MONTREAL — The Caisse de depot et placement du Quebec generated a 12 per cent return on investments in 2014 as its net assets rose to $225.9 billion.

The province’s largest pension fund manager says it generated $23.8 billion in net investments as of Dec. 31, 2014, in addition to $1.9 billion in net deposits.

All three of the Caisse’s major asset classes experienced gains, led by equities which grew nearly 14 per cent to $106.9 billion. Inflation-sensitive investments were up 11 per cent to $34 billion while fixed-income investments increased 8.4 per cent to $82.4 billion.

Over four years, the Caisse’s average return reached 9.6 per cent as assets grew by $74.2 billion.

Its real estate division Ivanhoe Cambridge completed a record number of transactions in 2014 as it focused away from hotels to multi-residential and logistics properties. It made $5.1 billion in acquisitions and $8.6 billion in sales, including 21 hotels.

The Caisse invested $2.5 billion in Quebec companies last year and more than $11 billion over four years, pushing assets in the province to $60 billion.

However, it shifted five per cent of its Canadian exposure to other markets to capitalize on global growth. More than 47 per cent of its investments are outside the country.

In addition to real estate acquisitions in the United States, the Caisse invested $3.8 billion in infrastructure in the U.S. and Australia.