North America draws 42% of the activity as Canadian plans buy, build, and operate
Canada’s eight largest public pension plans sit inside a 16-fund sample that recorded roughly 2,723 disclosed transactions between 2023 and mid-2026, with North America accounting for about 42 percent of the activity.
PwC published the findings on 12 November in its Sovereign Wealth and Public Pension Fund Study, which also draws on a comparative analysis of the 350 largest sovereign and pension investors.
Public pension assets are projected to reach US$36.3tn by 2030 and sovereign wealth assets US$22.4tn.
The 200 largest funds in both categories steward roughly $34tn today, with the top ten holding 41 percent of the combined pool and the top 50 holding 77 percent.
The quantitative sample pairs the Maple 8 plans, listed by PwC as AIMCo, BCI, CPP Investments, HOOPP, La Caisse, OMERS, Ontario Teachers’ Pension Plan and PSP Investments, with ADIA, ADQ, GIC, KIA, Mubadala, PIF, QIA and Temasek.
Ontario Teachers’ Pension Plan publicly refocused in 2025 on improving the operating performance of its portfolio companies.
La Caisse took Quebec renewables developer Innergex fully private in July 2025.
CPP Investments leads on transaction volume in the data PwC analysed, alongside GIC, Mubadala and ADIA, though PwC cautions that database coverage varies by fund and the counts are not a precise ranking.
CPP Investments and GIC both sit in the Equinix xScale joint venture, which targets more than $15bn of investable capital for US hyperscale data centres.
CPP Investments joined Blackstone to acquire Australian operator AirTrunk, and Ontario Teachers’ Pension Plan jointly owns US developer Compass Datacenters with Brookfield Infrastructure, reportedly acquired for about $5.5bn in 2023.
In January 2025, PSP Investments took a $2.8bn stake in American Electric Power’s transmission companies alongside KKR.
CPP Investments agreed in September 2025 to acquire a roughly 13 percent stake in Sempra Infrastructure Partners for about $3bn, again with KKR, then committed a further $1bn to AlphaGen, an 11-gigawatt US power platform.
La Caisse took a 20 percent equity stake in the Sizewell C nuclear project in the UK alongside the UK government, EDF, Centrica and Amber Infrastructure.
Its climate investments stood at $226bn, roughly US$163bn, at the end of 2025.
OMERS completes close to one divestment for every acquisition, placing it with Temasek and QIA among the most consistent capital recyclers in the sample.
CPP Investments and La Caisse turn capital over steadily. BCI sits with Mubadala and ADIA as a near-pure accumulator, making between five and seven acquisitions for every divestment.
The Canadian plans remain concentrated in the US and Europe and increasingly India, while continuing to invest at home across sectors including infrastructure and technology.
PwC puts three questions to the funds: how much risk is concentrated in portfolios converging on AI, data centres and power; whether funds can originate, diligence and operate complex assets at the pace they are committing capital; and how climate goals sit alongside the round-the-clock electricity that data centres require.
Funds that do not disclose assets under management, including ADIA, GIC and QIA, are carried as third-party estimates and should be read with an error band.
Headline partnership figures represent multiyear capacity or intent rather than capital deployed, and the 2030 projections are model-based outlooks sensitive to oil prices and equity-market performance.
