2019 Annual Report
Bringing together capital and expertise
In 2019, investors continued to enjoy the longest market expansion in history.
With this backdrop, we generated results that exceeded our depositors’ long-term needs. Our strategy also delivered significant added value over both five and ten years.
While the new decade has begun with a major crisis that will have lasting social and economic repercussions, we will continue working to keep our organization solid and our portfolio well positioned for the future.
Net assets
as at December 31, 2019
We put capital to work in more than 60 countries to generate sustainable returns.
Overall portfolio geographical exposure
as at December 31, 2019
2019 results
Results over five years
Results over ten years
Highest credit ratings reaffirmed
The DBRS, Fitch, Moody’s and S&P rating agencies have reaffirmed the investment grade credit ratings of CDPQ and CDP Financial with a stable outlook.
Liquidity
CDPQ possesses enough liquidity to meet its commitments and those of its depositors, even in the event of a major market correction. This also provides flexibility to seize investment opportunities.
Growth in net assets over the last 10 years
(in billions of dollars)
We aim to generate returns for our clients by supporting the growth of the companies in our portfolio.
Net assets as at December 31, 2019
Returns
OVER 5 YEARS
IN 2019
Net assets as at December 31, 2019
Returns
OVER 5 YEARS
IN 2019
Net assets as at December 31, 2019
Returns
OVER 5 YEARS
IN 2019
We forge partnerships that drive performance and progress.
DP WORLD
- Infrastructure partner since 2016
- New investments in ports in Chile, Australia and the Dominican Republic through our platform
PIRAMAL ENTERPRISES
- Strengthening the partnership established in 2017 with this major financial and industrial group in India
- Acquisition of convertible securities valued at US$250 million issued by the company to support its growth
ICAWOOD
- New strategic partnership with ICAMAP, a European real estate fund manager
- Launch of a €1.6-billion fund to develop next-generation low-carbon-emission offices in Paris
CREO FAMILY OFFICE SYNDICATE
- Partnership with this public organization based in New York, comprising over 80 family offices
- Objective: seize and create investment opportunities in the sustainable economy
SANFER
- One of the leading independent pharmaceutical companies in Mexico
- US$500-million investment to support its strategic growth in Latin America
LIGHTSOURCE BP
- World leader in the funding, development and long-term operation of solar energy projects
- £150-million loan to create a financing platform for solar assets
SYDNEY METRO
- The largest public transportation project in Australia
- $150 million to acquire a 24.9% stake in a public-private partnership contract for trains, systems, operation and maintenance
PLP
- Strengthening industrial real estate investments in the United Kingdom
- Acquisition of four development projects through the PLP platform, which was launched in 2017
.svg)
We leverage the strength of our entire team to build businesses that will grow and stand out in the new economy.
Total assets
in the Québec private sector
More than
We finance and support Québec companies of all sizes in their growth projects, both in Québec and internationally.
We contribute to developing new economy ecosystems and support innovative companies, in addition to stimulating entrepreneurship.
We design, develop and finance major infrastructure and real estate projects and we support the renewable energy sector. These projects generate tangible benefits for Québec’s economy.
CDPQ–AI FUND
- Creation of a $250-million fund for Québec companies specialized in artificial intelligence (AI)
- Objective: drive their growth and the commercialization of artificial intelligence solutions
DIALOGUE
- Technology platform providing health care services for companies
- Participation in a $40-million round of financing through the CDPQ–AI Fund
TALENT.COM (formerly NEUVOO)
- One of the fastest-growing job sites in the world, with
70-million visits per month - $53-million investment through the CDPQ–AI Fund
RÉSEAU EXPRESS MÉTROPOLITAIN (REM)
- Some 26 simultaneous work sites, including 10 stations under construction
- First train traffic tests planned for the end of 2020
ALAYACARE
- Cloud computing platform for home health care providers
- Investment alongside other partners to support its acquisition strategy
SOLLIO COOPERATIVE GROUP
- Financing the acquisition initiatives of this agri-food company, the largest in Québec, formerly called La Coop fédérée
- Joint investment with the Fonds de solidarité FTQ, Fondaction and Desjardins Capital
NUVEI
- Co-investment with Novacap in this major supplier of payment technology to acquire the British group SafeCharge International
MONTREAL EATON CENTRE
- Progress in the transformation of the user experience, including the completion and opening of the Time Out Market, where 16 of the city’s best chefs work
We work hard every day for our depositors’ funds and the Québec economy to flourish.
Our main depositors
Our main depositors
We believe sustainability is a fundamental aspect of investing in companies and projects.
By focusing on stewardship investing, we can seize business opportunities and create innovative projects to generate both performance and positive change.
2019 Stewardship Investing Report
For more information regarding our stewardship investing activities, see our 2019 report.
Download the 2019 Stewardship Investing Report
2019 Annual Report
For a complete overview of our 2019 results, our achievements and our progress, see our reports.
Download the 2019 Annual Report Download the 2019Annual Report Additional Information
Previous annual reports
Our website also contains our annual reports for previous exercises.
See all annual reports