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Quebec Generations Fund

Fonds des générations · Canada · North America · Founded 2006 · Sub-national permanent fund · Not an IFSWF member

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Focus

Quebec Generations Fund: what it invests in

Infrastructure and utilitiesReal estateFinancial services
Public equitiesPrivate equityFixed incomePrivate creditInfrastructureReal estate

Geography Domestic and global

Scale

Quebec Generations Fund: how big it is, and on what basis

C$16.64B
Fund market valueAs of

In US dollars: about USD 11.9B. C$16.644B fund balance at 1.3935 CAD per USD (ECB reference, 2026-03-31)

Transparency

Quebec Generations Fund: what it publishes

6.5 of 10 Band 4 of 5

Published 6 · Partly 1 · Not published 3

Our 10 item score. It measures what is public, not how well a fund is run.

Balance, March 2026S5
C$16.64B (about USD 11.9B; fair value C$19.55B)
As of
Dedicated revenue 2025-26S5
C$2.29B
As of
Debt repaid 2025-26S5
C$2.5B
As of
Hydro-Québec contributionS4
C$650M a year
As of
Equities in reference mixS5
44% (40% fixed income, 16% real assets)
As of
Transparency scoreS5
6.5 of 10
As of

At a glance. Quebec's Generations Fund (Fonds des générations) is a dedicated savings pool whose only purpose is paying down provincial debt. It is fed by hydroelectric royalties, a C$650 million yearly Hydro-Québec contribution and its own returns, and invested through Quebec's Caisse de dépôt et placement (CDPQ). The balance was C$16.64 billion at 31 March 2026, with a fair value of C$19.55 billion. S2 S4 S5

Key points

  • Balance of C$16.64 billion at 31 March 2026 at cost; the Caisse fund units it holds had a fair value of C$19.55 billion. S5
  • Dedicated revenue was C$2.29 billion in 2025-26, while C$2.5 billion was drawn to repay debt. S5
  • Reference portfolio: 44 percent equities (35 public, 9 private), 40 percent fixed income and 16 percent real assets. S5
  • Net debt was 38.1 percent of GDP in March 2026; the targets are 35.5 percent by 2033 and 32.5 percent by 2038. S4
  • Debt repayments from the fund include C$8 billion in 2018-19 and C$4.4 billion in 2024-25. S6 S5
  • The fund holds no direct investments: it owns units of a special Caisse fund, redeemable monthly at fair value. S5

Interesting facts

  • When it was created, Quebec had run deficits in 40 straight years from 1958 and debt interest was its third largest expense. S6
  • Bill 1 passed in June 2006 by 102 votes to 3. S1
  • By law the investment policy must also help Quebec's economic development, not only seek return. S2

Mandate and goals

The Act aims to cut the weight of debt relative to the economy and secure long-term funding for core public services. Fund money can be used only to repay government debt. S2 S4

  • Repay Quebec government debt. S2
  • Bring net debt to 35.5 percent of GDP by March 2033 and 32.5 percent by March 2038, each within 2.5 points. S4
  • Earn an optimal return while supporting Quebec economic development. S2

How it invests

IndustriesInfrastructure and utilities, Real estate, Financial services. Sector agnostic S5
Asset classesPublic equities, Private equity, Fixed income, Private credit, Infrastructure, Real estate, Cash and money markets S5
StagesPublic markets, Buyout, Credit, Infrastructure, Real estate S5
GeographyDomestic and global. Global through the Caisse, with a legal duty to support Quebec development; no split published S2 S5
Direct / through funds / co-investNo / Yes / No S5
Ticket sizeThe fund makes no deals of its own. S5
Deal sizes seenNot applicable; investments are made by the Caisse
External managersCaisse de dépôt et placement du Québec manages all assets S2
Co-investment programmeNo co-investment at fund level S5

Largest holdings: Units of a special Caisse fund C$19.55B fair value (as of 2026-03-31) S5

Published criteria

  • Policy set using 10-year return and risk forecasts. S5
  • Must seek optimal return while contributing to Quebec economic development. S2

Past investments

YearInvestmentTypeSectorAmount
2026Debt repayment 2025-26. Drawn from the fund to repay government debt. S5State asset transferFinancial servicesC$2.5B
2025Debt repayment 2024-25. Drawn from the fund to repay government debt. S5State asset transferFinancial servicesC$4.4B
2020Debt repayment 2019-20. Repayment of maturing debt from fund assets. S6State asset transferFinancial servicesC$2B
2019Debt repayment 2018-19. Largest single-year use of the fund. S6State asset transferFinancial servicesC$8B
2014Debt repayment 2013-14. First repayment from the fund. S6State asset transferFinancial servicesC$1B

Case studies

The C$8 billion repayment S6

  • What: Quebec used C$8 billion from the fund to retire debt in one fiscal year.
  • When: 2018-19
  • Size: C$8B
  • Why: To cut gross debt and interest costs ahead of the 2025-26 target.
  • Outcome: Book value of C$12.2 billion remained at March 2021.

Saving and spending in the same year S5

  • What: In 2025-26 the fund took in C$2.29 billion of dedicated revenue and paid out C$2.5 billion to repay debt.
  • When: 2025-26
  • Size: C$2.5B
  • Why: Keeps debt falling while the fund stays near C$17 billion.
  • Outcome: Balance slipped from C$16.86 billion to C$16.64 billion.

Investment process

The Minister of Finance administers the fund and sets its investment policy with the Caisse. The Caisse manages the assets; the Minister decides when sums are used to repay debt. S2 S5

  1. Royalties, the Hydro-Québec contribution and income are credited to the fund each year. S4
  2. Sums are deposited with the Caisse in the Minister's name. S2
  3. The Ministry and the Caisse set the reference portfolio using 10-year forecasts. S5
  4. The budget sets how much is drawn to repay maturing debt. S5 S4
  5. Results appear in the audited public accounts. S5

How to approach: The fund has no investment staff or deal intake; mandates and partnerships are handled by the Caisse. S4

Size and returns

  • Headline size: C$16.64B (Fund market value, as of 2026-03-31) S5
  • In US dollars: about USD 11.9B. C$16.644B fund balance at 1.3935 CAD per USD (ECB reference, 2026-03-31)
  • Fair value of Caisse units, March 2026: C$19.55B (Fair value of state company holdings, as of 2026-03-31) S5
  • Balance, March 2025: C$16.86B (Fund market value, as of 2026-03-31) S5
  • Book value, March 2021: C$12.2B (Fund market value, as of 2025-10-14) S6
  • Returns: the fund does not publish a return figure.

Leadership

NameTitle
Eric GirardMinister of Finance (responsible minister) S7

Governance and transparency

  • Legal basis: Act to reduce the debt and establish the Generations Fund (chapter R-2.2.0.1) S2
  • Oversight: Minister of Finance; National Assembly through the budget and public accounts; audited by the Auditor General S2 S5
  • Expenses are charged to the fund and the Minister keeps its accounts. S2
  • Note 12 of the public accounts discloses balance, fair value and reference portfolio. S5

Transparency score: 6.5 of 10 (band 4 of 5). Our own 10-item rubric; see the methodology page.

  • Published: total assets, asset allocation, audited financial statements, governance and mandate documents, named leadership, regular reporting schedule. S2 S5 S7
  • Partly published: geographic or sector split. S5
  • Not published: annual return, long-term returns, holdings or deal list. S5

History

DateEvent
2006-05-09Bill 1 introduced. S1
2006-06-15Act passed into law. S1
2007-01-01Act in force; fund begins. S1
2014First debt repayment, C$1 billion. S6
2019C$8 billion repaid in 2018-19. S6
2025C$4.4 billion repaid in 2024-25. S5
2026-03-31Balance of C$16.64 billion. S5

For family offices

The fund has no co-investment or partner programme. Managers and co-investors work with the Caisse, which runs its assets. S2

  • Partnerships, mandates and co-investments go through the Caisse. S2

Reports

Common questions

How large is the fund?

C$16.64 billion at cost on 31 March 2026; its Caisse units had a fair value of C$19.55 billion. S5

Where does its money come from?

Water-power royalties, a C$650 million yearly Hydro-Québec contribution and investment income. S4

Who invests it?

Quebec's Caisse de dépôt et placement (CDPQ), under a policy set by the Minister of Finance. S2

What can the money be used for?

Only to repay Quebec government debt. S2

All sovereign wealth funds in North America · All sub-national permanent funds · All funds in Canada

Sources

  1. S1Assemblée nationale, Bill 1 (2006)
  2. S2LégisQuébec, Act to reduce the debt and establish the Generations Fund (R-2.2.0.1)
  3. S3IFSWF, Our members
  4. S4Gouvernement du Québec, Debt and the Generations Fund
  5. S5Québec Public Accounts 2025-2026, volume 1
  6. S6Wikipedia, Generations Fund
  7. S7Assemblée nationale, Eric Girard

Disclaimer

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