Manager Watch

PSP Investments, the federal multi-plan manager.

Manager Watch: $299.7B at March 31, 2025, third largest among Canada's public pension investors.

Public Sector Pension Investment Board, known as PSP Investments, closed fiscal 2025 (year ended March 31, 2025) with $299.7 billion in net assets under management, a 13.2% year-over-year AUM increase, and a position as the third-largest among Canada's public pension investors. This primer is the structural read; the F2025 detailed performance numbers come from the 2025 Annual Report (PDF), and the F2026 cycle had not yet released at the time of publication.

Jacob Cesarone May 29, 2026 4 min read

A note on coverage scope. The Public Sector Pension Investment Board is the eighth Maple 8 manager and the last of the cohort primers in this sequence. The public-side information PSP makes easily available is thinner than the other Maple 8 peers; the press-release cadence is less frequent and the website navigation surfaces the reports archive rather than a current at-a-glance page. The 2025 Annual Report PDF is the primary substantive document. This primer is the structural read from what is publicly captured; a follow-up Manager Watch piece will pull specific detail from the F2025 Annual Report PDF directly.

What it is, on the record.

PSP Investments is “Canada’s Public Sector Pension Investment Board,” a Crown corporation that invests the contributions of the federal public-service pension plans. It serves four pension plans: the federal Public Service Pension Plan, the Canadian Forces Pension Plan, the Reserve Force Pension Plan, and the Royal Canadian Mounted Police Pension Plan.

The published fiscal 2025 figures (year ended March 31, 2025; press date approximately May 15, 2025):^[1]

Net AUM $299.7 billion at March 31, 2025
+13.2% increase over fiscal 2024
Third largest among Canada’s public pension investors as of March 31, 2025
Approximately 32% of net AUM is fund transfers received from the Government since April 1, 2000

The 32% Government-transfers share is the structural feature that distinguishes PSP from the older Maple 8 managers. PSP began investing the contributions of the four federal pension plans on April 1, 2000; prior contributions had been recorded as obligations of the federal government without an actively-managed investment offset. A non-trivial share of the current $299.7 billion net AUM therefore reflects historical government top-ups rather than only investment compounding from contributions.

What is not captured in the current extract.

The PSP one-year fiscal 2025 net return number, fiscal 2026 result (year ending March 31, 2026, scheduled to release approximately June 2026), and the asset-class allocation breakdown are all in the F2025 Annual Report PDF, which the publication has not yet read in detail. This primer will be supplemented by a follow-up Manager Watch piece that draws on the PDF directly.

The PSP results are typically published in late May or early June for the March 31 fiscal year-end. The F2026 result will land in roughly the same window as the CPP Investments F2026 release that already covered in the Manager Watch series.^{[Manager Watch — CPPIB primer]}

The structural read.

Four observations from what is captured.

PSP is a multi-plan manager. The federal Public Service Pension Plan is the largest of the four pension plans under PSP, with the Canadian Forces, Reserve Force, and RCMP plans each carrying distinct membership populations and contribution profiles. PSP’s allocation choices have to serve the aggregate liability stream across the four.

The Government-transfers share matters for the long-horizon comparison. A peer Maple 8 manager whose AUM has grown only via contributions and investment returns operates on a different growth-trajectory base than PSP. Cross-manager comparisons of AUM growth need to back out the historical transfer effects to be meaningful.

The fiscal-year alignment with CPP Investments matters. Both PSP and CPP Investments report on a fiscal year ending March 31. Their results release within weeks of each other in May-June. Reading them together provides a cleaner cross-comparison than mixing March-31 and December-31 fiscal-year results.

PSP’s $299.7 billion at March 31, 2025 ranks it third among Canadian public pension investors at that date, behind CPP Investments and CDPQ. That position holds as of this writing, given the published figures for CPP Investments F2026 ($793.3B) and CDPQ 2025 ($517.3B). The cohort ranking is consistent with the Big-Eight snapshot piece in the Allocators Desk.^{[Allocators Desk — Big-Eight snapshot]}

What this column tracks from here on PSP.

Three watch items.

The F2025 Annual Report read. The Manager Watch follow-up will read the PDF directly for the asset-class allocation, the published benchmark gap, the per-plan attribution, and the responsible-investment posture.
The F2026 result expected approximately June 2026. Whether PSP’s benchmark gap follows the cohort’s AI-tied benchmark-concentration pattern (CPP -5.4%, OTPP -5.0%, BCI -2.3%, AIMCo -2.7%, CDPQ -1.6% in their respective most-recent reporting) is the headline question for the F2026 print.
Climate and responsible-investment disclosures. PSP publishes a climate-related financial disclosures report and a Green Bond Impact Report. The 2025 versions are in the reports archive; the 2026 versions will surface specific decarbonisation-progress and Green Bond proceeds data worth reading.

Methodology note on this primer.

PSP’s public-facing site does not currently surface an at-a-glance page of the kind that AIMCo, BCI, HOOPP, OMERS, OTPP, CPP Investments, and CDPQ all publish. The standard URLs (/en/about-us/, /en/who-we-are/) return 404 at the time of this writing.^[2] The substantive public information sits in the F2025 Annual Report PDF and the investment-performance reports archive.^[2] A reader who wants a comprehensive structural read of PSP today should start with those documents directly.

Comments and pointers to coverage worth folding in at [email protected].

Sources

PSP Investments, 2025 Annual Report (PDF). https://www.investpsp.com/media/filer_public/03-our-performance/annual-report-2025/pdf/PSP-2025-annual-report-en.pdf. Net AUM figure ($299.7B) and +13.2% YoY AUM growth from the publisher’s published report cover page snippets. Saved note at pensions/2025/psp-fiscal-2025-2026-05-29.md.
PSP Investments, Investment performance reports. https://www.investpsp.com/en/investment-performance/reports/. Reports archive; saved as part of the PSP F2025 note in the research library.
PSP Investments, 2025 Climate-related financial disclosures (PDF). https://www.investpsp.com/media/filer_public/03-our-performance/04-si-report/2025-CFD-Report.pdf. Referenced; not yet read.