2022, supporting La Caisse's strategy of CAD 400 billion in climate action investments by 2030.
• 2025-2030 Climate Strategy (Stratégie climatique) 2025-2030 Climate Strategy targeting CAD 400 billion of climate action investments by 2030. Built on a Transition Financing Framework validated by the Climate Bonds Initiative, based on best practices from the Science Based Targets initiative, the Net Zero Investment Framework, and the Transition Pathway Initiative.

Quantifiable outcome

• 9.3% return in 2025 with CAD 517B in net assets
• +5 more outcomes

Named customers9 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability5 records

Feature5 records

Partnerships

20 partnerships are on record, tiered flagship, core and minor.

• TPG (TPG Real Estate)flagshipStrategic or Co-development Partner · 5 June 2026TPG-led investor group with PSP Investments, La Caisse and Norges Bank Investment Management acquiring Echo Realty (grocery-anchored retail) at ~USD 2 billion valuation. Portfolio: 230+ retail centers, 16M+ sq ft across Midwest and Southeast US.
• PSP InvestmentsflagshipStrategic or Co-development Partner · 5 June 2026Co-investor with La Caisse in TPG-led acquisition of Echo Realty (USD ~2B). Joint member of the Maple 8 coalition of Canadian pension funds.
• Norges Bank Investment Management (NBIM)flagshipStrategic or Co-development Partner · 5 June 2026Co-investor with La Caisse in TPG-led acquisition of Echo Realty (USD ~2B grocery-anchored retail platform).
• Grupo Energía Bogotá (GEB)flagshipStrategic or Co-development Partner · 15 May 202650/50 joint venture Verene Energia S.A. in Brazil combining 26 electric transmission concession agreements, 9,000+ km of transmission lines across 17 Brazilian states. Brazil's 5th largest power transmission player. Expected close Q4 2026.
• Mubadala Investment CompanyflagshipStrategic or Co-development Partner · 12 May 2026Mubadala invested USD 325M alongside Apollo-managed funds (which include USS and La Caisse) in Ørsted's Hornsea 3 offshore wind farm (UK) - world's largest offshore wind farm upon completion at 2.9 GW capacity.
• Apollo Global Management (Apollo Funds)flagshipStrategic or Co-development Partner · 12 May 2026Apollo-managed funds acquired 50% stake in Ørsted's Hornsea 3 (USD 6.5B in November 2025). Consortium includes USS and La Caisse. Ørsted retains 50% and operational control. La Caisse is part of the Apollo-led consortium structure.
• USS (Universities Superannuation Scheme)coreStrategic or Co-development Partner · 12 May 2026Member of the Apollo-led consortium investing in Ørsted's Hornsea 3 offshore wind farm alongside La Caisse.
• BNP Paribas Asset Management AltscoreStrategic or Co-development Partner · 8 May 2026BNP Paribas Asset Management Alts holds 60% majority stake in ILOS Projects, which received structured credit facility of EUR 450M from La Caisse and EIG.
• PrologisflagshipStrategic or Co-development Partner · 6 May 2026Joint venture PLIVE (Prologis Logistics Investment Venture Europe) - La Caisse holds 70%, Prologis holds 30% plus operating control over ~EUR 1B seed European logistics assets across France, Germany, Netherlands, Sweden and UK.
• PAI PartnersminorStrategic or Co-development Partner · 20 April 2026PAI Partners planning to acquire majority stake in airport business from CDPQ and Sagaard joint venture.
• Brookfield Asset ManagementflagshipStrategic or Co-development Partner · 25 March 2026Co-acquisition of Canadian renewable energy producer Boralex for ~CAD 9 billion in all-cash transaction. Brookfield holds 70% controlling stake; La Caisse increases position from ~15% to 30%. Expected close Q4 2026.
• Électricité de France (EDF)coreStrategic or Co-development Partner · 13 March 2026Member of EDF's Global Nuclear Investment and Financing Advisory Board launched at the 2026 Nuclear Energy Summit in Paris, alongside ABN AMRO, BNP Paribas, Bpifrance, Crédit Agricole CIB, HSBC, Royal Bank of Canada and SFIL.
• Sagard Real EstatecoreStrategic or Co-development Partner · 10 March 2026Joint venture targeting CAD 490M (USD 360M) initial gross asset value in Industrial Outdoor Storage (IOS) strategy across major US infill markets (Southern California, NY/NJ, San Francisco Bay, Houston, Baltimore/Washington DC). First acquisition in Meadowlands sub-market.
• Sagard (Sagaard)coreStrategic or Co-development Partner · 10 March 2026Partnership in airport business joint venture that PAI Partners is planning to acquire a majority stake in from CDPQ and Sagaard.
• TELUS (Terrion)coreStrategic or Co-development Partner · 19 February 2026La Caisse finalized purchase of 49.9% stake in TELUS's tower unit Terrion for CAD 1.26 billion (Terrion valued at CAD 2.5B+). Terrion is Canada's largest wireless tower operator.
• White & Case LLPcoreImplementation/ SI/ Consulting Partner · 2 February 2026Advised Cathexis Holdings L.P. on the USD 5.8 billion sale of Yondr Group to DigitalBridge and La Caisse (recognized as Europe Data Center Deal of the Year—M&A at TMT Finance Awards EMEA 2026).
• Government of India (MNRE)minorGTM or Marketing Partner · 20 January 2026La Caisse held bilateral discussions with India's Minister of New & Renewable Energy at WEF 2026 in Davos, exploring clean energy investments under India's 'Partner with India' initiative. La Caisse plans to deploy ~USD 3B in India over next 4-5 years.
• Clifford Chance LLPcoreImplementation/ SI/ Consulting Partner · 8 October 2025Advised La Caisse on the acquisition of Edify Energy (Australia's leading renewable energy developer), marking La Caisse's entry into the Australian renewables sector. Also advised on Yondr Group investment previously.
• Rio Tinto (offtake partner)coreOthers · 22 September 2025Edify Energy (acquired by La Caisse for AUD 1.1B) supplies clean energy to Rio Tinto under 20-year offtake agreements for solar-BESS parks Smoky Creek and Guthrie's Gap in Queensland (90% contracted to power Rio Tinto's Gladstone aluminium operations).
• DigitalBridgeflagshipStrategic or Co-development Partner · 31 July 2025Co-acquirer of Yondr Group (USD 5.8 billion hyperscale data center platform with 400+ MW leased capacity) along with La Caisse. Takanock digital power platform launched in partnership with ArcLight.

Scale indicators19 records

Recent moves11 records

Expansion highlights6 records

Direct peers

• Canada Pension Plan Investment Board (CPP Investments): Canada's largest pension fund manager with comparable global institutional asset management across public equities, private equity, infrastructure and real estate; La Caisse and CPP are the two anchor Canadian pension investors and frequently co-invest in domestic and global platforms (Maple 8).
• PSP Investments: Canadian pension investment manager for federal public service, armed forces and RCMP plans; similar asset mix and risk profile to La Caisse, and a frequent co-investment partner in large platforms (Maple 8, Echo Realty).
• Ontario Teachers' Pension Plan Board (OTPP): One of Canada's largest single-plan pension investors with comparable global infrastructure, private equity, and real assets exposure; competes with La Caisse for the same global mid- and large-cap deal flow.
• British Columbia Investment Management Corporation (BCI): Canadian institutional asset manager serving British Columbia's public-sector pension and insurance plans; directly comparable business model, asset mix, and direct-investment style to La Caisse.
• Norges Bank Investment Management (NBIM): Manager of Norway's Government Pension Fund Global, the world's largest sovereign wealth fund; operates a similarly large, globally diversified, long-duration portfolio and is a frequent co-investor alongside La Caisse (Echo Realty).

Broad incumbents

• GIC (Singapore): Sovereign wealth manager of Singapore's foreign reserves with comparable scale, long horizon, and global private markets deployment; competes with La Caisse for the same large-scale private equity and infrastructure opportunities.
• Apollo Global Management: Large global alternative asset manager with a leading direct-lending and infrastructure credit franchise; La Caisse participates as a co-investor in Apollo-led platforms (Hornsea 3) and competes for the same infrastructure debt and structured credit deals.
• Brookfield Asset Management: World's largest pure-play alternative asset manager focused on infrastructure, renewable power and real estate; La Caisse's joint acquirer of Boralex (CAD 9B) and partner in Maple Infrastructure Trust, and a competitor for the same core infrastructure and renewable-power deals.
• APG Asset Management: Dutch pension asset manager for civil-service and education-sector plans with comparable scale, long horizon and global private markets exposure; competes with La Caisse in the same European infrastructure and large-cap private equity universe.
• CalPERS: Largest U.S. public pension fund with globally diversified public and private markets portfolio; comparable to La Caisse in scale, long-duration mandate, and direct infrastructure and private equity deployment.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCR01pvUBCfUC080MAYZkw9w
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• Instagraminstagram.com/lacaisse_
• Xx.com/lacdpq
• Facebookfacebook.com/lacdpq

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A12 records

Investments266 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about La Caisse