Prime Minister Mark Carney’s Canada Investment Summit is bringing 100 of the world’s largest institutional investors to Toronto next week to lure in foreign capital.
The conference hopes to catalyze $1 trillion of investment in the country over the next five years. In the run-up to the summit, large Canadian banks, pension funds, and asset managers began declaring their intentions to spend more than $100 billion in fresh capital in Canada over the next decade, with much of it targeted at growth projects and critical tech infrastructure.
As the capital commitments flow in, and with more sure to come, BetaKit will continue to update the list so you can keep track of how much money is being pledged.
The commitments
RBC’s billion-dollar growth fund
Canada’s largest bank announced a $1-billion USD ($1.4-billion CAD) fund to back scaling Canadian technology companies. RBC is committing up to $300 million USD of its own capital into this fund, and plans to secure the remainder from third parties.
CIBC’s $2-billion defence commitment
The Canadian Imperial Bank of Commerce (CIBC) pledged $2 billion CAD in financing over five years towards Canadian defence and dual-use small and medium-sized businesses that are developing infrastructure, energy, cybersecurity, digital capabilities, and advanced technologies.
$10 billion from OTPP
The Ontario Teachers’ Pension Plan Board announced on Friday that it intends to invest $10 billion CAD more in Canada by the end of 2027, building on the roughly $100 billion held in gross assets in the country.
$70 billion for infrastructure from BMO
Bank of Montreal (BMO) said it plans to “mobilize” up to $70 billion CAD in new capital in Canada over the next decade. Sectors that it’s targeting include critical infrastructure like electricity, energy, oil and gas, and transportation, as well as mining, AI computing, and defence.
$10 billion from Power Sustainable
Montréal-based alternative asset manager Power Sustainable announced that it will deploy more than $10 billion into Canadian projects and companies over the next five years. Some of the portfolios mentioned include infrastructure equity, infrastructure credit, and private equity for clean energy, industrials, and agri-food.
Sun Life’s $5-billion infrastructure commitment
Insurance and financial manager Sun Life launched its Commitment to Canadian Infrastructure Initiative, a $5-billion CAD commitment to Canadian investments over the next five years.
PSP’s 30-percent pledge
The Public Sector Pension Investment Board, one of Canada’s biggest pension funds, told the Financial Post that it plans to increase its Canadian commitments by 30 to 40 percent over the next few years and hit roughly $100 billion in domestic assets.
With files from Stefan Palios.
Feature image courtesy Unsplash. Photo by sebastiaan stam.