Major capital commitment fuels Québec asset management sector
La Caisse, formerly known as Caisse de dépôt et placement du Québec (CDPQ), has allocated $250 million to Pembroke Management as part of its plan to expand partnerships with Québec-based investment firms.
The mandate was announced Tuesday and will be managed through Pembroke’s concentrated strategy, launched in 2018. The approach focuses on about 15 to 20 high-quality growth companies in the small- and mid-cap public equity segment, primarily in North America.
Vincent Delisle, executive vice-president and head of liquid markets at La Caisse, said the decision reflects the institution’s effort to diversify while supporting Québec’s financial sector. “Contributing to Quebec’s financial ecosystem is an integral part of our strategy. With this in mind, we are calling on Québec-based management firms to support us in diversifying our portfolio, complementing the work of La Caisse’s teams,” he said.
Pembroke’s managing partner and portfolio manager, Nicolas Chevalier, said the firm intends to meet the mandate with a disciplined approach. “It’s an honour to have been chosen to grow this amount on behalf of La Caisse. We will carry out this responsibility rigorously by putting into practice the values that have always guided Pembroke’s vision,” he said.
La Caisse said it aims to entrust $8 billion to Québec asset managers by 2028, more than doubling its current commitments. The effort supports a broader goal to reach $100 billion in investments in Québec by 2026.
The announcement comes amid a series of moves by both institutions in 2025. On Sept. 22, La Caisse agreed to acquire Edify, an Australian renewable energy and battery storage company, in a deal valued at about $1 billion. The transaction, which covers 900 MW / 3,600 MWh of hybrid solar and battery projects, is backed by Rio Tinto and the Commonwealth of Australia.
Pembroke, meanwhile, announced in March that it will assume portfolio advisory duties for its International Growth Fund beginning May 1, replacing William Blair Investment Management. The fund’s objective remains unchanged, but the shift consolidates oversight under Pembroke.
The firm also expanded its domestic offerings earlier this year through a partnership with Lysander Funds. Together, they launched the Lysander-Pembroke Canadian All Cap Equity Fund, which targets opportunities across Canadian public markets.
As of Dec. 31, 2024, La Caisse reported net assets of $473 billion.
