La Caisse Posts 9.3% Return in 2025, Hits $100B Québec Investment Goal Early
Event summary
- La Caisse reported a 9.3% return in 2025, below its benchmark portfolio's 10.9% return, but outperformed over five and ten years.
- Net assets reached $517 billion as of December 31, 2025, with the base plan of the Québec Pension Plan earning a 9.8% return.
- Achieved its ambition of $100 billion invested in Québec one year early, deploying $6.3 billion in new investments and commitments in 2025.
- Operating expenses decreased to 21 cents per $100 of average net assets, reflecting efficiency efforts.
- Credit rating agencies reaffirmed La Caisse's investment-grade ratings with a stable outlook.
The big picture
La Caisse's 2025 results highlight its resilience in a volatile market, driven by strong public market performance and strategic diversification. The early achievement of its $100 billion Québec investment goal underscores its commitment to both financial returns and regional economic development. The organization's focus on climate strategy and operational efficiency positions it to navigate ongoing geopolitical and market uncertainties.
What we're watching
- Geopolitical Risks
- How persistent tariff uncertainty and geopolitical tensions will impact La Caisse's diversified portfolio in 2026.
- Climate Strategy
- Whether La Caisse can sustain its ambitious climate action investments and decarbonization goals by 2030.
- Real Estate Recovery
- The pace at which La Caisse's real estate portfolio, particularly in logistics and residential sectors, will recover from current pressures.