Investment Strategy
The Alberta Teachers’ Retirement Fund (ATRF) manages approximately $20 billion in pension assets for approximately 80,000 active and retired teachers in Alberta, Canada. ATRF operates as a defined benefit pension plan with a long-term investment horizon aligned with its multi-decade pension liabilities.
ATRF’s portfolio spans public equities, fixed income, private equity, infrastructure, real estate, and private credit. The fund targets approximately 18% in alternatives and has been building its private markets capabilities over the past decade. ATRF follows the Canadian pension model of increasing internal investment management capabilities while maintaining external GP relationships.
The private equity program invests through fund commitments and co-investments with established managers across North America and globally. Infrastructure investments focus on stable, income-generating assets including energy, transportation, and digital infrastructure. Real estate investments span Canadian and international property.
How to Approach
ATRF’s investment team operates from Edmonton. GPs should approach the private markets team directly. The fund’s smaller size and Edmonton location mean it receives fewer GP pitches than the larger Toronto-based Canadian pension funds, which can work in favor of GPs who make the effort to build a direct relationship.
ATRF values strong track records, alignment of interests, and co-investment deal flow. The fund has been growing its internal capabilities and expanding its GP roster. The team attends Canadian pension conferences, ILPA events, and selectively participates in global events.
Frequently Asked Questions
How much does ATRF allocate to alternatives?
ATRF allocates approximately 18% of its portfolio to alternative investments including private equity, infrastructure, real estate, and private credit. The fund has been building its alternatives program as part of a broader diversification strategy to reduce dependence on public equity and fixed income returns.
How can fund managers approach ATRF?
ATRF's investment team is based in Edmonton, Alberta. GPs should approach the private markets team directly. ATRF has been growing its internal investment capabilities and expanding its GP roster. The fund is open to both established and selectively newer managers with differentiated strategies.
How does ATRF compare to other Canadian pension funds?
ATRF is smaller than Canada's largest pension funds (CPP Investments, CDPQ, Ontario Teachers') but is a meaningful allocator in its own right. The fund's Edmonton location and smaller team mean GPs who build direct relationships may face less competition for attention compared to the larger Toronto-based pension funds.
