2025 Annual Report
2025 Highlights
$517.3 B Our net assets as at December 31, 2025
Results in 2025
9.3%
Return
10.9%
Benchmark portfolio
$42.7
Investment results
Results over 5 years
6.5%
Annualized return
6.2%
Benchmark portfolio
$134.4
Investment results
Results over 10 years
7.2%
Annualized return
6.9%
Benchmark portfolio
$245.1
Investment results
Evolution of our net assets since 2015
(in billions of dollars)
La Caisse in Québec
More present than ever in Québec to build the economy of the future
We support the growth of Québec businesses and implement structuring projects for the economy. Through the mobilization of all our teams, we are now more present than ever in Québec, guided by the mission that has been our driving force for 60 years: to generate optimal returns for our depositors while contributing to Québec’s economic development.
Total assets in Québec
$100.1
In 2025
$32
Increase in our assets
in Québec over the past five
4
Increase nearly four times higher than during the previous five
A historic milestone
Achieving our ambition of $100 billion in assets marks a milestone for La Caisse and reflects an even stronger presence in Québec. Reaching this goal one year earlier than scheduled is the culmination of full-scale mobilization by all our teams. Those efforts translate into an increase in La Caisse’s assets in Québec that was almost four times larger in the past five years than it was in the previous five years, despite the demanding market context.
Accelerated increase in assets in Québec over the last five years
(in billions of dollars)
Supporting company growth
and structuring projects in Québec in 2025
Innergex
Privatization of this Québec leader in renewable energy to accelerate its long-term growth trajectory.
Ocean Group
Additional investment in the context of the changing shareholder structure of this leader in the maritime industry in Québec and Canada.
Honco Group
Acquisition of a minority interest to consolidate Québec ownership of this steel processing specialist while accelerating its Canadian and international expansion.
Synex Business Performance
Equity stake as a minority shareholder and support through debt for this leading independent insurance broker.
Terrion
A nearly $1.3 billion transaction to create, with TELUS, the largest specialized wireless tower operator in Canada, headquartered in Montréal.
Innocap
Reaffirmation of our commitment to this world leader in dedicated managed accounts, whose platform exceeds USD 100 billion in assets, with the arrival of Bain Capital as a new partner.
Norda Stelo
A $28 million investment for an equity stake in this leading engineering firm, following two years as a lender, thereby reinforcing our partnership focused on sustainable innovation.
Germain Hotels
Participation in a financing round totalling $160 million to accelerate its development and secure a leading position in the Canadian hotel market.
REM
In November 2025, inauguration of the Deux-Montagnes branch of the REM, connecting 11 boroughs and cities in the metropolis, on the South Shore and on the North Shore.
TramCité
Start of planning for TramCité, a tramway line based on the recommendations of Plan CITÉ, the mobility master plan for the Québec City region developed by CDPQ Infra.
Alto project
CDPQ Infra leads the Cadence group, which was selected to carry out the Québec-Toronto high-speed train project; a contract was signed with Alto, the Crown corporation responsible for the project.
Learn more about our impact in Québec
“Against a backdrop of tariff uncertainty and profound changes that redefined economic and financial equilibrium on a global scale, 2025 was a complex environment. Yet, La Caisse was able to seize opportunities and generate returns that contribute to the soundness of its depositors’ plans. And through the mobilization of all our teams, we are now more present than ever in Québec.”
“In 2025 we celebrated our organization’s 60th anniversary. This provided an opportunity to take a step back and fully appreciate the scope of what we have been able to build here in Québec with La Caisse: a world-class institution with a presence across four continents.”
Charles Emond
President and Chief Executive Officer
Our depositors
We manage the funds of 48 depositors—mainly pension and insurance plans
In 2025, the financial health of depositors’ plans remained excellent, with contributions from La Caisse’s good investment results achieved during the year.
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 La Caisse, posted a return of 9.8% for one year, 7.8% over five years and 8.0% over ten years.
Our main depositors
Results of our three main asset classes
$236.0 B
Net assets as at December 31, 2025
11.6%
2025 return
12.0%
5-year annualized return
11.5%
10-year annualized return
Net assets by portfolio
$176.3 B
Net assets as at December 31, 2025
6.6%
2025 return
-0.2%
5-year annualized return
2.5%
10-year annualized return
Net assets by portfolio
$117.4 B
Net assets as at December 31, 2025
5.7%
2025 return
6.7%
5-year annualized return
5.5%
10-year annualized return
Net assets by portfolio
Transactions in key sectors around the world in 2025
Sustainable investing
At La Caisse, we remain convinced that sustainability is a key driver of sound risk management and value creation, and is essential to our fiduciary duty.
This approach enables us to capitalize on investment opportunities and protect our assets, which are exposed to sustainability factors, including climate risks. Sustainable investing helps us construct resilient portfolios that are well-positioned for the long term for the benefit of our depositors.