La Caisse — formally the Caisse de dépôt et placement du Québec (CDPQ) — is one of Canada's largest pension managers and a major global infrastructure investor. It manages Quebecers' pension and insurance savings and reported net assets of C$552 billion in the first half of 2026. In India it is best known as the co-owner of Apraava Energy, one of the country's leading clean-energy platforms.
Investment thesis
La Caisse's dual mandate is to earn optimal returns within its depositors' investment policies while contributing to Québec's economic development — and it acts with full statutory independence from the government. For the first half of 2026 it returned 5.1% (C$26 billion in gains), trailing its 7.5% benchmark as an AI-driven public-equity rally outran private assets; five- and ten-year annualised returns stand at 6.4% and 7.5%, above the ~6% its depositors need. President and CEO Charles Emond called it a performance that exceeds depositors' long-term needs.
Sectors & stages
The portfolio spans public equities alongside significant allocations to private equity, infrastructure and real estate. La Caisse typically takes significant minority positions in established businesses and infrastructure, and it builds long-term platforms with local partners rather than flipping assets.
Fund & cheque sizes
Net assets: C$552 billion (June 2026). In India, La Caisse first took a 40% strategic stake in Apraava Energy in 2018 and raised it to 50% — about ₹6.6 billion (US$83 million) for the additional 10% — alongside the CLP Group.
Notable portfolio
Beyond Apraava Energy, La Caisse invests globally across public and private markets, with infrastructure and the energy transition among its core long-term themes — directly relevant to Indian founders in climate tech.
Partners & team
La Caisse is led by president and chief executive Charles Emond.
Programs run
La Caisse runs no open startup accelerator; founder engagement comes through its direct investment teams.
How to approach
La Caisse invests at growth stage and beyond, usually writing large cheques into established businesses. Indian founders in energy, infrastructure and financial services can approach through investment banks or co-investors; the Apraava playbook shows it likes to build platforms with local partners over many years.
Why it matters for founders
La Caisse is the patient Canadian giant behind one of India's biggest clean-energy platforms — and it keeps doubling down, from Apraava's transmission expansion to Innergex back home. For climate-tech and infrastructure founders, its model of building platforms with local partners over decades is exactly the kind of capital the energy transition needs.