The Caisse de dépôt et placement du Québec reports a 9.3% net return for 2025, driven mainly by equity markets, while highlighting concerns over private equity slowdowns and AI concentration risks amidst a diversified portfolio environment.
Caisse de dépôt et placement du Québec posted a 9.3% net return for 2025, lifting assets under management to C$517 billion, roughly US$378 billion, the fund said. The result fell short of its benchmark portfolio, which returned 10.9%, as weaker private equity outcomes and a softer US dollar dented overall performance.
Private equity produced a modest 2.3% gain, the report noted, a pullback attributed to slower profit growth at portfolio companies and multiple contraction in parts of the technology and healthcare sectors. That weakness contrasted with stronger showings across several other asset classes. The equity markets portfolio returned 17.7%, led by gains outside the United States and by technology stocks. Infrastructure advanced 9.2%, supported by energy, port and highway holdings, while the credit portfolio rose 9.6%, buoyed by private credit and emerging-market sovereign debt. Real estate delivered only 0.2%, hampered by elevated financing costs and softer returns in China.
According to a company statement, Chief Executive Officer Charles Emond said: “Last year, our overall portfolio posted a good return, with the right level of risk for our depositors,” and added: “As public markets were particularly strong, they were the main driver of our annual performance. In an environment shaped by uncertainty and profound changes that are likely to persist, diversification remains essential, allowing each asset class to play its part across different market conditions.” Emond also cautioned about concentration risk linked to artificial intelligence, noting a material share of S&P 500 valuations is tied to AI-related exposure.
The fund reported roughly 40% exposure to US assets and said active risk management and partial currency hedging insulated it from some FX moves, protecting C$3.6 billion. The base plan of the Québec Pension Plan, which represents more than six million Quebecers, returned 9.8% for the year, according to the fund’s disclosure.
The figures reinforce the resilience of a diversified pension portfolio but underscore shifting performance dynamics within private markets. Industry reporting and the fund’s own historical data show the Caisse has outperformed its benchmark over longer horizons despite this single-year shortfall; its published five-year annualised results remain above benchmark levels. The 2025 outcome follows contrasting returns reported for 2024, when the fund recorded a mid‑single-digit return below that year’s benchmark amid notable strains in its real estate holdings, particularly US office assets.
La Caisse also reiterated strategic priorities alongside the performance update. According to the fund’s announcement, it intends to expand climate-related investments with a long-term target and remains focused on managing concentration and market‑structure risks while pursuing returns for depositors.
- https://pe-insights.com/la-caisse-grows-to-378bn-after-9-3-return-amid-pe-headwinds/ – Please view link – unable to able to access data
- https://www.newswire.ca/news-releases/la-caisse-posted-a-9-3-return-in-2025-and-net-assets-of-517-billion-826625769.html – La Caisse de dépôt et placement du Québec reported a 9.3% return in 2025, with net assets reaching $517 billion. The performance was driven by strong equity markets, credit, and infrastructure investments, despite challenges in private equity and real estate sectors. The base plan of the Québec Pension Plan, representing over six million Quebecers, achieved a return of 9.8%. La Caisse aims to increase its Climate Action investments to $400 billion by 2030, aligning with its commitment to carbon neutrality by 2050.
- https://www.marketsgroup.org/news/caisse-reports-9-3-return-in-2025-despite-market-volatility – Caisse de dépôt et placement du Québec (Caisse) achieved a 9.3% return in 2025, primarily due to exposure to large-cap U.S. equities, including the ‘Magnificent Seven’. While this return was below its benchmark portfolio’s 10.9%, it outperformed over five- and ten-year horizons. The equity markets portfolio returned 17.7%, driven by non-U.S. markets and technology stocks. Private equity returned 2.3% in 2025, reflecting broader industry conditions such as slower portfolio company profit growth and multiple contraction in technology and healthcare sectors.
- https://www.bloomberg.com/news/articles/2025-02-26/cdpq-misses-benchmark-in-2024-as-losses-in-real-estate-worsen – Caisse de dépôt et placement du Québec (CDPQ) reported a 9.4% return in 2024, below its benchmark of 11.8%. The performance was bolstered by gains in private equity and stocks, which offset losses in real estate. The net assets of the pension plan stood at C$473 billion as of December 31, 2024. The report highlights the challenges faced in the real estate sector, particularly in the U.S. office market, and the impact of these challenges on the overall performance.
- https://www.lacaisse.com/en/performance – La Caisse de dépôt et placement du Québec provides detailed performance metrics on its official website. As of June 30, 2025, the annualized return over five years was 7.7%, outperforming the benchmark portfolio’s 6.6%. The website offers insights into various asset classes, including equities, private equity, infrastructure, and real estate, showcasing the fund’s diversified investment strategy and its commitment to generating sustainable value for its depositors.
- https://www.bnnbloomberg.ca/business/company-news/2025/02/26/quebec-investment-manager-cdpq-earns-94-per-cent-return-for-2024/ – Quebec investment manager CDPQ reported a 9.4% return for 2024, with net assets increasing to $473 billion. The performance was driven by equity market, private equity, and infrastructure investments, while facing challenges in real estate, particularly in the U.S. office sector. The base plan of the Québec Pension Plan, the largest fund invested with CDPQ, posted a return of 11%. The report highlights the fund’s diversified investment strategy and its focus on maintaining the financial health of its depositors’ plans.
- https://www.marketsgroup.org/news/cdpq-generates-net-return-of-9-4-boosted-by-equities-infrastructure – CDPQ generated a net return of 9.4% in 2024, increasing its assets under management to C$473.3 billion. The boost was attributed mainly to equities and infrastructure portfolios. The equity markets portfolio was the main performance driver, with gains credited to increased exposure to growth and tech stocks, stimulated by advances in artificial intelligence. The report also highlights the fund’s investments in key sectors and its commitment to achieving its investment goals.
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The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The article reports on La Caisse de dépôt et placement du Québec’s 9.3% return in 2025, with net assets reaching C$517 billion. This information was published on February 25, 2026, and has been reported by multiple reputable sources, including La Caisse’s official press release ([lacaisse.com](https://www.lacaisse.com/fr/actualites/communiques/caisse-affiche-rendement-93-2025-actif-net-atteint-517-g?utm_source=openai)) and other news outlets ([newswire.ca](https://www.newswire.ca/news-releases/la-caisse-posted-a-9-3-return-in-2025-and-net-assets-of-517-billion-826625769.html?utm_source=openai)). The content appears to be original and timely, with no significant discrepancies noted.
Quotes check
Score:
7
Notes:
The article includes direct quotes from CEO Charles Emond, such as: “Last year, our overall portfolio posted a good return, with the right level of risk for our depositors.” These quotes are consistent with those found in La Caisse’s official press release ([lacaisse.com](https://www.lacaisse.com/fr/actualites/communiques/caisse-affiche-rendement-93-2025-actif-net-atteint-517-g?utm_source=openai)). However, the exact earliest usage of these quotes cannot be independently verified, as they are not widely cited elsewhere.
Source reliability
Score:
6
Notes:
The article originates from Private Equity Insights, a niche publication focusing on private equity news. While it provides detailed information, its limited reach and potential lack of widespread recognition may affect its reliability. The content is consistent with information from more established sources, but the publication’s niche status warrants caution.
Plausibility check
Score:
8
Notes:
The reported 9.3% return and net assets of C$517 billion align with figures from La Caisse’s official press release ([lacaisse.com](https://www.lacaisse.com/fr/actualites/communiques/caisse-affiche-rendement-93-2025-actif-net-atteint-517-g?utm_source=openai)). The article provides a detailed breakdown of performance across various asset classes, consistent with other reputable sources. No significant inconsistencies or implausible claims were identified.
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
The article provides timely and consistent information regarding La Caisse de dépôt et placement du Québec’s 9.3% return in 2025, with net assets reaching C$517 billion. While the content is consistent with official sources, the reliance on a niche publication and limited independent verification sources warrant a medium level of confidence in its accuracy. Editors should exercise caution and consider cross-referencing with additional reputable sources before publication.