Quebec investment manager CDPQ earns 9.4 per cent return for 2024

Quebec investment manager CDPQ says the weighted average return on its depositors' funds was 9.4 per cent for 2024.

The result fell short of the 11.8 per cent return of its benchmark portfolio.

CDPQ chief executive Charles Emond said the result was driven by its equity market, private equity and infrastructure investments, while it faced persistent headwinds in real estate, particularly in the U.S. office sector.

Its net assets totalled $473 billion at Dec. 31.

CDPQ manages money for 48 depositors, mainly for pension and insurance plans, with different investment strategies for their individual risk tolerances and investment policies.

The base plan of the Québec Pension Plan, the largest fund invested with CDPQ, posted a return of 11 per cent.

This report by The Canadian Press was first published Feb. 26, 2025.