CIBC SQUARE marks completion of landmark Toronto vision (opens in a new tab)
La Caisse and Hines celebrated the completion of 141 Bay Street and the opening of The Park at CIBC SQUARE; both office towers are fully leased.
Pension Fund
Québec's public-sector pension and insurance fund manager, investing globally across public and private markets.
La Caisse (formerly branded CDPQ) is the long-term institutional investor created by Québec's National Assembly in 1965 to manage the funds of the Québec Pension Plan. It now invests on behalf of 48 depositors, mainly public pension and insurance plans representing over 6 million Quebecers, across fixed income, equity markets, private equity, infrastructure and real estate, with C$552 billion in net assets at June 30, 2026. Its real estate group is the former Ivanhoé Cambridge: integrated with Otéra Capital in 2024 and operating under the La Caisse brand since June 2025, it held C$42.9 billion of net real estate assets at the end of 2025.
5 interview reports0 open roles488 deals9 people513 sources
Public equities, fixed income, tactical asset allocation, systematic management and external public-market managers, led by Vincent Delisle; fixed income (C$176B) and equity markets (C$151B) were the two largest asset classes at end-2025. Equity markets returned 14.6% and fixed income 1.7% in H1 2026.
International private equity (direct and through funds), private credit and external fund partnerships, led by Martin Longchamps from Montréal; private equity held about C$85B at end-2025 and returned -4.3% in H1 2026.
Direct infrastructure ownership (energy transmission, highways, renewables, public-private partnerships) plus the organization's sustainability activities, led by Emmanuel Jaclot, who also chairs CDPQ Infra (builder of the REM light-rail network); about C$75B at end-2025 and a 7.2% H1 2026 return.
Real estate equity (the former Ivanhoé Cambridge) and Otéra Capital real estate lending, integrated in 2024 under Rana Ghorayeb; since June 2025 the business operates under the La Caisse name and ivanhoecambridge.com redirects to La Caisse. About C$43B of net assets (C$74B gross, 8% of the total portfolio) at end-2025 and a 2.7% H1 2026 return. Regional teams cover Canada (e.g. CIBC SQUARE, Château Frontenac), the US (e.g. Stuyvesant Town–Peter Cooper Village), Europe (e.g. Gecina) and Asia Pacific/Latin America, plus a Special Situations team and real estate fund investments; much of the portfolio is held with 70+ strategic partners such as Prologis, LOGOS, IDI, Hines and Beedie.
Dedicated group investing in Québec companies and projects, led by Kim Thomassin; La Caisse reported C$100.1B of Québec assets at end-2025 and C$6.3B of new Québec investments and commitments during the year.
Advises the 48 depositors on asset allocation and manages total-portfolio construction, led by Philippe Tremblay.
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| Toronto | ON | office |
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Reasons that work in interviews
4 reasons for La Caisse
A dual mandate (returns plus Quebec economic development) is unique among the Maple 8 and genuinely changes which deals get done.
CDPQ Infra is an operating infrastructure developer, not just an investor: the REM is the clearest example in Canada of a pension building an asset rather than buying one.
The 2025 rebrand marks a repositioning, so the strategy is being restated rather than inherited.
Montreal-headquartered with global reach: the only large pension where French is an asset rather than neutral.
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President and Chief Executive Officer
Executive Committee
CEO of La Caisse since 2020; joined in 2019 as executive vice-president for Québec, private equity and strategic planning. Before that he spent nearly 20 years at Scotiabank and Scotia Capital, including as global head of investment banking and capital markets. HEC Montréal graduate with FCPA and CBV designations.
Executive Vice-President and Chief Financial and Information Officer
Finance and Information Technology
Runs finance (accounting, valuation, tax, performance, internal audit) and information technology at La Caisse since April 2026. Previously CFO of Cirque du Soleil Entertainment Group from 2021, having joined Cirque in 2016, after ten years at KPMG. CPA.
Executive Vice-President and Head of Private Equity and Private Credit
Private Equity and Private Credit
Has led La Caisse's private equity and private credit group from Montréal since returning in 2022 (he began his career at a former La Caisse subsidiary). Previously headed private equity origination and execution at PSP Investments (2018–2022), and earlier was VP corporate development at Transcontinental and a partner at EdgeStone Capital Partners. Harvard MBA and McGill commerce graduate.
Executive Vice-President and Head of Liquid Markets
Liquid Markets
Joined La Caisse in August 2020 and oversees public equities, fixed income and tactical asset allocation. Earlier he was co-CIO at Hexavest, spent 2004–2018 at Scotiabank in equity research and portfolio strategy roles, and was a portfolio strategist at Desjardins Securities. CFA charterholder.
Executive Vice-President and Head of Real Estate
Real Estate
Named head of real estate in May 2024, overseeing the integrated real estate group including former Ivanhoé Cambridge activities. Joined La Caisse in 2012 in infrastructure, then ran real estate lender Otéra Capital as President and CEO from 2019 to 2024. Earlier worked in real estate acquisitions at J.P. Morgan Asset Management in London and TIAA in New York.
Executive Vice-President and Head of Infrastructure and Sustainability
Infrastructure and Sustainability
Leads La Caisse's global infrastructure strategy and investments and its sustainability activities, and chairs CDPQ Infra's board. Joined in 2018 as head of infrastructure after senior roles at Schneider Electric in London and as deputy CEO of EDF Energies Nouvelles (2007–2015); began at Morgan Stanley and PAI Partners.
Managing Director, Real Estate, Canada
Real Estate (formerly Ivanhoé Cambridge)
Oversees the strategy and all investments of La Caisse's Canadian real estate portfolio and leads work on asset management and the property value chain. Previously a Managing Director in La Caisse's Québec private equity team, after more than 15 years in banking and capital markets, including building HSBC Bank Canada's Montréal corporate banking team. CPA and CFA; economics degree from Université de Montréal and an MSc from LSE.
Professional information only, drawn from official biographies and published reporting. BSO never lists private contact details.
Apr 13, 2026
Emmanuelle Leclerc-GrangerHire
Executive Vice-President and Chief Financial and Information Officer
Cirque du Soleil Entertainment Group → La Caisse
Announced 2026-03-19, starting April 13; she oversees finance and IT, sits on the executive committee and reports to CEO Charles Emond. She had been Cirque du Soleil's CFO since 2021 after ten years at KPMG.
May 2024
Rana GhorayebPromotion
Executive Vice-President and Head of Real Estate
Otéra Capital → La Caisse
Moved from running the Otéra Capital lending subsidiary to lead La Caisse's combined real estate group as the Ivanhoé Cambridge and Otéra activities were integrated.
Sep 18, 2026
La Caisse entrusts $75 million to AlphaFixe Capital
Investor
Sep 14, 2026
Macquarie Asset Management partners with La Caisse to support Maple’s growth ambitions
Co-investor
Sep 10, 2026
50/50 Canadian industrial joint venture with Beedie ($1 billion seed portfolio in Metro Vancouver, Calgary and Toronto)
Co-investor (50% partner) · Industrial real estate
Buyer La Caisse and Beedie
La Caisse's Real Estate group and Beedie formed a partnership seeded with five income-producing industrial properties (over 2.5 million sq ft) and one development, targeting up to $2 billion of gross assets across BC, Alberta, Ontario and Québec. Beedie manages the venture.
Sep 10, 2026
La Caisse and Beedie Launch Partnership Focused on Canadian Industrial Properties
Co-investor
Sep 3, 2026
La Caisse and SMBC Aviation Capital double the size of their aircraft leasing platform, Maple Aircraft Company Holdings, to USD 3 billion
Investor
Sep 2, 2026
La Caisse invests alongside Brookfield in Altius, India’s largest independent telecom tower platform
Co-investor
Closed Aug 14, 2026
Boralex Inc.
Co-investor · Renewable energy
Buyer Brookfield (with Brookfield Renewable Partners) and La Caisse · Seller Public shareholders
Take-private of Boralex at C$37.25 per share in cash via a CBCA plan of arrangement, alongside Brookfield and Brookfield Renewable Partners; the deal doubled La Caisse's stake to about 30% and put Boralex's enterprise value at roughly C$9 billion.
Aug 14, 2026
Brookfield and La Caisse Complete Acquisition of Boralex Private Equity,
Acquirer
Aug 11, 2026
Air Canada Announces $2.5 Billion Minority Equity Investment in Aeroplan Led by Blackstone and La Caisse
Investor
Jul 27, 2026
Cinven and La Caisse to jointly acquire leading specialty MGA platform, Optio
Acquirer
Jul 23, 2026
La Caisse and GO.FARM launch AUD 330 million platform to invest in Australian permanent crops
Investor
Jun 18, 2026
Stingray Announces $15.4 Million Share Buyback
Investor
Jun 10, 2026
nesto raises $302 million Series E at $1.47 billion valuation to accelerate growth Private Equity,
Investor
Jun 9, 2026
La Caisse to become sole owner of the A25 Concession, acquiring Transurban’s remaining stake
Acquirer
Jun 5, 2026
TPG-Led Investor Group Acquires Grocery-Anchored Retail Leader ECHO Realty
Acquirer
May 20, 2026
La Caisse partners with Novisto to help organizations prepare for their sustainability transition Private Equity,
Co-investor
May 19, 2026
BIG Fiber Secures $250 Million Financing Led by Stonepeak Credit and La Caisse to Accelerate Digital Infrastructure Expansion
Investor
May 15, 2026
La Caisse and Grupo Energía Bogotá to establish Brazil’s 5th largest power transmission platform
Investor
Apr 29, 2026
ARCHIMED Diagnostics, along with minority investor La Caisse, acquires Stago, a global leader in blood coagulation analysis
Acquirer
Apr 22, 2026
Vertical Bridge Announces $1.5 billion Strategic Equity Investment from KKR
Investor
Apr 20, 2026
ILOS Upsizes Credit Facility to €450 Million with EIG and La Caisse
Lender
Apr 17, 2026
Metro Supply Chain
Selling shareholder · Logistics
Buyer NX Group · Seller LDC and financial partners (incl. La Caisse)
Montréal-based Metro Supply Chain agreed to join Japanese logistics group NX Group at a purchase price of up to C$2.2 billion.
Apr 9, 2026
La Caisse and Prologis Launch Pan-European Logistics Joint Venture
Co-investor
Apr 8, 2026
La Caisse invests $150 million in Innovair Solutions, a leader in heating, ventilation and air conditioning Private Equity,
Investor
Apr 7, 2026
NEXTDC: A$1.0 billion Hybrid Securities Offer and La Caisse Commitment
Investor
La Caisse and Hines celebrated the completion of 141 Bay Street and the opening of The Park at CIBC SQUARE; both office towers are fully leased.
A 50/50 joint venture launched with a $1 billion seed portfolio and a target of up to $2 billion of Canadian industrial assets.
Brookfield and La Caisse closed the acquisition of Boralex; La Caisse's interest rises to about 30%.
Coverage of the mid-2026 results: net assets of $552 billion, a strong AI-driven equity return and a decline in private equity left the fund short of its benchmark.
Emmanuelle Leclerc-Granger joins as EVP and Chief Financial and Information Officer.
Reports the appointment of former Cirque du Soleil CFO Emmanuelle Leclerc-Granger to run finance and technology from April 2026.
Annual return trailed the 10.9% benchmark, but five- and ten-year returns beat their benchmarks; Québec assets passed C$100B.
Explains that CDPQ is now simply La Caisse and that its real estate arm Ivanhoé Cambridge will adopt the same name.
Legal-trade write-up of the completed Innergex privatization, including Hydro-Québec's retained stake and the financing package.
La Caisse completed its roughly $10 billion take-private of Innergex Renewable Energy.
The fund began operating under the La Caisse name and said the Ivanhoé Cambridge brand would be phased out.
Rana Ghorayeb was named head of an integrated real estate group that took over Ivanhoé Cambridge's activities.
La Caisse put all of its real estate subsidiaries under one banner.
Ivanhoé merged with Cambridge Shopping Centres.
La Caisse acquired the Steinberg grocery chain's real estate; Ivanhoé, mainly a shopping-centre owner, became its real estate subsidiary.
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La Caisse · Sep 18, 2026 · lacaisse.com
La Caisse · Sep 17, 2026 · lacaisse.com
La Caisse · Sep 14, 2026 · lacaisse.com
La Caisse · Sep 10, 2026 · lacaisse.com
La Caisse · Sep 2, 2026 · lacaisse.com
La Caisse · Aug 14, 2026 · lacaisse.com
La Caisse · Aug 13, 2026 · lacaisse.com
La Caisse · Aug 11, 2026 · lacaisse.com
La Caisse · Jul 27, 2026 · lacaisse.com
La Caisse · Jul 23, 2026 · lacaisse.com
La Caisse · Jun 18, 2026 · lacaisse.com
La Caisse · Jun 10, 2026 · lacaisse.com
La Caisse · Jun 9, 2026 · lacaisse.com
La Caisse · Jun 5, 2026 · lacaisse.com
La Caisse · May 20, 2026 · lacaisse.com
La Caisse · May 19, 2026 · lacaisse.com
La Caisse · May 15, 2026 · lacaisse.com
La Caisse · Apr 29, 2026 · lacaisse.com
La Caisse · Apr 22, 2026 · lacaisse.com
La Caisse · Apr 20, 2026 · lacaisse.com
Metro Supply Chain via CNW · Apr 17, 2026 · newswire.ca
La Caisse · Apr 9, 2026 · lacaisse.com
La Caisse · Apr 8, 2026 · lacaisse.com
La Caisse · Apr 7, 2026 · lacaisse.com
La Caisse · Mar 19, 2026 · lacaisse.com
La Caisse · Feb 25, 2026 · lacaisse.com
La Caisse · Mar 21, 2024 · lacaisse.com
La Caisse · Jan 24, 2024 · lacaisse.com
La Caisse · May 30, 2017 · lacaisse.com
La Caisse · Date unavailable · lacaisse.com
La Caisse · Date unavailable · lacaisse.com
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La Caisse · Date unavailable · lacaisse.com
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La Caisse · Date unavailable · cdpq.wd10.myworkdayjobs.com
La Caisse · Date unavailable · lacaisse.com
La Caisse · Date unavailable · lacaisse.com
Ivanhoé Cambridge / La Caisse · Date unavailable · ivanhoecambridge.com
La Caisse · Date unavailable · lacaisse.com
La Caisse · Date unavailable · lacaisse.com
La Caisse · Date unavailable · lacaisse.com
La Caisse · Date unavailable · lacaisse.com
La Caisse · Date unavailable · lacaisse.com
Investment Executive · Aug 13, 2026 · investmentexecutive.com
Benefits and Pensions Monitor · Mar 20, 2026 · benefitsandpensionsmonitor.com
Daily Hive · Aug 14, 2025 · dailyhive.com
Lexpert · Jul 23, 2025 · lexpert.ca
Markets Group · Jun 19, 2025 · marketsgroup.org
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Typical background
GuidanceA Big Six or boutique investment bank, a pension rotation, or asset management.
Large-cap platforms and global multi-strategy funds
Upper mid-market PE, infrastructure, the Maple 8 and large managers
La Caisse is hereMid-market PE, mid-sized managers, domestic hedge funds and smaller pensions
Small-cap private equity, boutique managers and early-stage VC
Where people go next
Guidance
Managing Director, Real Estate, United States
Real Estate (formerly Ivanhoé Cambridge)
Leads La Caisse's US real estate strategy, investments and asset management team (CDPQ U.S. Inc.). Previously Head of Investments at Allianz Real Estate of America and founder of Norges Bank Investment Management's North American real estate platform; began in Goldman Sachs' Real Estate Principal Investment Area. MIT and Harvard MBA.
Managing Director, Real Estate, Europe
Real Estate (formerly Ivanhoé Cambridge)
Runs European investment strategy, transactions and portfolio management (entity named on her bio: Ivanhoe Cambridge Holdings UK Limited). Previously held management roles at CBRE Investment Management, was Head of Transactions at Pradera, and began at Cushman & Wakefield. Master's from Maastricht University.