La Caisse in Australia: An ally for companies and decision-makers
Today, Australia is the leading destination for La Caisse’s activities in Asia Pacific. The CAD 13.3 billion (AUD 14.9 billion) currently invested is twice the amount of five years ago, and the organization plans to double this amount again to over CAD 26 billion (nearly AUD 30 billion) by 2030. La Caisse has established itself as a partner of choice for leading Australian businesses including Transurban, MTR Corporation, Plenary Group and Scape, as well as for significant investors such as AustralianSuper, IFM Investors and QIC, bringing a patient capital approach combined with a desire to make a positive difference in the communities where it invests.
In fact, large Canadian pension funds enjoy an enviable reputation around the world. “It’s a strong calling card that strengthens our credibility in the market,” said Jean-Étienne Leroux, Managing Director, Infrastructure for Australia and New Zealand, and Managing Director of La Caisse’s Sydney office.
What really sets La Caisse apart is its partnership approach—a pragmatic way to collaborate with management teams combined with a strong entrepreneurial spirit. “Respect is deeply seated in our business culture—and a priority in our relationships with all stakeholders. We know how to recognize each party’s strengths and skills,” he says.
A unique mission
This thoughtful approach is not new to the organization’s mission: to grow its clients’ funds, while contributing to the economic development of Québec.
“No matter where we do business around the world, we always keep in mind that we manage the pension funds of over six million people,” explains Mr. Leroux.
With its fiduciary duty, La Caisse ensures that Quebecers’ savings are invested responsibly and in adherence with the highest standards of governance; a deep commitment that underpins its licence to operate.
With its fiduciary duty, La Caisse ensures that Quebecers’ savings are invested responsibly and in adherence with the highest standards of governance; a deep commitment that underpins its licence to operate.
Constructive capital for infrastructure
Beyond returns, La Caisse places great importance on the social impact of its investments—seeking to deploy constructive capital that generates concrete benefits for the communities where it invests.
La Caisse is now the world’s largest institutional infrastructure investor, with CAD 64 billion (AUD 71.9 billion) in assets, including CAD 8.1 billion (AUD 9.1 billion) in Australia. Targeting critical infrastructure that meets local needs, its Australian portfolio includes assets in sectors like ports, energy transmission, roads and social infrastructure. Flagship investments include:
- Port of Brisbane, Australia’s third largest port and one of the country’s fastest growing container ports, where 95% of Queensland’s imports enter (stake: 27%).
- Sydney Metro, Australia's first automated metro network that revolutionized mobility in the city (stake: 25%).
- WestConnex, a 70-km highway network that offers faster travel times around Sydney, allowing motorists to save up to one hour a day (stake: 10%).
- Transgrid, owner and operator of Australia’s largest electricity transmission network, serving Sydney and Canberra, and a pillar of connecting sources of renewable energy (stake: 23%).
“La Caisse is a major investor in Transgrid, acting as a partner at a time of tremendous growth. I appreciate the support from its team and value the way they connect Transgrid to a wider world of project delivery. La Caisse’s focus on long term value is essential to investing in infrastructure and means we can focus on the best outcomes for both consumers and investors with whole of life planning.”
– Brett Redman, CEO, Transgrid
In 2024, La Caisse made its first infrastructure investment in New Zealand, acquiring a co-controlling stake in Connexa, a leading designer, builder and operator of the most comprehensive mobile tower infrastructure network in the country. In the coming years, La Caisse plans to invest further in this promising market, which benefits from an open economy and an increasingly attractive business environment for foreign investors.
Meeting real estate needs
Since 2015, La Caisse has been active in real estate in Australia, where its portfolio totals CAD 2.9 billion (AUD 3.2 billion). Rodney Fung, Managing Director, Real Estate, in the Sydney office, sees many real estate opportunities in this economy that is also open and transparent and tends to be less susceptible to global market fluctuations than other economies.
“We have strong convictions for the logistics and residential sectors, which have good growth potential due to the high demand for quality rental properties,” he explains.
Demand for logistics properties can be explained by booming e-commerce, which has grown rapidly since the pandemic. Alongside ESR Group (formerly LOGOS), a longstanding partner specialized in logistics development in the APAC region, La Caisse invested in Moorebank Logistics Park in 2021, the largest industrial park in Sydney. This intermodal freight complex facilitates the transfer of goods from Port Botany (Sydney Harbour) to customers across the country, with expected benefits of more than AUD 11 billion over 30 years.
In the residential sector, the student segment looks promising for La Caisse. Demand is buoyed by the growing number of local and international students of recent years, a trend that is set to continue.
To expand the range of services available, La Caisse has partnered with Scape, an Australian rental housing leader, in an investment of nearly AUD 1 billion, to create purpose-built student accommodation near universities.
“La Caisse started its business relationship with Scape Australia in 2022. The reopening of international borders after COVID allowed for international students to return to Australia. Scape and La Caisse anticipated a strong recovery, which resulted in La Caisse’s AUD 500 million commitment to the Scape Core Fund. The market rebound generated stellar performance, and La Caisse consequently committed to Scape’s third develop-to-core PBSA JV.”
– Stephen Gaitanos, Co-Founder and Managing Director, Scape Australia
Mr. Fung believes that La Caisse’s presence on the ground gives it more traction—not only to act quickly—but to ensure better alignment with its partners. “The most important thing is to find those we can work and grow with, in line with our priorities,” he adds.
Partner for the transition
La Caisse is committed to supporting the energy transition, which allows it to mitigate risks and offer added value for its depositors. Its leadership in this arena is internationally recognized, as evidenced by its first-place position in the Global SWF 2025 ranking for its governance, sustainability and resilience practices.
In 2015, La Caisse participated in the acquisition of the 99-year lease of Australia’s largest electricity transmission network. In addition to this investment of AUD 1.2 billion in Transgrid, La Caisse continues to support the company’s efforts to connect New South Wales’ electricity transmission grid to renewable projects, which will replace coal-fired power plants on Australia’s East Coast.
More recently, La Caisse provided financing to AGL, which produces energy serving nearly 4.3 million people, as well as supporting its climate plan implementation.
La Caisse is well positioned to continue acting as a strong ally for Australian businesses and decision-makers, as the country has set a goal of achieving net zero emissions by 2050. One thing is certain: in a world of increasingly complex geopolitics, doing business in Australia (and New Zealand) is a natural fit for La Caisse, providing ideal conditions to forge new and meaningful relationships.
La Caisse
In Australia
- Present since 2008
- Sydney office opened in 2015
- Assets in all classes, with a focus on infrastructure and real estate
- First Kangaroo Bond issued in 2025, which successfully raised AUD 1.75 billion (~CAD 1.6 billion)
CAD 13.3 B
Assets as at December 31, 2024
(AUD 14.9 BILLION)
In New Zealand
- First infrastructure investment made in 2024
- Acquisition of joint controlling stake in Connexa, the country’s largest mobile telecom tower infrastructure company
- Other assets are mainly in real estate and equity markets
CAD 745 M
Amount invested in Connexa
(NZD 909 MILLION)