Our history

La Caisse 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.

La Caisse | 60 years of ambition
Jacques Parizeau and Jean Lesage, architects of La Caisse’s creation.

Jacques Parizeau and Jean Lesage, architects of La Caisse’s creation.

1965-1974

The early years

1965

  • La Caisse 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
Diversification of activities in global equity markets.

Diversification of activities in global equity markets.

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
La Caisse develops its real estate portfolio.

La Caisse develops its real estate portfolio.

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
La Caisse expands its network with initial investments in infrastructure.

La Caisse expands its network with initial investments in infrastructure.

1995-2004

Accelerating pace of growth and expansion

1996

  • La Caisse 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

  • La Caisse 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

  • La Caisse obtains the top short-term and long-term credit ratings from the main rating agencies

2004

  • Net assets exceed $100 billion
  • La Caisse adopts a responsible investing policy
A new approach that consolidates a long-term vision and international investment.

A new approach that consolidates a long-term vision and international investment.

2005-2013

Changing course toward the long term

2006

  • La Caisse signs the UN’s Principles for Responsible Investment

2008

  • La Caisse faces the worst financial crisis since the stock market crash of 1929

2009

  • Following the crisis, La Caisse 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.
  • La Caisse 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
Opening of several offices around the world and official start of work on the REM.

Opening of several offices around the world and official start of work on the REM.

2014-2019

Global expansion and sustainable investing

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
  • Creation of 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

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

2018

  • Réseau express métropolitain (REM) construction officially started
  • Creation of Espace CDPQ | Axe IA
  • Strengthening of La Caisse'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
La Caisse navigates headwinds following the COVID-19 outbreak.

La Caisse navigates headwinds following the COVID‑19 outbreak.

2020-2024

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 to create more value
  • Commissioning of the South Shore branch of the REM, which connects Brossard and downtown Montréal with 5 stations

2024

  • Integrated our real estate subsidiaries, Ivanhoé Cambridge and Otéra Capital, to optimize our activities, support our strategy and solidly position us for the future
  • Exceeded the targets set in our climate strategy announced in 2021
  • Released the Plan CITÉ, a master plan to improve mobility in the Communauté métropolitaine de Québec