"We are continuing to grow our footprint at home," said CEO Deborah Orida, laying out a plan to raise the Public Sector Pension Investment Board's Canadian investments to C$100 billion, or $72.4 billion. She said that target "comes from a bottom-up assessment of the available investment opportunities." PSP oversees C$321 billion and manages pensions for people in the Canadian military as well as for the national police force and the federal public service. By year-end, the fund held roughly C$75 billion of assets in Canada.
Orida said PSP sees room to invest across infrastructure and up and down the capital stack, from equity to non-investment-grade debt. The message: there is a broad mix of projects and financing types they find compelling at home.
Orida's comments come just ahead of Canada's inaugural investment summit, a project of Prime Minister Mark Carney's government that is targeting C$500 billion in private capital over a five year period. Set for next week in Toronto, the event is drawing some of the world's biggest players, including BlackRock's Larry Fink and Blackstone's Jon Gray. Organizers have compiled a pitch deck with more than 160 opportunities seeking tens of billions of dollars, ranging from data centers and advanced manufacturing to projects in liquefied natural gas, port facilities, and dozens of mines. PSP took part in planning the gathering, and Orida is slated to speak and sit down for a fireside chat with Carney.
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The summit "is meant to be the catalyst, so the beginning, not the end in and of it itself," Orida said, adding, "We're seeing heightened interest or curiosity in Canada as a stable jurisdiction." She pointed out that a number of international investors have come to see that they may be underexposed to Canada and might begin with public equities before exploring private transactions. If that curiosity translates into action, it can influence everything from liquidity in Canadian equities to the pipeline of new infrastructure financings that everyday investors will be reading about next.
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