Financial and commercial expertise for lasting prosperity

CDEV is the federal government’s trusted financial and commercial advisor and active asset manager.  

Our Work at a Glance

in government assets
in dividends returned to Canada since 2010
portfolio companies

What We Do

A trusted advisor and an active asset manager

As a federal Crown corporation reporting to Parliament through the Minister of Finance, CDEV delivers financial and commercial expertise that government relies on.

 
With a broad mandate, a skilled team, and expertise not found elsewhere in government, CDEV is regularly called upon to advise on and execute critical financial transactions, support priority policy objectives, and maximize the value of corporate assets in Canada’s best interest.

Our Expertise

Asset Management

As the parent corporation of the CDEV Group of Companies, we bring a commercial approach to the active management and ownership of strategic assets of the Government of Canada and ensure proper oversight related to governance, financing and value creation, maximizing the value of corporate assets in Canada’s best interest. CDEV has a track record of implementing critical policy objectives by establishing and operationalizing new entities quickly and successfully, including the Canada Indigenous Loan Guarantee Corporation (CILGC), Canada Enterprise Emergency Funding Corporation (CEEFC), and Canada Growth Fund (CGF).

Financial and Commercial Advice

We provide commercial and financial advice across complex government corporate finance matters to support priority policy objectives, including creative capital and funding solutions, corporate finance negotiations, strategic asset reviews, and leading governance practices. CDEV brings the agility and rapid responsiveness required for government to act quickly and effectively.

Monetizations and Divestments

Canada prospers when its major assets are performing at their best. We evaluate, improve and acquire government-owned businesses, and when the moment is right, sell the government’s stake in these assets. Our foresight and disciplined processes attract top partners, protect competition and jobs, and unlock capital for new priorities. Since 2010, we have returned over $10.8 billion of capital to Canada.

Indigenous Economic Participation

Shared prosperity requires shared ownership. We provide leading Indigenous economic participation expertise and manage the $10-billion federal Indigenous Loan Guarantee Program, through our portfolio company, Canada Indigenous Loan Guarantee Corporation (CILGC). Our goal is to accelerate Indigenous economic reconciliation by providing access to affordable capital to unlock opportunities.

Success Stories

Delivering Strategic Impact

Executing a High-Value Exit
Scaling a National Asset
Financial and Commercial Advisory
Advancing Indigenous Equity Participation
Deploying Strategic Capital Where It Matters

Executing a High-Value Exit

Context

In 2021, CDEV’s subsidiary, Canada Enterprise Emergency Funding Corporation (CEEFC), acquired 21,570,942 Class B Voting Shares of Air Canada as part of a financing package to support Air Canada and preserve jobs during the COVID-19 pandemic. CEEFC did not intend to be a long-term owner of the shares.

What We Did

CEEFC exited the Air Canada share position in its entirety in December 2024 through a successful divestment process. The sale reflected deep markets expertise, rigorous analysis, and discipline, resulting in proceeds of $544 million and recouping the entire investment while generating a profit.

Measurable Outcome

  • $544M in total sale proceeds
  • $43.8M net profit
  • $126M total profit for Canadians, including $82.2M from warrant sales

Strategic Significance

This successful monetization underscores how our commercial expertise supports positive outcomes for the benefit of the Government of Canada and Canadians as a whole.

Scaling a National Asset

Context

Canada’s energy exports and the value of Canadian oil were constrained by limited pipeline capacity and overreliance on a single market.

What We Did

CDEV oversaw the expansion of the Trans Mountain system, ensuring the project had the resources to reach completion, at the end transforming a legacy pipeline into a major export corridor capable of reaching global markets.

Measurable Outcome

  • Capacity increased from 300,000 to 890,000 barrels per day
  • 26 international markets received Canadian crude in 2025
  • $1.7B in annual revenue delivered to Canada

Strategic Significance

The expansion strengthened Canada’s global energy position, diversified trade exposure, and converted strategic infrastructure into a durable, revenue-generating national asset.

Financial and Commercial Advisory

Context

CDEV provides commercial and financial advice across complex government corporate finance matters to support priority policy objectives. Drawing on deep private and public sector experience and skills not found elsewhere in government, CDEV brings the agility and rapid responsiveness required for government to act quickly and effectively.

CDEV is positioned as the entity of choice for the federal government for financial and commercial advisory in the best interest of Canada, including monetizations and divestments, creative capital and funding solutions, corporate finance negotiations, strategic asset reviews, and leading governance practices.

What We Did

In 2025, CDEV executed 10 financial advisory projects across four government departments: Finance Canada, Natural Resources Canada, Transport Canada, and Innovation, Science and Economic Development Canada. This included supporting the government’s objective to ensure the long-term sustainability and competitiveness of Canada’s airports and assessing the National Research Council of Canada’s Canadian Photonics Fabrication Centre to best position it to attract private capital, scale its operations, and serve as a platform for Canadian innovation and new photonic applications.

Measurable Outcome

  • Over $7.8 million saved in 2025, offsetting over 17,000 hours of external advisor time by using internal capabilities and expertise

Strategic Significance

CDEV’s work maximizes the value of the government’s assets through disciplined and rigorous commercial analysis and reinforces its role as the federal government’s entity of choice for financial and commercial advisory.

Advancing Indigenous Equity Participation

Context

Indigenous communities have long faced structural barriers to meaningful equity ownership in major infrastructure projects, limiting their ability to participate fully in the economic benefits generated by these assets.

What We Did

Launched in December 2024 as a wholly owned subsidiary of CDEV, Canada Indigenous Loan Guarantee Corporation is delivering the $10 billion Indigenous Loan Guarantee Program to unlock Indigenous equity participation in major projects across Canada.

In its first year, Canada Indigenous Loan Guarantee Corporation doubled its program envelope, expanded the program’s national scope, and issued a $400 million federal loan guarantee enabling 38 First Nations to secure a 12.5 percent equity interest in Enbridge’s $7.5 billion Westcoast pipeline system.

Measurable Outcome

  • $400M loan guarantee issued
  • 12.5% equity stake secured
  • 38 First Nations participating
  • Largest Indigenous loan guarantee in Canadian history

Strategic Significance

Through Canada Indigenous Loan Guarantee Corporation, CDEV has established a replicable model that advances economic reconciliation while enabling large-scale Indigenous participation in critical infrastructure ownership. The program has laid the organizational and financial foundations to scale impact across Canada in 2026 and beyond.

Deploying Strategic Capital Where It Matters

Context

Tariff pressures and global trade volatility threatened the competitiveness of a fully integrated Canadian steel producer operating in a sector foundational to Canada’s economy and national security.

What We Did

Through the Large Enterprise Tariff Loan facility, the Canada Enterprise Emergency Funding Corporation (CEEFC), part of the CDEV group of companies, provided a $400 million loan to Algoma Steel Inc. This financing helped stabilize operations while supporting the company’s transition to electric arc furnace steelmaking, a significant modernization initiative.

Measurable Outcome

  • $400M loan facility deployed
  • Transition to electric arc furnace technology underway
  • Canadian steel production capacity preserved

Strategic Significance

Steel underpins construction, energy, manufacturing, transportation, and defense. We reinforced a core industrial pillar during global uncertainty.