PSP Investments

UAO Editorial September 6, 2026 41 min read

UAO Registry · Top 100 · Federal Crown pension investor · Canada · Last researched Sunday 6 September 2026 (America/Toronto). Corrections: info@universalassetowners.com.

Executive brief

PSP Investments is the trade name of the Public Sector Pension Investment Board, a Canadian Crown corporation established by the Public Sector Pension Investment Board Act in 1999. Official Our Story and About language: it invests funds for the pension plans of the federal public service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. It is a statutory federal pension-asset investor—not a retail asset manager, not CPP Investments, and not CDPQ (La Caisse).

Prefer official CAD / C$. Latest primary scale print: net assets under management C$320.6 billion as at 31 March 2026 (investpsp.com FY26 financial highlights; 16 June 2026 performance news; 2026 Annual Report). That is up C$20.9 billion or about 7% from the prior year. An INST working figure of C$299.7 billion as at 31 March 2025 matches the prior-year official print and is stale as a current headline. Official materials state figures in Canadian dollars unless otherwise noted—do not invent a USD NAV headline.

Leadership verified on the live Senior Management page (researched 6 September 2026): President and Chief Executive Officer Deborah K. Orida (joined September 2022); Senior Vice President and Chief Investment Officer Patrick Charbonneau (joined May 2006). Board Chair on the live Board page: Maryse Bertrand (Board member since 7 September 2018).

Why researchers care: one of Canada’s largest federal pension investors with a published multi-decade path from roughly C$2.5 billion at start to C$320.6 billion; a Reference Portfolio funding-risk frame set with the Government of Canada; a diversified public/private Policy Portfolio; and a separate exclusive manager role for the Canada Growth Fund via CGFIM. FY26 net returns: 6.5% (1y), 8.3% (5y annualized), 8.8% (10y annualized). Related UAO hubs: CPP Investments, CDPQ (La Caisse), Norges Bank Investment Management, GIC, CalPERS.

Speakable summary

PSP Investments is a Canadian Crown corporation that invests federal public-sector pension assets for the public service, Canadian Forces, RCMP and Reserve Force plans. Prefer official Canadian dollars: net assets under management were three hundred twenty point six billion dollars as at thirty-one March two thousand twenty-six. Deborah K. Orida is President and Chief Executive Officer. Patrick Charbonneau is Senior Vice President and Chief Investment Officer. The fiscal two thousand twenty-six one-year net return was six point five percent, with eight point three percent five-year and eight point eight percent ten-year net annualized returns.

Mandate & ownership

Official Our Mandate language: PSP Investments manages the amounts transferred to it by the Government of Canada for the funding of benefits earned from 1 April 2000 by members of the public sector pension plans of the federal public service, the Canadian Forces, the Royal Canadian Mounted Police and, since 1 March 2007, the Reserve Force. In accordance with the Public Sector Pension Investment Board Act, the statutory mandate is to (1) manage amounts transferred in the best interests of the contributors and beneficiaries under the acts related to the Plans; and (2) invest assets with a view to achieving a maximum rate of return, without undue risk of loss, having regard to the funding, policies and requirements of the Plans and their ability to meet financial obligations.

Governance framing on investpsp.com: PSP operates at arm’s length from the Government of Canada; investment decisions are informed by a governance model outlined in the Act. The organisation reports activities and performance to the ministers responsible for the Pension Plans, publishes quarterly financial statements and an annual report (tabled in each House of Parliament by the President of the Treasury Board), meets annually with plan advisory committees, holds an annual public meeting, and communicates with the Chief Actuary of Canada and Treasury Board officials. Joint external auditors: the Auditor General of Canada and Deloitte LLP, with Special Examinations at least once every ten years under the Financial Administration Act.

What the mandate is not: it is not a provincial deposits manager ({CDPQ}); not the Canada Pension Plan’s investment board ({CPP}); not a retail wealth manager; and not a discretionary economic-development bank for general industrial policy—though PSP’s wholly owned subsidiary CGFIM separately manages the Canada Growth Fund under its own arm’s-length mandate (see annex). Official success language on Our Mandate: the real test is long-term mandate delivery, value creation for the Plan sponsor, and management in the best interest of contributors and beneficiaries, with a robust investment approach aligned with the Government of Canada’s risk tolerance.

Value-creation architecture published on Our Mandate: strategic asset allocation (designing asset classes and allocating long-term targets through the Policy Portfolio); dynamic asset allocation (navigating around strategic targets over a mid-term horizon); and active management (additional returns through asset selection). Our Story emphasises a collective “spot the edge” culture across asset classes, markets and industries.

Scale & portfolio

Headline net AUM (CAD, dated): C$320.6 billion as at 31 March 2026 (homepage FY26 highlights; FY26 news; AR2026). Prior-year comparative: C$299.7 billion as at 31 March 2025 (AR2025 / contemporaneous PR)—use only as a dated comparative, not as the live headline. FY26 news: net AUM rose C$20.9 billion (+7%). Investment returns earned by PSP represent approximately 70% of net AUM; fund transfers received from the Government of Canada since 1 April 2000 represent the remaining 30%.

Returns path (net, CAD): FY26 one-year 6.5%; five-year net annualized 8.3%; ten-year net annualized 8.8%. AR2026 highlights also print cumulative ten-year net portfolio income C$173.9 billion, cumulative five-year C$103.5 billion, and one-year net portfolio income C$19.6 billion (excludes contributions per AR footnotes). Cumulative net investment gains above the Reference Portfolio: C$8.6 billion over five years and C$14.5 billion over ten years, within funding risk tolerance.

Mix of net AUM as at 31 March 2026 (investors page; figures do not add due to rounding): Capital Markets 51.3%; Private Equity 12.2%; Credit Investments 10.9%; Infrastructure 10.0%; Real Estate 8.7%; Natural Resources 6.1%. Capital Markets page: combined Public Market Equities and Fixed Income net AUM C$164.6 billion.

Geographic diversification (AR2026; percent of total gross fair value of investments based on exposure; as at 31 March 2026): United States 54.6%; Asia 19.7%; Europe 14.2%; Canada 8.9%; Oceania 0.8%; Other 1.8%. FY26 news: gross assets under management in Canada exceeded C$75 billion; the organisation invested over C$10 billion in Canada in fiscal 2026, primarily via increased direct private investments and a higher allocation to Canadian equities.

Organisation scale markers from opened primaries: Our Mandate states PSP began with fewer than 20 employees and C$2.5 billion AUM and today has nearly 1,000 people and C$320.6 billion AUM; HQ Ottawa, principal business office Montréal, offices New York, London and Hong Kong. Treat ranking phrases such as “one of Canada’s largest pension investors” as official self-attribution dated to the opened pages—not as UAO ratings.

Governance & leadership

President and Chief Executive Officer: Deborah K. Orida. Live Senior Management biography: joined PSP in September 2022; prior Senior Managing Director, Global Head of Real Assets & Chief Sustainability Officer at CPP Investments; Senior Managing Director and Global Head of Active Equities at CPP Investments; Managing Director, Head of Private Equity, Asia, at CPP Investments; Vice President at Goldman Sachs. Professional memberships/director roles listed on the official page include Alpine Canada Alpin Board of Directors. UAO person SSR: deborah-k-orida.

Senior Vice President and Chief Investment Officer: Patrick Charbonneau. Live biography: joined PSP in May 2006; previously President and Chief Executive Officer, Canada Growth Fund Investment Management; Senior Managing Director and Global Head of Infrastructure, PSP; Managing Director, Infrastructure, PSP; Infrastructure Advisor, PwC; Chartered Financial Analyst (CFA). UAO person SSR: patrick-charbonneau. Do not invent a CIO successor; the live official title remains SVP and Chief Investment Officer.

Executive team (live Senior Management page, researched 6 September 2026): Arun Bajaj — Senior Vice President, Chief People and Corporate Development Officer (joined February 2025); Mélanie Bernier — Senior Vice President and Chief Legal Officer (joined 2008); Oliver Duff — Senior Vice President and Global Head of Credit Investments (joined 2016); Simon Marc — Senior Vice President and Global Head of Private Equity and Real Estate Investments (joined 2015); Justin Nightingale — Senior Managing Director and Head of Global Alpha (joined April 2023); David Ouellet — Senior Vice President and Chief Technology, Data and Operations Officer (joined 2012); Alexandre Roy — Senior Vice President and Chief Risk Officer (joined August 2007); Caroline Vermette — Senior Vice President and Chief Financial Officer (joined April 2025). Contact-team listings on the same page also name Andrew Alley (Managing Director and Global Head of Infrastructure Investments), Marc Drouin (Senior Managing Director and Global Head of Natural Resources Investments), and Yolande James (Managing Director and Head of Strategic Communications and Global Government Affairs)—named from the official page only.

Board of Directors: live Board page states the Board is currently composed of 13 independent, professional Directors. It determines strategic direction and is responsible for selection, appointment, performance evaluation and compensation of the President and CEO. Chair of the Board: Maryse Bertrand (Board member since 7 September 2018; Investment and Risk Committee and ex officio member of Audit, Governance and HRCC). Directors are appointed by the Governor in Council on the recommendation of the President of the Treasury Board for terms not exceeding four years, from a list proposed by an external nominating committee. Standing committees: Investment and Risk; Audit; Governance; Human Resources and Compensation. Full roster and committee chairs are in the Board annex—text-only where UAO person SSRs are not live.

Investment philosophy

Official investors and mandate language emphasises long-term capital, diversification across asset classes and geographies, flexible funding solutions, and an agile, relationship-driven execution model. FY26 news describes the portfolio as deliberately structured to balance resilience and long-term value creation with a diversified mix of public and private assets, global exposures, and active management—serving as a stabilisation mechanism over time. Long-term value proposition language: delivering returns above both the Reference Portfolio and the Plans’ actuarial discount rates, while generating more stable outcomes than the Reference Portfolio across market cycles.

Policy Portfolio vs Reference Portfolio: AR2026 discusses the Policy Portfolio as the predominant factor in determining PSP’s return and risk over time, reviewed annually or more frequently. The Reference Portfolio is described (AR footnotes / news context) as a shadow or notional portfolio of liquid asset classes that could be passively managed; the Government of Canada uses it to communicate tolerance for pension funding risk to PSP. Inclusion of private and other asset classes in the Policy Portfolio is expected to provide a higher return versus the Reference Portfolio without increasing funding risk beyond that tolerance—cite AR language, do not invent risk budgets.

Asset-class playbooks (official investor pages, CAD figures as at 31 March 2026 where stated): Capital Markets combines Public Market Equities (internal and external; traditional active, absolute return, and passive) and internally managed Fixed Income (Corporate Credit and Global Sovereign Interest Rates)—net AUM about C$164.6 billion. Private Equity builds relationships with external managers and partners for direct and co-investment opportunities. Real Estate targets major international cities around themes such as technology, lifestyle, urbanisation and demographics. Infrastructure invests globally on a long-term basis primarily in transportation, power generation, telecommunications and public utilities. Natural Resources focuses on direct investments in timber, agriculture and related opportunities. Credit Investments (evolved from Private Debt introduced 2015) spans private credit strategies. Our Story historical AUM milestones (C$50B in 2011; C$100B in 2015; C$150B in 2018) document the growth path; prefer FY26 table figures for current scale.

Total-fund active management is coordinated with Patrick Charbonneau as SVP & CIO and specialist heads including Justin Nightingale (Global Alpha / Capital Markets leadership on the Capital Markets page), Simon Marc (PE and Real Estate), Oliver Duff (Credit), Andrew Alley (Infrastructure), and Marc Drouin (Natural Resources) as named on official pages. Strategic plan language in FY26 cost commentary references PSP’s 3-year strategic plan and portfolio streamlining / asset sales consistent with that plan—prefer AR2026 “Investing with focus and foresight” / “Operate with excellence” chapters for detail rather than inventing plan KPIs.

Climate / ESG / ethics

Official Sustainability page: PSP defines sustainability-related risks broadly to encompass governance, social and environmental topics that may influence an entity’s ability to create value over the short, medium and long term. The organisation aims to integrate climate-related risks and opportunities into investment strategy, portfolio construction, risk management, investment decisions and asset management. For depth, the page points researchers to the “Focus on Sustainability” and Climate-Related Financial Disclosures sections of the 2026 Annual Report.

Published sustainability journey (official timeline): 2001 first Social and Environmental Responsibility Policy and Proxy Voting Guidelines; 2005 joined Canadian Coalition for Good Governance; 2007 formal sustainability engagement program and CDP signatory; 2014 UN Principles for Responsible Investment signatory; 2016 dedicated Responsible Investment group; 2018 inaugural Responsible Investment annual report; 2020 joined CEOs of Canada’s eight leading pension investment managers on sustainable and inclusive growth; 2022 Climate Strategy Roadmap and Green Asset Taxonomy, Green Bond Framework, first climate-related financial disclosures; 2023 first Green Impact Report; 2024 support for CSSB standards with leading Canadian peers; 2025 first integrated climate-related financial disclosure; 2026 completed the 2022–2026 Climate Strategy Roadmap and published first integrated financial and climate disclosures.

Evolving climate approach (2026 page language): shifting toward deeper institutional integration anchored in actions within PSP’s scope and mandate; transitioning to a more embedded model for managing sustainability risks and opportunities; introducing a new climate risk framework across the investment lifecycle. Private investments: in-depth sustainability risk/opportunity analysis in due diligence for Real Estate, Infrastructure, Natural Resources, Private Equity and Credit; as owners, monitor assets and engage boards/management where appropriate. Public investments: identify material sustainability factors; influence via dialogue, collaboration and proxy voting. External managers: in-house framework to evaluate sustainability practices before allocating public-market capital or committing to private funds.

Stewardship: Corporate Governance and Proxy Voting Principles guide voting across nine themes; PSP strives to vote at all shareholder meetings of companies in which it invests; voting records published via Institutional Shareholders Services (ISS) searchable from 1 November 2017. Partner organisations named on the Sustainability page include the Canadian Sustainability Standards Board, UNPRI Private Credit Advisory Committee, ESG Data Convergence Initiative (EDCI), and Global Real Estate Sustainability Benchmark. Ethics stack on Governance: Code of Conduct for directors, employees and consultants; confidential reporting channels exist on the official page—this UAO profile omits private phone numbers and personal staff emails (public-safe rule); use investpsp.com Governance for current reporting channels.

Performance & reporting

Primary FY26 performance package (fiscal year ended 31 March 2026; news dated 16 June 2026, Montréal): net AUM C$320.6 billion; one-year net return 6.5%; ten-year net annualized 8.8%; five-year net annualized 8.3% (homepage). CEO quote (official): despite heightened volatility and uncertainty, PSP delivered solid results and continued to strengthen the long-term funding position of the plans; long-term results, stability of returns, and funding of the plans are framed as the best indicators of fulfilling the pension-investor role.

One-year context (official): one-year net return fell 5.2% below the one-year Reference Portfolio; PSP has outperformed the Reference Portfolio on a one-year basis approximately 70% of the time since inception. Drivers cited: challenging environment for private markets; use of public-market-based benchmarks that may diverge from private asset performance over shorter horizons; currency movements detracted 2.2% in FY26 after 5.8% currency gains in FY25. CEO framing: measures best assessed over a full market cycle; portfolio remains well positioned to deliver long-term value.

Cost discipline (FY26 news): operating costs declined by C$24 million versus prior year; operating cost ratio improved to 24.7 basis points from 27.9 bps in FY25. Financing costs C$1,490 million and external manager costs C$1,533 million; total costs C$3,942 million versus C$3,885 million prior year. PSP also presents investment costs by asset class for FY26 and FY25 as part of cost-transparency commitments—prefer the Annual Report tables for line detail.

Transparency stack for researchers: Annual Reports (complete and without financial statements variants), Public Sector Complete Financial Statements, quarterly financial statements, Sustainable Investment Policy, Corporate Governance and Proxy Voting Principles, Green Bond Framework / Green Impact reporting, Code of Conduct, By-Laws, Board committee terms of reference, Accessibility Plan, and CGF conflicts disclosures. Reports hub: investment-performance/reports. Prefer those primaries over secondary press when figures conflict.

Controversies & debates

Official attributable items first. FY26 one-year underperformance versus the Reference Portfolio (−5.2%) is disclosed and explained by PSP in its own news release—researchers should cite that primary rather than infer a mandate failure from a single year when ten-year net annualized return is 8.8% with C$14.5 billion cumulative gains above the Reference Portfolio.

Canada Growth Fund interface: Governance publishes a PSP–CGF Conflicts Policy and a series of named conflict disclosures (Entropy, Markham District Energy / Noventa, dcbel, Foran, Darlington New Nuclear Project, Rio Tinto Iron and Titanium, Mangrove, Cyclic, Exiro Nickel, Elevra, Teck Resources, among others dated on the Governance page). Treat these as an official transparency stack about potential conflicts between PSP/CGFIM interests and CGF—not as invented allegations. FY26 news reiterates that CGF assets are held separately and do not impact PSP returns or portfolio.

Secondary press and activist commentary on Canadian pension funds’ climate pace, foreign-investment reviews, or individual portfolio companies should be labelled as secondary when used. This profile does not invent controversy narratives unsupported by opened primaries. Where AR2026 Climate-Related Financial Disclosures discuss progress and lessons from the 2022–2026 Roadmap, prefer that official self-assessment.

Timeline

  • 1999 — Public Sector Pension Investment Board Act establishes PSP Investments as a Canadian Crown corporation (Our Story).
  • 2000 — Operations begin with Public Markets and Fixed Income; transfers for benefits earned from 1 April 2000.
  • 2001 — First Social and Environmental Responsibility Policy and Proxy Voting Guidelines.
  • 2003 — Real Estate asset class introduced.
  • 2004 — Private Equity asset class introduced.
  • 2005 — Joined Canadian Coalition for Good Governance.
  • 2006 — Infrastructure asset class introduced; Patrick Charbonneau joins PSP (May).
  • 2007 — Reserve Force plan included (from 1 March); formal sustainability engagement; CDP signatory.
  • 2011 — Natural Resources introduced; AUM hits about C$50 billion (Our Story).
  • 2014 — UNPRI signatory.
  • 2015 — New York office; Private Debt / Credit path; AUM hits about C$100 billion.
  • 2016 — London office; dedicated Responsible Investment group.
  • 2018 — AUM hits about C$150 billion; inaugural RI annual report; Montréal Top Employer recognition begins in Our Story timeline.
  • 2019 — Hong Kong office.
  • 2020 — Maple 8 CEO statement on sustainable inclusive growth.
  • 2022 — Deborah K. Orida joins as President & CEO (September); Climate Strategy Roadmap, Green Asset Taxonomy, Green Bond Framework, first climate disclosures.
  • 2023 — Budget 2023: PSP named independent exclusive investment manager of Canada Growth Fund; first Green Impact Report.
  • 2025 — 25th anniversary (1 April 2025); FY25 net AUM C$299.7B (31 Mar 2025); Green Bond Framework update (news hub 30 Oct 2025); several Board appointments through late 2025.
  • 2026 — FY26 year-end 31 Mar: net AUM C$320.6B; performance news 16 Jun 2026; completed 2022–2026 Climate Strategy Roadmap; Canada–Australia pension MOU (Mar 2026); 407 ETR ownership group with CPP Investments and Ferrovial (news hub).

Annex: AUM honesty (CAD)

Currency discipline for this profile is strict: prefer CAD. Homepage FY26 block is explicitly labelled “[In C$ as at March 31, 2026]” with net assets under management 320.6 B. The 16 June 2026 news release states: “All figures are in Canadian dollars unless otherwise noted.” AR2026 front matter repeats the CAD default. Therefore UAO headlines C$320.6 billion as at 31 March 2026 and does not invent a USD equivalent for the NAV print.

INST note: a working figure of C$299.7 billion (~US$220B) as at 31 March 2025 reflected the FY25 official CAD print plus an approximate USD pairing used in some secondary contexts. As of this research date, that CAD figure is the prior fiscal year-end, superseded by C$320.6B. Even for FY25, this profile would prefer the official CAD print over inventing or locking a USD headline. If a future official investor presentation pairs CAD and USD, cite that pair with its as-of date—do not back-solve FX.

Composition honesty: FY26 news notes investment returns ≈70% of net AUM and government transfers since 2000 ≈30%. Asset-class table excludes Cash and Cash Equivalents; investors-page percentages may not sum to 100% due to rounding and cash/other. AR2026 notes Complementary Portfolio was no longer treated as a separate portfolio (Alternative Risk moved to Alpha Alternatives within Global Alpha; Knowledge-Driven moved to Private Equity)—cite that structural note when comparing older mix tables.

Annex: Asset-class returns

Source: PSP FY26 performance news (16 June 2026), table of asset classes in the Statement of Investment Policies, Standards and Procedures as at 31 March 2026. All amounts CAD unless stated; excludes Cash and Cash Equivalents.

Asset classNet AUM1-year5-year10-year
Public Market EquitiesC$92.8B20.6%11.4%12.3%
Fixed IncomeC$71.8B2.3%3.0%3.2%
Private EquityC$39.1B5.3%12.7%12.0%
Credit InvestmentsC$35.1B3.1%10.5%11.1%
InfrastructureC$32.0B10.1%15.0%12.7%
Real EstateC$27.8B(7.3)%(0.5)%2.8%
Natural ResourcesC$19.7B2.4%8.3%8.7%

Total-fund context: one-year net 6.5%; five-year net annualized 8.3%; ten-year net annualized 8.8%. Real Estate’s negative one- and five-year prints sit beside stronger ten-year 2.8% and should be read with AR2026 private-markets discussion—not as a standalone thesis invented here. Infrastructure’s five-year 15.0% and Public Market Equities’ one-year 20.6% illustrate dispersion across the Policy Portfolio in FY26.

Annex: Allocation & geography

Investors-page breakdown of net assets per asset class as at 31 March 2026 (*figures do not add up due to rounding): Capital Markets 51.3%; Private Equity 12.2%; Credit Investments 10.9%; Infrastructure 10.0%; Real Estate 8.7%; Natural Resources 6.1%. Capital Markets = Public Market Equities + Fixed Income ≈ C$92.8B + C$71.8B = C$164.6B, matching the Capital Markets page net AUM print.

AR2026 geographic diversification (percent of total gross fair value based on exposure, 31 March 2026): United States 54.6%; Asia 19.7%; Europe 14.2%; Canada 8.9%; Oceania 0.8%; Other 1.8%. Sector diversification on the same AR graphic includes Government 22.0%; Financials 17.5%; Technology 16.5%; Industrials 12.0%; Consumer Discretionary 10.2%; Healthcare 5.9%; Communications 5.9%; Materials 3.7%; Consumer Staples 2.6%; Energy 2.0% (as printed)—cite as AR snapshot, not a UAO model portfolio.

Domestic scale: FY26 news gross Canada AUM > C$75B; >C$10B invested in Canada in FY26. Researchers comparing “Canada weight” should distinguish exposure % (8.9% gross fair value in AR geography table) from gross domestic AUM dollars and from annual deployment—different denominators.

Annex: Capital Markets

Official Capital Markets page: two groups—Public Market Equities and Fixed Income. Public Market Equities managed by internal and external managers using traditional active, absolute return, and passive strategies; philosophy grounded in a risk-adjusted approach; internal equity research platform provides market insights across the organisation. Fixed Income managed internally: Corporate Credit and Global Sovereign Interest Rates strategies. Fast facts on the page include equity and fixed-income investment markers; prefer the dated C$164.6B net AUM and C$17.7B portfolio income / 7.6% five-year annualized return prints on that page for Capital Markets scale. Team leader named on page: Justin Nightingale, Senior Managing Director and Head of Global Alpha.

Illustrative Capital Markets case on the official page (Yahoo event-driven lifecycle example) is PSP’s own narrative of sum-of-the-parts, capital-structure arbitrage, and M&A hedges around Alibaba IPO / Verizon asset sale / US tax reform—cited as official storytelling, not independently re-underwritten here.

Annex: Private markets stack

Private Equity (news table C$39.1B net AUM FY26): Our Story notes introduction in 2004; strategy emphasises external fund managers and partners for direct/co-investments. Simon Marc is SVP and Global Head of Private Equity and Real Estate Investments on the live executives page. Real Estate (C$27.8B): introduced 2003; major international cities; themes technology, lifestyle, urbanisation, demographics. Infrastructure (C$32.0B): introduced 2006; transportation, power, telecoms, utilities; Andrew Alley named Global Head on contact listing; FY26 news and AR reference awards language (e.g., Infrastructure Investor distinctions; AirTrunk exit narrative in AR)—treat as official self-attribution. Natural Resources (C$19.7B): introduced 2011; timber, agriculture; Marc Drouin named Global Head. Credit Investments (C$35.1B): Private Debt introduced 2015; Oliver Duff SVP and Global Head. CIO Patrick Charbonneau previously led Infrastructure and served as CGFIM CEO—relevant career context from the official biography, not a claim that CGF assets sit inside PSP’s Policy Portfolio.

407 ETR news (official): PSP joined {CPP} and Ferrovial in the 407 ETR ownership group—cite the investpsp.com news item for transaction framing; do not invent ticket size or governance rights beyond what that release states. Canada–Australia MOU (March 2026 news): memorandum of understanding among Canadian and Australian pension investors—relationship/initiative language, not a pooled vehicle AUM claim.

Annex: Leadership verification

Verification date: 6 September 2026. Primary: https://www.investpsp.com/en/psp/senior-management/ cross-checked with AR2026 Executive team section naming Deborah K. Orida as President and CEO and Patrick Charbonneau as SVP and Chief Investment Officer, alongside Bernier, Duff, Marc, Nightingale, Ouellet, Roy, Bajaj and Vermette.

Honesty notes: INST leadership fields President & CEO Deborah K. Orida and SVP & CIO Patrick Charbonneau match live official pages—retain. Do not demote Orida or invent an interim CEO. Do not invent Board seats for executives. Caroline Vermette (CFO, joined April 2025) and Arun Bajaj (Chief People and Corporate Development Officer, joined February 2025) are relatively recent additions per official bios—use join dates from the page. Alexandre Roy’s path from Total Fund Management to CRO is on the official biography—do not invent a separate Total Fund CIO title.

Annex: Board roster

Live Board page roster (13 Directors) with Board-member-since dates as published: Maryse Bertrand (Chair; since 7 Sep 2018); Derek Brodersen (27 Nov 2025); Gregory Chrispin (4 Mar 2022); Guy Cormier (13 Nov 2025); David C. Court (30 Oct 2018); Patrick Cronin (27 Nov 2025); Christopher Fowler (28 Feb 2025); M. Marianne Harris (18 Dec 2020); Miranda C. Hubbs (15 Aug 2017); Susan Kudzman (18 Dec 2020); Katherine Lee (25 Jun 2018); Helen Mallovy Hicks (4 Mar 2022); Maurice Tulloch (4 Mar 2022). Committee chair signals on the page include Gregory Chrispin (HRCC Chair), Miranda C. Hubbs (Investment and Risk Chair), Susan Kudzman (Governance Chair), Katherine Lee (Audit Chair). Bios are summarised on investpsp.com—UAO does not hyperlink Directors lacking live person SSRs.

Appointment mechanics (official FAQ on Board page): Governor in Council appointment on recommendation of the President of the Treasury Board; candidates from list proposed by external nominating committee under the Act; Chair designated by Governor in Council after consultation with the Board, Minister of National Defence and Minister of Public Safety. Governance Committee runs formal performance evaluation of Chair, committee chairs, individuals and the Board as a whole.

Annex: Canada Growth Fund

FY26 news About/CGF section: through wholly owned Canada Growth Fund Investment Management Inc. (CGFIM), PSP continues as independent and exclusive investment manager of the Canada Growth Fund (CGF), a C$15 billion independent investment fund operating at arm’s length from the Government of Canada. In fiscal 2026, CGFIM continued executing its mandate to support growth and scale of Canada’s economy; strong track record language cites 18 completed transactions totalling approximately C$5 billion in Canadian commitments. Critical separation sentence: assets of CGF are held separately and do not impact the returns or portfolio of PSP Investments. Further information pointed to https://www.cgf-fcc.ca/en/.

Career overlap honesty: Patrick Charbonneau’s official biography lists prior service as President and CEO of CGFIM. That historical role does not merge CGF AUM into PSP’s C$320.6B net AUM. Governance page Conflicts Policy and dated disclosures exist specifically because PSP/CGFIM and CGF interests can diverge—use those primaries when analysing related-party optics.

Annex: Debt issuer / Green Bonds

PSP maintains a public debt-issuer presence (we-are-debt-issuer pages) covering growth/reach and debt programs. Sustainability page: through Green Bonds, PSP aims to enable capital raising and investment for projects promoting environmental and climate benefits; net proceeds allocated to eligible assets supporting transition to a low-carbon economy. News hub lists a Green Bond Framework update dated 30 October 2025. Researchers should pull current outstanding amounts, tenors and ratings from the latest official debt investor materials rather than inventing programme sizes here. Investors page notes PSP is a Canadian tax-exempt Crown corporation with a published tax strategy for jurisdictions where it operates and holds investments.

Annex: Risk & Reference Portfolio

Risk Management page framing: integrated approach to managing a full spectrum of risks across the enterprise, committed to minimising risks and maximising returns within mandate. AR2026 / news: Reference Portfolio communicates Government of Canada funding-risk tolerance; Policy Portfolio is the main return/risk driver over time. FY26: cumulative gains above Reference Portfolio C$8.6B (5y) and C$14.5B (10y) “achieved within funding risk tolerance.” One-year shortfall versus Reference Portfolio (−5.2%) is disclosed with macroeconomic/private-markets/FX explanation—see Performance section. Alexandre Roy is SVP and Chief Risk Officer on the live executives page (joined August 2007; prior Total Fund Management leadership).

Annex: RI / stewardship

See Climate / ESG section for the journey timeline through 2026 integrated disclosures. Additional researcher checklist: Sustainable Investment Policy download on Sustainability page; Corporate Governance and Proxy Voting Principles (document dated 10 Feb 2023 on page); ISS voting-record portal from 1 Nov 2017; Focus on Sustainability + Climate-Related Financial Disclosures chapters in AR2026 (AR TOC places climate disclosures around page 72 in the English PDF researched). Do not invent financed-emissions percentages or NZ commitment metrics beyond what those primaries state; the Sustainability page summarises direction of travel after completing the 2022–2026 Roadmap without reprinting every quantitative target in the HTML extract used here—pull numbers from AR2026 when quoting targets.

Annex: Offices & organisation

Official footprint: headquarters in Ottawa; principal business office in Montréal; international offices in New York (from 2015), London (from 2016, European hub focused on PE, Real Estate, Infrastructure and Credit opportunities per Our Story), and Hong Kong (from 2019, Private Equity and Infrastructure partnerships per Our Story). Our Mandate scale: nearly 1,000 people; AUM path from C$2.5B to C$320.6B. Culture page and Top Employer recognitions appear in Our Story (Montréal Top Employer multi-year mentions)—cite as official employer-brand claims.

Public-safe contact rule for this UAO page: no private staff emails or phone numbers from office directories or Accessibility Plan feedback blocks. Media enquiries belong on investpsp.com news pages; UAO corrections: info@universalassetowners.com.

Annex: Peer context

Canadian peer set for researchers (separate UAO elites where live): CPP Investments (Canada Pension Plan assets); CDPQ (La Caisse) (Québec depositors); Ontario Teachers’ and other provincial plans may appear in Maple 8 / peer coalitions referenced in PSP sustainability history. Global peers for scale/context only—not same mandate: Norges Bank Investment Management, GIC, CalPERS. PSP’s distinguishing features versus peers: federal Crown statute; four named federal plans; Reference Portfolio funding-risk link to Government of Canada; exclusive CGFIM mandate for Canada Growth Fund held off PSP’s balance-sheet returns.

Annex: Research notes

Opened primaries for this ship (non-exhaustive): investpsp.com home; /en/psp/our-mandate/; /en/psp/our-story/; /en/psp/board/; /en/psp/senior-management/; /en/psp/governance/; /en/psp/risk-management/; /en/psp/sustainability/; /en/investment-performance/; /en/investment-performance/reports/; /en/investors/ and capital-markets, private-equity, real-estate, infrastructure, credit-investments, natural-resources; /en/we-are-debt-issuer/ (+ growth-and-reach, debt-programs); /en/offices/; FY26 performance news (16 Jun 2026); 407 ETR news; Canada–Australia MOU news; PSP-2026-annual-report-en.pdf (pdftotext). Thin-source gate: PASS. No VideoObject (YouTube channel only; homepage data-video-file empty). Person SSR checks: deborah-k-orida 200; patrick-charbonneau 200; deborah-orida 404 (use hyphenated K form).

Non-blocking expansions (not required to ship): full AR2026 climate quantitative tables; debt programme outstanding ladder; detailed Proxy Voting Principles theme list; complete investee control tables from financial statements; French-language page parity check; historical AUM chart digitisation from Our Story graphic.

Annex: Policy Portfolio & Total Fund depth

AR2026 investment-framework language (opened PDF): building on the mandate and the risk tolerance conveyed by the Treasury Board Secretariat via the Reference Portfolio, the second component of the investment framework is Total Fund management—the articulation of PSP’s total-fund approach to achieving the mandate over the long term and ensuring desired market exposures are executed efficiently. It is built around two key elements labelled Design and Protect.

Design of the Policy Portfolio: PSP’s value proposition focuses on designing the best possible Policy Portfolio to maximize returns without undue risk of loss, having regard to Plan funding over a long-term horizon. The objective is to achieve a return greater than the Reference Portfolio over a period of 10 years with a lower or equal level of pension funding risk. This is achieved by including asset classes expected to provide a higher return for the Policy Portfolio compared with the Reference Portfolio without increasing funding risk for three primary reasons stated in AR2026: (1) inclusion improves portfolio diversification and therefore reduces pension funding risk; (2) over time, the private nature of these assets is expected to result in higher returns—Plan liabilities are long term and liquidity requirements are predictable under normal funding conditions, so PSP is positioned to capture those returns without needing to sell assets quickly; (3) Plan liabilities are sensitive to inflation, and investing in real assets that tend to offer long-term inflation protection (Real Estate, Infrastructure, Natural Resources) better matches liabilities and lowers deficit risk.

AR2026 further states the Policy Portfolio is the predominant factor in determining PSP’s return and risk over time; it is reviewed annually or more frequently if required, with each review including an asset-liability study to ensure the Policy Portfolio accounts for characteristics of both markets and Plan liabilities. With increased diversification and liability-aware design, the Policy Portfolio is described as more resilient in downturn scenarios relative to the Reference Portfolio and expected to offer more downside protection over the long term, while allowing higher short-term investment volatility than the funding-risk comparison alone might suggest. Efforts continue on integrating long-term pension funding risk and day-to-day investment management risk within a unified risk framework.

FY26 one-year scorecard versus Reference Portfolio (AR highlights / news): cumulative net investment gains below the Reference Portfolio of C$(15.6) billion on the one-year print, alongside cumulative above-benchmark gains of C$8.6B (5y) and C$14.5B (10y). Researchers should hold both facts: long-horizon outperformance versus a single-year shortfall already explained in the official news release.

Annex: Cash & completeness of mix

AR2026 overview graphic includes Cash and Cash Equivalents C$2.4 billion (0.8%) of total net AUM alongside the asset classes in the FY26 news table (which explicitly excludes cash). Full printed net AUM stack as at 31 March 2026 from AR overview: Capital Markets C$164.6B (51.3%) split as Public Market Equities C$92.8B and Fixed Income C$71.8B; Private Equity C$39.1B (12.2%); Credit Investments C$35.1B (10.9%); Infrastructure C$32.0B (10.0%); Real Estate C$27.8B (8.7%); Natural Resources C$19.7B (6.1%); Cash and Cash Equivalents C$2.4B (0.8%). Footnotes: percentages of total net AUM; figures may not add due to rounding.

Annex: Infrastructure depth

Official Infrastructure page (C$ as at 31 March 2026): net AUM C$32.0 billion; portfolio income C$3.2 billion; one-year return 10.1%; five-year annualized 15.0%. Team: diverse team of over 45 investment professionals in Montréal and London. Focus: long-term partnerships with strategics and like-minded investors; deploy significant capital globally; flexible horizon; support assets across lifecycle stages; sector-focused platforms.

Geographic diversification on the Infrastructure page: Europe 32.6%; US 24%; Canada 13%; Asia 12.6%; Central and South America 9.6%; Oceania 8.1%; Other 0.1%. Sector diversification: Industrials 47.7%; Utilities 29.5%; Communications 13.9%; Energy 5%; Other 3.9%.

What-sets-us-apart language (official): agile global investor experienced in complex partnerships; sector-specific platform companies with operational expertise and growth mandates; robust governance and operational excellence across portfolio companies; flexible strategy incorporating platforms, consortium directs, funds, secondaries and co-investments; support for innovative technologies to create, store, transport and deliver cleaner energy. Infrastructure-in-action on the same page highlights 407 Express Toll Route (407 ETR)—aligned with the separate news release on joining CPP Investments and Ferrovial in the ownership group.

Annex: Private Equity depth

Official Private Equity page fast facts and strategy language emphasise relationships with external fund managers and investment partners, leveraging networks and sector/geographic expertise to source long-term direct and co-investment opportunities. FY26 news table: net AUM C$39.1 billion; one-year 5.3%; five-year 12.7%; ten-year 12.0%. Our Story historical marker (as at 31 March 2024 vintage on that page): PE had grown to about C$40.4B / 15.3%—prefer FY26 news/AR figures for current scale when they differ.

Leadership: Simon Marc is Senior Vice President and Global Head of Private Equity and Real Estate Investments (joined 2015; prior Permira and Apax experience per official bio). AR2026 structural note: Knowledge-Driven strategies moved into Private Equity when the Complementary Portfolio ceased as a separate portfolio—important when reconciling older mix charts.

Private Equity page diversification prints (as published): 62.8% US; 16.5% Europe; 14% Asia; 4.9% Canada; 1.1% Oceania; 0.7% Other; 21.5% Financials; 21% Technology; 15.9% Health care; 14.5% Industrials; 9.8% Consumer discretionary; 9% Communications. Treat as official page snapshot dated with the FY26 C$ labels on that page.

Annex: Real Estate depth

Official Real Estate page / FY26 table: net AUM C$27.8 billion; one-year (7.3)%; five-year (0.5)%; ten-year 2.8%. Our Story: asset class introduced in 2003; focus on world-class assets in major international cities based on global themes such as technology, lifestyle, urbanisation and demographics. Negative near-term returns are disclosed officially—pair with ten-year positive print and AR private-markets discussion rather than inventing a turnaround narrative.

Real Estate page diversification prints (as published): 47.6% US; 23% Europe; 14.5% Canada; 8% Oceania; 3.6% Asia; 2.3% Central and South America; 1% Other; 30.4% Residential; 27.7% Industrials; 19.2% Office; 7.6% Senior Housing; 6.4% Retail; 8.7% Other.

Annex: Credit Investments depth

Official Credit Investments page / FY26 table: net AUM C$35.1 billion; one-year 3.1%; five-year 10.5%; ten-year 11.1%. Our Story: Private Debt introduced in 2015 with the New York office; Credit Investments manages the evolved book. Oliver Duff is SVP and Global Head of Credit Investments (joined 2016; prior HSBC, Morgan Stanley, Goldman Sachs leveraged finance/syndicate roles per official bio; ACA).

Credit Investments page diversification prints (as published): 66.7% US; 30.9% Europe; 2% Canada; 0.4% Oceania; 30.8% Technology; 15.7% Communications; 13.6% Financials; 12.4% Industrials; 8.5% Healthcare; 6.3% Consumer discretionary; 3.8% Energy; 3.7% Materials; 2% Consumer staples; 1.3% Real estate.

Credit page portfolio income print: C$1.0 billion (as labelled on the page with the 31 March 2026 C$ header).

Annex: Natural Resources depth

Official Natural Resources page / FY26 table: net AUM C$19.7 billion; one-year 2.4%; five-year 8.3%; ten-year 8.7%. Our Story: introduced 2011; direct investments in timber, agriculture and related opportunities. Marc Drouin is named Senior Managing Director and Global Head of Natural Resources Investments on the Senior Management contact listing. AR2026 narrative references agriculture/timber land scale and critical-minerals strategy language—prefer AR chapter wording when quoting hectare counts or fund commitments.

Natural Resources page diversification prints (as published): 41.3% Oceania; 26% US; 15.7% Central and South America; 11.5% Canada; 5.5% Europe; 38.9% Permanent Crops; 23% Row Crops; 19.6% Timber; 15.2% Animal Protein; 3.3% Other.

Annex: Risk management depth

Official Risk Management page emphasises an integrated approach across the enterprise. Key published themes from the opened page include aligning risk-taking with mandate and Board-approved risk appetite, monitoring market, credit, liquidity, leverage, operational and other risk dimensions, and reporting through governance channels to senior management and the Board’s Investment and Risk Committee.

Our enterprise risk management process takes an integrated approach to managing a full spectrum of risks—from private and public investment risks, to liquidity, leverage and non-investment risks. In addition, our structure is aligned to support a total portfolio management view.

We have a Risk Management Group dedicated to establishing effective risk management practices and processes. To ensure our risk overview takes into account the full spectrum of risks, the group is subdivided into specialized teams for each core focus area.

Our Board plays an integral role in our risk management process by establishing the Risk Appetite Statement (RAS) and by defining the risk philosophy in alignment with our mandate and the risk objective set out by the Government of Canada. Meet our Board members Role of Senior Management

Senior management oversees the Risk Management Group to ensure risks are monitored, managed and reported. In collaboration with our independent Risk Management Group, it also ensures that risks are within the boundaries of the RAS. Meet our senior management We integrate environmental, social and governance (ESG) factors into our risk analysis. Discover how we invest responsibly.

Cross-link: Miranda C. Hubbs chairs the Investment and Risk Committee on the live Board page; Alexandre Roy is SVP and Chief Risk Officer on the live executives page.

Annex: Debt programmes depth

Official debt-programs page describes PSP’s role as a debt issuer supporting portfolio construction and liquidity management within the Crown corporation framework. Green Bond Framework allocation language on Sustainability ties eligible use of proceeds to assets enabling low-carbon transition. Prefer the latest official debt investor presentation / programme documentation for outstanding amounts, currencies, and credit ratings—opened HTML confirms programme existence and Green Bond linkage without requiring invented notionals.

PSP Capital's Term Notes are part of the FTSE Canada Federal Index, the Bloomberg Barclays Global Aggregate Index, the JP Morgam Global Aggregate Index and the Bloomberg AusBond Index

Our Green Bond program will support projects that contribute to positive environmental outcomes while ensuring we continue to support our overarching mandate and commitment to responsible investment.

S&P Global rated PSP’s Green Bond Framework Medium Green. Included in the overall shading was an assessment of our governance structure, which received a score of Excellent. Our sustainability approach Green Bond Framework Date: Oct. 30, 2025 Size: 1.7 MB S&P Global Second Party Opinion (SPO) Date: Oct. 30, 2025 Size: 485.9 KB Investor presentation Date: June 16, 2026 Size: 12.4 MB Green Bond Impact Report 2026 Date: June 16, 2026 Size: 379.6 KB Recent term debt transactions

Currency Ticker Notional (M) Coupon Maturity Series ISIN GBP PSPCAP Govt 600 4.50 July 14, 2031 G-23 XS3439216246 USD PSPCAP Govt 1,250 4.25 June 30, 2031 G-22 US69376Q2F91 CAD PSPCAP Govt 1,000 CORRA +51 bps January 13, 2033 G-21 CAC75089AF63 GBP PSPCAP Govt 600 4.25 October 22, 2030 G-20 XS3186894401 AUD PSPCAP Govt 1,500 4.10 August 13, 2030 A-4 AU3CB0324614 EUR PSPCAP Govt 100 3.766 August 1, 2045 G-19 XS3140078919 EUR PSPCAP Govt 1,250 2.875 July 23, 2032 G-18 XS3124429492 USD PSPCAP Govt 700 SOFR + 35 bps December 1, 2027 G-17 USC7S234BJ40 AUD PSPCAP Govt 1,250 5.25 February 27, 2035 A-3 AU3CB0318848 CAD PSPCAP Govt 1,500 4.25 December 1, 2055 G-16 CAC75089AD16 USD PSPCAP Govt 1,250 3.75 October 2, 2029 G-15 US69376P2E45 AUD PSPCAP Govt 1,000 4.50 September 5, 2031 A-2 AU3CB0313088 EUR PSPCAP Govt 1,100 3.25 July 2, 2034 G-14 XS2850686812 AUD PSPCAP Govt 1,500 4.60 February 6, 2029 A-1 AU3CB0306389 CAD PSPCAP Govt 1,000 4.40 December 2, 2030 G-13 CAC75089AC33 EUR PSPCAP Govt 75 3.679 July 17 2043 G-12 XS2651516713 CAD PSPCAP Govt 2,500 4.15 June 1st 2033 G-11 CAC75089AB59 EUR P

We operate our short-term programs under a global limit of C$15 B. We seek to promote wide distribution and liquidity by issuing on a regular basis and working with investors to meet their needs.

Annex: Reporting stack detail

Reports hub lists Annual Reports back through the early 2000s, variants without financial statements, and Public Sector Complete Financial Statements for recent years. FY26 English Annual Report PDF filename on the site: PSP-2026-annual-report-en.pdf (dated 31 March 2026 on the homepage card; size about 6.2 MB). Homepage also links the Green Bond Framework PDF (card dated 30 Oct 2025). AR2026 TOC (opened PDF): Overview / 2026 financial highlights; Chair message; CEO message; Our mandate; Executive team; strategic priorities; Investing with focus and foresight; Operate with excellence; Inspired by our mission; Investment management in action; Management’s discussion of fund performance and results; Climate-Related Financial Disclosures; Governance; Directors’ biographies; HRCC report; Consolidated 10-year financial review; Financial Statements.

Forward-looking / sustainability caution: AR2026 explicitly warns that forward-looking and sustainability-related statements require assumptions and involve uncertainties; PSP cannot guarantee any forward-looking statement will materialize—see the report’s forward-looking statements disclaimer (page reference in AR front matter).

Actuarial cross-check path named in AR footnotes: latest statutory actuarial reports for the plans are published by the Office of the Chief Actuary and available in OSFI’s repository (osfi-bsif.gc.ca actuarial reports). PSP’s FY26 news states the one-year net return exceeded actuarial discount rates required to meet long-term obligations and that plans remain in a strong overall funding position—cite PSP’s statement; pull numeric discount rates from OSFI/OCA primaries when needed.

Annex: People & culture

Our Mandate people framing: growth from fewer than 20 employees to nearly 1,000; successes attributed to people and commitment to PSP. Work/Culture page positions problem-solvers with entrepreneurial spirit and collaborative approach; environment for relationships, learning, ideation, innovation, excellence, and speak-up culture. Our Story employer-brand timeline cites repeated Montréal Top Employer recognitions (2018 onward in the narrative, including a seventh consecutive year mention in a later milestone). Corporate values refresh referenced in AR2026 people narrative: Live the Mission, Excel Together, Be Accountable—integrated into operating practices and performance management per AR language.

Contributors page exists for Plan member orientation (contributors.investpsp path in nav)—mandate delivery ultimately serves contributors and beneficiaries of the four federal plans. This UAO profile stays on institutional facts; Plan members should use official contributor channels for personal benefits questions.

Annex: Selected FY26 public transactions / initiatives

407 ETR ownership group (official news): PSP Investments joined CPP Investments and Ferrovial in the 407 ETR ownership group. The Infrastructure page’s “Infrastructure in action” module also features 407 Express Toll Route. Cite investpsp.com news for the institutional announcement; do not invent equity percentages or consideration beyond the release.

Canada–Australia pension funds MOU (official news, March 2026): PSP entered a Canadian–Australian Pension Funds Investment Initiative memorandum of understanding. Treat as a cooperation/initiative framework among peer pension investors—not as a commitment AUM figure unless a primary states one.

Centraide campaign (related news hub card): Centraide of Greater Montreal 2026 campaign co-chaired by Deborah K. Orida and Éric Lachance (news card dated 2026-04-08)—community leadership note, not an investment mandate change.

Annex: Statute & accountability depth

Legal spine: Public Sector Pension Investment Board Act; By-Law No. 1 (dated 1 May 2025 on Governance downloads) and By-Law No. 2 (1 April 2025). Code of Conduct for directors, employees and consultants (document dated 1 Oct 2025 on Governance). Board and committee terms of reference dated 14 May 2024 on the Board page downloads. Annual report tabled in Parliament by the President of the Treasury Board; yearly external audit under the Financial Administration Act; Special Examinations at least once every 10 years by joint auditors (Auditor General of Canada and Deloitte LLP).

Arm’s-length investment decision-making is a repeated official theme: the Board supervises management of business affairs; the President and CEO reports to the Board; ministers receive reporting but day-to-day portfolio decisions sit with the professional organisation under the Act’s best-interest and prudent-return mandate.

Annex: AR2026 overview paraphrase

AR2026 overview states PSP is one of Canada’s largest pension investors and repeats the statutory invest-for-maximum-return-without-undue-risk language with regard to funding, policies and requirements of the pension plans of the federal Public Service, the Canadian Forces (Regular Force), the RCMP and, since 1 March 2007, the Canadian Forces (Reserve Force), and the ability of the plans to meet financial obligations. Net AUM grew to C$320.6B in fiscal 2026, a 7.0% increase over fiscal 2025. The portfolio’s net return in fiscal 2026 exceeded actuarial discount rates required to meet long-term obligations; plans remain in a strong overall funding position. Because obligations extend decades into the future, long-term results are framed as a key indicator of fulfilling the pension-investor role.

By investing across geographies, asset classes and investment products, AR2026 states PSP mitigates risk and enhances long-term returns—visualised in the overview mix graphic reproduced numerically in the cash-completeness annex. Chair and CEO messages in AR2026 (full letters in PDF) emphasise mandate endurance, execution through volatility, cost discipline / operating leverage, and values integration; this HTML profile summarises those themes from news + overview rather than reprinting the entire letters verbatim.

Annex: Asset-class primary excerpts

The following paragraphs are condensed from opened investpsp.com asset-class pages (English), researched 6 September 2026. They supplement the depth annexes with additional official strategy language. CAD figures on those pages are labelled as at 31 March 2026 unless a page states otherwise.

Private Equity

We seek private equity returns by providing capital and expertise with a focus on investing for the long-term and through economic cycles. Our aim is to be the investment partner of choice for private equity funds, other long-term investment institutions, founders and management teams.

We look for investment partners with a strong track record, a demonstrated value creation strategy, strong value orientation and best-in-class governance standards. We invest in companies that demonstrate a strong market position, an attractive cash flow profile, resilience through economic cycles and a top-tier management team. Close Fast facts

[In C$ as at March 31, 2026] $ 39.1 B Net assets under management (AUM) $ 2.1 B Portfolio income 5.3 % 1-year rate of return 12.7 % 5-year annualized return View our performance Discover where we invest

Founded in 1981, Galderma is a leading global dermatology company offering a comprehensive portfolio of medical and consumer skin health products, and operating under three business units: aesthetics, prescription and consumer. As the world’s largest independent dermatology company, Galderma’s international team of 5,000 employees is committed to partnering with health care practitioners to deliver innovative technologies and products that meet the skin health needs of people throughout their lifetime. This investment is at the core of our investment strategy of backing a market leader with exceptionally strong brands and a clear strategic vision. We acquired a minority stake alongside a trusted partner.

Real Estate

We focus on establishing joint ventures with best-in-class partners. Our global presence allows us to invest in urban real estate around the world, and to develop strong business relationships on the ground. We keep close tabs on trends in urbanization, demographics and technology to hone our competitive edge. Close Fast facts

[In C$ as at March 31, 2026] $ 27.8 B Net assets under management (AUM) $( 2.1 )B Portfolio income -7.3 % 1-year rate of return -0.5 % 5-year annualized return View our performance Discover where we invest

Thanks to our profound understanding of trends in urbanization, we spotted a compelling opportunity in mixed-use real estate development. We are facilitating the transformation of a pier in Washington, D.C., into a dynamic space, which is sure to become a hotspot in the US capital, and a key destination.

Located in the heart of the City of London, 22 Bishopsgate will be at the forefront of the modern office workspace in terms of technology, amenities and flexibility. As corporate tenants require more optionality due to the incredible pace of technological change, the 61-storey tower will include nearly 120,774 square meters of high specification and adaptable office space along with smart integrated building management systems.

Credit Investments

Our global team in New York, London and Montréal invests in large positions across the capital structure. We balance credit quality, structure, risk-return profile, asset mix and portfolio diversification, among other considerations.

[In C$ as at March 31, 2026] $ 35.1 B Net assets under management (AUM) $ 1.0 B Portfolio income 3.1 % 1-year rate of return 10.5 % 5-year annualized return View our performance Discover where we invest

PSP provided debt and equity financing in support of Permira’s acquisition of Lytx, a market leader in the video fleet management and fleet solution space. This investment represents the fourth time that PSP has invested in the company. Since August 2017, under the previous ownership, Credit Investments participated in two debt financings and PSP also participated in a preferred equity financing. These transactions highlight the value of following businesses that we know and like, leveraging solid private equity relationships, and having the flexibility to invest across the capital structure.

We were the anchor investor in the debt financing which, along with a minority equity investment from the Carlyle Group, funded the emergence from bankruptcy of The NORDAM Group. The NORDAM Group is a leading global aerospace manufacturer, and these financings enabled the founding family to retain majority ownership. This transaction highlights Credit Investments’ newest capability: debt financing in complex restructuring situations.

Natural Resources

We focus on partnering with best-in-class, local operators to invest in agriculture and timber assets in investment-friendly jurisdictions around the world. A high component of land, water or biological assets typically underpin our investments and add to downside protection. We also seek to invest in opportunities well poised to benefit from secular trends driving continued demand growth and increasingly constrained supply.

[In C$ as at March 31, 2026] $ 19.7 B Net assets under management (AUM) $ 0.5 B Portfolio income 2.4 % 1-year rate of return 8.3 % 5-year annualized return View our performance Discover where we invest

The investment in Ellerslie Free Range Farms ("Ellerslie") represents PSP’ first investment within the Australian egg industry. The acquisition was completed in close collaboration with the founding family, a highly respected and experienced local operator with a proven track record spanning multiple decades.

Founded in 1958, Ellerslie stands as one of Australia's premier egg producers. The company's primary production is further bolstered by robust complementary assets, such as a feed mill and cutting-edge egg grading facilities. Additionally, Ellerslie holds a joint venture stake in one of the largest egg distribution and marketing company, Sunny Queen Australia.

Capital Markets

Public Market Equities are managed by both internal and external managers using a combination of traditional active, absolute return, and passive strategies. The Public Market Equities portfolio has an investment philosophy grounded in a risk-adjusted approach, which allows for the identification of the best opportunities in public equity and absolute return strategies.

The diversified Public Market Equities’ team leverages external partners to complement the internal public market value proposition. Our internal equity research platform provides ongoing market insights across the organization and across asset classes.

[In C$ as at March 31, 2026] $ 164.6 B Net assets under management (AUM) $ 17.7 B Portfolio income 7.6 % 5-year annualized return View our performance Capital Markets in action

We have been active in the Yahoo trade through its lifecycle. From our involvement in Alibaba's IPO, we implemented a sum-of-the-parts and a capital structure arbitrage, designed a merger and acquisition strategy to profit from Yahoo's sale of core assets to Verizon benefited from the US Tax Reform on a macro front. Our expertise in event-driven situations and our proficiency with multiple financial instruments allowed us to be agile and deploy a range of hedge fund strategies to profit from the unfolding of this situation while managing "directional risk".

Annex: Climate roadmap closeout

Sustainability page 2026 milestone: completed the 2022–2026 Climate Strategy Roadmap and published first integrated financial and climate disclosures. The same page states PSP continues to assess and manage climate-related risks and opportunities amid evolving macroeconomic, geopolitical, regulatory and market conditions, building on progress and lessons from the Roadmap while shifting toward deeper institutional integration anchored in actions within scope and mandate. A new climate risk framework is being introduced to guide identification, assessment and management of climate-related risks and opportunities across the investment lifecycle. Researchers quoting financed-emissions metrics, taxonomy eligibility, or Green Bond allocation tables should open the AR2026 Climate-Related Financial Disclosures chapter and the latest Green Impact / Framework documents rather than relying on this summary alone.

Green Bonds: Sustainability page states net proceeds from Green Bond issuance are allocated to eligible assets that support or enable the transition to a low-carbon economy; news hub lists a Green Bond Framework update dated 30 October 2025; homepage links the Framework PDF. Partner organisations listed: Canadian Sustainability Standards Board; UNPRI Private Credit Advisory Committee; ESG Data Convergence Initiative; Global Real Estate Sustainability Benchmark.

Annex: Offices primary excerpts

Official Offices page excerpts (public-safe; no phone/email harvested):

With a growing global presence, we have direct access to key players around the world. Each of our offices is centrally located, and boasts the same modern design and

“Our expanding global presence provides us with the market insights to spot the edge, and the power to seize complex global investment opportunities.”

Our main business office, in downtown Montréal, has presence from all our asset classes and key services such as Information Technology, Legal, Accounting & Finance, Human Resources and many more.

Our New York office, in Midtown Manhattan, is home to our Credit Investments asset class. It also serves as a regional hub for other asset classes with investments or partners in the United States.

Our European hub, located in London, enables us to seize opportunities across European markets with a physical presence by four of our asset classes: Private Equity, Credit Investments, Real Estate and Infrastructure. As well as a number of internal services experts.

FAQ

What is PSP Investments?

PSP Investments is the trade name of the Public Sector Pension Investment Board, a Canadian Crown corporation established by the Public Sector Pension Investment Board Act in 1999. It manages amounts transferred by the Government of Canada for the pension plans of the federal public service, the Canadian Forces, the Royal Canadian Mounted Police, and the Reserve Force. Prefer primary disclosures on investpsp.com and the 2026 Annual Report.

What is PSP Investments’ latest official net AUM?

Prefer official Canadian dollars. As at 31 March 2026, investpsp.com FY26 financial highlights, the 16 June 2026 performance news release, and the 2026 Annual Report state net assets under management of C$320.6 billion, up C$20.9 billion or about 7% from the prior year. An INST working figure of C$299.7 billion as at 31 March 2025 is the prior-year print and is stale as a current headline. Do not invent a USD NAV headline.

Who is the President and CEO of PSP Investments?

Deborah K. Orida is President and Chief Executive Officer, verified on the live investpsp.com Senior Management page. Official biography states she joined PSP in September 2022 after senior roles at CPP Investments and Goldman Sachs.

Who is the Chief Investment Officer of PSP Investments?

Patrick Charbonneau is Senior Vice President and Chief Investment Officer on the live investpsp.com Senior Management page. Official biography notes he joined PSP in May 2006 and previously served as President and CEO of Canada Growth Fund Investment Management and as Global Head of Infrastructure at PSP. He holds the CFA designation.

What is PSP Investments’ statutory mandate?

Under the Public Sector Pension Investment Board Act, PSP manages amounts transferred for benefits earned from 1 April 2000 by members of the federal public service, Canadian Forces, RCMP, and (since 1 March 2007) Reserve Force plans. It must manage in the best interests of contributors and beneficiaries and invest for a maximum rate of return without undue risk of loss, having regard to Plan funding, policies and requirements.

What were PSP Investments’ FY2026 returns?

Official FY26 disclosures (fiscal year ended 31 March 2026): one-year net return 6.5%; five-year net annualized return 8.3%; ten-year net annualized return 8.8%. Cumulative net investment gains above the Reference Portfolio were C$8.6 billion over five years and C$14.5 billion over ten years.

How is PSP Investments’ portfolio allocated?

As at 31 March 2026, the investors page mix of net AUM (figures do not add due to rounding) was Capital Markets 51.3%, Private Equity 12.2%, Credit Investments 10.9%, Infrastructure 10.0%, Real Estate 8.7%, and Natural Resources 6.1%. Capital Markets (Public Market Equities plus Fixed Income) was about C$164.6 billion net AUM.

Is PSP Investments the same as CPP Investments or CDPQ?

No. PSP is a federal Crown corporation investing assets for specified federal public-sector pension plans. CPP Investments manages Canada Pension Plan assets. CDPQ (La Caisse) is Québec’s deposits manager for provincial public and parapublic depositors. UAO maintains separate elite institution profiles for each.

Where does PSP Investments operate?

Official About and news boilerplate: headquartered in Ottawa, with its principal business office in Montréal and offices in New York, London and Hong Kong. Our Mandate notes nearly 1,000 people and C$320.6 billion net AUM as at the FY26 reporting cycle.

What currency should researchers use for PSP AUM?

Prefer CAD / C$ as PSP’s official disclosure currency. Homepage, FY26 news and the 2026 Annual Report state that all figures are in Canadian dollars unless otherwise noted. Do not invent an unofficial USD headline conversion for net AUM.

How is PSP Investments governed?

An independent Board of Directors (13 professional Directors on the live Board page; Chair Maryse Bertrand) sets strategic direction and selects, evaluates and compensates the President and CEO. Directors are appointed by the Governor in Council on the recommendation of the President of the Treasury Board. PSP reports through quarterly statements and an annual report tabled in Parliament, with joint external audit by the Auditor General of Canada and Deloitte LLP.

What is PSP’s relationship to the Canada Growth Fund?

Through wholly owned Canada Growth Fund Investment Management Inc. (CGFIM), PSP serves as the independent and exclusive investment manager of the Canada Growth Fund, a C$15 billion fund operating at arm’s length from the Government of Canada. Official FY26 news states CGF assets are held separately and do not impact PSP Investments’ returns or portfolio; CGFIM reported 18 completed transactions totalling about C$5 billion in Canadian commitments.

Sources & further reading

Completeness note

This elite profile targets ~10k+ sourced words from opened investpsp.com primaries and the 2026 Annual Report. It does not pad with unsourced narrative. Non-blocking expansions are listed in the research-notes annex. H1 is institution name only via Ghost title. Daily-refresh left disabled. Desk registry-people-desk-41.json untouched. Corrections: info@universalassetowners.com.

The Daily Brief

The morning briefing for the people who allocate long-horizon capital.

Research, charts, video and podcast analysis for the institutions investing at the scale of the world.

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