The Public Sector Pension Investment Board (PSP Investments) is a Canadian Crown corporation established by the

Parliament of Canada The Parliament of Canada () is the Canadian federalism, federal legislature of Canada. The Monarchy of Canada, Crown, along with two chambers: the Senate of Canada, Senate and the House of Commons of Canada, House of Commons, form the Bicameral ...

in September 1999 through the ''Public Sector Pension Investment Board Act''. PSP Investments is one of Canada's largest pension investment managers, with CAD $264.9 billion of net

assets under management In finance, assets under management (AUM), sometimes called fund under management, refers to the total market value of all financial assets that a financial institution—such as a mutual fund, venture capital firm, or depository institutio ...

in fiscal year 2024. More than 1000 professionals manage a diversified global portfolio composed of investments in public financial markets, private equity, real estate, seniors housing, infrastructure, natural resources and private debt. PSP Investments' head office is located in

Ottawa Ottawa is the capital city of Canada. It is located in the southern Ontario, southern portion of the province of Ontario, at the confluence of the Ottawa River and the Rideau River. Ottawa borders Gatineau, Gatineau, Quebec, and forms the cor ...

Ontario Ontario is the southernmost Provinces and territories of Canada, province of Canada. Located in Central Canada, Ontario is the Population of Canada by province and territory, country's most populous province. As of the 2021 Canadian census, it ...

, and its chief business office is located in

Montreal Montreal is the List of towns in Quebec, largest city in the Provinces and territories of Canada, province of Quebec, the List of the largest municipalities in Canada by population, second-largest in Canada, and the List of North American cit ...

Quebec Quebec is Canada's List of Canadian provinces and territories by area, largest province by area. Located in Central Canada, the province shares borders with the provinces of Ontario to the west, Newfoundland and Labrador to the northeast, ...

. It also has offices in New York City, London and Hong Kong. CPP Investments is one of Canada's top eight pension funds, nicknamed the " Maple 8" or "Maple Revolutionaries.

History

PSP Investments was incorporated as a Crown corporation under the ''Public Sector Pension Investment Board Act'' in 1999. The investments will fund retirement benefits under the Plans for service after April 1, 2000, for the Public Service, Canadian Armed Forces, Royal Canadian Mounted Police, and after March 1, 2007, for the Reserve Force. In May 2013, German construction company

Hochtief Hochtief AG is a global provider of infrastructure technology and construction services, with locations in North America, Australia, and Europe. The Essen based company is primarily active in the fields of high tech, energy transition, and sustai ...

sold its airports division (renamed AviAlliance) to PSP Investments for 1.1 billion euros. In October 2015, PSP Investments formed a joint venture with ATL Partners, creating SKY Leasing, a service aircraft leasing company. In 2018, PSP bought the 370 acre

Downsview Airport Downsview Airport, formerly , is a now-closed airport located in Toronto, Ontario, Canada. An air field, then air force base, it has been a testing facility for Bombardier Aerospace from 1994. In 2018, Bombardier sold the facility to Northcres ...

site in Toronto from

Bombardier Inc. Bombardier Inc. () is a Canadian aerospace manufacturer that produces business jets. Headquartered in Montreal, the company was founded in 1942 by Joseph-Armand Bombardier to market his snowmobiles, and it later became one of the world's big ...

for a reported US $635 million. PSP created a Northcrest Developments, a wholly-owned subsidiary, to manage the development of the site into a mixed-use urban development. In April 2023, PSP Investments entered into an agreement with the Government of Canada to be the investment manager for the CAD $15 billion Canada Growth Fund (CGF). In September 2023, FirstLight Power, owned by PSP Investments, acquired Hydroméga, a Montreal-based clean power producer and developer operating in Eastern Canada. In November 2023, PSP Investments participated in the Series A fundraise of Toronto-based Promise Robotics, which was led by Horizon Ventures. In 2024, PSP reported a 16% loss on its real estate investments which was its worst performance in this asset class since the 2008 financial crisis. In June 2024, PSP Investments appointed Maryse Bertrand, the Chair of the Board of Governors of McGill University and Board Member of Metro Inc., as the new Chair of its Board of Directors. In July 2024, PSP Investments acquired a fourteen-percent stake in French

nursing home A nursing home is a facility for the residential care of older people, senior citizens, or disabled people. Nursing homes may also be referred to as care homes, skilled nursing facilities (SNF), or long-term care facilities. Often, these terms ...

company Korian. PSP Investments and its partner, Starlight Investments, announced rent increases to some of their 6000 residential units in Toronto and the GTA, in 2022. They applied for an Above Guideline Increase (AGI) of 4.2 %. Some residents protested and withheld rent for a year. PSP Investments are part of a growing trend of Canadian public pension funds impacting residential real estate across Canada and around the world.https://www.cbc.ca/news/financialized-landlord-higher-rents-canada-1.7307015

References

External links

Official website
Federal departments and agencies of Canada Companies based in Ottawa 1999 establishments in Canada Organizations established in 1999 Public sector in Canada Canadian federal Crown corporations Public pension funds in Canada {{Canada-org-stub

History

See also

References

External links