La Caisse's private equity holdings fell 4.3% in the first half of 2026, badly lagging a benchmark that posted an 8.0% gain. The Québec‑based investor, formerly CDPQ, recorded a six‑month return of 5.1% versus its 7.5% benchmark. This widening gap highlights how the private‑equity arm underperformed relative to public markets during the period.

Net assets stood at approximately $396 bn (C$552 bn), with the six‑month period delivering roughly $18.7 bn (C$26 bn) of gains. Over the longer term, annualised returns were 6.4% for five years and 7.5% for ten years, compared with benchmark figures of 6.8% and 7.6% respectively. These figures illustrate a modest but persistent underperformance relative to the public index.

La Caisse explained that the shortfall stemmed mainly from stock markets continuing to outrun private assets, which caps the upside a diversified portfolio can capture when public indices are running hot. Consequently, while the fund delivered solid absolute returns, the relative lag underscores the challenge of extracting private‑equity performance amid a strong equity rally.

The six‑month performance, though below the benchmark, still contributed to an overall five‑year annualised return of 6.4% and a ten‑year average of 7.5%, indicating that the fund remains on a growth trajectory despite the recent dip.