PSP Investments Names Patrick Charbonneau as its Next CIO
Montréal, Québec (January 23, 2025) – The Public Sector Pension Investment Board (PSP Investments) today announced the appointment of Patrick Charbonneau to the role of Chief Investment Officer (CIO) of PSP Investments and Yannick Beaudoin as President and Chief Executive Officer (CEO) of Canada Growth Fund Investment Management (CGFIM), effective February 3, 2025.
“The appointment of Patrick Charbonneau as CIO reflects our ongoing commitment to strategic leadership and investment acumen. Patrick is an exceptional leader with a deep understanding of our mission and priorities. His expertise and vision will strengthen PSP’s ability to deliver long-term value for our beneficiaries and advance our strategic objectives in the years ahead.” said Deborah K. Orida, President and Chief Executive Officer, PSP Investments.
With 18 years at PSP Investments, including six years as a founding senior member of the London office, Patrick brings deep expertise in private markets and a global perspective to his new role. He has over 20 years of experience in the infrastructure sector and was instrumental in building the organization’s infrastructure portfolio and team since inception of the infrastructure asset class in 2006. In his role as CIO, Patrick will oversee PSP Investments’ portfolio design and beta management activities, the fund’s overall investment strategy and the treasury function.
“Yannick’s experience and successful track-record—building direct investment platforms, working with entrepreneurs, and managing a diversity of stakeholders—positions him well to lead CGFIM. Since CGFIM’s inception, Patrick has been instrumental in quickly setting up CGFIM and ensuring it was active quickly, operates at arm’s length from government, and committing capital through fiscally prudent investment decisions. Patrick and the team have since closed nine market-leading investments across Canada that represent more than C$2B of capital committed to date. Yannick and the CGFIM team will continue to build on this momentum and lead the organization into the next stage of its maturity and impact.” added Ms. Orida.
Yannick joined PSP Investments’ Natural Resources team in Montreal in 2012. Throughout this tenure, he has demonstrated exceptional leadership in building investment portfolios from the ground up and in cultivating strong stakeholder relationships. As Head of Asia Pacific and Europe, Yannick oversaw a growing Natural Resources portfolio of over $8 billion and global transaction opportunities that included controlling direct investments alongside local operating partners. Yannick led a diverse team of investment professionals and has significant experience in asset management and investment oversight, having participated on multiple Boards of Directors since 2013. As President and CEO of CGFIM, Yannick will be responsible for CGF’s investment strategy and execution, in accordance with CGF’s independent and arm’s length investment mandate.
About PSP Investments
The Public Sector Pension Investment Board (PSP Investments) is one of Canada’s largest pension investors with $264.9 billion of net assets under management as of March 31, 2024. It manages a diversified global portfolio composed of investments in capital markets, private equity, real estate, infrastructure, natural resources, and credit investments. Established in 1999, PSP Investments manages and invests amounts transferred to it by the Government of Canada for the pension plans of the federal public service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montréal and offices in New York, London and Hong Kong. For more information, visit investpsp.com or follow us on LinkedIn.About Canada Growth Fund (CGF)
CGF is a $15 billion arm’s length investment vehicle that helps attract private capital to build Canada’s economy by using investment instruments that absorb certain risks, in order to encourage private investment in low carbon projects, technologies, businesses, and supply chains. Further information on CGF’s mandate, strategic objectives, investment selection criteria, scope of investment activities, and range of investment instruments can be found on www.cgf-fcc.ca.About Canada Growth Fund Investment Management (CGFIM)
In Budget 2023, the Government of Canada announced that PSP Investments, through a wholly owned subsidiary, would act as investment manager for CGF. Canada Growth Fund Investment Management has been incorporated to act as the independent and exclusive investment manager of CGF.
Alright, big news coming out of PSP Investments today so let me get right to it.
It was barely a year and a half ago that Patrick Charboneau was named the Head of the Canada Growth Fund and now he's replacing Eduard van Gelderen as CIO of PSP Investments.
Am I surprised? Yes and no. I sort of knew Patrick was in the running and was likely going to be named next CIO before the holidays but until you see it in print, anything can happen.
Now it's official so I can share with you my thoughts.
First, congratulations to Patrick, this is a huge vote of confidence for him from Deb Orida and he earned it.
Was I surprised he was named CIO? A bit from the standpoint that I always saw him as an infrastructure expert and thought he would make a great leader of Real Assets, replacing Patrick Samson.
The position of CIO is very different, he needs to think total portfolio, not just transactions and really oversee all the teams across public and private markets.
From that standpoint, he definitely lacks the experience of an Eduard van Gelderen.
He also lacks the experience of Marlene Puffer, Ziad Hindo, Nicole Musicco or Geoffrey Rubin, all names that were being thrown around.
But you know what Patrick Charbonneau has that all these people don't have?
He has Deb Orida's trust and ultimately that's what counts more than anything else.
Deb is someone who thinks 20 times before making a critical decision and she needs to trust her CIO implicitly.
For whatever reason, and this admittedly is my perception, she didn't trust Eduard van Gelderen, perceived him as a threat, maybe was intimidated by his knowledge, experience and board relationships, so she needed to place someone in this important role she trusts.
Patrick has delivered for her, he successfully launched the Canada Growth Fund and was doing a great job heading it, so much so that I heard Chrystia Freeland loved him and wasn't pleased when news broke out he was going to be moved to CIO role.
But Ms. Freeland is no longer our finance minister so she has no say now and the Government of Canada will change in the coming months.
So, Patrick Charbonneau is PSP's new CIO and while he lacks CIO experience, he's a top professional and a great leader who is well respected among peers and colleagues (including the former CIO).
He knows his strengths and weaknesses so he will surround himself with people he trusts to help him navigate that role and really champion the total portfolio approach.
Again, the role of a CIO is very different from role of Head of Canada Growth Fund or even Head of Infrastructure, you really need to think, live, eat and breathe total portfolio 24/7.
Patrick knows this, he's been around long enough, he can navigate the terrain.
I don't know him well but people I know and trust tell me he's a very nice guy and consummate professional. One person told me "he will do well in that role."
He will also play a critical role with PSP's members and the Government of Canada (Treasury Board) and there I have no doubt he will be superb (another reason why Deb trusts him in that role).
Alright, let me wrap it up but before I do, I also want to congratulate Yannick Beaudoin for being named President and Chief Executive Officer (CEO) of Canada Growth Fund Investment Management (CGFIM).
I don't know him well but he has done a great job at the Natural Resources team and is taking on a very important role.
No doubt in my mind that Deb Orida trusts him implicitly as well for this important role.
Only thing that irks me a bit is whether the Conservatives will support this initiative if they gain power but I don't see any reason as to why not, especially if the mandate is being fulfilled properly.
Still, the Canada Growth Fund does have a political dimension so you never know.
Alright, quick comments today on this important announcement.
Feel free to agree or disagree with me and email me if you have anything to add.
Below, President Donald Trump virtually addresses participants at the World Economic Forum's Annual Meeting in Davos on Thursday.
Take the time to watch this and you might want to fast forward to minute 41 where he torpedoes Canada.
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