Freschia Gonzales of Wealth Professional reports pension fund to invest another $10 billion in Canada by 2027:

Ontario Teachers' Pension Plan Board will put an additional $10bn into Canadian public and private investments by the end of 2027, targeting opportunities that meet its existing return objectives. 

Canada already accounts for approximately $100bn of the plan's gross assets, or about 30 percent of the total portfolio, according to the announcement.  

Ontario Teachers' described Canada as its home market and said its domestic holdings span multiple sectors, naming Arterra Wines, Cadillac Fairview, Canada Guaranty, Enwave, Fairstone Bank, GFL, Global Container Terminals, Heritage Royalty, HomeEquity Bank, and StackAdapt among them. 

Jo Taylor, president and CEO of Ontario Teachers', said in the plan's statement that about one-third of the fund's portfolio sits in Canada today.  

The plan will invest "a further $10bn in compelling Canadian opportunities across public and private markets by the end of next year," he said. 

Hundreds of global investment, business, and public sector leaders are convening in Toronto for the inaugural Canada Investment Summit, a Government of Canada initiative to catalyze capital into Canadian investment sectors, the plan said. 

Ontario Teachers' said it will continue to invest locally as part of a broader strategy of investing across markets and sectors to deliver attractive risk-adjusted returns, and framed the additional capital as benefiting both members and Canada's long-term economic growth and resilience. 

The plan's domestic weighting runs against a directional shift reported elsewhere in the institutional market.  

Crisil Coalition Greenwich's Canadian Institutional Investors Study, covered by Wealth Professional last April 2026, found a quarter of institutions intend to significantly reduce holdings in both active and passive Canadian equities.  

None plan a meaningful increase to passive domestic stocks, while 8 percent expect a notable rise in active Canadian equity exposure. 

Ontario Teachers' most recently disclosed full-year figures, as reported by Wealth Professional on the plan's 2024 results, showed a one-year total-fund net return of 9.4 percent, net assets of $266.3bn, and a preliminary funding surplus of $29.1bn, against a benchmark of 12.9 percent.  

Sentiment on the domestic market has been a live question for Canadian portfolio managers, a theme Wealth Professional examined in coverage of Canada's role in a late-cycle market in January 2026. 

On Friday, Ontario Teachers’ set an objective to invest an additional $10 billion in Canada by the end of 2027:

Toronto, ON (September 11, 2026): Ontario Teachers’ Pension Plan Board (Ontario Teachers’) announces today that it plans to further its exposure to attractive opportunities in Canada through investing an additional $10 billion by the end of 2027 in public and private Canadian investments that meet its return objectives. 

This announcement comes as hundreds of global investment, business, and public sector leaders are convening in Toronto for the inaugural Canada Investment Summit, an initiative by the Government of Canada to catalyze capital into attractive investment sectors in Canada.

Canada is Ontario Teachers' home market and is host to approximately $100 billion of its gross assets, or about 30% of the total portfolio. That portfolio spans a range of sectors and includes Arterra Wines, Cadillac Fairview, Canada Guaranty, Enwave, Fairstone Bank, GFL, Global Container Terminals, Heritage Royalty, HomeEquity Bank and StackAdapt, among others.  

With deep local roots and a track record of investing across sectors, Ontario Teachers’ is well positioned to put additional capital to work in ways that benefit its members and also contribute to Canada’s long-term economic growth and resilience.

“We believe Canada has a strong role to play in a global investment portfolio. With about one-third of our portfolio in Canada today, we know first-hand the appeal of Canada as an investment destination,” said Jo Taylor, President and CEO of Ontario Teachers’. “We look forward to building on this strong base of domestic exposure through investing a further $10 billion in compelling Canadian opportunities across public and private markets by the end of next year.”

Ontario Teachers’ will continue to invest locally as part of a broader strategy of investing across markets and sectors to deliver attractive risk-adjusted returns.

About Ontario Teachers'

Ontario Teachers' Pension Plan Board (Ontario Teachers') is a global investor with net assets of $303.2 billion as at June 30, 2026. Ontario Teachers’ is a fully funded defined benefit pension plan, and it invests in a broad array of asset classes to deliver retirement security for 346,000 working members and pensioners. For more information, visit otpp.com and follow us on LinkedIn.

As we get set for this week's Canada Investment Summit, yet another Maple 8 fund released a press release stating it will invest an additional $10 billion in Canada by 2027 across public and private investments.

Now, $10 billion for OTPP, which now manages $303 billion in total assets, might not sound like a lot but OTPP already invests $100 billion in Canadian public and private investments (a third of the fund) and, along with AIMCo, BCI, CDPQ (dual mandate, invests heavily in Quebec) and HOOPP, invests quite a bit in Canada.

The current exposure to Canada was by design, but it has changed since the pandemic hit.

For example, a lot of the domestic assets (roughly $26 billion) are managed by Cadillac Fairview, OTPP's domestic real estate subsidiary. Recall, up to the pandemic, OTPP's real estate holdings were almost entirely in Canada.

Over the last three years, however, OTPP has been diverisfying its real estate holdings geographically and by sector outside of Canada (right thing to do).

Still, it has an important presence in Canada, and I am certain if infrastructure or energy deals present themselves that fit with its risk and return objectives, it too will participate in these projects. 

I can't add more than this at this time, but I'm looking forward to hearing what comes out of this big summit this week.

Below, Canadian Prime Minister Mark Carney talks about efforts to increase foreign investment in the nation, seeking coordination on artificial intelligence safety, and the state of trade with the United States. He joins Bloomberg News' Ottawa Bureau Chief Brian Platt ahead of the country's first national investment summit in Toronto.

Next, David McKay, RBC president and CEO, joins ‘Squawk Box’ to discuss the 2026 Canada Investment Summit 2026, reports of Prime Minister Mark Carney reportedly looking into tightening its relationship with the EU, state of US-Canada relations, and more.

Last and importantly, Global affairs expert Janice Stein joins Ontario Teachers’ Chief Strategy Officer, Jonathan Hausman to discuss a changing global order, the accelerating impact of AI and what both mean for institutions and leaders looking ahead.

The global order that has shaped much of the past 75 years is changing at the same time as advances in AI are reshaping economies, institutions and global competition.

In this episode of School of Thought, Ontario Teachers’ Chief Strategy Officer Jonathan Hausman speaks with global affairs and international relations expert Janice Stein about how these forces are intersecting and what they could mean for leaders and institutions. Their conversation explores U.S.–China competition, the changing meaning of sovereignty, the opportunities presented by AI, and how organizations can position themselves for what comes next.

Stein brings decades of experience studying international relations, conflict and decision-making. She is the founding director of the Munk School of Global Affairs & Public Policy at the University of Toronto, Chair of the Halifax International Security Forum, a Fellow of the Royal Society of Canada, and an Officer of the Order of Canada and the Order of Ontario.

The conversation also considers what effective leadership looks like in periods of significant change, how new approaches can help institutions adapt, and where Stein sees opportunities for innovation, growth and positive transformation in an evolving global environment.

Great discussion between Jonathan and Janice Stein, I had a chance to really listen to it this weekend and highly recommend it.

Barbara Shecter of the National Post reports PSP aims to boost Canadian investments by at least 30 per cent in the coming years, CEO says:

One of Canada’s largest pension funds expects to boost investments in Canada by 30 per cent to 40 per cent over the next few years, bringing its total assets invested at home above the $100 billion level.

The Public Sector Pension Investment Board’s target stems from a more uncertain global landscape alongside new opportunities at home, said Deb Orida, chief executive of PSP, which has $320.6 billion under management and is a co-host of Prime Minister Mark Carney’s global summit, which will bring together top investors from more than two dozen countries across Asia-Pacific, Europe and the Middle East in Toronto next week.

“We’ve been looking for opportunities to leverage our home ice advantage,” she said, adding that the fund already boosted Canadian investments by $10 billion in its most recent fiscal year through a combination of direct private investments and equities.

“As we think about the opportunity going forward, we think that we will likely cross the $100-billion threshold in Canada over the next few years.”

Infrastructure is among the areas where Orida sees more avenues to invest.

PSP has accumulated a $32-billion infrastructure portfolio that generated a 15 per cent return over the past five years and new deals could include equity stakes or infrastructure debt and investment-grade private credit, she said, adding that she has directed the pension fund’s infrastructure and private credit teams to collaborate.

“We are typically looking at it across both and assessing where in the capital structure we think the best risk-adjusted returns are,” she said.

Orida said PSP would also pursue airport investments should Ottawa decide to unload major ownership stakes to generate funds for priority government projects.

“We feel very well positioned to participate in things like airports if they were to become available because PSP has an airport operating platform that operates seven airports,” she said. “It’s an area that we know well and that we’ve made some great investments in.”

New investment opportunities over the next few years could also come through PSP’s management of another pool of capital: the Canada Growth Fund.

“The Canada Growth Fund often will do the early investing, (but) as some of these projects mature, there will be more opportunities for PSP, the pension, in areas like nuclear, critical minerals, other areas of energy infrastructure,” Orida said. “I think (those will be) good investments for our pension mandate.”

Ottawa has struggled for more than a decade to persuade Canada’s large pensions to invest more at home. Some members of the business community have joined the chorus, but there has been pushback from pension fund managers whose mandates require them to base investment decisions on generating returns for their beneficiaries without taking undue risks.

Among the arguments is that Canadian funds are already overweight at home, in part because their domestic holdings exceed the country’s share of global gross domestic product.

But in “a new investing regime,” as Orida described it, that features increasing global uncertainty and tensions with the United States, PSP isn’t alone in turning an eye to Canada, where greater efforts are being made to find ways to align investments with pension mandates.

For example, the Ontario Municipal Employees Retirement System (OMERS) invested $1 billion in Canadian equities in the first half of 2026 and has pledged to add at least $10 billion in new investments in Canada to its portfolio over the next five years.

“While we continue to maintain a geographically diversified portfolio to meet our long-term pension obligations, the current environment in Canada has considerable potential and we look forward to exploring those opportunities that align with our strategy,” Blake Hutcheson, chief executive of OMERS, said in August.

Alright, it's Friday, and typically I reserve these days to talk about markets.

Very quickly, a fresh reading on US inflation showed monthly prices rose more than expected in August, increasing the likelihood the Federal Reserve will raise interest rates next week. 

I'm still not convinced the Fed will raise rates next week but the market thinks it's a done deal. All I know is if the Fed does raise next week, before US midterms, it's a one-and-done deal which will have little influence on markets.

But rates are on everyone's mind lately, and higher rates are impacting risk assets all over the world.

I'll cover markets in detail next Friday. 

Discussion With Andrew Alley, Global Head of Infrastructure at PSP Investments

Earlier today, I had a chance to speak with Andrew Alley, managing director and global head of infrastructure investments at PSP Investments.

I want to thank Andrew for taking the time to speak with me and also thank Charles Bonhomme for setting up the Teams meeting and assisting.

Before I get to my discussion, a reminder that Andrew Alley joined PSP Investments back in March from CPP Investments. Lauren Bailey of Markets Group reported on it back in February:

The C$299.7B Public Sector Pension Investment Board has appointed Andrew Alley as managing director and global head of infrastructure investments, effective March 16.

He joins the pension fund from the Canada Pension Plan Investment Board, where he has held several senior roles in infrastructure in CPP Investments’ Hong Kong, Sydney, London and Toronto offices, more recently serving as managing director and head of infrastructure for North America and Australasia. 

“With a strong track record of managing complex, multi-regional portfolios, Andrew brings extensive international experience to our organization,” said PSP investments in a LinkedIn post.

Prior to joining CPP Investments in 2007, Alley worked in the Energy Investment Banking group at RBC Capital Markets in Calgary, AB, and in the Business Development Group at Pengrowth Energy Trust. He also sits on the boards of the 407 ETR in Canada, Transurban Chesapeake in the U.S., and the Cikopo-Palimanan toll road in Indonesia.

Alley succeeds Sandiren Curthan, who had held the role for 14 years.

“A few months ago, due to personal considerations, Sandiren Curthan expressed a desire to return to our London office from the summer of 2026. He will continue to strengthen our infrastructure platform as managing director, infrastructure investments. His contributions have been instrumental in the development of our platform and we look forward to his continued leadership.”

In the post, PSP Investments noted the appointments strengthen its ability to execute strategy regionally in a dynamic and competitive market environment.

In fiscal 2025, PSP Investments’ real assets sleeve made up 31% of the total portfolio, with infrastructure accounting for 12% of the real assets bucket. By the end of FY2025, the infrastructure portfolio’s assets under management sat at $32.0B, returning 17.8%.

Alright, Andrew began by giving me a brief introduction and discussing some of the investments he worked on at CPP Investments:

I joined after 18 years at CPPIB in Toronto, but also many places around the world: London, Sydney, Hong Kong. I was running various regional businesses, regional infrastructure businesses for CPPIB, and hit the ground running here at PSP.

An example of things I've worked on? I've been involved with the 407 since inception. So it's a great partnership we have now between CPPIB and PSP. I was at CPP Investments when PSP came in (as a partner on 407). So now, sitting on the other side, I'm still involved. That's an example of some of the things I had done throughout my career there. That's what I've been involved with for 15 years.

I told Andrew that I read the National Post article where Deb spoke with Barbara Shecter, and she specifically referred to infrastructure in Canada helping PSP cross the $100 billion threshold (additional investment in Canada) in a few years.

I asked him what particular areas of infrastructure they are looking at.

He responded:  

Absolutely, infrastructure is a big part of that expectation PSP has of an overall $100 billion Canadian number, and I think it's because we see and are excited about the opportunity set that's developing in Canada.

One thing that we really like is when you look at the big areas of focus in Canada through building the nation around energy, around transport, digital as an example, they align very well with our areas of focus, but also our areas of expertise.

You know, an example of that is airports. We have an airport platform (AviAlliance) that operates seven airports around the world. So, if there are opportunities in airports in Canada, that's something we would be really excited about.

But a number of these things fit with what our global capabilities have been. So we're excited about the opportunity to be growing even more in the country beyond the $10 billion that we've invested in the last year. You know, and contributing to that broader number, the $100 billion number.

I asked him, other than airports, where I know PSP has a very strong platform, Deb mentioned critical minerals and nuclear down the road. Are there other areas they are looking at?

Andrew replied:

The interesting thing about PSP is we've got the PSP pension fund, but PSP also manages the Canada Growth Fund. So when we think about growth in some of those areas that you're talking about, that's a place that can play as well. When we think about those areas that are critical for the country, and then as things move into the infrastructure world, as things mature, they tend to fit with infrastructure. 

We will do development as well now, building things in infrastructure. If we think of other areas beyond transport and airports, I'm talking about the energy utility sector. We have utility investments around the world, things like electricity transmission, where we did a large investment in the U.S. last year. We'd love to bring that (see my comment on how KKR and PSP bought AEP Transmission stake for US$2.8 billion in early 2025).

I asked Andrew what he expects from next week's Canada Investment Summit in Toronto and whether we will finally see some major announcements around privatizing airports and other investments (ports, etc).

He replied:

I think the thing I would say is there's relationship building. They are bringing international investors together. It's the start of the dialogue around getting big things to happen in Canada. I think the excitement is building. People are curious, so it's the beginning of that journey. 

I'm not privy to specific announcements, but we're excited that the interest is here in our country, and we want to be a part of it, driving that large-scale investment forward.

I asked Andrew to take a step back and give me a nice overview of PSP's infrastructure portfolio. he replied:

Yes, absolutely. We're a growing portfolio. We're about $32 billion in net asset under management, growing substantially, which is exciting because we want to apply that to Canada.

We find a nice split and balance across the various big buckets of infrastructure, and we see that largely continuing. So, I see us leveraging the expertise and platforms that we do have in areas like transport, with airports, and then growing in areas like utilities where we like the exposures and we want more, and then also redeploying in areas like digital.

Digital was a large exposure. We sold a lot, which was good for our returns but we're excited about that sector, so we're actively looking at ways to rebuild that exposure in that space.

I asked him to share more broadly with my readers how PSP views infrastructure and its importance ot the overall portfolio. Andrew responded:

Infrastructure has been a strong performer historically for PSP, and it's something that we are really excited about going forward. 

Coming from that strong position of prior success with returns, but also the global capabilities that we've built, so we're really excited about taking that forward. 

If we think of the key ways we do that, we will lean into what we're good at, and continue to expand on that. So, it is with those platforms, it is with those sectors of expertise that I mentioned earlier. 

But the group has been really good about thinking and about identifying what's next. We were an early investor in data centers at the early stage of that growth, and we're always thinking about what could come next. 

And it's what will be the real big buckets of infrastructure going forward. It's less about chasing the next risky thing-it's more about the things that everyone's going to see as more mature infrastructure assets going forward. 

So we come at it from those two ways, and then want to apply that lens to everything that's happening in Canada now. We think it's just a great time to be bringing that global expertise back to Canada.

Lastly, I noted that CPP Investments is more open now to work with large private equity funds like KKR, Blackstone and even BlackRock on major infrastructure investments (see my recent comment here), and asked him if increased competition in the asset class is limiting their ability to go it alone.

Andrew replied:

For us, our success has been driven by the direct investing program, the platforms that I mentioned, the large direct investments that we make, and that will always be core to our program.

We've always had that tool in the toolkit to work with the funds as well. That's been a part of our business historically, and something we always have the ability to do. So we've got multiple tools in the toolkit to apply to each situation, but these core big direct investments, particularly here in Canada, where we really want to apply that, will be the main driver.

Great brief discussion with Andrew Alley who is a really nice and knowledgeable guy. I'm glad he and his young family have settled nicely here in Montreal.

On Monday, I will discuss how OTPP is also expanding its Canadian investments. 

Alright, let me wrap it up there and wish everyone a nice long weekend. 

We will never forget 9/11, the innocent victims taken that day from their families. 

Hard to believe that was 25 years ago but it's also a good reminder of how we come together in the face of evil and hardship.

Below, in this session at the Conference of Montréal 2026, leaders from the transportation, logistics, infrastructure, and finance sectors examine how strategic infrastructure investments can strengthen Canada’s competitiveness in an evolving global economy. 

The speakers include John Di Bert, Executive Vice President and Chief Financial Officer, Air Canada; Michael Castagnetto, President of North American Surface Transportation, C.H. Robinson; Daniel Farina, President and CEO, CDPQ Infra; Gregory Balycky, Managing Director, Investments, Canada Infrastructure Bank and Jeremy Melhuish, Vice-President, Sectors and International Advisory, Export Development Canada.

Also, Holly Newman Kroft, Neuberger managing director and senior wealth advisor, joins 'Squawk on the Street' to discuss how the markets are taking the latest US CPI number.

Sean Silcoff of The Globe and Mail reports La Caisse and B.C. billionaire Ryan beedie partner up to buy and develop industrial property across Canada: 

One of Western Canada’s top property developers, Ryan Beedie, is teaming up with the Caisse de dépôt et placement du Québec to buy and develop industrial real estate nationally.

His company, Burnaby, B.C.-based Beedie Holdings Ltd., has sold a half-share in six warehouses and distribution centres to the pension management giant for $500-million. The portfolio includes four Vancouver-area properties, one in Calgary and another under construction in Toronto. Together, they total 2.7 million square feet of leasable space and include facilities used by Sobeys, Aritzia and Amazon. Beedie will manage the properties.

The partners have also agreed to buy or build up to $2-billion of additional industrial properties in large cities in Quebec, Ontario, Alberta and British Columbia. The Caisse has committed $500-million for that expansion. Beedie will source deals and contribute 25 per cent or 50 per cent of the equity capital on a case-by-case basis; the Caisse will contribute the balance of the equity. The remaining will be debt-financed. The joint venture will target existing, larger-scale structures or land where a building can be constructed within three years.

“The Caisse has been clear in saying, as have we, that we want this relationship to continue to grow,” Todd Yuen, president, industrial at Beedie, said in an interview.

It’s the second joint venture this year in the sector for the Caisse, which had $552-billion of assets under management as of June 30. In April, it partnered with San Francisco-based giant Prologis Inc., which owns, develops and manages logistics and distribution warehouses for Amazon, the Home Depot, FedEx and others. With €1-billion ($1.6-billion) in seed assets, that venture, which is 70 per cent owned by the Caisse, will initially combine income-generating properties and development sites contributed by both partners across Europe and Britain.

Rana Ghorayeb, executive vice-president and head of real estate with the Caisse, said in a statement: “By combining our capital and investment expertise with Beedie’s proven operating capabilities and deep market knowledge, we have created a scalable investment vehicle to build a portfolio of quality industrial assets in some of Canada’s most strategic markets. This partnership strengthens our ability to capture compelling opportunities alongside one of Canada’s leading operators.”

The Caisse has remodelled its real estate holdings this decade, boosting its exposure to logistics and residential properties while pulling back on shopping malls and office buildings. It made $4.4-billion of property-related acquisitions in 2025, including data centres and student residences.

Demand for warehouses and other industrial real estate has picked up after two years of relatively lower investment in the sector. There were $6.6-billion of industrial deals in Canada in the first half of 2026, according to commercial real estate services company CBRE. That is slightly higher than the same period last year and does not include the proposed $3.4-billion acquisition of H&R Real Estate Investment Trust. CBRE industrial expert Matthew Brown said industrial investment this year could surpass 2023’s record of $20.7-billion. He said large investors are returning to the space, including pension funds, foreign capital providers and high-net-worth individuals.

In the 2000s, Beedie expanded beyond that traditional base into residential condominium development (it had 944 units under construction at the end of 2025) and financing mining and technology companies. It is the largest shareholder in Artemis Gold Inc., with a stake valued at more than $2.7-billion, and this year it bought a half-stake in one of Canada’s most consistently successful tech financiers, Vistara Capital Partners Ltd. The Caisse deal marks the first time Beedie will manage outside capital.

“This is a pivotal moment for us,” Mr. Beedie said in an interview. “It allows us to scale and become a truly national company.”

Beedie set out last year to seek a deep-pocketed institutional partner to help finance its expansion and enable it to better compete with Prologis and Irvine, Calif.-based Panattoni Development Co. Inc. “To be partners with the Caisse and their millions of pensioners, it feels pretty good to think the work we’re doing may contribute at least a bit to the benefit of Canadians that rely on them,” Mr. Beedie said.

The deal could eventually create a path for Mr. Beedie to exit more of his real estate holdings, given that none of his three adult children work in the business. While “this is not something for the near-term, it’s potentially another benefit if down the road we are looking for more liquidity events, as you have a ready built-in partner to work on that,” he said.

La Caisse and Beedie launched a partnership focused on Canadian industrial properties:

• The joint venture launches with a $1 billion seed portfolio and an acquisition target of up to $2 billion for Canadian industrial assets

La Caisse (formerly CDPQ), a global investment group, and Beedie, a Canadian leader in real estate development, investment, asset and property management, today announced the creation of a strategic partnership to acquire and develop industrial real estate assets across major Canadian markets. The partnership will look to capitalize on evolving market conditions and favourable long-term demand drivers for well-located industrial space.

As part of this transaction, the joint venture will launch with a $1 billion seed portfolio of premier industrial assets located in Metro Vancouver, Calgary and Toronto. La Caisse and Beedie will each hold a 50% interest in the portfolio, and Beedie will manage the enterprise and provide fully integrated services.

The seed portfolio includes five income-producing properties totalling more than 2.5 million sq. ft. of leasable area, as well as one development project expected to deliver approximately 200,000 sq. ft. of leasable area. The properties are occupied by investment-grade tenants across diverse sectors.

To support future growth, the partners have also established a deployment target of up to $2 billion in gross asset value to pursue acquisition opportunities across the full spectrum of risk profiles in key Canadian markets, including British Columbia, Alberta, Ontario and Québec.

“By combining our capital and investment expertise with Beedie’s proven operating capabilities and deep market knowledge, we have created a scalable investment vehicle to build a portfolio of quality industrial assets in some of Canada's most strategic markets,” said Rana Ghorayeb, Executive Vice-President and Head of Real Estate at La Caisse. “This partnership strengthens our ability to capture compelling opportunities alongside one of Canada’s leading operators.”

“This partnership represents a major step forward in our long-term strategy to scale our real estate platform through aligned institutional capital,” said Ryan Beedie, President, Beedie. “La Caisse and Beedie share a strong conviction in the long-term strength of the Canadian industrial real estate sector, and we are proud to build a partnership grounded in common values, disciplined execution, and a commitment to sustained growth. We look forward to working with La Caisse to build a portfolio that reflects the highest standards of quality, location, and operational performance.”

RBC and CBRE acted as advisors to Beedie on the transaction. McCarthy Tétrault and Blake, Cassels & Graydon LLP acted as legal counsel to Beedie and La Caisse, respectively.

ABOUT LA CAISSE

La Caisse has invested for over 60 years with a dual mandate: generate optimal long-term returns for its 48 depositors, who represent over 6 million Quebecers, and contribute to Québec’s economic development.

As a global investment group, La Caisse is active in the major financial markets, private equity, infrastructure, real estate and private credit. As at June 30, 2026, it held CAD 552 billion in net assets. For more information, visit LaCaisse.com, LinkedIn or Instagram.

La Caisse is a registered trademark of Caisse de dépôt et placement du Québec that is protected in Canada and other jurisdictions and licensed for use by its subsidiaries.

ABOUT BEEDIE

Beedie is a Canadian leader in real estate development, investment, and property management. Founded in 1954 and based in Burnaby, British Columbia, Beedie is driven by its social responsibility promise – “Built for Good”. Through its industrial, residential, and investment businesses, Beedie prides itself on creating spaces where people live, work, and thrive. Beedie is also proud to give back to the community and has donated and committed through corporate and philanthropic investment over $195 million to more than 500 organizations in need. Learn more at beedie.ca.

Any time La Caisse launches a $1 billion joint venture with anyone in any asset class, you need to pay attention.

The timing of the announcement -- right before next week's  Canada Investment Summit -- shouldn't surprise you. After all, global allocators will be looking and asking Canada's major pension funds where they are investing domestically.

I don't know much about Ryan Beedie or his firm, Beedie, but he's obviously very successful and couldn't have asked for a better institutional partner to set up this joint venture in industrial properties.

The Globe article mentions this is the first time he's managing outside money and this partnership will help him grow his operations in industrials and allow La Caisse to own some prized industrial assets across Canada. 

 Again, Rana Ghorayeb, Executive Vice-President and Head of Real Estate at La Caisse sums it up well:

“By combining our capital and investment expertise with Beedie’s proven operating capabilities and deep market knowledge, we have created a scalable investment vehicle to build a portfolio of quality industrial assets in some of Canada's most strategic markets. This partnership strengthens our ability to capture compelling opportunities alongside one of Canada’s leading operators.” 

It is also worth noting that despite the trade tensions with the US, La Caisse and Beedie remain bullish on industrial properties in Canada. 

And they're not alone.

Recall that last December, I discussed how CPP Investments is forging a joint venture to acquire up to $3 billion in Canadian last-mile industrial properties with Dream Industrial REIT (DIR-UN-T) and Dream Asset Management Corp.

La Caisse's joint venture with Beedie will target up to $2 billion in gross asset value to pursue acquisition opportunities across the full spectrum of risk profiles in key Canadian markets, including British Columbia, Alberta, Ontario and Québec.

These are the two largest pension funds in Canada, sending the market a clear bullish signal on logistics properties in our country.

Below, learn more about Ryan Beedie and how he learned from his father, Keith Beedie to build an empire out West. Quite an impressive company he's built.

Steve Randall of Wealth Professional reports Canada leads global investor confidence, but scale gap remains: CPP report:

Global investors trust Canada. The harder task is giving them enough to buy. 

That is the central finding of two complementary reports published September 8, 2026 by the CPP Investments Insights Institute, the research arm of Canada Pension Plan Investment Board (CPP Investments) in Toronto.

The reports - Competing for Capital: How Global Investors Choose Markets and Trusted, But Untapped: Canada's Next Competitive Advantage Is Investibility - draw on interviews with 65 senior investment professionals across 20 countries, collectively overseeing approximately $65 trillion in assets under management, or roughly one-third of estimated global AUM.

The research was published in the lead-up to the Canada Investment Summit, scheduled for September 14 and 15, 2026 in Toronto, where global institutional investors, business leaders and public-sector representatives are set to advance commercial conversations around Canadian investment opportunities.

What global investors actually want

The research lays out a clear hierarchy of what drives capital allocation decisions.

Market opportunity tops the list, cited by 80 per cent of respondents, according to the CPP Investments Insights Institute. Regulatory efficiency and predictability ranked second at 72 per cent, followed by policy stability at 69 per cent. The leading barriers to investment include unattractive risk-adjusted returns, fear of policy reversal and regulatory uncertainty.

The findings reinforce that perception of political stability is as important as economic fundamentals when assessing cross-border exposure.

Thematically, digital and AI infrastructure has emerged as the dominant global investment category, cited by 65 per cent of respondents.

Energy followed at 43 per cent, technology and semiconductors at 42 per cent, and defence at 35 per cent. The report notes that investors are increasingly treating these sectors as interconnected - data centres need reliable electricity, electricity grids require critical minerals, and all of it depends on permitting and financing frameworks.

"Global capital is looking for opportunity, but opportunity alone does not make a market investible," said Naomi Powell, Director of the Insights Institute at CPP Investments. "Trust and predictable rules build confidence, but capital ultimately moves to opportunities with sufficient scale, profitable structures and a credible path to execution."

Where Canada stands

Among eight major developed markets assessed in the companion Canada-focused report, Canada posted the strongest investor retention profile of any country surveyed.

Some 94 per cent of respondents said they expect to maintain or increase their Canadian exposure over the next three years. That figure placed Canada well ahead of Japan at 82 per cent and the United States at 77 per cent, according to the CPP Investments research.

Canada's advantages are well established: policy stability, openness to foreign capital and a regulatory environment that institutional investors regard as predictable.

The country also ranks second only to the United States for access to sophisticated local investment partners, a factor that carries significant weight for large pension funds and sovereign wealth funds structuring complex deals. Canada's natural resource base, energy sector and critical minerals supply chains further align with the themes drawing the most global capital right now.

That investor confidence is not purely theoretical. Foreign investors committed an unprecedented $100.6 billion to Canadian markets in the second quarter of 2026, according to Statistics Canada data, capping a record quarter driven largely by demand for federal government debt.

Canada has also overtaken both Germany and the United States to rank first in infrastructure investment attractiveness for the first time, according to the Global Infrastructure Investor Association's latest bi-annual Pulse Survey, conducted by Alvarez & Marsal.

The CPP Investments reports, however, make clear that strong sentiment has not yet translated into proportional capital deployment.

The gap between investor confidence and actual investment reflects a structural challenge around scale, bankability and execution capacity. Investors consistently flagged the absence of deal flow at institutional scale, revenue certainty and sufficient risk-sharing mechanisms as obstacles to converting interest into committed capital.

The investibility gap

The reports argue that Canada's competitive advantage lies in its ability to package existing strengths - energy, critical minerals and infrastructure - into investible opportunities that meet the requirements of large institutional mandates.

That means clear project pipelines, predictable regulatory timelines, attractive risk-adjusted structures and the kind of institutional-scale deal flow that major pension funds and sovereign wealth vehicles can absorb.

"Canada has already earned something increasingly valuable: the trust of global investors," Powell said. "The opportunity now is to turn that confidence into profitable investments. Connecting Canada's strengths in energy, critical minerals and infrastructure to AI and other emerging themes can position the country for the next wave of global capital."

Clients with allocations to infrastructure, private equity or global real assets are operating in a market where Canada's relative attractiveness is measurably improving, but where the depth and variety of available opportunities may not yet match the scale of institutional demand.

That demand-supply tension is visible across asset classes. Canadian venture capital funding fell 12 per cent in the first half of 2026 as global investors pulled back from private markets, even as early-stage companies absorbed 57 per cent of all capital deployed during the period, according to data reviewed by Wealth Professional.

The CPP Investments Insights Institute noted that investibility can be strengthened through a combination of policy and market structure improvements: clearer project pipelines, predictable regulation, revenue certainty, effective risk-sharing and investment structures built to institutional scale.

The fund itself, which totalled C$863.6 billion as at June 30, 2026, operates across more than 60 countries and deploys capital in public equities, private equity, real estate, infrastructure, fixed income and alternative strategies, giving its research arm a direct view of how competitive markets attract and retain large pools of long-term capital.

The Canada Investment Summit will test whether those conditions can be advanced through direct engagement between policymakers, business leaders and the global investor community. 

You can read the report, "Trusted but Untapped" on CPP Investments' Insights Institute website here.

I read the report; it is excellent. I provide you only with a high-level overview and key takeaways:

This report builds on original research conducted by CPP Investments Insights Institute examining how global capital allocators evaluate investibility and deploy capital across advanced economies. It explores how investors perceive Canada’s competitive position and unpacks the strategic advantage the country holds in an increasingly competitive market for global capital.  

Key Takeaways

Canada is the leading “stay-or-grow” market, period. Among the eight developed economies surveyed, Canada ranks first for investors’ intentions to maintain or increase their allocations.

Stability and trust are Canada’s superpowers.1 Canada is the market most associated with policy stability and regulatory predictability—top global capital allocation drivers.

Canada’s next opportunity is to connect its strengths. Canada’s energy, critical minerals and infrastructure advantages become more valuable when positioned not as standalone sectors but as the enabling platform for AI, advanced manufacturing and strategic infrastructure.

Partnership is a hidden asset. Sophisticated Canadian pension funds can be attractive partners for global investors evaluating the Canadian investment landscape. Canada is ranked second only to the U.S. for this attribute.

Scale is Canada’s next competitive advantage. Larger, repeatable, bankable platforms are what convert trust into institutional-scale deployment—and they can be designed.

The report was released before the big upcoming Canada Investment Summit next week.

The who's who of the global institutional investment world will be represented there but they're not coming here to play or listen to speeches:

The invitees come from at least 11 different countries, and include the heads of investment banks, managers of state-owned funds and large pension funds.

At a time when Trump officials are hurling more insults, Carney’s event has attracted 33 American investment firms - the biggest contingent among the countries.

The second largest group of investors is homegrown and includes Canada’s largest pension funds.

Here is a partial list of investor groups by country attending the Canada Investment Summit as told to CTV News:

• 28 from Canada
• 33 from the United States
• 9 United Kingdom
• 8 France
• 7 Australia
• 4 United Arab Emirates
• 3 China
• 2 Malaysia
• 1 Norway
• 1 Singapore
• 1 Saudi Arabia

One source tells CTV News that the right people are in the room, but they aren’t coming to “play.”

“They don’t want to hear speeches. What they’ve said, is ‘I’m coming – so tell me what I can buy,’” the source said. 

No kidding, these global allocators want to invest in large, scalable infrastructure and energy projects that have been derisked and where regulations are clear over the long run.

They will look at other investments like venture capital, private equity and real estate, but don't kid yourself, they're primarily coming to hear what Mark Carney plans on doing in terms of privatizing large infrastructure and energy projects.   

That is their focus and quite frankly, the same focus that our large domestic pension funds have, namely, to invest in large scalable, long-dated infrastructure assets. 

In my opinion, our politicians have a golden opportunity to sell Canada to these large global investors, and they better not blow it.

Our country has plenty of opportunities but the federal and provincial governments have to create winning conditions to attract foreign and domestic capital flows. 

We know what global investors want, pretty much the same as our large domestic pension funds.

Let's get to it already; the time for action is NOW!! 

So, as  Prime Minister Mark Carney warns of tough times ahead, let's seize this opportunity to sell our country to global investors. 

Below, Prime Minister Mark Carney will host Canada’s biggest investment summit with a goal of securing $1 trillion in capital over five years. Judy Trinh has more.

Also, the world's biggest investors and Canada’s Prime Minister are heading to Toronto for the Canada Investment Summit. C.D. Howe Insitute discusses why Canada is looking to attract $1 trillion in investment over the next five years and how it can do this. Read more here.

The Business Desk reports the UK’s largest private crematorium and cemetery firm sold in a private equity deal:

Westerleigh Group, the UK’s biggest private crematorium and cemetery operator, is being acquired by global alternative asset manager ICG for an undisclosed sum.

ICG’s European Infrastructure team will buy the business, based at Westerleigh, near Bristol, from Ontario Teachers’ Pension Plan and Universities Superannuation Scheme, which have jointly owned it since 2016.

The company operates 42 crematoria across England, Scotland and Wales and describes itself as the UK’s largest developer of new crematoria, having opened 21 sites since 2016.

Debbie Smith, chief executive of Westerleigh Group, said the firm’s priority had always been to provide exceptional care to the families and communities it served.

“ICG Infra shares our commitment to investing in our people, facilities and services, and brings a long-term perspective that aligns closely with our ambitions,” she added.

“We are grateful to Ontario Teachers’ and USS for their partnership and support since 2016, which has helped strengthen and grow the business.

“We look forward to working with ICG Infra as we continue investing in our network and developing new locations, in response to the resilient demand for our services across the UK.”

Under the outgoing owners, Westerleigh has invested in its SuperVenue concept, which the company says enables families to create more personalised funeral services, and developed a cremation funeral plan offering.

ICG Infra will partner with Westerleigh’s existing management team to support continued investment across the network and development of new locations.

Ludovic Laforge, managing director at ICG European Infrastructure, said: “Westerleigh provides an essential service to communities across the UK and has established a leading and highly reputable network of social infrastructure assets. We are very happy to partner with the Company and its management team.”

The transaction follows the €3.15bn close of ICG Infra’s second fund in 2025.

Completion remains subject to regulatory approvals and is expected in the fourth quarter of 2026. 

Today, ICG Infra agreed to acquire Westerleigh Group from Ontario Teachers' and USS

ICG, the global alternative asset manager, today announced that it has reached an agreement to acquire the Westerleigh Group (“Westerleigh” or “the Company”), a leading independent developer and operator of crematoria and cemeteries in the UK.

ICG’s European Infrastructure team (“ICG Infra”) will acquire Westerleigh from Ontario Teachers' Pension Plan (“Ontario Teachers’”) and Universities Superannuation Scheme (“USS”), which have jointly owned the business since 2016, supporting a period of significant growth for the Company. ICG Infra will partner closely with Westerleigh’s existing management team, led by Chief Executive Officer Debbie Smith, to support continued investment across the Company’s existing network, development of new locations, and enhancement of its service offering.

Founded over 30 years ago, Westerleigh is the UK's largest private operator of crematoria and cemeteries, providing services to communities across England, Scotland and Wales. The Company operates 42 crematoria and has built a strong reputation for high-quality care. Under Ontario Teachers’ and USS’s ownership, Westerleigh has expanded its network significantly in recent years and is the UK's largest developer of new crematoria, opening 21 since 2016, with additional sites under development. The Company has also continued to invest in its existing estate and service offering, including through the rollout of its SuperVenue concept, which enables families to create more personalised funeral services, and through the development of its cremation funeral plan offering.

For ICG Infra, the partnership aligns closely with its emphasis on key infrastructure, focusing on essential businesses with non-GDP-correlated characteristics and resilient demographic fundamentals. The transaction follows the €3.15bn close of ICG Infra’s second fund in 2025 and recent investments in Paulo Duarte Group and Comcreta.

Ludovic Laforge, Managing Director, ICG European Infrastructure, said:
“Westerleigh provides an essential service to communities across the UK and has established a leading and highly reputable network of social infrastructure assets. We are very happy to partner with the Company and its management team. Westerleigh is a strong fit with our strategy, and we look forward to supporting its next phase of growth.”

Debbie Smith, Chief Executive Officer of Westerleigh Group, added:
“At Westerleigh, our priority has always been to provide exceptional care to the families and communities we serve. ICG Infra shares our commitment to investing in our people, facilities and services, and brings a long-term perspective that aligns closely with our ambitions. We are grateful to Ontario Teachers’ and USS for their partnership and support since 2016, which has helped strengthen and grow the business. We look forward to working with ICG Infra as we continue investing in our network and developing new locations, in response to the resilient demand for our services across the UK.”

James Adam, Senior Managing Director, Infrastructure and Natural Resources at Ontario Teachers’, added:
“Over the last decade, we have been proud to support and partner with Westerleigh’s management team as it has strengthened its position as a leader in the sector, expanded its network, and continued to invest in providing the highest quality of care and services to families. We wish ICG Infra and the Westerleigh team continued success in their next stage of growth.”

Rob Horsnall, Head of Direct Equity, Private Markets Group, Universities Superannuation Scheme, added:
“We are proud of what has been achieved throughout our investment in Westerleigh and have enjoyed a close working relationship with the management team and our partners at Ontario Teachers’. During our involvement, Westerleigh has doubled its number of sites while maintaining a focus on delivering high-quality crematoria facilities and, most importantly, continues to deliver an exceptional service rooted in compassion. We would like to thank the management team for their dedication and have every confidence that the business will continue to thrive in its new partnership with ICG Infra.”

Completion of the transaction remains subject to customary regulatory conditions and approvals and is expected to complete in Q4 2026.

About ICG
ICG (LSE: ICG) is a global alternative asset manager with $126bn* in AUM and more than three decades of experience generating attractive returns. We operate from over 20 locations globally and invest our clients’ capital across Structured Capital; Private Equity Secondaries; Private Debt; Credit; and Real Assets. Our exceptional people originate differentiated opportunities, invest responsibly, and deliver long-term value. We partner with management teams, founders, and business owners in a creative and solutions-focused approach, supporting them with our expertise and flexible capital. For more information visit our website and follow us on LinkedIn.

*As at 30 June 2026.

About Ontario Teachers’
Ontario Teachers' Pension Plan Board (Ontario Teachers') is a global investor with net assets of $279.4 billion as of December 31, 2025. Ontario Teachers’ is a fully funded defined benefit pension plan, and it invests in a broad array of asset classes to deliver retirement security for 346,000 working members and pensioners. For more information, visit otpp.com and follow us on LinkedIn.

About Universities Superannuation Scheme
Universities Superannuation Scheme (USS) was established in 1974 as the principal pension scheme for universities and Higher Education institutions in the UK. We work with around 320 employers to help build a secure financial future for almost 599,000 members and their families. We are one of the largest pension schemes in the UK, with total assets of around £84bn (at 31 March 2026). For more information, please visit our website.

Before I give you my thoughts, it's also worth looking at the November 2016 press release when OTPP and USS acquired Westerleigh Group from Antin Infrastructure Partners:

LONDON – Ontario Teachers' Pension Plan ("Ontario Teachers'") and Universities Superannuation Scheme ("USS") today announced the acquisition of Westerleigh Group ("Westerleigh"), the UK crematoria developer and operator, from Antin Infrastructure Partners ("Antin").  The transaction is expected to close by year end.

Founded in 1991, Westerleigh Group has grown to become the leading developer and operator of crematoria and cemeteries in the UK, caring for over 30,000 funerals per year across its 22 sites.  It has a significant and successful track record of developing new crematoria, with 13 built since 1991.  Crematoria form an essential piece of social infrastructure in the UK, with over 75% of deaths cremated each year.

Richard Evans, Managing Director of Westerleigh, said: "We are grateful for Antin's backing over the past three years and are delighted to have new long-term, pension fund investors to support the Group through our next phase of growth."

Andrew Claerhout, Ontario Teachers' Senior Vice-President Infrastructure and Natural Resources, commented:  "We are very pleased to partner with USS, an institution with which we have tremendous alignment, and with Richard Evans and his outstanding management team to continue to drive Westerleigh's growth. This is a unique business that has established a strong position in the UK market. Their stable revenues and resilient operating model align well with our long-term investment requirements."

Gavin Merchant, Head of Real Assets at USS Investment Management, said: "We are delighted to be investing in Westerleigh which plays such a critical societal role in the UK.  We look forward to working with Richard, his team and our partners Ontario Teachers', to continue to grow Westerleigh as an essential social infrastructure provider and to maintain its reputation for a high quality of care."

About Ontario Teachers'

Ontario Teachers' is the largest single-profession pension plan in Canada. An independent organization since 1990, Ontario Teachers' invests and administers the pensions of more than 316,000 active and retired teachers in the Province of Ontario. As of December 31, 2015, Ontario Teachers' had net assets of C$171.4 billion (£104 billion), invested across a mix of equities (public and private), bonds, commodities, real assets (real estate and infrastructure) and absolute return strategies. Ontario Teachers' infrastructure portfolio was valued at approximately C$15.7 billion (£9.5 billion) as of December 31, 2015 and includes airports, high-speed rail, water and wastewater utilities, electricity and gas distribution, thermal and renewable power generation, toll roads and container terminals.

For more information on OTPP please go to www.otpp.com

About Universities Superannuation Scheme

Universities Superannuation Scheme was established in 1975 as the principal defined benefit pension scheme for universities and other higher education institutions in the UK.  It has around 375,000 scheme members across more than 360 institutions and is one of the largest pension schemes in the UK, with total fund assets of approximately £53 billion (as at 30 June 2016).

The scheme's trustee is Universities Superannuation Scheme Limited, a corporate trustee which provides scheme management and trusteeship from its offices based in Liverpool and London.  The trustee company delegates implementation of its investment strategy to a wholly-owned investment management subsidiary company - USS Investment Management Limited - which provides in-house investment management and advisory services.

For more information on Universities Superannuation Scheme please go to www.uss.co.uk

While financial details of the deal were not disclosed, we see another example of how OTPP and USS worked together to help the Westerleigh Group grow its operations over the last ten years. 

The company is the UK’s largest independent owners and operators of crematoria and cemeteries, with over 40 sites in England, Scotland, and Wales, and is trusted by more families than any other provider to deliver funerals for their loved ones:

All of Westerleigh's locations are set within beautifully landscaped gardens of remembrance which provide peaceful places for people to visit and reflect, while benefitting from exceptional care and support from its teams.

Our core objective is to deliver the highest possible standards of care. Westerleigh Group truly appreciates the social, environmental and financial benefits of providing professionally managed facilities in this highly specialist field.

We have unrivalled experience in the planning, development, operation and management of successful crematoria and cemeteries. We hope this website helps to shine a light on our extensive range of services and expertise and we would welcome the opportunity to hear how we may be able to help you deliver an improved experience to the bereaved.

Westerleigh Group prides itself on providing exceptional care to the bereaved, the standards of which are regularly inspected by the Federation of Burial and Cremation Authorities (FBCA) and the Scottish Government.

It is also an associate member of the National Society of Allied and Independent Funeral Directors (SAIF), a supplier member of the National Association of Funeral Directors (NAFD) and a member of the Funeral Suppliers’ Association (FSA). 

Instead of labelling it as a private equity asset, OTPP and USS labelled it as "social infrastructure," but the end result is the same: they exited the asset at an attractive sale price. 

As discussed above, they sold the asset to ICG, which is a global alternative asset manager with $126bn in AUM and more than three decades of experience generating attractive returns. 

The transaction follows the €3.15bn close of ICG Infra’s second fund in 2025. 

Now it is up to ICG to help the company grow during its next phase of growth. 

James Adam, Senior Managing Director, Infrastructure and Natural Resources at Ontario Teachers’ summed it up well:

“Over the last decade, we have been proud to support and partner with Westerleigh’s management team as it has strengthened its position as a leader in the sector, expanded its network, and continued to invest in providing the highest quality of care and services to families. We wish ICG Infra and the Westerleigh team continued success in their next stage of growth.” 

I also note what Debbie Smith, Chief Executive Officer of Westerleigh Group (featured at the top of this post) states:

“At Westerleigh, our priority has always been to provide exceptional care to the families and communities we serve. ICG Infra shares our commitment to investing in our people, facilities and services, and brings a long-term perspective that aligns closely with our ambitions. We are grateful to Ontario Teachers’ and USS for their partnership and support since 2016, which has helped strengthen and grow the business. We look forward to working with ICG Infra as we continue investing in our network and developing new locations, in response to the resilient demand for our services across the UK.”

So why did OTPP and USS sell this asset?

I can only speak for the former. Keep in mind, OTPP has a Portfolio Solutions group headed up by Kevin Kerr whose sole purpose is to look at all their private market holdings and see how they can add value to make them ready for an exit.

No doubt in my mind, when ICG Infra came knocking, they were ready to sell this asset at a price and they did so, exiting their investment.

It's part of managing a portfolio of private market assets; you don't collect them. When the time is right, you sell them. Read my discussion covering their mid-year results here and see what CIO Gillian Brown shared with me on why they sell assets when the price is right.

Why doesn't OTPP disclose financial details? It's their prerogative, at the end of the day what matters are portfolio returns (but yes, I wish every pension fund disclosed details of these transactions).

Alright, let me wrap it up there.  

Below, a clip from Westerleigh Group, they believe every life is unique, and every funeral should reflect the individual being remembered. "We support families in creating deeply personal farewells, combining compassion and respect for tradition with a commitment to innovation."

Also, in this Daci episode, Debbie Smith, the CEO of Westerleigh Group, sits down to discuss her trajectory, from her beginnings in pharmacy to her leadership roles at Boots and the Post Office. She shares her intriguing career journey that led her to Westerleigh (August 2023).