La Caisse has reported a strong year for its real-assets portfolio in 2025, highlighted by solid infrastructure returns, progress in its real estate turnaround and the achievement of $100.1 billion in assets invested in Québec.

The infrastructure portfolio delivered a 9.2% return for the year, supported by a current yield of 5% and strong contributions from energy, port and highway assets. Over five years, the portfolio generated an annualized return of 10.8%, outperforming its benchmark index’s 8% return.

Real estate performance also showed signs of recovery as the organization continued implementing its turnaround plan. The portfolio posted a 0.2% return in 2025 amid a challenging market environment. Direct assets across logistics, residential, office and retail produced a 4.4% return as rental income and property values stabilized, although financing costs and weaker assets in China weighed on results.

La Caisse also reached a major domestic investment milestone, reporting $100.1 billion in assets in Québec after deploying $6.3 billion in new investments and commitments during the year—achieving its $100-billion ambition one year ahead of schedule.

“Last year, our overall portfolio posted a good return, with the right level of risk for our depositors,” said Charles Emond, president and CEO of La Caisse. “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,.

“Looking back at the past five years, markets have been volatile and difficult to follow, with pronounced differences between asset classes and sharp fluctuations from one year to the next. Having stayed the course with numerous transactions in key sectors around the world, the advancement of structuring projects in Quebec, and the rollout of a new climate strategy even against strong headwinds, all while maintaining the excellent financial health of our depositor plans, are all reasons to be proud of the role and impact of this major institution for Quebec.”

Overall, La Caisse posted net investment results of $43 billion for the year and a weighted average return of 9.3% across the funds of its 48 depositors. Net assets totalled $517 billion as of Dec. 31.

Photo: La Caisse