The Public Sector Pension Investment Board (PSP Investments) is one of Canada's largest pension investors, established by the Parliament of Canada to manage amounts transferred to it by the federal government for the defined benefit pension plans covering the federal public service, the Canadian Forces, the Royal Canadian Mounted Police, and the Reserve Force. Headquartered in Ottawa with its principal business office in Montréal, and additional offices in New York, London, and Hong Kong, PSP Investments had C$299.7 billion in net assets under management as at March 31, 2025.
Website: investpsp.com
Founder: Established by the Parliament of Canada under the Public Sector Pension Investment Board Act
Company type: Federal Crown corporation; arm's length from the Government of Canada
Regions served: Global investment mandate; serves federal public sector plan beneficiaries across Canada
What does PSP Investments offer?
PSP Investments' statutory mandate is to invest amounts transferred to it in the best interests of contributors and beneficiaries, with a view to achieving a maximum rate of return without undue risk of loss. Its internally managed investment programme covers:
- capital markets, spanning public equities and fixed income across developed and emerging markets
- private equity, through direct investments, co-investments, and fund commitments globally
- real estate, including direct property ownership, development, and real estate debt
- infrastructure, targeting regulated utilities, transportation assets, and digital infrastructure
- natural resources, including timberland, agriculture, and energy infrastructure
- credit investments, including private credit and specialty lending strategies
- management of the Canada Growth Fund through subsidiary Canada Growth Fund Investment Management Inc. (CGFIM), a C$15 billion federal clean economy vehicle that completed 18 transactions totalling approximately C$5 billion in Canadian commitments in fiscal 2026
The organisation manages its portfolio through a Policy Portfolio framework that sets long-term strategic asset allocation targets and defines the Reference Portfolio — a simple, publicly investable benchmark — against which performance is measured and disclosed. This structure provides transparency for the federal government, which is both the statutory plan sponsor and the entity responsible for any funding shortfall in the four covered plans.
PSP Investments in the market
PSP Investments is one of Canada's Maple Eight funds and serves a beneficiary base distinct from any other major Canadian pension manager: the men and women of Canada's federal public service, Armed Forces, RCMP, and Reserve Force. This concentrated beneficiary base, combined with the federal government's role as plan sponsor, gives PSP Investments a governance relationship with Ottawa that is structurally different from provincial pension funds or jointly sponsored plans.
PSP Investments has outperformed its Reference Portfolio on a one-year basis approximately 70% of the time since inception, according to its own reporting. In fiscal 2025, it delivered a 12.6% net return and net assets approached C$300 billion for the first time. The fund's fiscal 2026 annual results confirmed continued outperformance on 10-year benchmarks even as shorter-term private market performance was affected by macroeconomic headwinds.
Through CGFIM, PSP Investments plays an increasingly visible role in Canadian economic policy as the exclusive investment manager of the Canada Growth Fund — a federal initiative to catalyse private investment in Canada's clean economy transition. That mandate gives PSP Investments a public-policy dimension that supplements its core pension investment function and positions the fund as a bridge between government climate finance objectives and institutional-quality investment management, a combination with few direct precedents among Canadian pension organisations.
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