Canada’s Public Sector Pension Investment Board has appointed Patrick Charbonneau as chief investment officer. Effective February 3, Charbonneau will oversee the pension investor’s C$265 billion ($380 billion) portfolio design and beta management activities, the fund’s overall investment strategy, and the treasury function.
Charbonneau replaces Eduard van Gelderen, who left PSP Investments in October and joined the Boston-based nonprofit FCLTGlobal as head of research in December. Van Gelderen was a finalist for the seventh annual Allocators’ Choice Awards, for posting the second-highest ten-year annualized rate of return among Canadian peers and his “engaged and inspiring leadership.”
An 18-year veteran of the organization, Charbonneau has played a key role in building its infrastructure portfolio and team since 2006. He was a founding senior member of PSP Investments’ London office and is now president and CEO of Canada Growth Fund Investment Management, PSP’s semi-independent investment arm overseeing the C$15 billion Canada Growth Fund.
“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,” said PSP Investments President and CEO Deborah Orida. “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 Beaudoin will succeed Charbonneau at CGFIM in February, overseeing CGF’s investment strategy and execution under its independent mandate. Beaudoin joined PSP Investments’ natural resources team in 2012. As head of Asia Pacific and Europe, Yannick oversaw a natural resources portfolio of more than C$8 billion.
Orida said Beaudoin’s experience and track-record of “building direct investment platforms, working with entrepreneurs, and managing a diversity of stakeholders” makes him well-positioned “to lead CGFIM,” adding: “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 funds for the pension plans of the federal public service, the Canadian Forces, the Royal Canadian Mounted Police, and the Reserve Force. It returned 7.2 percent for the fiscal year ending March 31, 2024. Its five- and 10-year net annualized returns as of March 31 were 7.9 percent and 8.3 percent, respectively.