Our history
CDPQ has evolved and grown considerably since its creation in 1965. Today, it takes a long-term perspective towards investing its clients’ funds around the world. Discover our history.
CDPQ, celebrating half a century
Video produced for the 50th anniversary of CDPQ, on July 15, 2015.
1965-1974
The early years
1965
- CDPQ is created by a law passed in the National Assembly of Québec
- Initial role: to manage the funds of the Québec Pension Plan, a newly-created universal retirement plan
1966
- First deposit by its first client: the Québec Pension Plan
- First transaction: the purchase of bonds issued by the International Bank for Reconstruction and Development
- Establishment of a bond portfolio that includes predominantly Québec government and Hydro-Québec securities
1967
- First equity investment: Alcan Aluminium
- First commercial mortgage loans
1971
- Creation of the private investments portfolio which includes investments in Québec companies
1974
- Management of the largest portfolio of Canadian equities in the country, which includes holdings in 155 companies
1975-1984
Entry into international markets and the real estate sector
1980
- Net assets exceed $10 billion
- Acquisition of a first office building, Place Delta in Sainte-Foy
1983
- First transactions in global equities exchanges
1984
- First international private equity investment: Compagnie financière Martin Maurel, in France
1985-1994
Diversification of the real estate portfolio
1989
- Acquisition of the real estate assets of the Steinberg grocery chain
- Ivanhoé, the new real estate subsidiary, owns and manages primarily shopping centers
1993
- First international real estate acquisition: Centre de conférence Albert-Borschette in Brussels
1994
- Net assets surpass $50 billion
1995-2004
Accelerating pace of growth and expansion
1996
- CDPQ real estate group becomes the largest owner of real estate properties in Québec and the second largest in Canada
1997
- A legislative change raises the allowable equity allocation to 70% of the portfolio’s assets, from 40%
1999
- CDPQ moves into infrastructure investment with the construction of Highway 407 in Toronto
2001
- Ivanhoé and Cambridge Shopping Centres are merged to create Ivanhoé Cambridge
2003
- CDPQ obtains the top short-term and long-term credit ratings from the main rating agencies
2004
- Net assets exceed $100 billion
- CDPQ adopts a responsible investing policy
2005-2013
Changing course toward the long term
2006
- CDPQ signs the UN’s Principles for Responsible Investment
2008
- CDPQ faces the worst financial crisis since the stock market crash of 1929
2009
- Following the crisis, CDPQ adopts a series of measures to increase its effectiveness, to refocus on its core competencies and to strengthen its risk management in order to better sustain long-term yields.
- CDPQ launches a major plan to support Québec businesses
2011
- All real estate subsidiaries are combined under one banner: Ivanhoé Cambridge
2013
- The Global Quality Equity Portfolio is created
- This portfolio is managed through a new investment philosophy which favours total returns, in-depth research, and investments in high quality assets, anchored in the real economy
2014-2016
Increasing global expansion, real assets
2014
- New international offices are opened to take advantage of the best global investment opportunities
2015
- CDPQ Infra is created as a new subsidiary that focuses on the design, financing, development and operation of infrastructure projects
- To mark its 50th anniversary in a permanent way, CDPQ creates Espace CDPQ, an investment and development hub for entrepreneurs
2016
- CDPQ Infra proposes an electric, public transit project for the Greater Montréal area
- The REM network, a light rail system, promises 67 kilometers of track, linking downtown Montréal to the South Shore, North Shore, West Island and the international airport
- Investments in Mexico and India
2017-2019
Emphasizing sustainable investing
2017
- Adoption of an investment strategy to address climate change and a statement on international taxation
- Repositioning fixed income portfolios and evolution of credit activities
- First direct investment in Colombia
2018
- Réseau express métropolitain (REM) construction officially started
- Creation of Espace CDPQ | Axe IA
- Strengthening of CDPQ's strategic partnerships approach, in both developed and growth markets
2019
- Co-founded the Net-Zero Alliance, an initiative calling on major investors to commit to achieving carbon-neutral portfolios by 2050
- Work began on several branches of the REM, including 2 kilometres of tracks on the South Shore and construction of 10 stations
- Created the CDPQ–AI Fund for Québec companies specialized in artificial intelligence
2020-2023
Progress in an unusual environment
2020
- $4-billion envelope to support Québec companies temporarily affected by the pandemic
- Creation of CDPQ Global to steer our globalization strategy with a cross-functional perspective
- Implementation of strategic changes to evolve our portfolio
2021
- Historic increase in our total assets in Québec in one year, which stand at $78 billion, including $60 billion in the private sector
- Announcement of a new climate strategy reflecting our enhanced ambition to meet this global challenge
- Evolution of our equity markets strategy to expand our investment universe
2022
- An active year in Québec in a slowing global market, with an ambition of $100 billion in Québec assets by 2026
- Internationally recognized expertise and sustainability approach, with several distinctions received, including being named 2022 Fund of the Year by Global SWF
2023
- Notable progress on our key priorities, with a sustained level of activity in Québec and advances in sustainable investing that bring us closer to our targets
- Commissioning of the South Shore branch of the REM, which connects Brossard and downtown Montréal with 5 stations