La Caisse posts 5.1% return in first half of 2026 as private equity drags on results
Quebec investments anchor domestic strategy
Despite the mixed performance picture, CDPQ continued deploying capital into significant domestic transactions. The fund participated in a joint acquisition of Boralex, a renewable energy producer, at an enterprise value of approximately $9 billion, doubling its stake to 30%. It also provided $240 million in financing to Cologix for a new Montreal data centre, participated in a $302 million Series E funding round for nesto, a Canadian digital mortgage platform, and acquired full 100% ownership of the A25 Concession for $280 million.
In infrastructure finance, CDPQ supported a $1.85 billion green bond issuance for the Réseau express métropolitain (REM), Quebec’s light rail network — a signal of the fund’s continued commitment to sustainable infrastructure financing.
Credit ratings remain bulletproof
CDPQ’s credit quality was reaffirmed by all four major rating agencies, each maintaining the fund at the highest possible rating: AAA from DBRS Morningstar, S&P Global, and Fitch, and Aaa from Moody’s; all with stable outlooks.
For a fund managing assets on behalf of 48 depositors including major Quebec public pension and insurance plans, the ratings underpin confidence in long-term solvency.
The fund’s size and mandate give it influence that extends well beyond Quebec. At $552 billion in net assets, CDPQ is among the largest institutional investors in the world, and its portfolio decisions send ripples through global credit, equity, and infrastructure markets alike.
