2023 Annual Report
2023 Highlights
$434.2 B Our net assets as at December 31, 2023
Results in 2023
7.2%
Return
$28.0
Investment results
-$0.9
Value added
Results over 5 years
6.4%
Annualized return
$108.0
Investment results
$11.7
Value added
Results over 10 years
7.4%
Annualized return
$206.7
Investment results
$28.4
Value added
Growth in our net assets since 2013
(in billions of dollars)
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
In 2023, a $10 B
increase in 1
$100
Our ambition
for 2026
$8 B
Our ambition for
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.
48
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
Boralex
An additional investment was made in this renewable energy leader specializing in wind, solar, hydroelectricity and storage, bringing our stake to 15%.
Solotech
Return as a shareholder of this global leader in audiovisual and entertainment technologies with a major investment—the largest in the company in the past 10 years—aimed at expanding its international presence.
Previan
An additional investment in the company in connection with its acquisition of Sensor Networks—a U.S. supplier of tools and technologies—which was designed to strengthen its position in North America and fast-track its growth in international markets.
Workleap
A $125 million investment was made to accelerate the acquisition-based growth strategy of this leading company, which offers software designed to improve the employee experience at 16,000 companies in over 100 countries.
Cogeco Communications
An additional investment was made in this Québec-based leader, which is ranked among the 10 largest cable distributors in North America, following the purchase of a block of shares held by Rogers Communications, bringing our ownership stake to $350 million.
Vooban
Investment in this Québec City-based applied artificial intelligence company to support its growth and expansion ambitions in North America, particularly in Ontario and the U.S.
St-Méthode Bakery
Acquisition of a majority stake, alongside various partners, in this food company based in the Chaudière-Appalaches region, aimed at supporting its growth projects in the Canadian and U.S. markets.
Cité interuniversitaire de Montréal
An agreement in principle was signed with the Government of Québec and the Société québécoise des infrastructures to conduct a feasibility study on converting part of the former Royal Victoria Hospital site into a world-class inter-university campus.
Le Sherbrooke project
In partnership with three other institutions, $145 million in financing, out of a total loan of $318 million, for the construction of a 25‑storey multi-residential building in downtown Montréal.
REM
The first passengers boarded an REM when it was commissioned on July 31, 2023. The South Shore Branch connects Brossard with downtown Montréal and has five stations.
Learn more about our impact in Québec
“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
8.1%
2023 return
1.7%
5-year annualized return
2.9%
10-year annualized return
Net assets by portfolio
$105.4 B
Net assets as at December 31, 2023
2.2%
2023 return
4.1%
5-year annualized return
7.0%
10-year annualized return
Net assets by portfolio
$194.2 B
Net assets as at December 31, 2023
10.1%
2023 return
10.9%
5-year annualized return
10.7%
10-year annualized return
Net assets by portfolio
Leading transaction around the world in 2023
Sustainable investing
We take concrete action to generate positive impacts for people, communities and the environment.