Canada’s Public Sector Pension Investment Board announced Thursday the promotion of Patrick Charbonneau to CIO. Charbonneau succeeds Eduard van Gelderen, who departed the fund last October.
Van Gelderen joined FCLTGlobal as head of research last December.
Charbonneau’s appointment as the investment chief of the C$264.9 billion ($184.23 billion) pension fund is effective February 3. He is currently the president and CEO of Canada Growth Fund Investment Management, the investment manager of the Canada Growth Fund, a C$15 billion subsidiary of PSP Investments that makes clean-technology investments in Canada.
Charbonneau will be responsible for the fund’s portfolio design, beta management activities, overall investment strategy and treasury functions, according to a statement from PSP.
“The appointment of Patrick Charbonneau as CIO reflects our ongoing commitment to strategic leadership and investment acumen,” said Deborah K. Orida, president and CEO of PSP Investments, in a statement. “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.”
Charbonneau was at PSP Investments from 2006 to 2023, moving from managing director to senior managing director to head of infrastructure investments. In 2023, he was named president and CEO of CGFIM, which was established that year.
Succeeding Charbonneau as president and CEO of CGFIM on February 3 will be Yannick Beaudoin, PSP also announced. Beaudoin joined PSP Investments’ natural resources team in 2012. Before his appointment to CFGIM, Beaudoin was managing director, natural resources.
Beaudoin will now be responsible for the investment strategy and execution of the Canada Growth Fund, which has made C$2 billion in commitments since inception. The CGF aims to invest in Canadian companies and technologies that can support the country’s path to achieving a low-carbon economy.
“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,” Orida said in the statement. “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. 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.”
PSP Investments manages the pension funds for the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force, a total of more than 900,000 beneficiaries. PSP Investments returned 7.2% in fiscal 2024 and 7.9% over the previous five-year annualized period.
In addition to its 13% infrastructure allocation, PSP allocated 42.2% of its portfolio to public equities, 15.3% to private equity, 13% to infrastructure, 10.3% to real estate, 9.9% to credit, 5.7% to natural resources and 0.9% to a complementary portfolio, as of fiscal year 2024, the period ending March 31, 2024.
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Tags: Canada Growth Fund Investment Management, Infrastructure, Patrick Charbonneau, PSP Investments, Public Sector Pension Investment Board, Yannick Beaudoin