SovereignWealthFunds.comInvestissement Québec
Investissement Québec: what it invests in
Geography Mainly domestic
Investissement Québec: how big it is, and on what basis
In US dollars: about USD 3.66B. Converted at CAD 1.3935 per USD, 31 March 2026
Investissement Québec: what it publishes
Published 7 · Partly 3 · Not published 0
Our 10 item score. It measures what is public, not how well a fund is run.
At a glance. Investissement Québec is the Quebec government's Crown corporation for business finance and investment. It lends, guarantees, takes equity stakes and backs venture funds, mostly for small and mid-sized Quebec firms, and runs government aid programmes. Equity was C$5.1B (about USD 3.7B) at 31 March 2026, its own portfolio held C$7.9B, and it authorised C$4.9B of financing in 2025-26. S4 S6
Key points
- Authorised C$4.9B in 2025-26 for more than 2,100 firms, backing projects worth C$18.0B. S4
- Adjusted return on equity of 7.4 percent in 2025-26; five-year average 2.6 percent. S4
- From its own funds: 58.7 percent loans, 11.5 percent development equity, 11.2 percent quasi-equity, 6.1 percent funds and 5.3 percent venture. S4
- Holds 25 percent of Airbus Canada, the A220 airliner programme. S1
- 95 percent of its deals are with firms of fewer than 250 staff. S4
- Its international arm generated C$6.9B of export sales and drew C$6.1B of foreign investment in 2025-26. S4
Interesting facts
Mandate and goals
Contribute to Quebec's economic development under government policy by backing investment, innovation, entrepreneurship, exports and quality jobs. S5 S4
- Raise business productivity and innovation, including through the grand V initiative. S4
- Secure business succession and keep head offices in Quebec. S4
- Strengthen supply chains in seven priority sectors such as aerospace, aluminium and natural resources. S4
- Return target: Adjusted return on equity, tracked as a five-year moving average S4
How it invests
| Industries | Industrials and manufacturing, Technology, Transport and logistics, Mining and metals, Agriculture and food security, Consumer and retail S4 |
|---|---|
| Asset classes | Private credit, Private equity, Venture capital, Strategic state holdings S4 |
| Stages | Venture, Growth, Buyout, Credit S4 |
| Geography | Mainly domestic. Quebec firms and regions, plus their acquisitions and exports abroad S4 |
| Direct / through funds / co-invest | Yes / Yes / Yes S4 |
| Ticket size | No fixed ticket; own-funds deals averaged about C$1.9M in 2025-26 across 1,213 interventions S4 |
| Deal sizes seen | Small SME loans to C$300M (Airbus Canada, 2022) |
| External managers | Commits to venture capital and investment funds; C$142.0M in 2025-26 S4 |
| Co-investment programme | Runs the Eurêka venture co-investment programme; syndicates loans and co-invests in venture rounds and buyouts alongside private and institutional partners S4 |
Asset mix: Loans 58.7%, Development equity 11.5%, Quasi-equity 11.2%, Investment funds 6.1%, Venture equity 5.3%, Commitment guarantees 4.7%, Loan guarantees 2.3% (as of 2026-03-31) S4
Largest holdings: Airbus Canada Limited Partnership (A220) (25%), Flying Whales SAS EUR 15M (24.99%) (as of 2026-06-16) S1
Published criteria
Past investments
| Year | Investment | Type | Sector | Stage | Amount | Stake |
|---|---|---|---|---|---|---|
| 2025 | Groupe Océan. Equity stake with institutional partners and management to keep the marine services group under Quebec ownership; over 1,000 jobs. S4 | Co-investment | Transport and logistics | Buyout | Not published | |
| 2025 | Vosker (Reconeyez acquisition). Financing alongside private capital for the surveillance firm's purchase of AI security company Reconeyez. S4 | Co-investment | Technology | Growth | Not published | |
| 2025 | Vention. Large venture investment in the AI industrial automation platform. S4 | Direct investment | Technology | Venture | Not published | |
| 2025 | Groupe Honco. Investment to secure succession at the steel group and fund expansion. S4 | Direct investment | Industrials and manufacturing | Growth | Not published | |
| 2025 | A.D. Plus (employee buyout). Backed former employees buying the cabinet maker outright. S4 | Direct investment | Consumer and retail | Buyout | Not published | |
| 2022 | Airbus Canada. Share of a C$1.2B injection with Airbus to raise A220 production. S1 | Co-investment | Industrials and manufacturing | Growth | C$300M | 25% |
| 2020 | Airbus Canada. Stake rose to 25 percent at no cash cost when Bombardier sold out to Airbus. S1 | Direct investment | Industrials and manufacturing | Growth | Not published | 25% |
| 2019 | Flying Whales. Bought 24.99 percent of the French airship developer. S1 | Direct investment | Transport and logistics | Venture | EUR 15M | 24.99% |
| 2016 | C Series Aircraft Limited Partnership. Took a stake in the CSeries venture with Bombardier, later the Airbus A220. S1 | Joint venture or partnership | Industrials and manufacturing | Growth | Not published |
Case studies
From CSeries to Airbus A220 S1
- What: Invested in the CSeries programme with Bombardier, then stayed in when Airbus took control.
- When: 2016 to 2022
- Size: C$300M added in 2022; 25% stake
- Why: Keep a major aircraft programme and its jobs in Quebec.
- Outcome: Holds 25 percent of Airbus Canada alongside Airbus.
Keeping Groupe Océan in Quebec hands S4
- What: Took equity in the marine services group with institutional partners and management.
- When: 2025-26
- Size: Not published
- Why: Secure a Quebec succession for a key maritime business.
- Outcome: More than 1,000 Quebec jobs maintained.
Succession finance at scale S4
- What: Funding for business transfers and strategic acquisitions by Quebec companies.
- When: 2025-26
- Size: C$521M for 119 succession deals; C$350M for 41 acquisitions
- Why: Keep ownership and head offices in Quebec as owners retire.
- Outcome: About 7,300 jobs maintained at client firms.
Investment process
A board with an independent chair and independent majority oversees management; the Minister of Economy, Innovation and Energy must authorise certain projects as set by law. S4
| Committee | Role |
|---|---|
| Board of Directors | Chaired by Geneviève Fortier; independent majority S4 |
| Audit Committee | Chaired by Marie-Soleil Tremblay S4 |
- Company applies for financing or advisory support. S4
- IQ structures a loan, guarantee, equity or fund solution. S4
- Ministerial authorisation where required by law. S4
How to approach: Businesses apply through the IQ website or regional offices. S7
Size and returns
- Headline size: C$5.1B equity (31 March 2026) (Net assets or equity, as of 2026-03-31) S4 S6
- In US dollars: about USD 3.66B. Converted at CAD 1.3935 per USD, 31 March 2026
- Own-funds portfolio: C$7.9B (Portfolio value, as of 2026-03-31) S4
- Financing authorised, 2025-26: C$4.9B (Committed or authorised capital, as of 2026-03-31) S4
- Return, Fiscal 2025-26: 7.4 percent (adjusted return on equity) S4
- Return, Five-year moving average to March 2026: 2.6 percent a year S4
Leadership
Governance and transparency
- Legal basis: Act respecting Investissement Québec (CQLR c. I-16.0.1) S5
- Oversight: Minister of Economy, Innovation and Energy; Government of Quebec as sole shareholder S4
- Chair and a majority of directors must be independent. S4
- Board chair paid a flat C$71,880 a year plus fees. S4
Transparency score: 8.5 of 10 (band 5 of 5). Our own 10-item rubric; see the methodology page.
History
| Date | Event |
|---|---|
| 1998 | IQ created by Act of the National Assembly. S1 |
| 2010-12 | Law merging SGF into IQ passed. S2 |
| 2011-04-01 | Merger with SGF takes effect. S2 |
| 2016-07 | Stake in CSeries partnership. S1 |
| 2019 | Flying Whales stake. S1 |
| 2020-02 | Airbus Canada stake rises to 25 percent. S1 |
| 2022-02 | C$300M more for Airbus Canada. S1 |
| 2026-03-31 | Record C$4.9B of financing authorised. S4 |
For family offices
IQ often invests next to private capital in Quebec buyouts, succession deals and venture rounds, acting as a complementary partner rather than a lead fund. S4
Reports
- Annual report of activities and sustainable development 2025-2026: https://www.investquebec.com/sites/default/files/2026-06/investissement-quebec-rapport-annuel-2025-2026.pdf S4
Common questions
What is Investissement Québec?
A Quebec Crown corporation that finances and invests in Quebec businesses. S5
Who leads it?
President and CEO Bicha Ngo; board chair Geneviève Fortier. S4
How big is it?
Equity of C$5.1B and an own-funds portfolio of C$7.9B at 31 March 2026. S4
Does it own part of the Airbus A220?
Yes, 25 percent of Airbus Canada. S1
What did it return?
An adjusted return on equity of 7.4 percent in 2025-26. S4
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All sovereign wealth funds in North America · All strategic development funds · All funds in Canada
Sources
- S1Wikipedia, Investissement Québec
- S2CanLII, Act of 2010 merging SGF into Investissement Québec (2010, c. 37)
- S3IFSWF, our members
- S4Investissement Québec, annual report 2025-2026
- S5LégisQuébec, Act respecting Investissement Québec (I-16.0.1)
- S6Frankfurter, ECB reference rates, 31 March 2026
- S7Investissement Québec, home page
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