Canadian money
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Quebec investment manager CDPQ says the weighted average return on its depositors’ funds was 9.4% for 2024.

The result fell short of the 11.8% 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%.

In other CDPQ news, the pension fund manager announced Tuesday that it will buy Innergex Renewable Energy Inc. The deal is valued at $10 billion, including debt. It requires shareholder and regulator approval.

The Caisse de dépôt et placement du Québec will pay $13.75 per share in cash, a 58% premium relative to Monday’s closing price.

Hydro-Québec, Innergex’s main shareholder, approved the deal and agreed to sell its 19.9% stake at a loss, according to a media release.