Mandated Investment in Practice: Can the UK learn anything from CDPQ’s dual mandate?
12 January 2026, Blog
Last year, we published a report on the Maple 8 and LGPS. Continuing the conversation about the two systems, we look at the dual mandate employed by one of the Canadian funds, and what it tells us about potential mandation in the UK.
The Local Government Pension Scheme (LGPS) is a leading investor in the UK economy. With over £460 billion in assets, it is one of the largest sources of long-term capital in the country and among the most active in supporting domestic infrastructure, housing, and clean energy projects. Despite operating within a complex regulatory and market environment, LGPS Funds have consistently sought opportunities to invest locally where it aligns with fiduciary duty and member outcomes.
The Canadian pensions system has long been admired for its scale, governance, and investment sophistication. Among the Maple 8, one fund stands out for its unique approach: Caisse de dépôt et placement du Québec (CDPQ). Unlike its peers, CDPQ operates under a legally codified dual mandate, to deliver optimal returns for its members and to contribute to the economic development of Québec.
This is an excerpt, read the full article in the member hub.