The Public Sector Pension Investment Board’s net assets under management reached $116.8 billion at the of the 2016 fiscal year. Its investments generated a return of one per cent, exceeding the policy benchmark return of 0.3 per cent.
Last year, PSP Investments reported a 14.5 per cent return.
“Most of our private market asset classes, and more particularly real estate, recorded strong returns during the year and surpassed their respective benchmarks,” André Bourbonnais, president and chief executive officer of PSP Investments, said in a news release. “However, public equity markets posted negative returns and private equity underperformed. Our overall performance suffered as a result.”
In November 2015, PSP Investments introduced private debt as an asset class, and opened an office in New York where the private debt market is based. It is also developing a hub in London to pursue private investment and debt opportunities in Europe.
“Our investment approach is to leverage select business-to-business relationships and gain local market insights to identify deployment opportunities,” Bourbonnais said.