Caisse de dépôt et placement du Québec

The Caisse de dépôt et placement du Québec (CDPQ; lit. 'Quebec Deposit and Investment Fund') is an institutional investor that manages several public and parapublic pension plans and insurance programs in Quebec. It was established in 1965 by an act of the National Assembly, under the government of Jean Lesage, as part of the Quiet Revolution, a period of social and political change in Quebec. It is the second-largest pension fund in Canada, after the Canada Pension Plan Investment Board.^[2] It was created to manage the funds of the newly created Quebec Pension Plan, a public pension plan that aimed to provide financial security for Quebecers in retirement. The CDPQ’s mandate was to invest the funds prudently and profitably, while also contributing to Quebec’s economic development. As of June 30, 2023, CDPQ managed assets of C$424 billion, invested in Canada and elsewhere.^[3] CDPQ is headquartered in Quebec City at the Price building and has its main business office in Montreal at Édifice Jacques-Parizeau.

Caisse de dépôt et placement du Québec

Company headquarters in the historic Price Building
Native name	Caisse de dépôt et placement du Québec
Type	Crown corporation
Industry	Pension fund
Founded	July 15, 1965; 58 years ago (1965-07-15) in Quebec City, Quebec
Headquarters	65, rue Ste-Anne 14th Floor Quebec City, Quebec G1R 3X5
Key people	Charles Émond (CEO)
Total assets	C$424 Billion (June 30, 2023)
Number of employees	890 (at December 31, 2016, excluding its subsidiaries)^[1]
Subsidiaries	CDPQ Infra Ivanhoé Cambridge Otéra Capital
Website	www.cdpq.com

The CDPQ is a unique institution that plays a vital role in the economic and social development of Quebec and Canada. It is one of the largest and most diversified institutional investors in the world, managing funds for public and parapublic pension and insurance plans. It invests in various sectors, such as private equity, fixed income, real estate, infrastructure, and renewable energy, both in Canada and abroad. It also supports Quebec-based companies with growth potential and contributes to the creation of jobs and wealth in the province.

Over the years, the CDPQ has expanded its scope and scale, managing the funds of other public and parapublic pension and insurance plans, such as the Government and Public Employees Retirement Plan (RREGOP), the Pension Plan of Management Personnel (PPMP), and the Fonds d’assurance automobile du Québec. It has also diversified its portfolio, investing in different asset classes and markets around the world. It has established offices in several countries, such as the United States, Mexico, Brazil, France, India, China, Singapore, and Australia. It has also acquired or partnered with several subsidiaries, such as Ivanhoé Cambridge (real estate), CDPQ Infra (infrastructure) and Otéra Capital (financing).

The CDPQ is not only a financial institution, but also a social actor that strives to generate positive impacts for society and the environment. It adheres to high standards of governance, transparency, and accountability. It integrates environmental, social, and governance (ESG) factors into its investment decisions and practices. It supports initiatives that foster innovation, inclusion, diversity, and sustainability. It collaborates with various stakeholders, such as governments, businesses, civil society organizations, and academic institutions, to address global challenges and opportunities.

The CDPQ is a unique role model for institutional investors around the world. It combines financial performance with social responsibility, balancing its fiduciary duty to its clients with its contribution to the common good. It leverages its expertise and influence to create value for its stakeholders and society at large. It is a proud ambassador of Quebec’s values and vision on the global stage.

History

Creation and Early Years (1965-1979)

The CDPQ was established by an act of the National Assembly on July 15, 1965, under the government of Jean Lesage, as part of the Quiet Revolution, a period of social and political change in Quebec.^[4] Its initial role was to manage the funds of the newly created Quebec Pension Plan, a public pension plan that aimed to provide financial security for Quebecers in retirement. The CDPQ’s mandate was to invest the funds prudently and profitably, while also contributing to Quebec’s economic development.

In its early years, the CDPQ focused on building a bond portfolio that included predominantly Quebec government and Hydro-Québec securities. It also made its first equity investment in Alcan Aluminium in 1967, and its first commercial mortgage loans in the same year.^[5] In 1971, it created the private investments portfolio, which included investments in Quebec companies.^[6]

Diversification and Expansion (1980-1999)

In the 1980s, the CDPQ entered into international markets and the real estate sector. It made its first transactions in global equities exchanges in 1983, and its first international private equity investment in Compagnie financière Martin Maurel, in France, in 1984. It also acquired its first office building, Place Delta in Sainte-Foy, in 1980,^[7] and its first international real estate acquisition, Centre de conférence Albert-Borschette in Brussels, in 1993.^[8]

In the 1990s, the CDPQ diversified its real estate portfolio and increased its equity allocation. It acquired the real estate assets of the Steinberg grocery chain in 1989,^[9] and merged its real estate subsidiary Ivanhoé with Cambridge Shopping Centres in 2001, creating Ivanhoé Cambridge.^[10] It also obtained a legislative change in 1997 that raised the allowable equity allocation to 70% of the portfolio’s assets, from 40%.^[11] It also moved into infrastructure investment in 1999, with the construction of Highway 407 in Toronto.^[12]

Crisis and Recovery (2000-2009)

In the 2000s, the CDPQ faced the worst financial crisis since the stock market crash of 1929, which resulted in a loss of $39.8 billion in 2008. Following the crisis, the CDPQ adopted 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. It also launched a major plan to support Quebec businesses in 2009. It also adopted a responsible investing policy in 2004, and signed the UN’s Principles for Responsible Investment in 2006.^[13] In 2009, Otéra Capital, a subsidiary of the CDPQ, was created to act as a leader in commercial real estate debt across North America. Otéra Capital offers innovative financing solutions for various real estate sectors, such as office, retail, industrial, multifamily, hospitality, and seniors housing.

Growth and Innovation (2010-Present)

In the 2010s, the CDPQ accelerated its pace of growth and expansion, both in Canada and abroad. It created the Global Quality Equity Portfolio in 2013,^[14] which followed a new investment philosophy that favoured total returns, in-depth research, and investments in high quality assets, anchored in the real economy. It also combined all its real estate subsidiaries under one banner, Ivanhoé Cambridge, in 2011.^[15] It also established offices in several countries, such as the United States, Mexico, Brazil, France, India, China, Singapore, and Australia. In 2015, CDPQ Infra, a subsidiary of the CDPQ, was created to act as a principal contractor for public infrastructure projects. CDPQ Infra is responsible for all phases of a project: planning, financing, execution and operation. It aims to foster the effective execution of modern, efficient and sustainable infrastructure projects that meet the needs of communities. CDPQ Infra also leverages the CDPQ’s infrastructure expertise and adopts international best practices to execute work on time and on budget.

In a September 28, 2021 press release, the CDPQ announced their 2021 climate strategy, which included divesting the remaining $3.9 billion currently held in oil company assets, which represented 1% of CDPQ's investment portfolio, by 2022.^[16] According to the statement, the CDPQ was responding "to the markets, to science, and to the will of Quebecers who do not want their money to fuel the climate crisis."^[16]

As of June 30, 2023, the CDPQ managed assets of C$ 424 billion, invested in various sectors, such as private equity, fixed income, real estate, infrastructure, and renewable energy, both in Canada and elsewhere. It also supported Quebec-based companies with growth potential and contributed to the creation of jobs and wealth in the province. It also strived to generate positive impacts for society and the environment. In 2022, CDPQ was named 2022 Fund of the Year by Global SWF. The following year, the CDPQ made history by ranking first in the Global Investor 50,^[17] a showcase of the world’s biggest institutional investors in infrastructure based on the size of their assets, compiled by Infrastructure Investor magazine.

Mandate and independence

In 2005, article 4 of CDPQ's founding statute^[18] was amended to make the institution's mandate explicit:

4.1. The mission of the Fund is to receive moneys on deposit as provided by law and manage them with a view to achieving optimal return on capital within the framework of depositors' investment policies while at the same time contributing to Québec's economic development.

In June 2015, the CDPQ statute was further amended to specify that CDPQ "acts with full independence in accordance with this Act."^[19]

Growth and strategy

CDPQ’s growth strategy is based on four pillars: diversification, performance, globalization and sustainability. CDPQ aims to diversify its portfolio across different asset classes, sectors, geographies and risk profiles to optimize its returns and reduce its volatility. CDPQ also seeks to achieve superior performance by investing in high-quality assets, partnering with leading companies and managers, and leveraging its expertise and network. CDPQ has expanded its global presence by opening offices in key markets such as New York, London, Paris, Shanghai, Singapore, Sydney and New Delhi. CDPQ also integrates environmental, social and governance (ESG) factors into its investment decisions and supports the transition to a low-carbon economy.

CDPQ vs CPPIB: A Complex Comparison

Comparing the performance of public pension funds is not a simple task, as different funds have different structures, mandates, strategies, and reporting methods. This is the case for the Caisse de dépôt et placement du Québec (CDPQ) and the Canada Pension Plan Investment Board (CPPIB), two of the largest public pension funds in Canada, distinguished by their distinct structures and mandates, each wielding a substantial impact on their investment strategies and resultant returns.

The CDPQ manages the funds of 48 depositors, including the Régime des rentes du Québec (QPP), various public and parapublic pension plans, and insurance plans in Quebec. Each depositor has its own portfolio, risk profile, and return objective, which are determined by the depositor and the CDPQ. The CDPQ publicly discloses the aggregate return of all its depositors, while it reports the individual performance of each depositor’s portfolio to them privately. This is because the CDPQ respects the confidentiality and autonomy of each depositor, who may have different investment policies and objectives than the others. The CPPIB, on the other hand, manages the funds of only one depositor, the Canada Pension Plan, which has a single portfolio, risk profile, and return objective. The CPPIB reports the net return of the CPP Fund, which is the same for all contributors and beneficiaries.

The divergence in depositor composition engenders significant disparities in asset allocation strategies and performance objectives between CDPQ and CPPIB. CDPQ endeavors to achieve a weighted average return that aligns with or surpasses the actuarial requirements of its depositors. Contrastingly, CPPIB pursues the maximization of returns while prudently mitigating the risk of undue loss, meticulously considering factors influencing the sustenance of the Canada Pension Plan's funding.

Owing to the distinctive risk-return profiles and divergent investment horizons arising from their dissimilar mandates, undertaking a direct comparison of the returns generated by CDPQ and CPPIB may lack significance and fairness. Such comparisons fail to encapsulate the nuanced intricacies inherent in their respective investment strategies, thereby rendering an objective evaluation challenging.

Involvement in Major Projects

Montreal Réseau express métropolitain (REM)

The REM (Réseau express métropolitain) is a groundbreaking project for Montréal and Québec, and the CDPQ is the driving force behind it. In 2015, it proposed a new model for infrastructure projects to the Québec government, leveraging its expertise and financial capacity. It then created a subsidiary, CDPQ Infra, to plan, finance and execute major public infrastructure projects in Québec and abroad. The REM is the first project of this kind for CDPQ Infra, which acts as the owner and operator of the fully electric and automated light rail system that will serve Greater Montréal. CDPQ Infra is in charge of all aspects of the REM, from design and construction to financing and maintenance, as well as the procurement of rolling stock and systems. CDPQ Infra also ensures that the REM is environmentally and socially responsible, and that it communicates and consults with the public and stakeholders. The REM project will bring many benefits to thousands of users, to the city and to Québec as a whole. It will improve the mobility of commuters, reduce greenhouse gas emissions, create thousands of jobs, support the development of electric transportation, and stimulate economic and real estate growth. The REM construction started in April 2018 and is expected to be completed by 2027. The first trains will run in 2023 between Brossard and Gare Centrale Stations. The REM will be one of the longest automated metro lines in the world, with a 67-km route and 26 stations. It will connect downtown, the South Shore, the North Shore, the West Island and Montréal-Trudeau International Airport.

Vancouver Canada Line

Caisse de dépôt et placement du Québec (CDPQ) played a pivotal role in the Canada Line project through a consortium formed to develop and operate this critical piece of Metro Vancouver's public transportation infrastructure. The consortium was named "InTransit BC," and it consisted of several key partners, including CDPQ, AtkinsRéalis (formerly called SNC-Lavalin), and other experienced infrastructure and transportation companies. The Canada Line project began in the early 2000s, as a response to the growing need for improved public transportation in the Vancouver metropolitan area. It was officially initiated in 2004, with the aim of providing efficient and sustainable transit options connecting downtown Vancouver to Vancouver International Airport and Richmond. The project was seen as a crucial step in addressing traffic congestion, reducing greenhouse gas emissions, and promoting economic development in the region. InTransit BC, led by CDPQ and its partners, was awarded the public-private partnership contract for the Canada Line project. This consortium not only provided the necessary financial backing but also brought extensive expertise in infrastructure development and transportation systems. The project involved the construction of a new, state-of-the-art SkyTrain line, which included tunneling under the Fraser River and various stations along the route. The Canada Line opened to the public in 2009, ahead of schedule and within budget, showcasing the success of the consortium's efforts. It has since become a vital component of the Greater Vancouver transit system, facilitating the movement of people and goods while contributing to the region's sustainable growth and development. CDPQ's involvement in forming the consortium and the subsequent successful completion of the Canada Line project reflects its commitment to enhancing public transportation and promoting responsible infrastructure investments in Canada.

Investments Around The World

CDPQ has investments across different sectors and geographies, reflecting its growth strategy and its commitment to sustainability. Here are a few examples:

Eurostar: A high-speed rail service that connects London, Paris, Brussels and Amsterdam, carrying over 11 million passengers annually. CDPQ owns a 30% interest in Eurostar, which offers a fast, comfortable and environmentally friendly alternative to air travel.^[20]

Sydney Metro: A 66-km metro network that will connect the city centre with the northwest and southwest suburbs of Sydney, Australia. CDPQ owns a 24.9% stake in the consortium that will design, build, finance, operate and maintain the project.^[21]

Heathrow Airport: The largest and busiest airport in the UK and one of the most important international hubs in the world. CDPQ owns a 12.62% interest in Heathrow Airport Holdings, which operates the airport and its four terminals, serving over 80 million passengers annually.^[22]

Port of Brisbane: The third-largest container port in Australia and a key gateway for trade in Queensland. CDPQ owns a 26.7% stake in the Port of Brisbane, which handles over 1.2 million containers and 31 million tonnes of cargo per year.^[23]

TransGrid: A company that owns and operates the electricity transmission network of New South Wales in Australia, connecting generators, distributors and consumers of electricity. CDPQ owns a 24.99% stake in TransGrid, which serves major cities and regions in the state and facilitates the trade of electricity across the National Electricity Market.^[24]

Alstom: A global leader in the rail transport industry, offering a complete range of solutions for passenger and freight transport, signalling and services. CDPQ owns a 18% stake in Alstom, which operates in over 60 countries and employs over 70,000 people. CDPQ is the largest shareholder of Alstom^[25]

Intesa: In November 2023, CDPQ announced an agreement with Equatorial Energia S. A. for the acquisition of Integração Transmissora de Energia S. A. (Intesa), a strategic power transmission network spanning 695 kilometres in the states of Tocantins and Goiás, in central Brazil. The transaction, valued at up to CAD 108.5 million (BRL 396.4 million), marks CDPQ’s second power transmission investment in Latin America in the past 18 months, following the acquisition of power lines extending nearly 1,100 kilometres in Brazil and Uruguay, which are now part of Verene Energia, an energy platform founded by CDPQ. Intesa’s transmission network extends across central Brazil, where significant renewable electricity output is generated for consumption in the south and south-east of the country.^[26]

Awards and Recognition

2022 Fund of the Year - Global SWF

CDPQ was named 2022 Fund of the Year by Global SWF, an international reference for sovereign wealth and pension funds.^[27]

For its impact in the development of Québec, for its leadership among sovereign investors and public investors worldwide, for its significant investment activity during 2022, and, more broadly, for its contribution to the advancement of the industry, Global SWF believes that Caisse de dépôt et placement du Québec (CDPQ) is a worthy recipient of the 2022 Fund of the Year award.

- Diego López, Managing Director of Global SWF

Sustainable finance - World Benchmarking Alliance

The 400 financial institutions assessed in the 2022 Financial System Benchmark span the entirety of the financial system. The ranking encompasses publicly listed, privately held and state-owned enterprises. In terms of industries, they contain asset owners (including pension funds, development finance institutions and sovereign wealth funds), asset managers (including investment consultants), banks and insurance companies. The benchmark looks cross-sector and cross-industry to provide a snapshot of system-level progress.

CDPQ ranked first among 59 global pension funds in the sustainable finance rankings by the World Benchmarking Alliance.^[28][29]

World’s Largest Institutional Investor in Infrastructure

CDPQ makes history by ranking first in the Global Investor 50, a showcase of the world’s biggest institutional investors in infrastructure based on the size of their assets, compiled by Infrastructure Investor magazine.^[17]

CDPQ’s Infrastructure portfolio consists of close to 40 businesses in 15 countries, featuring high-quality companies that are contributing to the fight against climate change and playing a major role in reducing the carbon intensity of it's total portfolio, down 53% since 2017. The vast majority of these assets also provide a certain degree of protection against inflation.^[17]

CDPQ has been investing in infrastructure for nearly 25 years. The Infrastructure portfolio, created in 2010, was the group’s fastest growing asset class between 2018 and 2022, reaching almost $55 billion.^[17]

“We are proud to receive this recognition, which reflects our growing ambitions in this important sector. With our unique model, CDPQ has been able to carve out a place alongside other major global players in infrastructure, an asset class that fills a strategic role in our total portfolio and is closely aligned with our sustainable investing approach. We see this as a distinguishing factor and a competitive advantage.”

- Charles Emond, President and Chief Executive Officer, CDPQ

“We’ve developed considerable infrastructure expertise in our investment and asset management teams over the years that has enabled us to construct a resilient and successful portfolio – that is also effective at diversifying our depositors’ assets. Our local teams in eight offices have acquired strategic assets –particularly in renewable energy, telecommunications and transportation – that position us favourably in relation to global trends.”

- Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure, CDPQ

Leading practices

Governance and strategy

In terms of senior leadership accountability, CDPQ assigns responsibility for sustainability issues to the board-level Governance and Ethic Committee. The financial institution has a gender-balanced board of directors where 6 out of 13 members are women. It also has a sustainable investing policy where it describes its engagement approach on sustainability themes and impact topics with investees, including its approach to engagement escalation. CDPQ publishes an overview of its engagement activities over the past year and provides case studies of successful engagement with investees.^[28][29]

Respecting planetary boundaries

CDPQ has set a target of net-zero financed emissions by 2050. It discloses absolute financed emissions, including the underlying data quality and coverage. It also discloses the key sectors it has identified as priorities to engage with on climate change, including engagement on the alignment with the Paris Agreement. CDPQ is a member of Climate Action 100+. The financial institution discloses the aggregate amount of investments it devotes to climate solutions and reports that they are defined according to internationally adopted frameworks. Further, it aims to invest CAD 54 billion in green assets by 2025. Additionally, CDPQ discloses the amount of finance directed towards all fossil fuels through all its financing activities.^[28][29]

Adhering to societal conventions

CDPQ has a grievance mechanism accessible to all workers, external individuals and communities to raise human rights complaints or concerns. It also has a policy prohibiting bribery and corruption and discloses a global tax strategy. The financial institution discloses the list of its depositors, pension funds, by total assets and the list of all its investments.^[28][29]

Organization

CDPQ's board of directors can have up to 15 members, two-thirds of whom must be independent. It is composed of its chair, the president and CEO, depositor representatives, and independent members. The board is responsible for establishing CDPQ's main orientations and ensuring that CDPQ operates according to all legislative and regulatory requirements. The position of chairman of the board of directors is separate from that of president and chief executive officer.

The Québec government appoints members of the board of directors, upon consultation with the board. CDPQ's board of directors has defined a profile of expertise and experience required for its independent directors.^[30]

The executive committee is composed of the president and CEO and the senior officers of CDPQ's various sectors.

Subsidiaries

CDPQ has three subsidiaries: Ivanhoé Cambridge, Otéra Capital and CDPQ Infra.^[31]: 61

The headquarters for the subsidiaries are located in the Jacques-Parizeau building in Montreal.

Ivanhoé Cambridge

Main article: Ivanhoé Cambridge

Ivanhoé Cambridge is the real estate subsidiary of CDPQ. The company aims to invest in real estate assets ranging from office space, shopping centres to multi-residential buildings. Some of the biggest projects for Ivanhoé Cambridge are CIBC Square in Toronto and Tours Duo in Paris.

Otéra Capital

Otéra Capital is a company that provides commercial real estate debt financing across North America. It is a subsidiary of CDPQ. Otéra Capital has a portfolio of over $29 billion CAD in loans as of December 31, 2022.^[32] It offers various financing options for different real estate sectors, such as office, industrial, retail, multi-family, hospitality, and seniors housing. Otéra Capital also has a strong commitment to environmental, social and governance (ESG) principles and has recently granted its first green loan to a sustainable office building project in Toronto. Otéra Capital’s headquarters are located in Montreal, Quebec, and it has offices in Toronto, Vancouver, New York and Los Angeles.

CDPQ Infra

CDPQ Infra is a subsidiary of the CDPQ, dedicated to the development of infrastructures and their management. At the time of its creation, CDPQ Infra was commissioned by the Couillard government with the evaluation of two public transport projects for Greater Montreal;

a) A public transit system on the Samuel-de-Champlain Bridge

b) A public transit system for the West Island (between downtown Montreal, Pierre-Elliot-Trudeau International Airport and the West Island).^[33]

On 22 April 2016, CDPQ Infra unveiled plans for a new public transportation project, the Réseau express métropolitain (REM).^[34] As proposed, the REM will link downtown Montréal, the South Shore, the West Island (Sainte-Anne-de-Bellevue), the North Shore (Deux-Montagnes) and the airport through a unified, electrically powered and fully automated, 67-km light metro system.^[35] The new network represents an investment of approximately $5.5 billion, of which CDPQ Infra is willing to commit $3 billion as the majority shareholder.^{[citation needed]}

On March 8, 2017, General Electric said it had agreed to sell GE Water for around US$3.4 billion to Suez Environnement in France and CDPQ.^[36][37]

Investments

Type

CDPQ's portfolio is divided into four main categories of assets:^[38]

• Fixed Income
  • Bonds
  • Estate Debt
  • Short Term Investments
  • Long Term Bonds
• Inflation-Sensitive Investments
  • Real Estate
  • Infrastructure
  • Real Return Bonds
• Equity
  • Global Quality Equity
  • Canadian Equity
  • Emerging Markets Equity
  • U.S. Equity
  • EAFE Equity
  • Private Equity
• Other Investments

Geographic diversification

Geographic exposure of the overall portfolio, based on the country where the main place of business of the company or issuer is located or, in the case of real estate, the geographic location of properties:^[39]

Region	2022^[40]	2018^[41]	2017^[42]	2016^[43]	2015^[44]	2014^[45]
Canada	25%	36%	42%	41%	46,0%	52,6%
United-States	40%	30%	28%	31%	26,5%	21,8%
Europe	16%	14%	13%	13%	13,8%	14,1%
Emerging markets	16%	14%	11%	9%	7,7%	6,7%
Other regions	3%	6%	6%	6%	6,0%	4,8%
Total	100%	100%	100%	100%	100%	100%

Main depositors

The eight principal depositors represented 96.4% of net assets as at December 31, 2022.^[40]

Depositor	Dec 31, 2022 (billion CAD)
The Government of Québec Ministry of Finance	107,5
The Quebec Pension Plan (QPP), (French: Régie des Rentes du Québec; RRQ)	106,8
Government and Public Employees Retirement Plan	83,3
Supplemental Pension Plan for Employees of the Québec Construction Industry	28,5
Commission de la Santé et de la Sécurité du Travail (CSST), Québec's occupational safety and health agency	19,3
The Government of Québec Ministry of Finance (Generations Fund)	17,8
Société de l'assurance automobile du Québec (SAAQ) (English: Quebec Automobile Insurance Corporation)	13,4
Pension Plan of Management Personnel	10.9
Total	387,5
Source:^[40]

Controversy over private security investments

CQDP has been criticized for investing in the private security industry. It became the main shareholder of Allied Universal and also invested in CAE Inc. The critics address the poor economic value of those choices.^[46] They also address the great social and ethical problems that surround this industry.^[47] The holding of Allied Universal by CQDP became more of a problem after the company acquired G4S, a firm which have been implied in many controversies that led most of public pension funds to desinvest from it.^[48] G4S holds parts of Policity Corporation, a company that operate Israel's National Police Academy. The global ESG rating of G4S in 2019 was C-.

See also

• CPP Investment Board
• Public Sector Pension Investment Board

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46. "La Caisse et les dangers de la sécurité privée". La Presse (in French). 2020-06-22. Retrieved 2022-08-24.
47. "Climate Action Pursuit: Sustainability Investing, the Obstacles, and the Opportunities | Chief Investment Officer". www.ai-cio.com. Retrieved 2022-08-24.
48. Ollivier de Leth, David (July 2020). "G4S company scan". SOMO.

External links

• Official website
• CDPQ Infra
• Otéra Capital
• Video prepared for CDPQ's 50th anniversary