Canadian pension fund HOOPP says it has the capital to invest in Canada, awaits Ottawa's plan

By Nivedita Balu

TORONTO, March 11 (Reuters) - Canadian pension fund Healthcare of Ontario Pension Plan (HOOPP) is ready to invest capital in Canadian infrastructure and other nation-building projects outlined by Prime Minister Mark Carney several months ago, but is waiting for Ottawa to propose a plan, the fund's chief investment officer said in an interview.

HOOPP, which had net assets of C$131.9 billion ($97.07 billion) at the end of 2025, invested 49% of its funds in Canada last year, marginally lower than the 50% in 2024, while investments in the U.S. rose to 29% in 2025 from 27% due to larger investments in the U.S. to expand its inflation-linked bonds. The fund's returns grew 7.7%, boosted by a strong stock market.

In Canada, Carney last year proposed megaprojects from pipelines to infrastructure to mines, to boost the economy, which would require large investments. Ottawa has yet to clarify the specific projects or investment amounts needed.

"We have the capital available right now to make those investments. We're just waiting for those opportunities to manifest themselves," said HOOPP's CIO, Michael Wissell, on Tuesday.

"Show me the investment, we need to see tangible investments ... some opportunities are starting to develop and we have seen a few things more than we've seen in the past."

The government's Major Projects Office said it was committed to a two-year timeline for project decisions. It said it was "far ahead of schedule" in supporting several projects reaching final investment decisions.

Wissell said he was optimistic about the developments and expects to see more pension funds open up as policymakers move from "theoretical opportunities into tangible direct opportunities."

Some of those investments could be in regulated infrastructure such as power lines and Canadian pipelines, if in line with the fund's 2030 climate goals, he said.

At a conference on Tuesday, Dave McKay, CEO of the country's largest lender, Royal Bank of Canada RY.TO, said he expects to see more money circulate at home as the Carney government is a "complete, 180-degree pivot" from ten years ago to diversify trade.

"Canada has been a net exporter (of capital). There is a chance to index that a bit higher for Canadian infrastructure and you'll probably see some of that money stay home."

($1 = 1.3588 Canadian dollars)