The C$473B Caisse de dépôt et placement du Québec is rebranding to La Caisse.
The pension fund has been operating under the rebrand of its shortened name, La Caisse, rather than the acronym CDPQ, since June, according to a press release by Ivanhoé Cambridge. As a result, the real estate portfolio will also operate in all regions where it is present as La Caisse.
While the investment organization intends to phase out the Ivanhoé Cambridge brand over the coming months, it noted the change won’t affect existing agreements with clients and partners.
“With this change, the real estate portfolio will benefit from a distinctive identity, which is based on the organization’s heritage, unique mission and leading investments in Québec and internationally,” said the release.
The phasing out of the Ivanhoé Cambridge brand isn’t surprising, as La Caisse began the process of integrating both it and the fund’s other real estate subsidiary, Otéra Capital, into its broader portfolio as an investment group in January 2024. Rana Ghorayeb, the firm’s then president and chief executive officer of Otéra, was tapped to lead the division as executive vice-president and head of real estate. Nathalie Palladitcheff, who had served as CEO of Ivanhoé Cambridge departed the company at the end of April 2024.
“This integration stems from a vision of an integrated CDPQ that maximizes its impact and performance to offer our depositors the best service for the most efficient cost,” said Charles Emond, La Caisse’s president and CEO, in a press release announcing the initial restructuring in January of last year.
As of Dec. 31, 2024, La Caisse’s net real estate assets totaled C$42B (C$75B gross), comprising 9% of the total portfolio. A majority (46%) of its real estate holdings were based in the U.S., followed by Canada (22%), Europe (17%), Asia Pacific (11%) and Latin America (4%). Additionally, more than half of the portfolio was allocated to residential (30%) and logistics (28%) sectors, with commercial office (21%), retail (13%) and alternatives and hotels (8%) rounding out the remainder.
