Sean Silcoff of The Globe and Mail reports OMERS promotes Laura Lenz to lead venture capital unit:

Ontario Municipal Employees Retirement System has appointed Laura Lenz to head its venture capital arm, the fourth person to hold the job in just over three years, while signalling a continued commitment to backing Canadian technology founders.

Ms. Lenz, a veteran early-stage capital investor who joined OMERS Ventures in 2019 and oversaw its Canadian investments, replaces Saar Pikar, who left in July after just one year on the job to lead Kensington Capital Partners Ltd. He in turn had replaced Michael Yang, who departed two years after replacing Damien Steel, who left in 2023 to lead climate technology startup Deep Sky Corp.

“We have a fantastic track record in Canada, and I’m excited to continue building,” said Ms. Lenz, who started her career as an associate with BMO Capital Markets before taking on investor roles at EdgeStone Capital Partners, MaRS Investment Accelerator Fund and Geoff Beattie-led Generation Ventures. “I know the people, I know our portfolio, I know our strategy.”

OMERS private capital head Michael Block said in an interview: “We have tremendous confidence in her and her whole team. She is very thoughtful and conscious about risk. She’s built a great network of relationships with founders in Canada and has a great reputation.”

OMERS Ventures started in 2011 when then-CEO Michael Nobrega brought on John Ruffolo to back promising Canadian tech entrepreneurs. The timing was ideal. While the Canadian venture capital industry was reeling following the retreat of institutional investors during the 2008-09 credit crisis, the tech startup world was rife with opportunity, as smartphones, cloud computing and artificial intelligence proliferated.

OMERS Ventures made early bets on future Canadian champions including Shopify Inc., Xanadu Quantum Technologies Ltd. and Hopper Inc. It expanded to Britain and the United States and began managing third-party capital before Mr. Ruffolo departed in 2018.

But OMERS Ventures’ relative prominence in the ecosystem faded as other domestic tech financiers including Georgian, Inovia Capital and Radical Ventures amassed billions of dollars in assets.

The information technology sector entered a prolonged slump in 2021 – with the exception of artificial intelligence and quantum computing – and the rise of AI-powered companies weighed on valuations of cloud-software companies, including many held by OMERS Ventures. OMERS this year sustained a nine-figure loss after TouchBistro Inc., which OMERS Ventures and OMERS Growth had backed heavily in the 2010s, was bought by Constellation Software for $100-million.

By then OMERS Ventures had stopped investing in Europe to focus primarily on Canada and shed much of its staff. Today it has four partners including Ms. Lenz, five associates and a principal.

The changes stem from a broader review of OMERS’s private-equity business, which has pivoting toward more investing through third-party funds and as a co-investment partner, with a North American focus. OMERS has also stopped making new growth-stage investments in more mature tech companies through a separate group.

At the same time, Ontario Teachers’ Pension Plan has amassed more than $25.9-billion in investments by financing some of the hottest technology names in the world through its venture growth arm TVG, including Anthropic PBC, Space Explorations Technology Corp. (SpaceX), Databricks Inc. and legal AI software vendor Harvey AI Corp.

OMERS Ventures, which has about $2-billion allocated to venture investments – roughly 1 per cent of the pension giant’s assets – has made four investments in each of the past three years. It has continued to back high-profile emerging Canadian tech names, including Cohere Inc., Waabi Innovations Inc., Float Financial Solutions Inc. and Dominion Dynamics. Its stake in Xanadu, despite a recent selloff, is still worth more than US$200-million –a sizable gain given it invested less than US$30-million for its stake.

Ms. Lenz said OMERS Ventures’ refocusing on Canada has worked out. “It’s where our network is. It’s where our best performing companies are. We have a lot of opportunity here,” she said. She said OMERS is looking to invest $5-million to $15-million per company, focusing on rapidly expanding AI-first businesses led by “ambitious founders that have a global market opportunity.”

Mr. Block said OMERS Ventures would continue “the same direction of travel” under Ms. Lenz and that the pension fund doesn’t plan to increase its allotment to venture capital. But, he added, “we’re open minded. We look at opportunities as they come. We just see a really good opportunity to focus on what we’re focused on.” 

Lauren Bailey of Markets Group also reports OMERS taps Laura Lenz to lead Ventures amid Canada-first push:

The Ontario Municipal Employees Retirement System (OMERS) has appointed Laura Lenz managing director and head of its Ventures platform as the fund doubles down on backing Canadian technology companies and founders.

Her appointment comes as OMERS more broadly increases its exposure to Canada. The pension fund, which had C$151.6 billion in net assets as of June 30, has committed to making at least C$10 billion in new Canadian investments over five years and deployed an additional C$1 billion into Canadian equities during the first half of 2026.

“[Lenz] brings the experience, judgment and deep understanding of founders needed to lead OMERS Ventures into its next chapter,” said Michael Block, head of private capital, in a press release. “She will build on the strength of an experienced team with a continued focus on supporting high-potential companies, deploying capital with conviction and helping founders build businesses that can scale globally.”

Lenz has been with OMERS Ventures for seven years and has worked in venture capital since 2004. She brings experience across venture capital, growth investing and company building, along with a strong understanding of founders, technology companies and the Canadian innovation ecosystem.

The appointment builds on leadership changes OMERS implemented within its Ventures group last year, when Lenz was promoted from partner to managing director as the platform increased its focus on Canada while continuing to pursue selective opportunities in the U.S.

Founded in 2011 with its first investment in Toronto-based Wave, OMERS Ventures has backed 46 Canadian companies, including Shopify, Xanadu, D2L, Float, Hopper, Jobber, League, OneVest, Solink, Wave Accounting, Wattpad and Waabi. More recently, it backed Cohere and Dominion Dynamics, participating this year in Dominion Dynamics’ C$139 million Series A funding round.

Under Lenz’s leadership, OMERS said the platform’s focus will continue to be Canada first, backing ambitious founders and category-defining companies while using OMERS’ global network, scale and flexible capital to help founders access capital, customers and growth opportunities.

In a LinkedIn post announcing her appointment, Lenz said OMERS Ventures has two additional investments that have yet to be publicly announced. She grouped those investments alongside Cohere and Dominion Dynamics as examples of where the platform sees the next generation of important companies emerging: at the intersection of artificial intelligence, infrastructure and software.

Lenz also outlined the platform’s investment strategy going forward, noting OMERS Ventures plans to target exceptional early-stage companies with initial investments of C$5 million to C$15 million and remain a meaningful partner as those businesses scale.

“We are a venture platform with the ability to invest early, support companies through scale and bring more than capital to the table,” Lenz wrote.

Today, OMERS Ventures announced the appointment of Laura Lenz as Managing Director, Head of Ventures, backing the next generation of global companies:

OMERS Ventures today announced that Laura Lenz has been appointed Managing Director, Head of Ventures, marking the next chapter for the platform as it continues to back ambitious founders building globally competitive companies from Canada and beyond.

“Laura brings the experience, judgment and deep understanding of founders needed to lead OMERS Ventures into its next chapter,” said Michael Block, Head of Private Capital. “She will build on the strength of an experienced team with a continued focus on supporting high-potential companies, deploying capital with conviction and helping founders build businesses that can scale globally.”

Lenz has been with OMERS Ventures for seven years and has worked in venture capital since 2004. She brings deep experience across venture capital, growth investing and company building, along with a strong understanding of founders, technology companies and the Canadian innovation ecosystem.

“Venture is ultimately a people business,” said Lenz. “The best outcomes come from trust, judgment, conviction and partnership. My priority is to build on that foundation: creating an environment where different perspectives are valued, individual conviction is encouraged and our collective standard remains high.”

Founded in 2011 with its first investment in Toronto-based Wave, OMERS Ventures has been an early and long-standing supporter of Canadian companies, founders and the broader venture ecosystem. Since inception, OMERS Ventures has backed 46 Canadian companies, including Shopify, Xanadu, D2L, Float, Hopper, Jobber, League, OneVest, Solink, Wave Accounting, Wattpad, Waabi, with more recent investments in Cohere and Dominion Dynamics.

Under Lenz’s leadership, OMERS Ventures’ focus will continue to be Canada first: backing ambitious founders and category-defining companies, while using OMERS global network, scale and flexible capital to help founders access capital, customers and growth opportunities.

“The ambition has been here in Canada,” said Lenz. “What is changing is our willingness to build around it. At OMERS Ventures, our part is clear: back exceptional founders early, bring meaningful capital and conviction, use the full strength of the OMERS network where it can help, and support those founders in building companies that can compete with anyone, anywhere.”

As part of OMERS, one of Canada’s largest pension plans, OMERS Ventures is able to connect founders with institutional expertise, global relationships and sector knowledge across markets and geographies. That platform advantage supports the team’s goal of helping companies scale while creating long-term value for OMERS members, and aligns with OMERS broader commitment to invest $10 billion more in Canada over approximately the next five years across asset classes.

OMERS Ventures sees a strong opportunity set in Canada, particularly in areas where AI is creating or reshaping markets, including defence technologies, physical AI, and vertical AI platforms built for specific industry workflows. Next week, OMERS Ventures will host its annual AI Assembly Summit, bringing together leading Canadian and international investors, founders and industry experts to discuss how artificial intelligence is reshaping venture capital, infrastructure, defence, robotics and the broader investment landscape.

Alright, big announcement at OMERS Ventures which has seen a lot of turnover at the helm recently after Saar Pikar, the former head, left the pension fund in July to become president of Kensington Capital Partners Ltd.

That move marked the third time in three years that the OMERS Ventures unit has changed hands. Damien Steel left in 2023. Michael Yang, its most senior venture capital leader, followed two years later. 

Hopefully, Ms. Lenz will stick around longer than her predecessors. She has the experience and judgment and an interesting background with great and authentic perspective:

Growing up, the dinner table was my first conference room. My dad's investment banking background merged with my mom's nursing career, and our family’s passion for art, created the foundation for a rich tapestry of conversation. From an early age I was captivated by financial narratives.

‍I also loved languages. I started teaching myself Spanish in 4th grade and Japanese in 7th grade. My love of languages would lead me to spending time studying or working in Mexico,Tokyo and Peru at various points in my life, ensuring that today I look at most things through a truly global lens. My fascination with Japan was directly linked to my martial arts practice. I still train regularly today and currently hold black belts in Karate and Tae Kwon Do. Not only did martial arts instill in me a deep sense of respect for the role of health in my ability to succeed, but it taught me a level of discipline I still draw upon today.

‍After a finance-focused undergrad and working in Tokyo and New York City, I discovered my love for private markets - and venture capital in particular - at Edgestone in 2004. It was one of Canada's few early-stage tech funds at the time. And at $104M it was one of the biggest! Working alongside two operators, I honed my investing skills, learning that respect and humility are just as vital as vision and strategy.

While in banking, I was involved in a significant IPO at the time – 724 Solutions – it was a payments engine and soared to a market cap larger than the Bank of Montreal (where I worked at the time). It was quite a journey and helped me to understand a bubble early in my career. 

‍Today, I am most interested in looking at companies operating at the intersection of fintech and commerce - I call it financial value exchange. The areas of fintech I get most excited about include data exchange and enrichment; companies providing the orchestration layer to manage and drive insights from the multitude of applications and point solutions that exist in an enterprise; fraud and identity management; and agile billing platforms that enable companies to be flexible and responsive in their pricing models. I’m also passionate about the ability for technology to unlock financial literacy, and products for those who have traditionally been underserved. I like products that are emerging to prevent people with low incomes from getting trapped in endless debt cycles.

‍What should founders know about me?

When I sit on your board, my role is to engage in candid, constructive dialogue that propels your company forward. I bring a holistic perspective to the challenges and opportunities facing your business. Whether it's connecting you with the right talent or customers, I'm all in. But I will never shy away from telling you what I really think. It is this transparency that has helped me create long lasting relationships with founders I’ve backed over the last two decades.

And yes, I may be intense but I am far from robotic. The humanity in business matters to me a lot. Whether it's dealing with employees or investors, people are not just line items on an income statement; they're the essence of any successful endeavour.

‍Despite the fact that my finance career began in the late nineties it was a different era. I was regularly the only woman in the room. And was referred to as ‘sweetheart’ more often than I care to admit. As a result of this - and the fact that I am raising a child with a physical disability - it has been important to me throughout my career to ensure that wherever I work we are creating space for diverse voices to get heard. 

‍While I'm a strong advocate for Canadian talent, my love for languages and diverse cultures runs deep in my DNA. This blend of local pride and international vision defines me, both as a person and an investor. 

Very impressive. I think OMERS Ventures has found itself an exceptional leader, and I do wish her a lot of success.

I've seen it all in venture cap: the good, the bad and downright ugly (I was at BDC in 2008, VC got massacred).

It's not an easy game but necessary and can be lucrative (just look at OTPP's success with SpaceX, and soon Anthropic and other companies in its portfolio, including Harvey, the leading AI legal platform). 

For it's part, OMERS Ventures has done very well with Xanadu despite that stock's recent selloff. 

Its Canadian focus comes at the right time but there is competition in the space.

I recently covered the Canada Investment Summit where I noted Radical Ventures launched Canada’s largest AI fund with $1-billion USD first close and lots of top Canadian pension funds backing it.

I said Canada's VC industry desperately needs major capital and expertise to nurture startups into mature growth companies. Hopefully this new fund will be a huge success.  

I wish the same for OMERS Ventures as Laura Lenz takes over the helm.

Just remember, venture cap is never an easy game; you can allocate $5 million or more to 100 companies and are lucky if one or two hit a home run (or grand slam like SpaceX). 

This is why pension funds typically allocate between 1 and 3% of their total assets to venture cap/ growth equity. 

Alright, let me wrap it up there.

Below, from two years ago, the kickoff CIX Summit with Co-chairs Laura Lenz, (then) Partner at OMERS Ventures and Alison Nankivell, Senior Vice President, Fund Investments at BDC Capital, discussing the current state of the Canadian market, venture capital investing, and the future of the Canadian tech landscape. Great insights from both of them.  

Josh Welsh of Benefits and Pensions Monitor reports plan sponsors move slowly on AI despite efficiency promise:

Despite all the noise that AI is making in pension and benefits administration, several experts suggest its presence is smaller and more cautious than the hype suggests.

According to Sean Liss, investment consultant at HUB International, AI adoption among plan sponsors has been uneven. Yet, while strategy-level use remains thin, record keepers have started applying generative AI to improve member-facing platforms, making benefit sites easier to navigate and investment content more digestible.

The goal, from a plan sponsor's perspective, is driving engagement and financial literacy among members, though Liss cautioned the technology is still finding its footing.

"It's still a work in progress, but they're making a little bit of ground there," he said.

Gen AI could simplify outdated pension plan sites

"Right now, we're in an age where attention spans are pretty short and pension plans want their members to be educated on their plan. That’s either through understanding their risk tolerances or the investment options that are available to them. But the sites aren’t always easy to navigate," said Liss, adding generative AI could close that gap by simplifying site layouts and making investment content more accessible, which in turn could boost member engagement and plan literacy.

"Those are all things that plan administrators want to see," he added.

Faulty AI output threatens plan member trust

Meanwhile, Sebastien Betermier, finance professor at McGill University and executive director at International Centre for Pension Management (ICPM), identified three AI applications gaining traction in pension administration. The first is automating the note-taking and debriefing process during member calls, allowing engagement officers to cycle through requests faster and maintain a searchable record of interactions. The second is deploying AI-powered bots to field routine member questions without tying up staff.

But the third, he suggests, is trickier because it's not about using AI at all. It's about controlling what AI tells plan members.

"Oftentimes pension funds will find that their members get their information from elsewhere like a social group or social media or AI aggregators but the information is not necessarily correct and that’s dangerous because by then it’s too late," said Betermier.

"What's doubly dangerous is if you have social media picking up on a fund acting and the information is not necessarily correct, but then I come in as another member and I use ChatGPT to say what goes on in my fund because I know they'll quickly summarize and get the information. The aggregated information may actually be wrong,” he added, noting that leaves funds racing to ensure their own content is what AI tools surface first because members "might not even come to the website. They might only interact with their own AI machine," said Betermier.

"This is more making sure that in the age of AI, members are getting the correct information from you in a way that is efficient, but in a way that doesn't just create all kinds of weird rumors, and then everything gets bypassed," Betermier added.

Liss agreed, flagging faulty AI output as one of the biggest risks facing the space right now. Fiduciary responsibility, he noted, doesn’t shift when plan administrators delegate tasks to a record keeper or an AI tool because accountability stays with the plan.

Yet, that concern laps onto a broader worry both speakers share: trust.

"The biggest asset a pension fund has is trust above and beyond the assets it actually does manage. If you lose trust, you lose a lot of credibility in the eyes of the member," said Betermier.

While Liss expects AI integration to accelerate, he underscored that organizations need to understand both the risks and the fact that liabilities remain theirs regardless of what technology sits between them and the member.

AI efficiency gains hinge on governance and liability

Still, Betermier suggests the expected productivity gains from AI are real, but only if the implementation is handled with proper governance and data protections in place.

"I think AI has profound effects because it can make us much more efficient at several tasks that used to take more time. It has to be done really well. You cannot move too fast into it. I know funds are taking their time to make sure that it's done well," said Betermier.

Liss agreed that while AI will drive efficiencies, he argued its limits are baked into the nature of the work, particularly as "AI doesn't have emotion and emotion has a role in investing as well and making people comfortable with the decisions that they're making," he said.

On the consulting side, he sees potential in making quarterly reports - covering industry trends, economic data, and fund performance - more accessible to HR leaders, CEOs, and CIOs who oversee pension plans. For instance, he points to features like clickable definitions or scannable term explanations could replace the need to dig through an appendix.

He expects AI to eventually help with drafting member communications and consolidating information on the administrative side but emphasized that anything resembling advice should stay out of AI's reach.

Still, he draws a parallel to the early internet, which expanded access to information without eliminating the need for human judgment. He expects AI to follow a similar path.

"There'll always be a need for the human perspective," he said. 

It's a slow week in Pension Land so let me cover this topic which Sean Liss and Sebastien Betermier cover well.

I'm by no means an AI expert -- far from it -- but like any other tool in the pension toolkit, if it's used properly, it can add significant value on several fronts: asset management, pension administration, communications, finance, legal, IT and sustainable finance.

But it's still early days in the AI world and adoption, and while implementation is critically important, from a governance standpoint, it presents all sorts of risks.

There is no point in rushing it through, as AI models are changing from month to month. 

You can have test pilots in various sections of your pension plan but you need to measure outcomes properly and make sure there is value added.

Having said this, I see how AI can enhance productivity from an investment point.

This morning, I had an exchange with an investment advisor who uses Claude to screen stocks, using parameters he specifies.

I said to him I wish I can use Claude to go through my top funds' quarterly activity and then use my weekly and daily chart parameters to see which ones are making meaningful breakouts.

He took a handful of biotech and cybersecurity stocks I mentioned and then ran them through his parameters and sent me a report.

Of course, I then have to pull the trigger or not, but it's an amazing tool when used properly. 

I asked him if everyone starts using Claude, will alpha disappear and he replied:

No, but it will move. What disappears is the alpha that comes from processing public information faster or more thoroughly than the next person. What survives, and may even grow, is alpha rooted in things a model can't hand to everyone equally. Sure, news, earnings reactions, filing, etc gets in the universe more faster. What doesn’t disappear is the advisor alpha. Proprietary info, behavioral edges and judgment especially on novel situations will prevail.

So no, AI will not replace portfolio managers or analysts; it will help them become more productive at their work (the same for doctors, lawyers, accountants, etc.).

You still need brains and human judgment and interpretation.

But how you implement and adopt AI and measure outcomes across pension funds is critically important.

I keep coming back to this and unfortunately, many pensions don't even have an AI strategy or roadmap.

Anyone can say "we look at the risks and opportunities of AI" but what does that mean in practice and how are outcomes measured?

Below, as pension plans face growing pressure to adopt AI, many are pausing to ensure it’s implemented with the right governance and fiduciary oversight. This 45-minute discussion from the Berwyn Group explores both the opportunities and the risks, with a focus on practical, real-world application.

Barbara Shecter of the National Post reports pension CEOs at home and abroad hail summit as positive starting point:

Global investors that came to the Canada Investment Summit over two days in Toronto this week did not pour money into the 167 project touted the deal book presented, but the head of one of Canada’s largest pension funds says many left armed with the intention to do more in this country.

“I think if you came expecting to leave with a project in hand, you’re probably over-optimistic … (but) I judged, from the people I spoke to, that most people left with a really positive inclination towards coming back to do more,” said Jo Taylor, chief executive of the $303.2-billion Ontario Teachers’ Pension Plan Board.

“There are enough real projects around to keep good momentum on the nation-building concept, and actually demonstrating to local and international investors there’s something to do now.”

That was true for Annette Mosman, chief executive of one of Europe’s largest pension funds, APG Groep N.V. of the Netherlands, which has €639 billion under management.

In an interview on the sidelines of the summit, she said she learned about projects in sectors that interest her fund and at a size and scale that warrant further due diligence.

“The overarching themes like defence, energy, digital — we recognize them completely from a European perspective,” she said. “I think Canada now is a bit quicker compared to Europe, making it more tangible.”

In particular, she cited Prime Minister Mark Carney’s conviction to make Canada an energy superpower and his announcement Tuesday that the federal government plans to invite pension funds to invest tens billions of dollars in the country’s four largest airports.

“There are more concrete investible assets, so the conditions are better,” she said. “There are concrete investible assets of relevant size if you look at companies like ours with (hundreds of billions of euros in) assets under management.”

APG has some investments in Canada, including a $328-million stake in Hydro One purchased on behalf of pension fund ABP, and Mosman said she met the utility’s CEO, Megan Telford, at the summit.

She declined to put a timeline on when APG might invest more money into Canada, and added that some of the projects of interest aren’t yet sufficiently concrete.

“We have conditions,” Mosman said, adding that, like all pension funds, hers has a duty to assess risks and to protect the funds that belong to pensioners.

“Our teams can look at the projects, our teams can talk with Canadian pension funds, and then do their analysis like we always do,” she said. “We don’t do politics, so … whether it’s defence, whether it’s digital or energy, it’s depending on the structure, it’s depending on the governance, it’s depending on the returns.”

Mosman APG is hoping to make investments that have attributes like Hydro One: predictability in a regulated environment, stable cash flow and a long-term horizon.

“That fits our liabilities and what’s good for the pensioners, and I heard a lot of examples (like) that,” she said. “Airports is also an example of such infrastructure.”

She said the U.S. is a very good market for her fund and will remain so, but she is increasingly looking at Canada as distinct from its southern neighbour.

“We are diversifying. We always have been diversifying globally (but) maybe have seen North America as one market, and I think that’s changing,” she said. “So it’s now Canada and U.S, and the risks are different in the U.S. Having heard today what Canada can deliver or may deliver, I think then it will add up to better opportunities.”

Mosman said she already has ties with Canada’s business community through the Hydro One investment and with Canada’s pension executives who, she said, share a similar culture with the Dutch fund. They have already worked together outside Canada. In 2020, for example, APG and Canada Pension Plan Investment Board participated in a $1-billion joint venture with ESR Cayman Ltd. to invest in and develop an industrial and warehouse logistics portfolio in Korea.

Recent pledges by Canadian pension funds to bump up their investments in Canada could provide further co-investing opportunities for her fund in this country, she said.

“We do that already, but more abroad in other countries,” she said.

The summit also provided a deeper opportunity to meet with provincial premiers and learn about additional projects within their jurisdictions, Mosman said.

John Graham, chief executive of the Canada Pension Plan Investment Board, one of the co-hosts of the summit, said that is exactly what the gathering, organized by the federal government alongside CPP Investments and PSP was meant to achieve.

“This is not like a trade fair where people are going to go and buy tires or something,” he said “These are big, complicated transactions…. This is about long-term investing, getting the right capital into the country.”

He said the summit was also a showcase for many Canadian corporations, including energy and mining firms, which could benefit from exposure to global investors.

“From an investor perspective … sometimes the easiest way to invest in a country is through the public markets,” he said.

“They can buy their shares, they could buy their debt, and then if you have companies that are very capex intensive, they can help support that through various means, through debt, equity, or some other form of capital.”

Graham said the nuts and bolts of getting a deal done is often underestimated, particularly when it comes to infrastructure.

“We’ve been investing in infrastructure for almost 20 years around the world. These are big, complicated investments,” he said, adding that there is often a government component to contend with as well.

“You have to do it right, and you ultimately have to land on something that’s win-win for everybody.”

On Tuesday, CPP Investments and Brookfield Asset Management Ltd. announced a $50-billion Maple Fund to make large-scale investments in critical infrastructure and strategic industries across Canada over the next five years.

Graham said although it was announced on the final day of the two-day summit, it has been in the works much longer.

“We’ve been working on opportunities with them, and we had this idea quite a while ago, long before the summit,” he said. “It gives us access to a best-in-class partner, and, for Brookfield, it gives them opportunity to basically raise funds … or to use the funds they have.”

The Maple Fund will target project values of greater than $5 billion in equity capital, and was designed to allow other investors to partner with the pair on individual investments to further expand the capital available.

Last week, PSP and the Ontario teachers’ pension plan both announced a bump in domestic investments in the coming years.

Taylor said the decision at Teachers’ to invest an additional $10 billion in Canadian public and private markets by the end of 2027 and to announce it both felt like the right thing to do.

“This wasn’t forced on us. It was actually something we chose to do, and we chose to do it because it’s the right time to say it,” he said, noting that the new investments will come on top of about $100 billion that the fund has already invested at home.

“Why hold it back if you’re going to make that investment? Why not be positive and actually very much assertive that this is the right thing for us.” 

I already covered the inaugural Canada Investment Summit last week here, but I like the perspectives in this article from domestic and foreign pension fund CEOs.

OTPP's CEO Jo Taylor said people who came expecting to leave with a project at hand were over-optimistic but they let with a positive view of the summit and future opportunities.

I'm not going to lie, I was expecting some more big announcements on privatizing assets, especially airports, but I guess we will have to wait for the massive bureaucratic machine in Ottawa to get things going (pretty sure Michael Sabia is on that).   

CPP Investments' CEO, John Graham points out that for many investors, the easiest way to invest in a country is via public equities and bonds.  

Obviously, the larger a fund is, the more risk appetite for large private market assets.  

Annette Mosman, CEO of APG (featured at the top of the post) which already has a big stake in Hydro One, was very explicit in stating that they're looking for the right conditions to invest in Canada, namely, in assets that fit their liabilities and she mentioned airports.  

Anyway, the Summit is over, now comes the hard work ahead of execution and delivering projects that domestic and foreign investors are looking for.

I agree with everyone who says what comes next is critically important. 

If we wait another year to announce projects, it would be a grave mistake.

As James Bradshaw of The Globe and Mail notes, the Summit attracted all the right people, but will it bear fruit? That remains to be seen.

At the end of the day, it's all about outcomes. That's my measure of success.

So, I agree with John Mckenzie who rightly notes Canada must turn investment summit momentum into certainty and execution. 

Lastly, on October 22, PSP Investment's CEO Deb Orida will be joining Goldy Hyder, CEO of the Business Council of Canada, for a timely conversation about Canada’s investment moment and what comes next:

That should be an interesting discussion. 

Alright, let me wrap it up there.

Below, Canada's first ever Investment Summit being held in Toronto this week, was a message to global investors that Canada is open for business and ready for the big leagues. Canada's largest pension fund already plays there. John Graham is the CEO of CPPIB, the investment arm of Canada Pension Plan. 

On this episode, he speaks with host Amanda Lang about the opportunities Canada needs to show the rest of the world. Listen carefully to his insights.

Sean Conlon, Chloe Taylor, Justina Lee and Sarah Min of CNBC report the Dow falls Friday and posts worst week since March as Treasury yields rise:  

The Dow Jones Industrial Average slid on Friday as traders wrapped up a volatile week and navigated rising Treasury yields and elevated oil prices along with the Federal Reserve’s first rate hike in three years.

The 30-stock Dow shed 95.40 points, or 0.18%, to close at 51,682.64. The S&P 500 rose 0.17% to end at 7,650.50, while the Nasdaq Composite advanced 0.39% to settle at 26,522.55.

Treasury yields increased, weighing on equities. The 10-year yield, which climbed above 5% to hit its highest level since July 2007 earlier in the week, briefly rose back above that threshold after sliding Thursday. It was last up almost 6 basis points at 5.006%.

U.S. crude oil finished the week relatively unchanged but remained above $100 per barrel. On Friday, West Texas Intermediate crude futures fell 1.58% to settle at $100.30 a barrel. Global benchmark Brent crude futures dropped 0.91% to close at $103.87 a barrel.

With Friday’s moves, the major stock averages notched a mixed week. The Dow posted its third straight losing week, sliding 1.7% for its worst performance since March. The S&P 500 was off about 0.1%. Only the tech-heavy Nasdaq posted a gain, up 0.7%.

U.S. markets staged a comeback on Thursday after the Fed’s decision to raise rates by a quarter percentage point — with the suggestion of at least one more rate increase this year — drove major market averages lower Wednesday.

But Thursday’s rally, especially in technology stocks, suggests investors are eager to look past the prospect of a higher-for-longer rate environment, returning instead to an artificial intelligence story that should continue to bolster corporate profits.

“Some uncertainty was removed this week when the Fed hiked rates,” said Scott Welch, chief investment officer at Certuity.

But Welch doesn’t think that the latest hike was a one-and-done move. In fact, he believes a rate hike cycle is just beginning and could dampen equity performance over the coming months.

“At some point, whether it’s October or after the elections, I think the Fed will hike at least one more time in 2026 and probably another time or two in 2027,” he said.

With that in mind, Welch forecasts that the pressure on Treasury yields will continue to be up. He also anticipates that oil prices will remain elevated for the next few months.

“While I’m not bearish on the market, I do think we’re kind of in a chug-along environment for the rest of this year,” the investment chief added.

This was a week marked by the Fed's rate hike. Everyone was expecting it but Fed Chair Kevin Warsh surprised markets with his hawkish presser, focusing more on rising inflation and hinting that more rate hikes lie ahead.

I'm a little skeptical that the Fed will hike again this year, given midterms are in November, but the market is tilting this way, for now.

A lot can happen from now till the end of October at the Fed's next meeting, so I'm more in the wait-and-see camp; let the data come in before rubber-stamping another rate hike.

If employment remains robust and inflation reports come in hotter-than-expected, then the Fed will likely increase. But again, I am far from convinced it will happen this year.

Alright, in other news, stocks were mixed this week, with Healthcare, Communications Services and  Information Technology leading the pack: 

Utilities. Financials and Real Estate were hit the hardest as bond yields rose.

In terms of stocks, here are the top-performing US large cap stocks this week (full list here): 

And here are the worst-performing US large cap stocks this week (full list here):

It is also worth remembering we are at the end of the quarter, when large funds all over the world rebalance their portfolios. That too adds to the price action/ volatility we see in stocks.

Lastly, the rise in long bond yields is a global phenomenon and that is unnerving many investors:

⚠️ Global bond yields are trading at levels NOT SEEN since the Global Financial Crisis:

The Bloomberg Global Treasury Index yield has surged to ~3.9%, its highest level since 2007, as the global bond selloff accelerates.

By comparison, yields fell below 0.5% during the 2020… pic.twitter.com/Gp6gPZpv9u

— Global Markets Investor (@GlobalMktObserv) September 17, 2026

But we should also remember that the economy is strong, rates have normalized to historic levels and while elevated bond yields worry some investors, they lower future liabilities for pension plans and offer real choice relative to stocks for investors looking to lock in good yield.

Will something break in the credit markets? It's possible; right now, I do not see it.

Below, the Federal Reserve raised its benchmark interest rate Wednesday for the first time since 2023 in an effort to quell stubbornly-high inflation, a move that could spur a sharp response from the White House. Listen to Fed Chair Kevin Warsh's presser where he discusses their views.

Next, Ed Yardeni, one of the biggest stock bulls on Wall Street, talks about why he's slashing his year-end forecast for the S&P 500 Index to 7,900 from 8,400. He also says the Federal Reserve could raise interest rates two more times this year. Yardeni says Iran is likely to wreak havoc and keep oil prices elevated. He speaks on "Bloomberg Surveillance."

Lastly, members of the CNBC Investment Committee debate how to navigate the inflation risks to the rally.