The Canadian pension system is considered by many to be one of the best in the world, and the envy of other asset owners. The major Canadian pensions, known colloquially as the “Maple 8” operate on a model which emphasizes internal management of assets and direct investments.
This model has led to these funds’ investments outperforming their peers, and all of them have a significant funding surplus. Combined, these investors manage over $2 trillion in assets for tens of millions of beneficiaries, an impressive feat for a country of fewer than 40 million people.
These funds are very much global investors; however, some Canadian leaders have criticized the pension funds for not investing as much domestically as the do internationally. In March 2024, a letter signed by 90 executives of Canadian companies called for Canadian funds to make more investments domestically.
In April, Stephen Polo,…
