CDPQ buys Plenary Americas

Caisse de dépôt et placement du Québec has acquired Plenary Americas from Plenary Group (Canada).

Caisse de dépôt et placement du Québec has acquired Plenary Americas from Plenary Group (Canada). No financial terms were disclosed. Plenary Americas is an investor, developer and operator of public infrastructure in North America.


MONTRÉAL and TORONTO, March 12, 2020 /PRNewswire/ – Caisse de dépôt et placement du Québec (“CDPQ”) and Plenary Group (Canada) Ltd. (“Plenary Americas”) today announced CDPQ’s acquisition of Plenary Americas, a leading investor, developer and operator of public infrastructure in North America.

With this investment, CDPQ acquires Plenary Americas’ operating business, as well as a controlling stake in its existing public-private partnership (PPP) portfolio. With 36 projects, Plenary Americas’ leading collection of social and civil infrastructure assets is unique in both its geographic and sectoral diversification.

“Plenary Americas is recognized for its highly skilled project development team and solid operational expertise. It is well positioned to act on growth opportunities, notably in the United States, where infrastructure needs are rising and long-term investors, such as CDPQ, can play a role in bridging the funding gap,” said Emmanuel Jaclot, Executive Vice‑President and Head of Infrastructure at CDPQ. “For CDPQ, it is an opportunity to strengthen our presence in social infrastructure and create a powerful platform to develop assets that are at the heart of communities.”

John O’Rourke, Plenary’s global Chairman, explained that CDPQ and Plenary have been partners since 2012 when CDPQ first invested in Plenary’s Australian PPP projects. “Our long standing relationship gives us enormous confidence in the success of the acquisition for both CDPQ and the North American business. The acquisition validates Plenary’s global standing in the PPP market and our long-term partnership model”, he noted.

“There is a natural fit between CDPQ and Plenary Americas, and we are closely aligned with their investment philosophy, their culture and their values,” said Brian Budden, President and CEO, Plenary Americas. “We are very enthusiastic about the potential of this new platform, and we are confident that our PPP expertise, combined with CDPQ’s strength and investment experience, will allow us to seize new opportunities.”

“Plenary Americas’ unique model is the result of its management team’s sophistication and sense of innovation in developing, structuring and operating its projects,” added Olivier Renault, Managing Director, Infrastructure, North America, at CDPQ. “We look forward to working with this strong team in the next chapter of the company’s history.”

In addition to this investment, CDPQ maintains its close relationship and 20% ownership interest in Plenary Asia Pacific. Plenary Americas and Plenary Asia Pacific will continue to work together closely, sharing knowledge and resources, and potentially exploring new markets.

Plenary Americas is a long-term investor, sponsor and operator of public infrastructure. It has become North America’s leading specialized developer of long-term partnership projects, with a project portfolio of nearly CAD$20 billion across both Canada and the United States, including 36 projects in the health, transportation, defence, justice, education and government accommodation sectors. For more information, visit, follow on Instagram @PlenaryAmericas or consult Plenary’s LinkedIn page.

Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at December 31, 2019, it held CAD 340.1 billion in net assets. As one of Canada’s leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.