2024 Annual Report
2024 Highlights
$473.3 B Our net assets as at December 31, 2024
Results in 2024
9.4%
Return
$39.6
Investment results
Results over 5 years
6.2%
Annualized return
$116.5
Investment results
Results over 10 years
7.1%
Annualized return
$222.6
Investment results
Growth in our net assets since 2014
(in billions of dollars)
CDPQ in Québec
Constructive capital to shape the Québec of tomorrow
We work to secure the financial future of millions of people and to energize the entrepreneurial fabric and the entire community. All our teams are mobilized to support companies and projects that generate optimal returns for our depositors and contribute to Québec’s economic development.
Total assets in Québec
$93
In 2024, a $6
increase in 1
$100
Our ambition
for 2026
$4.8
Funds entrusted to external Québec managers, with an ambition of
Our 3 priority areas
Sustainable growth
We propel companies’ growth ambitions and support the next generation while promoting increased sustainability for our economy and for the development of buildings and infrastructure.
$29 B
Total assets in Québec aligned with the Paris Agreement
12
Number of Québec portfolio companies we supported with incorporating sustainability factors in 2024
Global reach
We help create homegrown champions operating in North America and around the world to generate economic benefits for Québec.
44
Number of acquisitions outside Québec by our portfolio companies in 2024
17
Number of Québec portfolio companies ranked in the top three in their industry, 8 of which are new in the last 5 years
Technological change
We back the growth of innovative businesses and accelerate the digital transformation of companies in more traditional industries.
$11 B
Assets in Québec related to promising technology sectors and the new economy
$2 B
Venture capital assets in Québec
Investments and impactful projects in Québec in 2024
QSL International
An equity stake in this key maritime logistics company that has obtained Green Alliance certification for all its port terminals to accelerate the company’s growth plan, which includes investments in new projects, particularly in Québec
MKB
A $35-million commitment to the Partners Fund III launched by this venture capital firm that invests in pioneering energy transition companies
National Bank of Canada
A $500-million investment to support the National Bank’s acquisition of Canadian Western Bank, an Alberta-based financial institution, positioning CDPQ as the second-largest shareholder
WSP
A $158-million investment in this global professional services firm to support its acquisition of POWER Engineers, a U.S. leader in the energy industry
Nuvei
Support for this world leader in payment technology, through its privatization process, boosting its valuation to over USD 6 billion
Levio
A $125- million investment in this consulting firm specialized in large-scale digital transformations, to accelerate its North American expansion plan
Norda Stelo
Financial backing for this renowned engineering firm operating in more than 50 countries, for its acquisition of InnovExplo, creating a new player in the field of critical minerals that are essential to the energy transition
Plastrec
An additional investment in this plastic transformation and recycling company, a CDPQ partner since 2005, enabling it to conclude an orderly succession process and pursue its growth projects
Plan CITÉ
Mandate granted by the Government of Québec to CDPQ Infra to plan the TramCité project, the tramway component of Phase 1 of the Plan CITÉ, a master plan to improve mobility in the Capitale-Nationale
REM
Achieved several milestones toward the completion of the project, with 45 km of tracks progressively completed to be added to the 17 km network already in operation and the start of dynamic tests on two branches
Learn more about our impact in Québec
“In 2024, a year filled with challenges, CDPQ delivered results that contributed to the excellent financial health of its depositors’ plans and to the vitality of the Québec economy.
In early 2025, however, we entered a whole new era: a world where the edges are more blurred, where tectonic plates are shaking not only the very foundations of international trade, but even of the world order itself. This context should serve as a call to action and we must use it to encourage strong mobilization.”
Charles Emond
President and Chief Executive Officer
Our Clients, the Depositors
Our depositors’ pension and insurance plans remain in excellent financial health
In 2024, the base plan of the Québec Pension Plan, which represents the pensions of more than six million Quebecers and is the largest fund invested with CDPQ, delivered good results across all investment periods.
Our principal depositors
Results of our three main asset classes
$219.4 B
Net assets as at December 31, 2024
22.1%
2024 return
12.2%
5-year annualized return
11.4%
10-year annualized return
Net assets by portfolio
$154.3 B
Net assets as at December 31, 2024
1.3%
2024 return
0.2%
5-year annualized return
2.2%
10-year annualized return
Net assets by portfolio
$105.9 B
Net assets as at December 31, 2024
0.6%
2024 return
4.0%
5-year annualized return
6.0%
10-year annualized return
Net assets by portfolio
Large-scale transactions around the world in 2024
Sustainable Investing
We take concrete action to create value and generate positive impacts for people, communities and the environment.