PSP Investments

Name

PSP Investments

Legal name

Public Sector Pension Investment Board

Website

https://investpsp.com

Company type

Private

Founded year

1999

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

PSP Investments is a Canadian Crown corporation managing $320.6 billion CAD in pension assets on behalf of federal public sector employees (civil servants, Canadian Forces, RCMP), investing across public markets, private equity, real estate, infrastructure, credit, and natural resources globally.

Ownership category

akta.pro rank

Product category

Pension Fund Management

NAICS

Pension Funds (525110), Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Corporate & Public Pension Funds (DB/DC Sponsors) (FSAAAGAA)

akta.pro secondary industries

Pension Master Trusts, Superannuation & Provident Funds (FSAAAGAB), Public Asset & Investment Management (BPAIAEAG)

Keywords

• Pension fund management
• Private equity investing
• Infrastructure investment
• Real estate investing
• Public market investing

Headquarters

HQ city

Montréal

HQ country

Canada

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure

Revenue model

1. Investment Returns Management: PSP Investments generates returns through managing a diversified portfolio of assets across multiple classes including public markets, private equity, real estate, infrastructure, credit investments, and natural resources. As a Canadian Crown corporation, any investment returns are directly attributed to the pension plans of public sector workers rather than generating fees from external clients.

Core offering

PSP Investments manages a diversified multi-asset class pension investment portfolio on behalf of Canada's federal public sector pension plans, allocating capital across public markets, private equity, real estate, infrastructure, credit investments, and natural resources. The organization also serves as the exclusive investment manager for the Canada Growth Fund, deploying public capital to crowd in private investment in strategic sectors including small modular reactors, critical minerals, and industrial decarbonization. All investment returns accrue to the pension plan beneficiaries rather than to external shareholders.

Product overview

PSP Investments is a Canadian Crown corporation and one of Canada's largest pension investors, managing $320.6 billion in net assets under management as of March 2026. The organization operates as a single, unified investment management entity offering exposure across six distinct investment asset classes: Capital Markets (public equities and fixed income), Real Estate ($27.2B portfolio), Private Equity ($40.4B portfolio), Infrastructure ($34.5B portfolio), Credit Investments ($26.2B portfolio), and Natural Resources ($15.2B portfolio). Additionally, PSP Investments acts as the exclusive investment manager for the Canada Growth Fund. These are investment portfolios and services for pension plan beneficiaries, not software products or technology platforms.

Differentiator

Problem solved

Functional benefit

Products and services

• Capital Markets Public market investment portfolio covering global equities, fixed income, and other publicly traded securities; managed as part of PSP's $320.6 billion CAD total net assets for the benefit of federal public sector pension plan beneficiaries.
• Real Estate Direct and indirect investments in real estate assets globally, with a portfolio valued at approximately $27.2 billion as of March 2024 representing 10.3% of total net assets. Includes investments such as the SEGRO European Logistics Partnership joint venture with SEGRO (portfolio of €6.8 billion as of December 31, 2025) and the ECHO Realty acquisition.
• Private Equity Strategic investments in private equity through fund managers and direct/co-investment opportunities, with a portfolio of approximately $40.4 billion as of March 2024 representing 15.3% of total net assets. Includes global co-investments such as the ECHO Realty acquisition with TPG/La Caisse/Norges Bank and AEP transmission investment with KKR.
• Infrastructure Long-term investments in infrastructure assets across transportation, power generation, telecommunications, and public utilities sectors, with a portfolio of approximately $34.5 billion as of March 2024 representing 13% of total net assets. Includes FirstLight renewable energy platform (hydroelectric, solar, battery storage), the 19.9% AEP transmission stake, and the 407 ETR toll highway interest.
• Credit Investments Private debt and credit investments with a portfolio of approximately $26.2 billion as of March 2024 representing 9.9% of total net assets. Includes direct lending, fund investments, and structured credit positions.
• Natural Resources Direct investments in real assets including timber, agriculture, and related opportunities, with a portfolio of approximately $15.2 billion as of March 2024 representing 5.7% of total net assets.
• Canada Growth Fund (investment management mandate) External investment management mandate under which PSP Investments acts as the independent and exclusive investment manager for the Canada Growth Fund (CGF), a Canadian government fund using public capital to crowd in private investment in strategic sectors including small modular reactors, critical minerals, and industrial decarbonization. CGF has completed 18 transactions and committed nearly $5 billion across less than three years.

Quantifiable outcome

• 8.8% 10-year net annualized return, outperforming benchmarks by $14.5 billion cumulatively
• +3 more outcomes

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eight partnerships are on record, tiered core.

• FirstLight (H2O Power and Hydromega)coreStrategic or Co-development Partner · 19 May 2026FirstLight's Canadian operations including H2O Power and Hydromega will remain under PSP Investments' ownership after the sale of U.S. assets to Hull Street Energy. The Canadian platform includes wind, solar, hydro, and battery storage projects in Quebec and Ontario.
• 407 ETRcoreStrategic or Co-development Partner · 6 January 2026PSP Investments joined CPP Investments and Ferrovial in the 407 ETR ownership group. 407 ETR is a toll highway operator in Ontario, Canada.
• SEGRO (SEGRO European Logistics Partnership)coreStrategic or Co-development Partner · 31 December 2025SELP is a 50:50 joint venture between SEGRO and PSP Investments for European logistics properties. SEGRO acts as asset, property, and development manager. As of December 31, 2025, the SELP portfolio was valued at €6.8 billion with €367 million in annualised headline rent across 5.7 million square metres of lettable area.
• Lighthouse Learning GroupcoreStrategic or Co-development Partner · 25 November 2025Lighthouse Learning Group, one of India's leading education services providers, received investment from PSP Investments alongside KKR. The company operates more than 1,850 preschools and 60 K-12 schools with over 190,000 students across major Indian cities.
• Ontario Power GenerationcoreStrategic or Co-development Partner · 23 October 2025Canada Growth Fund and Building Ontario Fund announced equity commitments of up to $2 billion and $1 billion respectively in Ontario Power Generation's Darlington New Nuclear Project, acquiring 15% and 7.5% minority stakes in the world's first G7 SMR deployment.
• BCE Inc.coreStrategic or Co-development Partner · 14 October 2025BCE announced a strategic partnership with PSP Investments for fibre expansion in North America as part of BCE's three-year strategic plan focused on sustainable free cash flow growth and long-term shareholder value.
• DEME GroupcoreStrategic or Co-development Partner · 9 April 2025DEME acquired Havfram from Sandbrook Capital and PSP Investments for approximately €900 million. The transaction integrates Havfram into DEME's Offshore Energy segment, strengthening capabilities in turbine and foundation installations for offshore wind farms through 2030.
• Canada Growth FundcoreStrategic or Co-development Partner · 1 April 2023PSP Investments acts as the independent and exclusive investment manager of Canada Growth Fund (CGF). The CGF has completed 18 transactions and committed nearly $5 billion in less than three years as part of its fiscal-neutral mandate to accelerate economic growth while reducing emissions. Key investments include the Darlington New Nuclear Project.

Scale indicators15 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Canada Pension Plan Investment Board (CPP Investments): Direct Canadian peer operating as the investment manager for the Canada Pension Plan. Both are large, multi-asset class pension investment managers operating at arm's length from the federal government, with overlapping international real estate and infrastructure strategies (e.g., 407 ETR co-ownership).
• Caisse de dépôt et placement du Québec (CDPQ): Quebec's largest pension fund manager and a frequent PSP co-investor (e.g., ECHO Realty, 407 ETR). Operates a comparable multi-asset class platform spanning private equity, infrastructure, real estate, and credit with deep Canadian roots.
• Ontario Teachers' Pension Plan Board (OTPP): One of Canada's largest single-purpose pension investment managers with global private equity, infrastructure, and venture portfolios. Comparable diversified mandate and active direct-investing model that targets double-digit returns.
• British Columbia Investment Management Corporation (BCI): British Columbia's pension asset manager investing across public and private markets for multiple public-sector pension plans. Similar governance model (arm's length from government) and comparable real estate and infrastructure program scale.
• Norges Bank Investment Management (NBIM): Sovereign wealth manager for Norway's Government Pension Fund Global — the world's largest pension/sovereign fund. Co-invested with PSP in ECHO Realty alongside TPG and CDPQ, reflecting a shared global direct-investing approach in private markets.
• OMERS / Ontario Municipal Employees Retirement System: Canadian defined-benefit pension manager with substantial direct private equity and infrastructure exposure through OMERS Private Markets. Direct competitor in Canadian mid-market and infrastructure deals with similar long-duration liability profile.
• Alberta Investment Management Corporation (AIMCo): Manages assets for Alberta's public-sector pension, endowment, and government funds. Operates a comparable multi-asset class investment platform with strong private credit and infrastructure capabilities serving Canadian public-sector beneficiaries.

Regional players

• AustralianSuper: Largest Australian superannuation fund, named as a co-signer of the Maple 8 / Australia MOU brokered by IFM to invest in Canadian infrastructure. Operates comparable global direct-investing platform, though domiciled in Australia.

Broad incumbents

• CDPQ Infra / Infrastructure Ontario peers (Macquarie Asset Management): Long-standing infrastructure partner of PSP, co-investing in AirTrunk (acquired 2020, sold 2024). A global asset manager with the largest infrastructure platform worldwide and frequent co-investor with Canadian pension funds.
• CalPERS: Largest U.S. public pension fund, providing a comparable institutional, governance-anchored model. While operating in a different regulatory and capital-markets environment, it represents an analogous large, government-mandated pension asset pool with a multi-decade investment horizon.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights8 records

Customer concentration

• Xx.com/psp_investments
• LinkedInlinkedin.com/company/psp-investments

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments54 records

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Frequently asked questions about PSP Investments