La Caisse
La Caisse, the current brand of the Caisse de dépôt et placement du Québec, invests depositor funds across multiple asset classes and states that it takes a business-owner approach focused on long-term returns and enterprise growth.
La Caisse invests across private equity, equity markets, private credit, infrastructure and real estate.
Its private-equity investments typically constitute minority equity stakes of CAD 75 million to CAD 500 million, while its broader platform includes direct investing, fund partnerships, lending and infrastructure and real-estate investments.[1][2][3][4][6][7]
What does La Caisse invest in?
La Caisse is the current brand of the Caisse de dépôt et placement du Québec, formerly known as CDPQ, and has invested depositor funds since its creation in 1965. It invests across private equity, equity markets, private credit, infrastructure and real estate, in private and public markets.[1]
La Caisse states that its dual mandate is to generate optimal long-term returns for depositors while contributing to Québec’s economic development. It also describes a business-owner approach, a long-term focus and the use of constructive capital to support the growth of portfolio companies.[2][3]
Owners comparing capital alternatives can review Auxo’s capital advisory services, valuation services, and full-versus-partial sale framework.
What should a business owner evaluate before taking capital from La Caisse?
Owners considering La Caisse can assess whether a minority-equity structure and an investment amount between CAD 75 million and CAD 500 million align with the contemplated transaction. They can also clarify the proposed ownership percentage, governance rights, financing mix, responsible La Caisse team or platform, investment horizon and liquidity expectations. La Caisse’s stated private-equity range and its broader activities across private equity, private credit, infrastructure and real estate provide specific points for that discussion.[1][3][4]
What ownership percentage and governance rights would La Caisse seek for a transaction of this size
Could La Caisse provide primary capital, secondary liquidity, private credit or a combination for the proposed transaction
What investment criteria does La Caisse publicly describe?
La Caisse invests across private equity, equity markets, private credit, infrastructure and real estate. Its investment platform includes private and public markets, and its private-equity activities include direct investments and minority equity stakes. Infrastructure exposure includes rail and road transportation, renewable energy, energy public utilities and transmission, social infrastructure, digital and other infrastructure, and ports and airports.[1][4][5]
La Caisse states that its private-equity investments typically constitute minority equity stakes of between CAD 75 million and CAD 500 million. This stated range describes private-equity investment size and ownership structure; the sources cited for this profile do not establish a single criterion for every asset class or transaction type.[4]
La Caisse invests in more than 65 countries and has offices in Montréal, Québec City, Toronto, New York City, London, Singapore, Mexico City, New Delhi, Paris, São Paulo and Sydney. As at December 31, 2025, its private-equity exposure was Canada 20%, United States 39%, Europe 32%, Asia Pacific 6% and Latin America 3%.[1][4]
La Caisse’s 2025 Annual Report identifies the acquisition of Antylia Scientific alongside Brookfield, the acquisition of Edify for approximately CAD 1 billion including further equity funding, and an acquisition with TPG of a significant minority interest in Pike Corporation. The report also identifies a CAD 3.2 billion commitment to Sizewell C in return for a 20% stake in the project.[6]
La Caisse reported 2025 Québec investments or financings involving Innergex, Boralex, Honco Group, Ocean Group and Germain Hotels. Its 2025 Annual Report also identifies activity involving Antylia Scientific, Edify, Pike Corporation and Sizewell C.[6][8]
What is not clear from La Caisse's public materials?
The 2025 Annual Report’s transaction summary provides consideration or financing amounts for some examples but does not state a transaction value or consideration amount for every listed example. Owners evaluating a potential transaction should seek transaction-specific information directly rather than assume that the published examples establish uniform valuation or financing terms.[6]
Questions to ask before taking capital from La Caisse
What ownership percentage and governance rights would La Caisse seek for a transaction of this size?
Could La Caisse provide primary capital, secondary liquidity, private credit or a combination for the proposed transaction?
What are La Caisse’s current sector and Québec-investment priorities for the proposed company?
How would La Caisse approach management continuity, follow-on capital and other ownership matters for the company?
What investment horizon and exit or liquidity expectations would apply?
Sources & research notes
- Official website / firm overview
- Investment strategy
- Investment approach
- Industry / market focus
- Industry / market focus
- Transaction size / criteria
- Transaction size / criteria
- Transaction / portfolio evidence
- Structure / regulatory context
- Structure / regulatory context
How this profile was researched
Auxo profiles are prepared from publicly available primary and authoritative sources and reviewed for entity identity, factual support and disclosure consistency. When a fact cannot be supported by the reviewed public record, the profile identifies it as something to confirm directly rather than inferring it.
Independent research profile
This profile was prepared by Auxo Capital Advisors from publicly available information believed to be reliable and is provided solely for informational and educational purposes. It is not an endorsement, recommendation, ranking, solicitation, or representation regarding the profiled firm, its services, qualifications, transaction experience, regulatory status, financial condition, or suitability for any particular person, company, transaction, or investment.
Information obtained from third-party and public sources may be incomplete, inaccurate, outdated, or subject to change, and Auxo Capital Advisors makes no representation or warranty, express or implied, as to its accuracy, completeness, or timeliness. Readers should conduct their own independent diligence and consult appropriate professional advisers before engaging any advisor, intermediary, investor, lender, acquirer, or other transaction counterparty.
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