Every year, we disclose individual investments that exceed $250 million. Even though $250 million represents less than 0.1% of the total fund, we choose it as a reporting threshold to give plan members and other stakeholders greater insight into the diversity of our asset base.
As responsible investors, we invest broadly by asset type, economic outcome and region in our search to earn the best risk-adjusted returns for plan members. Diversification reduces volatility and the adverse impact of any one investment loss on the fund overall.
All figures as at December 31, 2025, and expressed in Canadian dollars unless otherwise noted.
As at December 31, 2025
Fixed income and short-term investments over $250 million
| Type (millions) | Maturity | Coupon (%) | Fair Value | Cost |
|---|---|---|---|---|
Government of Canada treasury bills | 2026 | 0.00 | 28,163 | 28,021 |
Government of Canada bonds | 2027-2055 | 1.25 - 8.00 | 24,404 | 24,493 |
Securities purchased under agreements to resell | 2026 | (3.25) - 4.20 | 18,876 | 18,912 |
International sovereign debt1 | 2026-2054 | 1.13 - 10.13 | 16,156 | 16,288 |
U.S. treasury bills | 2026 | 0.00 | 6,468 | 6,540 |
U.S. treasury bonds | 2027-2055 | 1.75 - 4.75 | 6,414 | 6,394 |
International corporate bonds | 2026-2081 | 0.00 - 14.50 | 3,109 | 3,155 |
International agency bonds | 2026-2036 | 1.50 - 6.50 | 1,340 | 1,349 |
Canadian provincial bonds | 2033-2056 | 3.45 - 5.60 | 1,051 | 1,243 |
Commercial paper issued | 2026 | 0.00 | (2,669) | (2,656) |
Term debt issued | 2026-2051 | 0.05 - 4.63 | (26,961) | (26,968) |
Securities sold under agreements to repurchase | 2026 | 1.99 - 4.15 | (29,119) | (29,140) |
1 Excludes U.S. which is presented separately.
As at December 31, 2025
Real-return investments over $250 million
| Type (millions) | Maturity | Coupon (%) | Fair Value | Cost |
|---|---|---|---|---|
| Real-return Government of Canada bonds | 2026-2050 | 0.50 - 4.25 | 8,440 | 6,798 |
| Real-return Canadian provincial bonds | 2026-2036 | 2.00 - 4.50 | 1,825 | 1,090 |
| U.S. treasury inflation protection | 2028-2030 | 0.13 - 2.13 | 1,271 | 1,207 |
| Real-return Canadian corporate bonds | 2026-2039 | 0.00 - 5.33 | 678 | 310 |
As at December 31, 2025
Corporate shares/units over $250 million
| Security Name (millions) | Shares | Fair Value |
|---|---|---|
| GFL Environmental Inc. | 22.5 | 1,324 |
| Pony AI Inc. | 21.6 | 430 |
| Capital One Financial Corporation | 0.9 | 284 |
| Walmart Inc. | 1.7 | 254 |
As at December 31, 2025
Real estate properties over $250 million
| Property | Total Square Footage (in thousands) | Effective % Ownership |
|---|---|---|
Canadian Regional Shopping Centres |
|
|
Chinook Centre, Calgary, AB | 2,330 | 100% |
Fairview Mall, Toronto, ON | 1,157 | 50% |
Fairview Pointe Claire, Montreal, QC | 1,330 | 100% |
Le Carrefour Laval, Montreal, QC | 1,697 | 100% |
Market Mall, Calgary, AB | 1,377 | 50% |
Markville Shopping Centre, Markham, ON | 1,329 | 100% |
Pacific Centre, Vancouver, BC | 988 | 50% |
Polo Park Mall, Winnipeg, MB | 1,504 | 100% |
Richmond Centre, Richmond, BC | 778 | 50% |
Rideau Centre, Ottawa, ON | 1,876 | 100% |
Sherway Gardens, Toronto, ON | 1,741 | 100% |
Toronto Eaton Centre, Toronto, ON | 2,639 | 100% |
Canadian Office Properties |
|
|
Deloitte Tower, Montreal, QC | 747 | 100% |
Pacific Centre Office Complex, Vancouver, BC | 2,046 | 50% |
RBC Centre, Toronto, ON | 1,734 | 50% |
Toronto-Dominion Centre Office Complex, Toronto, ON | 6,577 | 70% |
Toronto Eaton Centre Office Complex, Toronto, ON | 2,197 | 100% |
160 Front Street West, Toronto, ON | 1,645 | 50% |
16 York Street, Toronto, ON | 1,104 | 70% |
International Office Properties |
|
|
White City Place, London, U.K. | 933 | 100% |
70 Gracechurch, London, U.K. | 215 | 99.5% |
Land |
|
|
Buttonville Airport Lands, Toronto, ON | N/A | 100% |
*Investments in real estate companies and joint ventures are included in private companies and partnerships listing below
As at December 31, 2025
Private companies and partnerships over $250 million
- 7IM
- ADNOC Gas Pipelines Assets LLC
- Aethon III LLC
- Aethon United LP
- Alan SA
- Allworth Financial Holdings, LLC
- Amica Senior Lifestyle
- Anthem Entertainment Group Inc.
- Anthropic PBC
- Ares Corporate Opportunities Fund VI, L.P.
- Aroona Farms SA Pty Ltd.
- Arterra Wines Canada, Inc.
- Athyrium Opportunities Fund IV (Non-US) LP
- Automobile Protection Corporation
- Autopista Arco Norte, S.A. de CV
- Baldr Fund Inc.
- Baldr Feeder Fund LP
- Boreal Industrial Propco L.P.
- Bridgewater AIA Labs Macro Fund (CIP), LP
- Broad Street Loan Partners IV Offshore, L.P.
- BroadStreet Partners, Inc.
- Brookfield Global Transition Fund-C, L.P.
- Canada Guaranty Mortgage Insurance Company
- Canva, Inc
- Capula Multi Strategy Fund Limited
- Caruna Oy
- Centerbridge Special Credit Partners IV
- Centurium Capital Partners 2018, L.P.
- Cerberus OT Partners II, L.P.
- Citadel Kensington Global Strategies Fund Ltd.
- Compass Holdings LLC
- Connexa Limited
- Constellation Insurance LP
- Cubico Sustainable Investments Limited
- Databricks, Inc.
- DaVinciRe Holdings Ltd.
- Diamond Communications
- Eagle Holdco Limited (Busy Bees)
- Empresa de Servicios Sanitarios del Bio-Bío S.A.
- Enwave Energy Corporation
- Epic Games, Inc.
- Equis Development PTE Limited
- Esval S.A.
- Evoltz Participações S.A.
- EWP PA Fund, LTD.
- Fairstone Bank of Canada
- Fairy Investments TopCo, S.L. (Donte Group)
- FirstFruits HoldCo, LLC
- Flexera Parent, LLC
- Flynn Group LLC
- FMAP ACL Limited
- FMAP NTY Limited
- FMAP PMO Limited
- FMAP SOC Limited
- FMAP WMC Limited
- Garda Fixed Income Relative Value Opportunity Fund
- Gateway Capital Urban Logistics Partnership
- GCT Global Container Terminals Inc.
- General Atlantic 2021
- Global Gourmet Services Co., Ltd.
- Goldcrest Farm Trust REIT LLC
- Golgi Condomínios Logísticos
- GraMex Investment Holdings LLC
- Green Climate Co Pty Ltd. (GreenCollar)
- Greenstone
- Hancock Timber Resources Group
- Heartland Dental Care, LLC
- Heritage Royalty Limited Partnership
- Hg Saturn 2 A L.P.
- Hg Saturn A L.P.
- Hillhouse Real Asset Opportunities Fund, L.P.
- Hines Asia Property Partners FCP RAIF (HAPP)
- HomeEquity Bank
- HRG Royalty II LLC
- HS Santanoni Fund Ltd.
- ICG European Direct Lending XVI SCSp
- IDEAL Group
- Incus Capital European Credit Fund IV Feeder, SCSp
- Infrastructure Lux (B) SCSp
- Irrevocable Trust F/6185 (Fibra SOMA)
- KKR Asia Pacific Infrastructure Investors II SCSp
- KKR Asia Pacific Infrastructure Investors SCSp
- KSM Mining ULC
- Lalatech Holdings Limited (Lalatech)
- Lendmark Financial Services, LLC
- Lifson Re Ltd.
- Linden Capital Partners V-A LP
- LMAP Epsilon Limited
- LMR Alpha Rates Trading Fund Limited
- LMR Multi-Strategy Fund Limited
- London Bridge Risk PCC Limited
- Long Harbour Multi Family 2 Limited Partnership
- Mahindra Susten Private Limited
- Maximus TopCo AB (Max Matthiessen)
- MBK Partners Fund IV, L.P.
- MBK Partners Fund V, L.P.
- Mitolo Family Farms
- Mitratech Holdings, Inc.
- MQMF Fund LP
- MR Cobalt Offshore Fund AB LP
- MSB Capital Limited
- MW Alpha Plus (US) Fund II
- MW Market Neutral TOPS (US) Fund
- National Highways Infra Trust
- NextEra Energy Renewable Assets
- NextEra Energy Renewable Assets 2
- Nordhaven Limited
- Nordic Capital X Alpha, L.P.
- Nordic Capital XI Alpha, L.P.
- Northstar Jersey Newco (group.one)
- Nuevosur, S.A.
- Oaktree European Principal Fund IV L.P.
- Oaktree Opportunities Fund XI (Parallel), L.P.
- OGF SA
- OMH-HealthEdge Holdings, Inc. (Omega Healthcare)
- OTPP BNAPLF II LP
- Oxford North Ventures LLP
- Pacifico Sur
- PAG Asia III LP
- Patria - Private Equity Fund VI-B, L.P.
- PODS Enterprises, LLC
- Polar SPV 2022-1 LP
- Politan Capital Offshore Partners LP
- Princeton Digital Group Limited
- Puget Sound Energy
- RATESDOTCA Group Ltd.
- RedBird Capital Partners Platform LP
- RedBird Series 2019, LP
- Resource Management Service Inc.
- Scotia Gas Networks Limited
- SeaCube Container Leasing Ltd.
- Seventh Cinven Fund (No.1) Limited Partnership
- Sidewalk Infrastructure Partners
- Skyway Concession Company LLC
- Sociedad Austral de Electricidad S.A.
- Società Gasdotti Italia
- Sovos Compliance Holdings, LLC
- Space Exploration Technologies Corp.
- Spark Infrastructure Group
- SSEN Transmission
- StackAdapt Inc.
- Starwood Opportunity Fund XI
- Stone Canyon Industries Holdings, LP
- Sweetwater Trona Fund LP; Aggie Grazing Fund LP; Cougar Utah Fund LP
- TACF Institutional Credit Fund
- Techem GmbH
- Thoma Bravo Fund XIII-A, L.P.
- TPG Asia VII (B), L.P.
- TPG Rise Climate, L.P.
- Trade Republic Bank GmbH
- TricorBraun
- Two Sigma Advisers, LP
- Vantage Group
- Veonet GmbH
- Vertis Infrastructure Trust
- Voussoir Re Segregated Account Napoleon
- Warburg Pincus Global Growth 14-B, L.P.
- Warburg Pincus Global Growth-B, L.P.
- Westerleigh Group Holdings Limited
- Willow Bridge Property Company
- Xantium Partners Fund L.P.