La Caisse reported a 4.6% return in the first half of 2025, outperforming its benchmark portfolio’s 4.3% and lifting net assets by C$23bn to C$496bn. The five-year annualised return reached 7.7%, ahead of the benchmark’s 6.6%, with a ten-year figure of 7.0% versus 6.4%.

The private equity portfolio returned 3.4% in H1, beating its 2.0% benchmark, as portfolio companies maintained profitability despite a slower market. Over five years, private equity delivered an annualised return of 16.7% compared with 15.4% for the index, supported by technology, finance, and industrial sector exposure. The period saw $8bn in exits and $4bn in new investments.

Equities returned 6.0% in H1, with strong Canadian and emerging market contributions, while fixed income delivered 3.9% on robust yields and credit performance. Infrastructure provided a 4.5% return, driven by transportation assets and $4bn of acquisitions in telecoms, data centres, and power transmission. Real estate was broadly stable, returning 0.1% amid higher-rate pressures.

CEO Charles Emond said the results reflected resilience in the face of volatile markets, high interest rates, and sector-specific challenges: “Our depositors’ plans, and therefore Quebecers’ pensions, are in excellent financial health.”

In Québec, La Caisse backed high-profile deals including Innergex’s C$10bn acquisition, a stake in Norda Stelo, Germain Hotels’ C$160m financing, and the Synex Business Performance investment. Major infrastructure commitments included the Québec-Toronto high-speed train and the TramCité network.

Cost-saving initiatives, including the integration of real estate subsidiaries Ivanhoé Cambridge and Otéra Capital, delivered annual savings exceeding the initial C$100m target. All major rating agencies reaffirmed La Caisse’s AAA/Aaa credit ratings with stable outlooks.

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