Ares and PSP Investments Establish Joint Venture to Invest Up to $2.4 Billion in U.S. Logistics Real Estate (opens in a new tab)
A new JV pairs PSP capital with Ares' logistics platform, starting with 14 properties in three US states.
Pension Fund
Crown corporation investing the pension funds of Canada's federal public service, armed forces, RCMP and Reserve Force.
PSP Investments was created in 1999 under federal legislation to invest pension contributions for the federal Public Service, the Canadian Armed Forces, the RCMP and the Reserve Force. It manages C$320.6 billion in net assets (March 31, 2026) across capital markets, private equity, real estate, infrastructure, credit and natural resources, and its subsidiary is the exclusive investment manager of the C$15 billion Canada Growth Fund. Its head office is in Ottawa and its principal business office is in Montréal, with offices in New York, London and Hong Kong.
12 interview reports12 open roles183 deals5 people191 sources
Public market equities (C$92.8 billion, 20.6% one-year return) and fixed income (C$71.8 billion, 2.3%) as of March 31, 2026; includes the Global Alpha group led by Justin Nightingale.
Direct, co-investment and fund investments; C$39.1 billion in assets, returning 5.3% in fiscal 2026. Run together with real estate under one global head.
Global real estate including partnerships with operators such as Ares in US logistics; C$27.8 billion with a 7.3% loss in fiscal 2026.
Long-term infrastructure ownership (e.g. 407 ETR, FirstLight's Canadian hydro platform); C$32.0 billion returning 10.1% in fiscal 2026. Led by Andrew Alley since March 2026.
Private and leveraged credit globally, run from New York and London and led by Oliver Duff; C$35.1 billion returning 3.1% in fiscal 2026.
Natural resources (C$19.7 billion, 2.4% return in fiscal 2026). Separately, subsidiary Canada Growth Fund Investment Management manages the C$15 billion Canada Growth Fund and has completed 18 transactions totalling about C$5 billion in commitments to date.
A central group under Herman Bril, Managing Director and Head of Sustainability and Climate Innovation, working with the asset classes rather than investing on its own account. PSP had $64.9 billion in green assets as at fiscal 2024, classified under its own Green Asset Taxonomy, and issues green bonds under a published framework.
| Ottawa | ON | headquarters |
| Montréal | QC | office |
New York · London · Hong Kong
Powered by
From the inside
Reasons that work in interviews
4 reasons for PSP Investments
The credit investments platform is one of the strongest at any Canadian pension, so private credit here is a core strategy rather than an allocation.
Natural resources, including agriculture and timberland, is a real asset class here and almost nowhere else among the Maple 8.
Montreal and Ottawa based, which is a different footprint from the Toronto-concentrated funds.
Younger institution than Teachers or CPP, so the platform is still being shaped.
Unlock the full insights for PSP Investments: every round, the topics tested and what candidates experienced
Each row is a start season; the bars are when you apply. The track starts this month, so how far right a bar sits is how far off it is.
Winter 2027
Apply now
President and Chief Executive Officer
Senior Management
Became PSP's CEO in September 2022. Previously at CPP Investments as global head of real assets and chief sustainability officer, after leading active equities and Asian private equity there; started out at Goldman Sachs.
Senior Vice President and Chief Financial Officer
Finance
Joined as CFO in April 2025 from National Bank of Canada, where she was SVP of internal audit and had held roles in IT delivery, financial performance management and risk. Earlier led accounting policy work at Goldman Sachs; CPA.
Senior Vice President and Chief Investment Officer
Investments
Joined PSP in 2006 and rose to global head of infrastructure before serving as president and CEO of Canada Growth Fund Investment Management, then becoming CIO. Earlier an infrastructure advisor at PwC; CFA charterholder.
Senior Vice President and Global Head of Private Equity and Real Estate Investments
Private Equity and Real Estate
Joined PSP in 2015, first overseeing European private equity, then leading private equity and strategic partnerships globally before adding real estate. Previously a principal at Permira and a director at Apax Partners.
Senior Vice President and Global Head of Credit Investments
Credit Investments
Leads PSP's global credit platform; joined in 2016 in private debt and later became senior managing director and global head of credit investments. Previously global head of leveraged finance at HSBC and head of European loan syndicate at Morgan Stanley and Goldman Sachs.
Professional information only, drawn from official biographies and published reporting. BSO never lists private contact details.
Mar 16, 2026
Andrew AlleyHire
Managing Director and Global Head of Infrastructure Investments
CPP Investments → PSP Investments
Longtime CPP Investments infrastructure leader hired to run PSP's global infrastructure group from March 16, 2026; predecessor Sandiren Curthan was to move to PSP's London office as an infrastructure managing director.
Apr 2025
Caroline VermetteHire
SVP and Chief Financial Officer
National Bank of Canada → PSP Investments
Joined PSP as chief financial officer from National Bank of Canada.
Feb 2025
Arun BajajHire
SVP, Chief People and Corporate Development Officer
Gildan Activewear → PSP Investments
Former Gildan HR chief joined PSP's senior management to lead people and corporate development.
Oct 7, 2026
Tishman Speyer & The Cooper Union Finalize Ground Lease Agreement and Revitalization Plan for Chrysler Building
Investor
Oct 6, 2026
Sunrise Senior Living Announces Majority Investment from BDT&MSD in a New Partnership with Sunrise Senior Leadership to Acquire Organization from PSP Investments
Seller
Sep 16, 2026
US logistics real estate joint venture (seed: 14 properties, 5.2M sq ft)
Co-investor (JV partner) · Real estate - logistics
Buyer Ares Real Estate / PSP Investments JV
PSP and an Ares Real Estate fund formed a JV to invest up to US$2.4 billion in US logistics properties, seeded with assets in California, Texas and New Jersey and operated by Ares' Marq Logistics.
Sep 16, 2026
Ares and PSP Investments Establish Joint Venture to Invest Up to $2.4 Billion in U.S. Logistics Real Estate
Co-investor
Sep 15, 2026
Radical Ventures - Radical Breakouts Fund
Anchor LP · Venture capital / AI
Buyer Anchor LPs including PSP Investments, CPP Investments, HOOPP and others
PSP anchored a late-stage fund for Canadian AI companies that gathered more than US$1 billion at first close, billed as Canada's largest VC fund.
Sep 15, 2026
Radical Ventures announces the largest venture capital fund in Canadian history
Investor
Aug 11, 2026
Aeroplan Inc. (25% stake)
Co-investor · Loyalty programs / aviation
Buyer Blackstone and La Caisse (leads), with PSP Investments and BCI · Seller Air Canada
PSP joined a Blackstone- and La Caisse-led group making a C$2.5 billion investment for a 25% non-controlling stake in Air Canada's Aeroplan, valuing the program at C$10 billion; Air Canada keeps control and can repurchase the stake between years five and eight. Settlement was planned for August 17, 2026.
Aug 11, 2026
Air Canada Announces $2.5 Billion Minority Equity Investment in Aeroplan Led by Blackstone and La Caisse
Investor
Aug 11, 2026
H&R Real Estate Investment Trust
Co-investor · Real Estate
Buyer GO Residential REIT-led consortium (incl. Blackstone Real Estate funds, Crestpoint, PSP Investments and CRAL)
H&R REIT agreed to sell all of its assets to GO Residential REIT and a consortium of co-purchasers by plan of arrangement for $4.28 cash plus 0.5688 GO REIT units per unit, a transaction valued at about $6.7 billion.
Jun 5, 2026
ECHO Realty
Co-investor · Real estate - grocery-anchored retail
Buyer TPG Real Estate-led investor group (with PSP Investments, La Caisse and NBIM)
PSP invested alongside TPG, La Caisse and Norges Bank Investment Management in the roughly US$2 billion acquisition of ECHO Realty, owner-operator of about 230 grocery-anchored US retail centres.
Jun 5, 2026
TPG-Led Investor Group Acquires Grocery-Anchored Retail Leader ECHO Realty
Acquirer
May 19, 2026
FirstLight (U.S. operations, ~1.4 GW)
Seller · Power / hydro and energy storage
Buyer Hull Street Energy · Seller PSP Investments
PSP agreed to sell FirstLight's US hydro, storage and renewables portfolio (about 1.4 GW in Massachusetts, Connecticut and Pennsylvania), held since 2016; the Canadian platform (H2O Power and Hydromega) stays with PSP.
May 19, 2026
Investments Announces Sale of FirstLight’s U.S. Portfolio to Hull Street Energy
Seller
May 19, 2026
FirstLight U.S. portfolio
Seller · Power & Renewables
Buyer Hull Street Energy · Seller PSP Investments
PSP Investments agreed to sell FirstLight's roughly 1.4 GW U.S. hydro, storage and renewables portfolio to Hull Street Energy.
May 8, 2026
FirstLight Executes Power Purchase Agreement for Fort Frances Solar Project
Acquirer
Dec 4, 2025
Citrosuco to welcome PSP Investments as a new shareholder
Investor
Nov 25, 2025
Further Invests in Lighthouse Learning to Support Next Phase of Growth
Investor
Nov 4, 2025
Apollo Funds Commit $6.5 Billion to Ørsted’s Hornsea 3 in the UK
Fund commitment
Sep 24, 2025
Onex Partners to Acquire Integrated Specialty Coverages
Acquirer
Aug 14, 2025
Cohere raises $500M at $6.8B valuation to accelerate enterprise efficiency with agentic AI
Investor
Jul 21, 2025
The Public Sector Pension Investment Board (PSP Investments) Makes Landmark Investment into the Aliro Group Industrial Vehicle
Investor
Jul 2, 2025
Investments and Goldman Sachs Alternatives establish Partnership to Invest in Single-Family Rental Housing in Germany
Co-investor
Jun 6, 2025
Investments and CPP Investments Complete 407 ETR Transactions
Investor
Jun 5, 2025
Closes on Transmission Investment Strategic Partnership with KKR and PSP Investments
Investor
May 30, 2025
Aviva Investors and PSP Investments complete sale of 11-12 Hanover Square
Seller
A new JV pairs PSP capital with Ares' logistics platform, starting with 14 properties in three US states.
PSP was among anchor investors in a US$1 billion-plus fund to back Canadian AI companies at later stages.
PSP joined a group of investors acquiring a quarter of Air Canada's loyalty program.
PSP reported a 6.5% annual return and C$320.6 billion in net assets, with public equities and infrastructure leading and real estate negative; its operating cost ratio fell to 24.7 basis points.
Joins TPG-led group acquiring ECHO Realty (~US$2 billion).
Agrees to sell FirstLight's US operations to Hull Street Energy.
Andrew Alley joins from CPP Investments to lead infrastructure investments.
Agrees to buy 7.51% of 407 ETR from CPP Investments for about C$2.39 billion.
32
1
0
0
PSP Investments · Oct 7, 2026 · investpsp.com
PSP Investments · Sep 16, 2026 · investpsp.com
PSP Investments · Sep 15, 2026 · investpsp.com
PSP Investments · Aug 11, 2026 · investpsp.com
H&R Real Estate Investment Trust via CNW · Aug 11, 2026 · newswire.ca
PSP Investments · Jun 16, 2026 · investpsp.com
PSP Investments · Jun 5, 2026 · investpsp.com
PSP Investments · May 19, 2026 · investpsp.com
PSP Investments via CNW · May 19, 2026 · newswire.ca
PSP Investments · May 8, 2026 · investpsp.com
PSP Investments · Dec 4, 2025 · investpsp.com
PSP Investments · Nov 25, 2025 · investpsp.com
PSP Investments · Nov 4, 2025 · investpsp.com
PSP Investments · Oct 30, 2025 · investpsp.com
PSP Investments · Sep 18, 2025 · investpsp.com
PSP Investments · Aug 14, 2025 · investpsp.com
PSP Investments · Jul 21, 2025 · investpsp.com
PSP Investments · Jul 2, 2025 · investpsp.com
PSP Investments · Jun 6, 2025 · investpsp.com
PSP Investments · Jun 5, 2025 · investpsp.com
PSP Investments · May 30, 2025 · investpsp.com
PSP Investments · Mar 13, 2025 · investpsp.com
PSP Investments · Sep 11, 2024 · investpsp.com
PSP Investments · Jul 21, 2022 · investpsp.com
PSP Investments · Date unavailable · investpsp.com
PSP Investments · Date unavailable · investpsp.com
PSP Investments · Date unavailable · investpsp.com
PSP Investments · Date unavailable · investpsp.com
PSP Investments · Date unavailable · investpsp.wd3.myworkdayjobs.com
PSP Investments · Date unavailable · investpsp.com
Chief Investment Officer (ai-CIO) · Feb 6, 2026 · ai-cio.com
Showing sources for the free preview. 158 further sources support the locked intelligence on this page.
Add your resume and BSO shows how you match PSP Investments and the signals in your favour. BSO Pro adds how to position yourself, who to contact and the roles open at your level.
Get your planOpen roles on BSO Jobs12
Interview prep
Have an upcoming interview with PSP Investments?
How each round tends to run, what it keeps testing and where candidates lose it, from people who have sat it. Leave your name and we’ll reach out.
Summer 2027
Apply now
Posting open Jul to Nov; Interviews Dec; Offers Jan.Fall 2027
Apply from May 2027
Posting open May to Jun; Interviews Jun to Jul; Offers Jul to Aug.Programs
Intern · Montréal
Internships through which students join teams and build networks; roles are posted on PSP's Workday portal, e.g. a May–August 2027 term posted in September 2026.
Typical background
GuidanceA Big Six or boutique investment bank, a pension rotation, or asset management.
Large-cap platforms and global multi-strategy funds
Upper mid-market PE, infrastructure, the Maple 8 and large managers
PSP Investments is hereMid-market PE, mid-sized managers, domestic hedge funds and smaller pensions
Small-cap private equity, boutique managers and early-stage VC
Where people go next
Guidance