Alberta Investment Management Corporation (AIMCo) is one of Canada’s largest institutional investment managers, with approximately $170 billion in assets under management. AIMCo manages investments on behalf of more than 30 Alberta public sector pension, endowment, and government funds, including the Alberta Heritage Savings Trust Fund.
Investment Strategy
AIMCo operates as an arm’s-length Crown corporation of the Province of Alberta. The fund manages customized investment portfolios for each of its clients based on their specific investment policies, liability profiles, and risk tolerances. This multi-client model distinguishes AIMCo from single-plan pension funds.
The aggregate portfolio spans public equities, fixed income, private equity, real estate, infrastructure, and renewable resources. Alternatives and real assets represent approximately 40% of the aggregate portfolio, reflecting the long-term nature of pension liabilities and AIMCo’s pursuit of illiquidity premiums.
AIMCo operates from Edmonton, Calgary, Toronto, London, and other locations. The fund manages a substantial portion of its assets internally, with external mandates used to access specialized strategies, geographies, and manager expertise.
The Alberta Heritage Savings Trust Fund, established in 1976 to save a portion of Alberta’s oil and gas revenues for future generations, represents one of AIMCo’s marquee client mandates and one of the oldest sovereign saving mechanisms in Canada.
Private Markets Approach
AIMCo’s private equity program deploys capital through fund commitments to established global GPs, co-investments, and select direct transactions. The fund maintains LP relationships across buyout, growth equity, mid-market, and sector-specialist strategies in North America, Europe, and Asia.
Co-investment alongside existing GP relationships has been a growing focus, allowing AIMCo to deploy capital into specific transactions with reduced fee drag. The co-investment team evaluates opportunities sourced from the fund’s GP network and has built internal underwriting and diligence capabilities.
Real estate investments include direct property ownership and fund commitments across office, industrial, retail, multifamily, and specialty property types. AIMCo invests in both Canadian and international real estate markets, with direct holdings managed through in-house asset management teams.
Infrastructure investments span energy, utilities, transportation, renewable energy, and digital infrastructure. AIMCo has been active in Canadian infrastructure, including energy-related assets in Alberta, and has expanded its international infrastructure program to diversify geographic exposure.
Renewable resources investments encompass timberland and agricultural land holdings, primarily in Canada and the United States. This asset class provides inflation protection, diversification benefits, and stable long-term returns aligned with the pension obligations AIMCo manages.
Frequently Asked Questions
What pension plans does AIMCo manage?
AIMCo manages investments for more than 30 Alberta public sector pension, endowment, and government funds. Key clients include the Alberta Heritage Savings Trust Fund, the Local Authorities Pension Plan, the Public Service Pension Plan, and several other provincial pension and endowment funds. Each client has a customized investment policy and asset allocation reflecting their specific liability profile.
How does AIMCo invest in private equity?
AIMCo's private equity program invests through fund commitments to global GPs, co-investments, and direct equity transactions. The fund maintains relationships with established buyout, growth, and mid-market managers. AIMCo has built internal capabilities for co-investment and direct transaction evaluation. The private equity portfolio is diversified across geographies and sectors with a focus on North America and Europe.
What is AIMCo's approach to real assets?
Real assets represent a significant portion of AIMCo's alternatives allocation, encompassing real estate, infrastructure, and renewable resources (timberland and agriculture). Real estate investments include direct property ownership and fund commitments in office, retail, industrial, and residential. Infrastructure investments target energy, utilities, transportation, and digital infrastructure. AIMCo has been an active investor in Canadian and global real assets.
