Aman Malik of VC Circle reports Macquarie bets on Maple Highways as Canada’s La Caisse cuts stake: 

Australian asset manager Macquarie has sealed a $450-million (about Rs 4,300 crore) transaction to buy a significant stake in Maple Infrastructure Trust from Canadian pension fund La Caisse (formerly CDPQ).

Macquarie Asset Management, through its Macquarie Asia-Pacific Infrastructure Fund 4 (MAIF4), has acquired 37.5% of the units in the infrastructure investment trust (InvIT) that owns the Maple Highways platform from La Caisse. The sale cuts La Caisse’s holding in the trust to 37.5% from 75%.

The Australian firm has also bought a 42.5% stake in the InvIT’s investment manager and a 40% stake in the project manager, with La Caisse retaining a 42.5% holding in the investment manager but ceding control to Macquarie.

According to a joint statement from the two investors, Macquarie has committed $450 million in total to Maple, including $150 million of fresh equity earmarked for future acquisitions. La Caisse, for its part, has also pledged an additional $150 million to back the platform's next phase of growth. 

Separately, a stock-exchange filing showed that the value of the 37.5% units that Macquarie bought was Rs 2,702.54 crore (around $282.5 million). 

The announcement comes almost six months after VCCircle reported in March that Macquarie was set to acquire 37.5% of the InvIT's units. 

Verena Lim, co-head of Asia-Pacific infrastructure for Macquarie Asset Management and Asia CEO for Macquarie Group, said that India remains “a key market” for the firm and that Maple reflects its conviction in the country's long-term infrastructure potential. 

The Maple transaction comes even as Macquarie moves to exit its separate India toll-roads platform, Safeway Concessions Pvt Ltd, which it had acquired from the National Highways Authority of India roughly eight years ago. The parallel moves underline Macquarie's repositioning in India's roads sector—entering a modern InvIT platform even as it exits older toll-operate-transfer assets.

Macquarie inked a deal in March to sell Safeway to French infrastructure group Vinci, through its Vinci Highways unit, at an enterprise value of around Rs 15,000 crore (roughly $1.6-1.7 billion). The sale marked Vinci's first entry into India's roads sector and ranked among the country's largest toll-road divestments to date.

Founded in 2021, Maple InvIT owns and operates seven toll road assets across six states in eastern, northern and southern India, spanning an aggregate 3,328 lane kilometres, held through special-purpose vehicles under long-term government concessions. Several of these were acquired from the NHAI and form sections of key corridors, including the Golden Quadrilateral, the East-West Corridor and the Eastern Peripheral Expressway around New Delhi. The portfolio includes five toll road projects the InvIT bought from Ashoka Concessions last year for Rs 1,814 crore.

In FY25, the InvIT reported operating income of Rs 795 crore, up from Rs 730 crore a year earlier, while its net loss narrowed to Rs 120 crore from Rs 210 crore. 

On Monday, la Caisse and Macquarie Asset Management issued a joint press release stating they have partnered with   to support Maple’s growth ambitions:

Macquarie Asset Management (“MAM”), via Macquarie Asia-Pacific Infrastructure Fund 4 (“MAIF4” or the “Fund”), announces that it has completed the acquisition of units from global investment group La Caisse in Maple Infrastructure Trust (“Maple”) on 11 September 2026, an Infrastructure Investment Trust (“InvIT”) that owns and operates toll roads across India.

Following completion of the transaction, MAM and La Caisse jointly own controlling stakes in Maple’s investment manager and project manager. The partnership combines MAM’s infrastructure investment and active asset management experience in India with La Caisse’s experience in developing, scaling and managing infrastructure platforms globally.

As part of the transaction, MAIF4 has committed $US450 million, which includes $US150 million of additional equity earmarked for future acquisitions by Maple. La Caisse has also committed $US150 million to support future growth.

Established in 2021, Maple owns and operates seven toll roads across six states in Eastern, Northern and Southern India through long-term concession frameworks. The road network has an aggregate length of approximately 3,328 lane kilometres.

Verena Lim, Co-Head of Asia-Pacific Infrastructure for Macquarie Asset Management and Asia CEO for Macquarie Group, said: “India remains a key market for Macquarie, and Maple reflects our conviction in the country’s long-term infrastructure opportunity. Drawing on our experienced local team and long-standing presence in the market and sector, we look forward to partnering with La Caisse to support Maple’s next phase of growth, building on the platform’s strong foundations through our operational expertise and active asset management approach.”

Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure and Sustainability, La Caisse, said: “Five years ago, we entered India's roads sector with a single asset and a conviction in the market's long-term potential. Since then, Maple has grown into one of the country's leading road platforms. Our partnership with Macquarie Asset Management is a strong vote of confidence in what we've built and the growth opportunities ahead. Maple's story is still being written, and this partnership marks an important new chapter.”

India has one of the world’s largest and most diverse transport networks, with a road network extending around six million kilometres. As the country’s middle class expands, rising vehicle ownership and growing mobility needs are driving increased demand for high-quality transport infrastructure, including toll roads and electrification solutions.

ABOUT MACQUARIE ASSET MANAGEMENT

Macquarie Asset Management (MAM) is a leading global asset manager, trusted by institutions, individuals and communities to responsibly manage $US498 billion in assets. MAM provides clients with a diverse range of investment solutions that seek to deliver superior risk-adjusted returns.

Macquarie Asset Management is part of Macquarie Group, a diversified global financial services group operating in asset management, retail and business banking, wealth management, as well as advisory, and risk and capital solutions across debt, equity, financial markets and commodities. Founded in 1969, Macquarie Group employs over 19,100 people in 30 markets and is listed on the Australian Securities Exchange.

All figures as at 31 March 2026.

ABOUT LA CAISSE

La Caisse has invested for over 60 years with a dual mandate: generate optimal long-term returns for its 48 depositors, who represent over 6 million Quebecers, and contribute to Québec’s economic development.

As a global investment group, La Caisse is active in the major financial markets, private equity, infrastructure, real estate and private credit. As at June 30, 2026, it held CAD 552 billion in net assets. For more information, visit LaCaisse.com, LinkedIn or Instagram.

La Caisse is a registered trademark of Caisse de dépôt et placement du Québec that is protected in Canada and other jurisdictions and licensed for use by its subsidiaries.

Before I share my views, in August, Verena Lim, Asia CEO at Macquarie Group and co-head of Asia-Pacific MAM,  and Prateek Jhawar, head of Real Assets, India, Macquarie Asset Management were quoted in The Economic Times of India as saying, 'Macquarie's done the full investment cycle in India. It's time to invest again' (both featured at the top of my post):

Macquarie Asset Management (MAM) invested more than $US4 billion in India in its two-decade-long presence in the country. While continuing its core focus on roads and renewable energy, the firm-among the earliest infrastructure investors in India-is actively evaluating opportunities in digital infrastructure such as data centres, fibre, and telecom towers, as well as social infrastructure such as healthcare, education, logistics and cold storage.

Verena Lim, Asia CEO at Macquarie Group and co-head of Asia-Pacific MAM, and Prateek Jhawar, head of Real Assets, India, Macquarie Asset Management, speak to The Economic Times on their strategies. 

With global long-term investors deploying increasing capital in the country, do you believe Macquarie has kept pace with the opportunity?

Lim: India has remained a core market for Macquarie Asset Management since it entered the country more than two decades ago through its infrastructure fund with SBI. The firm's investment strategy later evolved from country-specific funds to regional Asia-Pacific funds, with India continuing to be a key allocation. Between 2018 and 2022, Macquarie focused on managing and scaling its existing portfolio rather than deploying fresh capital, drawing lessons from its early investments, while creating value from assets. That strategy is now paying off, with the sale of Safeway Concessions to VINCI Highways-our first toll road investment in India-and the acquisition of the Maple Infrastructure Trust platform as evidence of Macquarie's continued commitment. We are now actively evaluating new opportunities in renewable energy, digital infrastructure, and social infrastructure, while maintaining sufficient capital for India. We've been going through the full investment cycle in India-from investing and building platforms to existing assets-and now it's time to invest again. 

Did moving to a regional Asia-Pacific fund dilute capital flows to India, given that you had the flexibility to invest across multiple markets?

Lim: No. The shift to a regional fund was not intended to reduce investment in India. In fact, our latest Asia-Pacific Infrastructure Fund is a $US4 billion vehicle-significantly larger than our original $US1 billion India-focused fund-and we also have access to substantial co-investment capital. The regional strategy simply gives us greater flexibility to allocate capital where we see the best risk-adjusted returns. India remains one of the most compelling investment destinations in Asia-Pacific, and there is no reason why capital deployment here should be lower because of the regional mandate. 

Which infrastructure sectors in India are you most bullish on today? Where do you see the next wave of opportunities?

Jhawar: We've had strong experience in roads and mixed outcomes in renewables, reflecting broader market dynamics. For us, success is less about choosing a particular sector and more about investment discipline-buying at the right valuation, partnering with the right management teams, actively managing assets, and exiting at the right time. India offers compelling opportunities across roads, renewables, digital and social infrastructure, and we'll continue investing where we see the best long-term risk-adjusted returns. 

What makes India one of Macquarie's most attractive infrastructure markets today?

Lim: Macquarie believes India has entered the next phase of its infrastructure growth, supported by strong demographics, policy continuity and a mature investment ecosystem. Having invested in the country for nearly three decades, the firm has witnessed the sector evolve from government ownership to privatisation and institutional capital participation, giving it deep local expertise across economic and political cycles. The recent exits, including the sale of Safeway Concessions, demonstrate Macquarie's ability to create value and return capital to investors-an important factor in today's cautious fundraising environment. 

Beyond roads and renewables, are there any new sectors in India that Macquarie is actively evaluating?

Jhawar: Digital infrastructure is not yet part of our India portfolio, though it is a significant focus globally across fibre, data centres, and communication towers. We also see growing opportunities in infrastructure adjacencies such as healthcare, education, logistics, and cold storage. In healthcare, infrastructure investors can fund hospital assets while operators focus on care delivery, helping expand capacity to meet rising demand. 

Do you have a capital allocation in mind for these emerging infrastructure sectors?

Lim: We do not have any specific capital allocation targets for these sectors. Our priority is to build conviction around opportunities that meet our risk-return expectations. 

Excellent interview with Verena Lim and Prateek Jhawar of Macquarie Asset Management (MAM), explaining why they remain committed to India's infrastructure despite selling Safeway Concessions to VINCI Highways for roughly US$1.7 billion. 

Why is La Caisse realizing on a significant stake in Maple Infrastructure Trust? All sorts of theories out there but the truth is it did a great job nurturing this platform and found a top strategic partner to manage it with and decided to sell a stake in the business to MAM.

MAM has a proven track record for adding value to its toll roads in India and will continue to do so with this asset as they prepare it for its next growth phase.

La Caisse will use proceeds to invest elsewhere in India or in its massive infrastructure portfolio.

Again, read what Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure and Sustainability, La Caisse, said: 

“Five years ago, we entered India's roads sector with a single asset and a conviction in the market's long-term potential. Since then, Maple has grown into one of the country's leading road platforms. Our partnership with Macquarie Asset Management is a strong vote of confidence in what we've built and the growth opportunities ahead. Maple's story is still being written, and this partnership marks an important new chapter.” 

I also note this part of the press release:

India has one of the world’s largest and most diverse transport networks, with a road network extending around six million kilometres. As the country’s middle class expands, rising vehicle ownership and growing mobility needs are driving increased demand for high-quality transport infrastructure, including toll roads and electrification solutions.  

Lastly, worth noting that this is the second big deal announced in India for La Caisse with a top partner. Earlier this month, La Caisse invested alongside Brookfield in Altius, India’s largest independent telecom tower platform (see my comment here).

Below, Verena Lim, CEO, Macquarie Group Asia and Co-head of Infrastructure Asia-Pacific MAM, appeared in a Milken Institute International panel discussion on bridging the gap in global infrastructure financing back in 2024.

The Canadian Press reports CPP Investments and Brookfield launch $50B fund to invest in big Canadian projects:

TORONTO — Canada Pension Plan Investment Board and Brookfield Asset Management Ltd. have announced a new $50-billion fund aimed at backing critical infrastructure and strategic industry projects across Canada.

The so-called Maple Fund will see the two organizations invest on a 50-50 basis, with each committing up to $25 billion in equity over an initial five-year period.

The fund is one of the marquee announcements to emerge at a new investment summit in Toronto hosted by Prime Minister Mark Carney in partnership with CPP Investments and PSP Investments, two of Canada’s largest pension investors.

CPP Investments chief executive John Graham said Canada is entering a period of new ambition to advance major projects and build for the future, creating compelling investment opportunities across the country.

“CPP Investments has the capital, long-term investment horizon and expertise to pursue these opportunities,” he said in a statement. “The Maple Fund brings together our strengths with Brookfield’s strong origination and development capabilities to help move ambitious projects from opportunity to investment.”

Graham added: “The Maple Fund positions us well to meet this moment and move with speed on opportunities of unusual scale and complexity when they offer compelling value for the CPP Fund.”

Connor Teskey, CEO of Brookfield Asset Management, said the fund brings together two companies with a shared commitment to investing in the country’s future. 

The Maple Fund “can help drive a generational investment program to invest in critical infrastructure, industries and businesses that will support the growth of globally competitive Canadian businesses,” he said.

The inaugural Canada Investment Summit is a two-day gathering of global investors, Canadian business leaders and governments that seeks to help attract $1 trillion in new investment to Canada over the next five years.

The country’s big banks have also announced plans for billions in financing to support Canadian companies and projects in recent days. 

Josh Welsh of Benefits and Pensions Monitor also reports that Prime Minister Mark Carney is opening the big four airports to private investment:

Prime Minister Mark Carney announced on Tuesday that his government is seeking private investors to operate Canada's four largest airports, framing the move as a chance to bring domestic pension fund expertise back to Canadian soil, as reported by The Canadian Press.

"Following best practice in other countries, the government of Canada will retain ownership of the underlying land and assets, but we will unlock their true value by bringing in new capital and expertise to their operations and their growth," Carney said during his keynote speech at the inaugural Canada Investment Summit in Toronto.

The four airports being targeted in Toronto, Montreal, Calgary and Vancouver currently run under a not-for-profit model in which local airport authorities manage federally owned land through long-term leases. Both the 2025 federal budget and the spring economic statement had signalled Ottawa's intent to explore alternative ownership structures, but Carney's summit remarks marked the most concrete step yet.

Carney told summit attendees that private investment would deliver a better passenger experience and that the recycled capital would flow into infrastructure Canada needs for the next generation, while also drawing a direct line to the institutional investment community.

"Canadian pension funds already successfully invest and manage airports around the world. It's time to bring that same expertise back home to directly benefit Canadians," Carney said.

The summit, co-hosted by CPP Investments and PSP Investments, was designed to court $1 trillion in investment over five years for major Canadian projects. Notably, airports were not among the more than 160 projects listed in the summit's deal book.

And Josh Scott of Betakit also reports Radical Ventures launches Canada’s largest AI fund with $1-billion USD first close:

Toronto-based Radical Ventures has launched a “multi-billion-dollar” venture capital (VC) fund geared towards backing AI scaleups in Canada and abroad with a first close of “well over” $1 billion USD ($1.4 billion CAD). 

Radical announced its new Radical Breakouts Fund on Tuesday at Prime Minister Mark Carney’s inaugural Canada Investment Summit in Toronto. The AI-focused VC firm secured this amount from a group that includes some of the country’s largest pension funds and banks. 

While Radical did not disclose its exact target for the fund, this first close puts it roughly on par with Georgian’s more than $1-billion USD 2021 alignment fund. Should Radical meet its multi-billion-dollar mark, the Radical Breakouts Fund would be Canada’s largest VC fund by a wide margin, according to Canadian Venture Capital & Private Equity Association and PitchBook data.

“Canada has never had a shortage of world-class AI companies,” Radical co-founder and managing partner Jordan Jacobs said in a statement. “What we have lacked is capital at the scale required to keep them here as they grow. For decades, that meant our best companies looked to the United States to fund their most important years, and much of the value they created went with them. The Radical Breakouts Fund closes that gap.”

Radical moved beyond its early-stage roots into later-stage investing in 2024 with an $800-million USD growth fund.

Its latest fund marks the latest on a growing list of big-dollar commitments made by major Canadian institutions, including a planned $1-billion USD fund from the Royal Bank of Canada to help Canada’s next tech champions scale, and a $525-million USD fund from newcomer Intrepid Growth Partners designed to provide growth funding to AI firms here and in other countries.

The Radical Breakouts Fund’s limited partners include the Public Sector Pension Investment Board (PSP Investments), Canada Pension Plan Investment Board (CPP Investments), Healthcare of Ontario Pension Plan (HOOPP), TD Bank Group, BMO Financial Group, CI Global Asset Management, and OPTrust, among others.

PSP Investments, CPP Investments, TD, and BMO have made other promises towards Canada in the lead-up to Carney’s summit. BetaKit is tracking them here.

The fund plans to focus on companies “on a path to becoming the next trillion-dollar businesses.” Radical said it is designed for a market where some of the world’s most valuable companies are staying private for longer and entering public markets at higher valuations.

Radical, which backs AI startups from early to late stages, has invested in some of Canada’s most promising AI firms, from large language model maker Cohere to autonomous driving firm Waabi. Its multi-billion-dollar Radical Breakouts Fund will target AI scaleups on a path to becoming “trillion-dollar businesses.”

The firm said this fund is designed for a market in which the most valuable companies stay private far longer than they once did, raising successive large private rounds and reaching the public markets already worth $100 billion or more. Capturing that value requires private capital at a scale that Radical said has, until now, existed almost exclusively in the US.

“The result is a Canadian firm investing in Canada and globally, with the returns coming home,” Jacobs said. 

Earlier today, the Office of the Prime Minister of Canada issued a press release stating that the first Canada Investment Summit unleashes nearly $500 billion of new investment in Canada: 

Canada has what the world wants. We are a superpower in both clean and conventional energy, with vast deposits of critical minerals. We are the best-connected economy in the world, with free trade deals covering 1.5 billion consumers. We are by far the most competitive country in the G7 for new business investment. We have one of the world’s most educated workforces, the lowest net debt-to-GDP ratio in the G7, and the fiscal capacity to act decisively. Since forming government, the Prime Minister, Mark Carney, has focused on leveraging these strengths to catalyse $1 trillion of new investment and create more growth, opportunity, and prosperity for Canadians.

To that end, the Prime Minister convened the first Canada Investment Summit. Hosted in partnership with the Canada Pension Plan Investment Board (CPP Investments) and the Public Sector Pension Investment Board (PSP Investments), the Summit brought together investors from nearly 30 countries, managing more than $100 trillion in assets. They came to Toronto because they see Canada’s economic strength and ambition – and they want to invest in it.

The Canada Investment Summit laid the foundation for enormous new investment and strategic partnerships, while accelerating existing negotiations – resulting in nearly $500 billion in new investment commitments to Canada.

Canada’s leading pension funds, insurers, and institutional investors committed nearly $100 billion in new capital to Canadian assets:

• CPP Investments and Brookfield Asset Management launched the $50 billion Maple Fund to invest in critical infrastructure and strategic industries across Canada.
• PSP Investments will increase its Canadian investments by 30 to 40%, an additional $25 billion in Canada, totalling $100 billion.
• The Ontario Teachers’ Pension Plan (OTPP) will invest an additional $10 billion in Canadian opportunities across public and private markets by the end of 2027.
• Sun Life Financial will invest $5 billion over the next five years in critical infrastructure, including digital technology, energy, and transportation.

Canada’s top banks committed nearly $325 billion in new financing for Canadian businesses and infrastructure:

• TD Bank will provide $150 billion in financing over five years across five key sectors, including energy, critical minerals and resources, defence and aerospace, digital and AI, and infrastructure.
• Scotiabank will provide over $100 billion in financing over five years to support Canadian companies and projects in key sectors that will drive forward Canada’s economic growth agenda.
• BMO will invest and mobilise $70 billion in critical Canadian sectors over 10 years, including in energy and transportation infrastructure, mining and critical minerals, AI computing, and defence and security.
• CIBC will provide $2 billion in financing to small and medium-sized defence-related and dual-use businesses in Canada. Funding will be targeted to support eligible businesses operating across a range of strategic sectors, including infrastructure, energy, cybersecurity, digital capabilities, and advanced technologies.
• RBC will invest and mobilise nearly $1.5 billion to support Canadian technology companies with high growth potential. They will provide investee companies with access to commercialisation opportunities, strategic partnerships, and expansion support that are often unavailable through traditional investors.

Investment funds committed to mobilise more than $14 billion in capital to grow Canadian companies, infrastructure, and strategic sectors:

• Power Sustainable will invest and mobilise more than $10 billion for Canadian infrastructure, including power and grid, fibre and data, environmental solutions, and food supply chains.
• Radical Ventures will invest and mobilise $4 billion to launch the Radical Breakouts Fund, the largest venture capital fund of its kind in Canadian history, supporting Canadian AI scale-ups across the technology stack.

On the margins of the Summit, Bell Canada, in partnership with the Government of Saskatchewan, announced a historic expansion of the Bell AI Fabric to build a 1.2-gigawatt Canadian AI infrastructure hub in Saskatchewan. This $52.5 billion capital investment is the largest in the province’s history and is expected to create more than 4,500 jobs across construction, operations, management, and related services.

To build on this momentum and unlock even more investment, Prime Minister Carney announced the game-changing new Productivity Mega Deduction, which will allow businesses to deduct the cost of a much broader range of assets right away, including fibre-optic cable, mining property, oil and gas pipelines, software, research and development, computer equipment, aircraft and vehicles, patents, rail track, bridges, and roads. The federal government is also making immediate expensing permanent so businesses can recover these costs sooner. The new Productivity Mega Deduction means Canada’s marginal effective tax rate on new business investment will fall from roughly 13% to 6.4% – the lowest of any major economy in the world and less than half the rate in the United States.

To further unleash capital, the Prime Minister announced that Canada will seek private investment through long-term concessions to operate Canada’s four largest airports. Working with airport authorities and other stakeholders, including airlines and local governments, the federal government will retain ownership of the underlying land and assets, while also bringing in new private capital. The tens of billions of dollars of capital raised would then be reinvested into building the infrastructure that Canada needs for the next generation: regional airports, new local transportation infrastructure, and new nation-building infrastructure, including a sovereign broadband backbone that connects Canadians from coast to coast to coast.

The government also made landmark new investments in two sectors central to Canada’s competitiveness: defence and critical minerals. Through the Business Development Bank of Canada (BDC), the federal government will deploy $700 million in new funding to accelerate growth in Canadian defence and dual-use technologies, including $500 million across specialised investment funds and $200 million for StrongNorth, increasing the fund from $300 million to $500 million. These investments are part of the BDC’s $6 billion Defence Platform, which helps Canadian companies scale, innovate, and compete globally through financing, investment, and advisory support. The government also committed approximately $140 million through the Canada Growth Fund to support Generation Mining’s Marathon Project in Northwestern Ontario – one of Canada’s only fully permitted, shovel-ready critical minerals projects. The project will produce copper and palladium, strengthening domestic supply and building more resilient North American supply chains.

Business leaders, investors, and financial institutions are mobilising behind Canada’s bold new vision to build, innovate, and lead in a changing world, and the impact on Canada and Canadians will be profound. These agreements will catalyse nearly $500 billion of investment into Canadian workers, businesses, and industries – in energy, critical minerals, new technologies, and AI – create thousands of new high-paying careers, and bolster our strategic autonomy. The Canada Investment Summit advanced our most important mission of building a stronger, more independent, more resilient Canadian economy for all.

Quotes

“The Canada Investment Summit brought the world to Canada with a clear message: Canada is building big. Build with us. We unleashed nearly $500 billion of new investment into Canadian businesses and infrastructure – and this is just the beginning. The world sees our strengths and ambitions, and we will harness this moment to generate lasting growth, opportunity, and prosperity for Canadians. Canada is boldly unleashing our enormous potential, and we are just getting started.”

The Rt. Hon. Mark Carney, Prime Minister of Canada

“The Canada Investment Summit has reinforced the depth of global interest in Canada and the opportunity to turn that interest into action. Over the past two days, we have brought together leading investors, businesses, and public-sector partners around a compelling investment case for Canada, and identified concrete areas for further engagement. The CPP Investments team is energised by the conversations and stands ready to work with partners around the world to create enduring value in Canada for the CPP Fund. The real measure of this Summit will be what happens next, and I am confident the relationships and momentum built here can translate into meaningful investment and lasting economic value.”

John Graham, President and Chief Executive Officer of CPP Investments

“PSP Investments is proud to have played a role in reinforcing Canada’s standing as a destination of choice for global capital. Canadian business leaders and global investors have answered the call. We have a solid foundation in place. Now we need to capitalise on it. In this new global investing regime, Canada is well positioned to compete for capital, and we are confident in the momentum already taking shape.”

Deborah K. Orida, President and Chief Executive Officer of PSP Investments

Quick facts

• The Canada Investment Summit was hosted by the federal government in partnership with CPP Investments and PSP Investments, two of Canada’s largest and most sophisticated institutional investors.
• Over five years, the government’s capital investments and incentives in support of third parties are expected to help enable more than $1 trillion in total investment from public, private, and institutional partners.
• Canada consistently ranks among the top destinations for foreign direct investment (FDI) confidence, with a AAA credit rating, the lowest net debt-to-GDP ratio in the G7, and the number one ranking among G7 countries for banking stability.
• FDI in Canada is at its highest level in two decades, running at twice the rate of our nearest G7 competitor.
• Canada is now creating jobs at four times the rate of the United States.
• We have the world’s most educated workforce, a leading AI sector that is adding jobs faster than the United States, and a $140 billion quantum opportunity.
• With 16 free trade agreements across 51 countries, Canada has preferential access to 1.5 billion consumers representing two thirds of global GDP. Over the next six months, we will double that market access through new trade deals, from ASEAN to India.
• Canada ranks as the most attractive country in the world for infrastructure investment.
• Since September 2025, we have referred 27 nation-building initiatives to the new Major Projects Office – new ports, mines, and energy corridors from every region of the country that now represent $500 billion in new private investment.
• Outlined in Budget 2025 in and the Spring Economic Update 2026, the government committed to reforming Canada’s airports system to lower air passenger costs and better position airports to attract private investment. This included assessing opportunities to unlock the full value of airports in support of investments in Canada’s long-term growth, including through alternative models of ownership. 

I also recommend you read CPP Investments CEO John Graham's remarks delivered earlier today at the Summit:

TORONTO, ON (September 15, 2026): On Tuesday, September 15, 2026, John Graham, President & CEO of Canada Pension Plan Investment Board (CPP Investments), delivered the following remarks at the Canada Investment Summit in Toronto, Ontario.

Check against delivery

Good afternoon, everyone. I would like to echo the Prime Minister and thank all of you for joining us at the Canada Investment Summit. It is great to see so many partners and friends in the room.

Like many of you, I have attended several investment summits around the world. They are a good opportunity for a host to showcase an economy’s dynamism, its opportunity set, and the message of being “open for business.” But until today, I had never attended one in Canada.

Seeing the energy and enthusiasm here in this room, I would say that today is exactly the right day for the event.

Over the past couple of years, my conversations about Canada with global investors has changed. Sure, investors respect the country, but hadn’t seriously considered deploying capital at scale. But lately, the question I get is: what are we missing in Canada?

Investors are curious about Canada. This Summit’s practical job is to convert that curiosity into interest, and that interest into real action. I am confident we can do just that.

The central question on everyone’s mind: why should a global investor allocate more capital to Canada than before? My answer to that: Canada has not fundamentally changed overnight. But the investment case has.

The world’s priorities have shifted. Canada’s relative strategic value has increased, and Canada is responding with renewed ambition, urgency and partnership.

For decades, capital allocation was optimized around efficiency: global supply chains, low interest rates, abundant liquidity, and lowest-cost production. That is no longer the whole equation.

As investors reassess risk and opportunity, they place a much higher premium on resilience, secure supply chains, reliable energy, trusted partners, policy predictability, and geopolitical alignment. These are no longer nice-to-haves. They are a must have. And, they are Canadian strengths.

At CPP Investments, we invest in more than 50 countries and weigh Canadian opportunities against those everywhere in the world. Our mandate is to maximize long-term returns without undue risk for more than 22 million Canadians. We are not required to invest in Canada. We invest here when an opportunity earns its place on a risk return basis.

We ask the same questions of any investment destination.

First: can we trust the rules? Canada has strong rule of law, independent institutions, low corruption exposure, and political continuity. Our federation is complex, but our democracy is vigorous, and the commitments investors care about don’t shift from election to election. At CPP Investments we know this firsthand. We are accountable to 10 governments. We have invested since inception through more than 75 general elections, across every political stripe, without skipping a beat.

Second: can capital be put to work? Canada is simplifying how decisions get made. Governments, Indigenous partners, operators and investors are coordinating earlier and moving with greater urgency. These changes matter. There is a generational opportunity before us, and windows do not stay open indefinitely. Capital moves and it rewards countries that can translate strategic advantages into investable projects. Canada is showing it can do exactly that.

Third: is there scale and dynamism? Canada isn’t the world’s largest market. But more than a market, it is a platform, with access to major trading partners and real sectoral scale. Canada has assets the world needs and global capital wants. Conventional and clean energy, critical minerals, power, AI infrastructure, transportation, advanced manufacturing, agriculture and a leading financial services sector. Add strong universities and a skilled, highly educated talent pool, and it’s a resource-plus-talent story.

Fourth: is there an ecosystem to execute? A strong yes. Deep capital markets, Toronto is a financial centre. With strong domestic banks, the “Maple 8” pension institutions and experienced asset managers.

Many of you already partner with Canadian institutions globally, relationships that can help you source and scale here.

Let me be clear: CPP Investments stands ready to be your partner. The portfolio case for Canada is grounded in risk-adjusted returns. That does not mean putting an entire portfolio here. It means Canada merits a weight heavier than market capitalization alone would suggest.

I am optimistic about this moment. Not complacent. A country does not become investible by declaring it so. Canada is turning advantages into projects, approvals, commercial structures and credible execution.

The momentum is real. This Summit is not a victory lap. It is a working session whose value will be measured by what happens next.

My ask is simple. Identify one opportunity worth diligencing, one Canadian partner worth building with, and one concrete next action.

Canada has not changed overnight. But its strategic value has. The world now places a higher premium on qualities Canada spent decades building. Canada is putting them to work with real ambition. Let us convert curiosity into interest, and interest into action.

Thank you.  

PSP's CEO Deborah Orida also delivered remarks at the Canada Investment Summit:

Toronto, September 15, 2026 – Remarks delivered by Deborah K. Orida, President and Chief Executive Officer, PSP Investments, at the Canada Investment Summit 2026. 

Check against delivery

Right Honourable Prime Minister of Canada, National Chief, Chiefs, Your Excellencies. Ministers, Premiers, Prime Ministers, fellow CEOs, and distinguished guests. 

[Bienvenue à Toronto. J'espère que vous allez bien. Aujourd'hui, je suis très fière d'être avec vous. Aujourd'hui, je suis très fière d'être canadienne]. Welcome to Toronto. I hope you are well. Today, I am very proud to be with you. Today, I am very proud to be Canadian.

Welcome to the inaugural Canadian Investment Summit. This is an exceptional room. Thank you all for coming. Gathered here today, we have leaders managing $120 trillion of capital.

And as global investors, we know that capital flows like water to the best opportunities. So our conversation today will focus on why Canada now? Where does Canada have a genuine competitive advantage? And how is our government making it more investable?

 PSP's perspective on these questions is informed by the two ways that we put capital to work:

• First, as one of Canada's largest pension investors, we invest globally across public and private markets, often in partnership with many of the people in this room. We expect our pension capital in Canada to grow by 30 to 40% and cross the $100 billion threshold over the next few years. In our last fiscal year alone, we invested $10 billion in Canada, driven by attractive private investment opportunities and the correlation between Canadian public equities and inflation. It was not driven by a government edict.

• The second way that PSP puts capital to work is as the investment manager of the $15 billion Canada Growth Fund. This capital takes risk that private capital is not suited to take. For example, we provided $2 billion to support the construction of the first small modular reactor in the G7, which once constructed will be an attractive investment opportunity for infrastructure investors. When I visited the construction site recently, I was struck by the Canadian supply chain and the skilled labour ecosystem that is developing around the project. 

The two ways that PSP puts capital to work has given us unique insight into the investable opportunities in Canada, both today and in the future. There are three areas we think are interesting. 

First, critical minerals. Critical minerals sit at the nexus of some of today's most compelling investment themes: AI, Defense, and energy security. Through the Canada Growth Fund, PSP has had the opportunity to invest in Canada's ability to produce critical minerals, such as germanium, antimony, and scandium. 

Second, to make Canada an energy superpower will require building massive amounts of infrastructure. This leads itself to creative financing solutions, and in the right situations, the Australian asset recycling model. 

Finally, Canada's innovation economy. In many ways, the foundation of today's AI revolution was laid by Canadian innovators like Geoffrey Hinton and Yoshua Bengio. Selectively, we are excited about the investment opportunities across the AI value chain in Canada. For all the investment themes at the summit, our goal over the course of today is not to present Canada as a finished product, but rather to talk about where Canada is investable today, where more work is required, and how the Canadian governments, both federal and provincial, are taking action. 

The question before us is not whether Canada has potential. It does. The question is how do we convert that potential into actionable investment opportunities with speed and certainty?

Prime Minister, the podium is yours. 

Alright, it was a huge day at the Canada Investment Summit, packed with key announcements and speeches.

I really liked how John and Deb ended their remarks: the success of this Summit will be measured by what happens next and we have to figure out how to convert Canada's great potential into actionable investment opportunities with speed and certainty.

The biggest deal announcement of the day: CPP Investments teaming up with Brookfield on the Maple Fund, a joint cooperation framework to generate and execute up to C$50 billion in equity of large-scale investments in critical infrastructure and strategic industries across Canada (see press release here).

But equally important, if not more so, is that the Prime Minister reiterated that major airports will be managed by pension funds with a platform and proven track record. 

The unions can complain all they want; it's the right thing to do.

Our airports are mismanaged; we need to introduce best standards from all over the world. 

Lastly, Radical Ventures today announced the first close of the Radical Breakouts Fund, the largest-ever venture capital fund in Canada. Radical's new late-stage strategy secured over US$1 billion in commitments, with investment from PSP Investments, CPP Investments, HOOPP, TD Bank Group, BMO Financial Group, CI Global Asset Management and OPTrust, alongside other leading global investors (read press release here). 

Canada's VC industry desperately needs major capital and expertise to nurture start-ups into mature growth companies. Hopefully this new fund is a huge success. 

Alright, let me wrap it up there. 

Below, Prime Minister Mark Carney spoke at a Toronto investment summit aimed at pitching Canada to business leaders and money managers from around the world.

Also, Prime Minister Mark Carney joined PSP Investments CEO Deborah K. Orida for an on-stage discussion about global capital, trade diversification and airport concessions. Carney promised faster project approvals, targeted access to three billion consumers and shared a striking joke President Donald Trump made while presenting him with a White House key. 

Great discussion; listen to Carney's response around minute 5 when Deb challenged him about "Canada being too slow".

Lastly, former prime minister and AIMCo board chair Stephen Harper delivers the closing speech of the Canada Investment Summit in Toronto. Fantastic speech.

Below, EPI senior economist Elise Gould offers her insights on today’s release of U.S. Census Bureau data for 2025 on annual earnings, income, and poverty. Read the full thread here. 

 

This morning, the Census Bureau is releasing the latest data on Income, Poverty and Health Insurance!

Note: these data are for 2025 and will not reflect changes in the labor market, rising inflation, and attacks on vital safety net policies, hitting families in 2026.

www.epi.org/blog/2025-ce…

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— Elise Gould (@elisegould.bsky.social) 8:58 AM · Sep 15, 2026

Real median household income rose 2.6%, while the official poverty rate fell 0.5 percentage points. The supplemental poverty rate was 13.1%, no change from 2024.

Income inequality rose in 2025, as high-end household income increase 1.7% while lower-income households saw no change in their incomes.

— Elise Gould (@elisegould.bsky.social) 9:10 AM · Sep 15, 2026

Median household income rose 2.6% between 2024 and 2025. Black households experienced the largest increase in income (4.8%), though Black median income remains significantly lower than any other group: $59,980 for Black households versus $96,710 for white and $126,300 for Asian households.
#EconSky

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— Elise Gould (@elisegould.bsky.social) 9:16 AM · Sep 15, 2026

Household income at the 90th percentile and the 50th percentile rose 2.8% and 2.6%, respectively, while household income at the 10th percentile saw no improvements (-0.8%). As a result, key measures of inequality: the 90/10 and 50/10 income ratios both increased.
#NumbersDay

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— Elise Gould (@elisegould.bsky.social) 9:31 AM · Sep 15, 2026

Median earnings for full-time workers was $66,620 in 2025, not significantly different from 2024. However, median earnings rose for women (3.2%) and were unchanged for men. Together this led to an increase in the female-male earnings ratio, hitting 83.9%, up from 80.6% in 2024.

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— Elise Gould (@elisegould.bsky.social) 9:40 AM · Sep 15, 2026

The supplemental poverty measure is a key poverty indicator using an expanded definition of resources and costs. In 2025, the supplemental poverty was unchanged.

Social Security remains the most important anti-poverty program in the United States, lifting 28.8 million people out of poverty in 2025.

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— Elise Gould (@elisegould.bsky.social) 9:48 AM · Sep 15, 2026

Freschia Gonzales of Wealth Professional reports pension fund to invest another $10 billion in Canada by 2027:

Ontario Teachers' Pension Plan Board will put an additional $10bn into Canadian public and private investments by the end of 2027, targeting opportunities that meet its existing return objectives. 

Canada already accounts for approximately $100bn of the plan's gross assets, or about 30 percent of the total portfolio, according to the announcement.  

Ontario Teachers' described Canada as its home market and said its domestic holdings span multiple sectors, naming Arterra Wines, Cadillac Fairview, Canada Guaranty, Enwave, Fairstone Bank, GFL, Global Container Terminals, Heritage Royalty, HomeEquity Bank, and StackAdapt among them. 

Jo Taylor, president and CEO of Ontario Teachers', said in the plan's statement that about one-third of the fund's portfolio sits in Canada today.  

The plan will invest "a further $10bn in compelling Canadian opportunities across public and private markets by the end of next year," he said. 

Hundreds of global investment, business, and public sector leaders are convening in Toronto for the inaugural Canada Investment Summit, a Government of Canada initiative to catalyze capital into Canadian investment sectors, the plan said. 

Ontario Teachers' said it will continue to invest locally as part of a broader strategy of investing across markets and sectors to deliver attractive risk-adjusted returns, and framed the additional capital as benefiting both members and Canada's long-term economic growth and resilience. 

The plan's domestic weighting runs against a directional shift reported elsewhere in the institutional market.  

Crisil Coalition Greenwich's Canadian Institutional Investors Study, covered by Wealth Professional last April 2026, found a quarter of institutions intend to significantly reduce holdings in both active and passive Canadian equities.  

None plan a meaningful increase to passive domestic stocks, while 8 percent expect a notable rise in active Canadian equity exposure. 

Ontario Teachers' most recently disclosed full-year figures, as reported by Wealth Professional on the plan's 2024 results, showed a one-year total-fund net return of 9.4 percent, net assets of $266.3bn, and a preliminary funding surplus of $29.1bn, against a benchmark of 12.9 percent.  

Sentiment on the domestic market has been a live question for Canadian portfolio managers, a theme Wealth Professional examined in coverage of Canada's role in a late-cycle market in January 2026. 

On Friday, Ontario Teachers’ set an objective to invest an additional $10 billion in Canada by the end of 2027:

Toronto, ON (September 11, 2026): Ontario Teachers’ Pension Plan Board (Ontario Teachers’) announces today that it plans to further its exposure to attractive opportunities in Canada through investing an additional $10 billion by the end of 2027 in public and private Canadian investments that meet its return objectives. 

This announcement comes as hundreds of global investment, business, and public sector leaders are convening in Toronto for the inaugural Canada Investment Summit, an initiative by the Government of Canada to catalyze capital into attractive investment sectors in Canada.

Canada is Ontario Teachers' home market and is host to approximately $100 billion of its gross assets, or about 30% of the total portfolio. That portfolio spans a range of sectors and includes Arterra Wines, Cadillac Fairview, Canada Guaranty, Enwave, Fairstone Bank, GFL, Global Container Terminals, Heritage Royalty, HomeEquity Bank and StackAdapt, among others.  

With deep local roots and a track record of investing across sectors, Ontario Teachers’ is well positioned to put additional capital to work in ways that benefit its members and also contribute to Canada’s long-term economic growth and resilience.

“We believe Canada has a strong role to play in a global investment portfolio. With about one-third of our portfolio in Canada today, we know first-hand the appeal of Canada as an investment destination,” said Jo Taylor, President and CEO of Ontario Teachers’. “We look forward to building on this strong base of domestic exposure through investing a further $10 billion in compelling Canadian opportunities across public and private markets by the end of next year.”

Ontario Teachers’ will continue to invest locally as part of a broader strategy of investing across markets and sectors to deliver attractive risk-adjusted returns.

About Ontario Teachers'

Ontario Teachers' Pension Plan Board (Ontario Teachers') is a global investor with net assets of $303.2 billion as at June 30, 2026. Ontario Teachers’ is a fully funded defined benefit pension plan, and it invests in a broad array of asset classes to deliver retirement security for 346,000 working members and pensioners. For more information, visit otpp.com and follow us on LinkedIn.

As we get set for this week's Canada Investment Summit, yet another Maple 8 fund released a press release stating it will invest an additional $10 billion in Canada by 2027 across public and private investments.

Now, $10 billion for OTPP, which now manages $303 billion in total assets, might not sound like a lot but OTPP already invests $100 billion in Canadian public and private investments (a third of the fund) and, along with AIMCo, BCI, CDPQ (dual mandate, invests heavily in Quebec) and HOOPP, invests quite a bit in Canada.

The current exposure to Canada was by design, but it has changed since the pandemic hit.

For example, a lot of the domestic assets (roughly $26 billion) are managed by Cadillac Fairview, OTPP's domestic real estate subsidiary. Recall, up to the pandemic, OTPP's real estate holdings were almost entirely in Canada.

Over the last three years, however, OTPP has been diverisfying its real estate holdings geographically and by sector outside of Canada (right thing to do).

Still, it has an important presence in Canada, and I am certain if infrastructure or energy deals present themselves that fit with its risk and return objectives, it too will participate in these projects. 

I can't add more than this at this time, but I'm looking forward to hearing what comes out of this big summit this week.

Below, Canadian Prime Minister Mark Carney talks about efforts to increase foreign investment in the nation, seeking coordination on artificial intelligence safety, and the state of trade with the United States. He joins Bloomberg News' Ottawa Bureau Chief Brian Platt ahead of the country's first national investment summit in Toronto.

Next, David McKay, RBC president and CEO, joins ‘Squawk Box’ to discuss the 2026 Canada Investment Summit 2026, reports of Prime Minister Mark Carney reportedly looking into tightening its relationship with the EU, state of US-Canada relations, and more.

Last and importantly, Global affairs expert Janice Stein joins Ontario Teachers’ Chief Strategy Officer, Jonathan Hausman to discuss a changing global order, the accelerating impact of AI and what both mean for institutions and leaders looking ahead.

The global order that has shaped much of the past 75 years is changing at the same time as advances in AI are reshaping economies, institutions and global competition.

In this episode of School of Thought, Ontario Teachers’ Chief Strategy Officer Jonathan Hausman speaks with global affairs and international relations expert Janice Stein about how these forces are intersecting and what they could mean for leaders and institutions. Their conversation explores U.S.–China competition, the changing meaning of sovereignty, the opportunities presented by AI, and how organizations can position themselves for what comes next.

Stein brings decades of experience studying international relations, conflict and decision-making. She is the founding director of the Munk School of Global Affairs & Public Policy at the University of Toronto, Chair of the Halifax International Security Forum, a Fellow of the Royal Society of Canada, and an Officer of the Order of Canada and the Order of Ontario.

The conversation also considers what effective leadership looks like in periods of significant change, how new approaches can help institutions adapt, and where Stein sees opportunities for innovation, growth and positive transformation in an evolving global environment.

Great discussion between Jonathan and Janice Stein, I had a chance to really listen to it this weekend and highly recommend it.

When workers seek to form a union, employers often respond by hiring union-avoidance consultants to dissuade workers from their organizing efforts. A recent EPI and LaborLab report estimates that employers spend over $1.5 billion each year on union avoidance. Last week, our partners at LaborLab released new tools that shed light on the highly secretive and highly profitable union-avoidance industry.

The Union-Busting Cost Calculator helps workers estimate how much their employers are spending on union-avoidance consultants, instead of investing that money in their workplaces. Too often employers claim unions are third parties that disrupt workplace dynamics and create costs for workers who are paying for representation they don’t need. On the contrary, unions win wage increases and benefits for workers, and it is employers who spend millions on third-party union-avoidance consultants, rather than raising workers’ wages and improving working conditions. Further, employers often hire the same consulting and law firms to help with their union avoidance. LaborLab’s union-buster search helps demystify who the key actors are in the union-avoidance industry and identify who is behind anti-union campaigns.

If workers understand who their employers are hiring and how much they are spending on union avoidance, this will empower workers in their organizing campaigns. The union-avoidance industry has a devastating impact on workers’ ability to organize in the United States. That is because decades of federal policy and court decisions have weakened federal labor law to the point that employers violate the law with impunity. Union-avoidance consultants and law firms exploit these weaknesses to reach the same goal: to defeat the union. This has caused a significant decline in unionization rates in the United States: Only 1 in 10 workers are represented by a union today, compared with 1 in 3 during the 1950s. It is well documented that the decline in unionization has contributed to increased inequality over the past 45 years.

However, this hasn’t dissuaded workers from organizing. Workers across industries—from graduate students to nurses to baristas—are forming unions and collectively bargaining over improved pay, benefits, and working conditions. In 2025, more than 16.5 million workers were represented by a union, which is the highest level recorded in 16 years.

It should be no surprise that workers are seeking to form unions, even with the odds stacked against them. Unionized workers are more likely to have higher pay, access to employer-sponsored health insurance and retirement, and safer working conditions compared with nonunion workers. Further, the benefits of unions go beyond a single workplace; they also help create stronger communities. Much like unions are a tool to rebalance unequal bargaining power in the labor market, resources like LaborLab’s Union-Busting Cost Calculator and the union-buster search can help even the playing field for workers.

Barbara Shecter of the National Post reports PSP aims to boost Canadian investments by at least 30 per cent in the coming years, CEO says:

One of Canada’s largest pension funds expects to boost investments in Canada by 30 per cent to 40 per cent over the next few years, bringing its total assets invested at home above the $100 billion level.

The Public Sector Pension Investment Board’s target stems from a more uncertain global landscape alongside new opportunities at home, said Deb Orida, chief executive of PSP, which has $320.6 billion under management and is a co-host of Prime Minister Mark Carney’s global summit, which will bring together top investors from more than two dozen countries across Asia-Pacific, Europe and the Middle East in Toronto next week.

“We’ve been looking for opportunities to leverage our home ice advantage,” she said, adding that the fund already boosted Canadian investments by $10 billion in its most recent fiscal year through a combination of direct private investments and equities.

“As we think about the opportunity going forward, we think that we will likely cross the $100-billion threshold in Canada over the next few years.”

Infrastructure is among the areas where Orida sees more avenues to invest.

PSP has accumulated a $32-billion infrastructure portfolio that generated a 15 per cent return over the past five years and new deals could include equity stakes or infrastructure debt and investment-grade private credit, she said, adding that she has directed the pension fund’s infrastructure and private credit teams to collaborate.

“We are typically looking at it across both and assessing where in the capital structure we think the best risk-adjusted returns are,” she said.

Orida said PSP would also pursue airport investments should Ottawa decide to unload major ownership stakes to generate funds for priority government projects.

“We feel very well positioned to participate in things like airports if they were to become available because PSP has an airport operating platform that operates seven airports,” she said. “It’s an area that we know well and that we’ve made some great investments in.”

New investment opportunities over the next few years could also come through PSP’s management of another pool of capital: the Canada Growth Fund.

“The Canada Growth Fund often will do the early investing, (but) as some of these projects mature, there will be more opportunities for PSP, the pension, in areas like nuclear, critical minerals, other areas of energy infrastructure,” Orida said. “I think (those will be) good investments for our pension mandate.”

Ottawa has struggled for more than a decade to persuade Canada’s large pensions to invest more at home. Some members of the business community have joined the chorus, but there has been pushback from pension fund managers whose mandates require them to base investment decisions on generating returns for their beneficiaries without taking undue risks.

Among the arguments is that Canadian funds are already overweight at home, in part because their domestic holdings exceed the country’s share of global gross domestic product.

But in “a new investing regime,” as Orida described it, that features increasing global uncertainty and tensions with the United States, PSP isn’t alone in turning an eye to Canada, where greater efforts are being made to find ways to align investments with pension mandates.

For example, the Ontario Municipal Employees Retirement System (OMERS) invested $1 billion in Canadian equities in the first half of 2026 and has pledged to add at least $10 billion in new investments in Canada to its portfolio over the next five years.

“While we continue to maintain a geographically diversified portfolio to meet our long-term pension obligations, the current environment in Canada has considerable potential and we look forward to exploring those opportunities that align with our strategy,” Blake Hutcheson, chief executive of OMERS, said in August.

Alright, it's Friday, and typically I reserve these days to talk about markets.

Very quickly, a fresh reading on US inflation showed monthly prices rose more than expected in August, increasing the likelihood the Federal Reserve will raise interest rates next week. 

I'm still not convinced the Fed will raise rates next week but the market thinks it's a done deal. All I know is if the Fed does raise next week, before US midterms, it's a one-and-done deal which will have little influence on markets.

But rates are on everyone's mind lately, and higher rates are impacting risk assets all over the world.

I'll cover markets in detail next Friday. 

Discussion With Andrew Alley, Global Head of Infrastructure at PSP Investments

Earlier today, I had a chance to speak with Andrew Alley, managing director and global head of infrastructure investments at PSP Investments.

I want to thank Andrew for taking the time to speak with me and also thank Charles Bonhomme for setting up the Teams meeting and assisting.

Before I get to my discussion, a reminder that Andrew Alley joined PSP Investments back in March from CPP Investments. Lauren Bailey of Markets Group reported on it back in February:

The C$299.7B Public Sector Pension Investment Board has appointed Andrew Alley as managing director and global head of infrastructure investments, effective March 16.

He joins the pension fund from the Canada Pension Plan Investment Board, where he has held several senior roles in infrastructure in CPP Investments’ Hong Kong, Sydney, London and Toronto offices, more recently serving as managing director and head of infrastructure for North America and Australasia. 

“With a strong track record of managing complex, multi-regional portfolios, Andrew brings extensive international experience to our organization,” said PSP investments in a LinkedIn post.

Prior to joining CPP Investments in 2007, Alley worked in the Energy Investment Banking group at RBC Capital Markets in Calgary, AB, and in the Business Development Group at Pengrowth Energy Trust. He also sits on the boards of the 407 ETR in Canada, Transurban Chesapeake in the U.S., and the Cikopo-Palimanan toll road in Indonesia.

Alley succeeds Sandiren Curthan, who had held the role for 14 years.

“A few months ago, due to personal considerations, Sandiren Curthan expressed a desire to return to our London office from the summer of 2026. He will continue to strengthen our infrastructure platform as managing director, infrastructure investments. His contributions have been instrumental in the development of our platform and we look forward to his continued leadership.”

In the post, PSP Investments noted the appointments strengthen its ability to execute strategy regionally in a dynamic and competitive market environment.

In fiscal 2025, PSP Investments’ real assets sleeve made up 31% of the total portfolio, with infrastructure accounting for 12% of the real assets bucket. By the end of FY2025, the infrastructure portfolio’s assets under management sat at $32.0B, returning 17.8%.

Alright, Andrew began by giving me a brief introduction and discussing some of the investments he worked on at CPP Investments:

I joined after 18 years at CPPIB in Toronto, but also many places around the world: London, Sydney, Hong Kong. I was running various regional businesses, regional infrastructure businesses for CPPIB, and hit the ground running here at PSP.

An example of things I've worked on? I've been involved with the 407 since inception. So it's a great partnership we have now between CPPIB and PSP. I was at CPP Investments when PSP came in (as a partner on 407). So now, sitting on the other side, I'm still involved. That's an example of some of the things I had done throughout my career there. That's what I've been involved with for 15 years.

I told Andrew that I read the National Post article where Deb spoke with Barbara Shecter, and she specifically referred to infrastructure in Canada helping PSP cross the $100 billion threshold (additional investment in Canada) in a few years.

I asked him what particular areas of infrastructure they are looking at.

He responded:  

Absolutely, infrastructure is a big part of that expectation PSP has of an overall $100 billion Canadian number, and I think it's because we see and are excited about the opportunity set that's developing in Canada.

One thing that we really like is when you look at the big areas of focus in Canada through building the nation around energy, around transport, digital as an example, they align very well with our areas of focus, but also our areas of expertise.

You know, an example of that is airports. We have an airport platform (AviAlliance) that operates seven airports around the world. So, if there are opportunities in airports in Canada, that's something we would be really excited about.

But a number of these things fit with what our global capabilities have been. So we're excited about the opportunity to be growing even more in the country beyond the $10 billion that we've invested in the last year. You know, and contributing to that broader number, the $100 billion number.

I asked him, other than airports, where I know PSP has a very strong platform, Deb mentioned critical minerals and nuclear down the road. Are there other areas they are looking at?

Andrew replied:

The interesting thing about PSP is we've got the PSP pension fund, but PSP also manages the Canada Growth Fund. So when we think about growth in some of those areas that you're talking about, that's a place that can play as well. When we think about those areas that are critical for the country, and then as things move into the infrastructure world, as things mature, they tend to fit with infrastructure. 

We will do development as well now, building things in infrastructure. If we think of other areas beyond transport and airports, I'm talking about the energy utility sector. We have utility investments around the world, things like electricity transmission, where we did a large investment in the U.S. last year. We'd love to bring that (see my comment on how KKR and PSP bought AEP Transmission stake for US$2.8 billion in early 2025).

I asked Andrew what he expects from next week's Canada Investment Summit in Toronto and whether we will finally see some major announcements around privatizing airports and other investments (ports, etc).

He replied:

I think the thing I would say is there's relationship building. They are bringing international investors together. It's the start of the dialogue around getting big things to happen in Canada. I think the excitement is building. People are curious, so it's the beginning of that journey. 

I'm not privy to specific announcements, but we're excited that the interest is here in our country, and we want to be a part of it, driving that large-scale investment forward.

I asked Andrew to take a step back and give me a nice overview of PSP's infrastructure portfolio. he replied:

Yes, absolutely. We're a growing portfolio. We're about $32 billion in net asset under management, growing substantially, which is exciting because we want to apply that to Canada.

We find a nice split and balance across the various big buckets of infrastructure, and we see that largely continuing. So, I see us leveraging the expertise and platforms that we do have in areas like transport, with airports, and then growing in areas like utilities where we like the exposures and we want more, and then also redeploying in areas like digital.

Digital was a large exposure. We sold a lot, which was good for our returns but we're excited about that sector, so we're actively looking at ways to rebuild that exposure in that space.

I asked him to share more broadly with my readers how PSP views infrastructure and its importance ot the overall portfolio. Andrew responded:

Infrastructure has been a strong performer historically for PSP, and it's something that we are really excited about going forward. 

Coming from that strong position of prior success with returns, but also the global capabilities that we've built, so we're really excited about taking that forward. 

If we think of the key ways we do that, we will lean into what we're good at, and continue to expand on that. So, it is with those platforms, it is with those sectors of expertise that I mentioned earlier. 

But the group has been really good about thinking and about identifying what's next. We were an early investor in data centers at the early stage of that growth, and we're always thinking about what could come next. 

And it's what will be the real big buckets of infrastructure going forward. It's less about chasing the next risky thing-it's more about the things that everyone's going to see as more mature infrastructure assets going forward. 

So we come at it from those two ways, and then want to apply that lens to everything that's happening in Canada now. We think it's just a great time to be bringing that global expertise back to Canada.

Lastly, I noted that CPP Investments is more open now to work with large private equity funds like KKR, Blackstone and even BlackRock on major infrastructure investments (see my recent comment here), and asked him if increased competition in the asset class is limiting their ability to go it alone.

Andrew replied:

For us, our success has been driven by the direct investing program, the platforms that I mentioned, the large direct investments that we make, and that will always be core to our program.

We've always had that tool in the toolkit to work with the funds as well. That's been a part of our business historically, and something we always have the ability to do. So we've got multiple tools in the toolkit to apply to each situation, but these core big direct investments, particularly here in Canada, where we really want to apply that, will be the main driver.

Great brief discussion with Andrew Alley who is a really nice and knowledgeable guy. I'm glad he and his young family have settled nicely here in Montreal.

On Monday, I will discuss how OTPP is also expanding its Canadian investments. 

Alright, let me wrap it up there and wish everyone a nice long weekend. 

We will never forget 9/11, the innocent victims taken that day from their families. 

Hard to believe that was 25 years ago but it's also a good reminder of how we come together in the face of evil and hardship.

Below, in this session at the Conference of Montréal 2026, leaders from the transportation, logistics, infrastructure, and finance sectors examine how strategic infrastructure investments can strengthen Canada’s competitiveness in an evolving global economy. 

The speakers include John Di Bert, Executive Vice President and Chief Financial Officer, Air Canada; Michael Castagnetto, President of North American Surface Transportation, C.H. Robinson; Daniel Farina, President and CEO, CDPQ Infra; Gregory Balycky, Managing Director, Investments, Canada Infrastructure Bank and Jeremy Melhuish, Vice-President, Sectors and International Advisory, Export Development Canada.

Also, Holly Newman Kroft, Neuberger managing director and senior wealth advisor, joins 'Squawk on the Street' to discuss how the markets are taking the latest US CPI number.

Sean Silcoff of The Globe and Mail reports La Caisse and B.C. billionaire Ryan beedie partner up to buy and develop industrial property across Canada: 

One of Western Canada’s top property developers, Ryan Beedie, is teaming up with the Caisse de dépôt et placement du Québec to buy and develop industrial real estate nationally.

His company, Burnaby, B.C.-based Beedie Holdings Ltd., has sold a half-share in six warehouses and distribution centres to the pension management giant for $500-million. The portfolio includes four Vancouver-area properties, one in Calgary and another under construction in Toronto. Together, they total 2.7 million square feet of leasable space and include facilities used by Sobeys, Aritzia and Amazon. Beedie will manage the properties.

The partners have also agreed to buy or build up to $2-billion of additional industrial properties in large cities in Quebec, Ontario, Alberta and British Columbia. The Caisse has committed $500-million for that expansion. Beedie will source deals and contribute 25 per cent or 50 per cent of the equity capital on a case-by-case basis; the Caisse will contribute the balance of the equity. The remaining will be debt-financed. The joint venture will target existing, larger-scale structures or land where a building can be constructed within three years.

“The Caisse has been clear in saying, as have we, that we want this relationship to continue to grow,” Todd Yuen, president, industrial at Beedie, said in an interview.

It’s the second joint venture this year in the sector for the Caisse, which had $552-billion of assets under management as of June 30. In April, it partnered with San Francisco-based giant Prologis Inc., which owns, develops and manages logistics and distribution warehouses for Amazon, the Home Depot, FedEx and others. With €1-billion ($1.6-billion) in seed assets, that venture, which is 70 per cent owned by the Caisse, will initially combine income-generating properties and development sites contributed by both partners across Europe and Britain.

Rana Ghorayeb, executive vice-president and head of real estate with the Caisse, said in a statement: “By combining our capital and investment expertise with Beedie’s proven operating capabilities and deep market knowledge, we have created a scalable investment vehicle to build a portfolio of quality industrial assets in some of Canada’s most strategic markets. This partnership strengthens our ability to capture compelling opportunities alongside one of Canada’s leading operators.”

The Caisse has remodelled its real estate holdings this decade, boosting its exposure to logistics and residential properties while pulling back on shopping malls and office buildings. It made $4.4-billion of property-related acquisitions in 2025, including data centres and student residences.

Demand for warehouses and other industrial real estate has picked up after two years of relatively lower investment in the sector. There were $6.6-billion of industrial deals in Canada in the first half of 2026, according to commercial real estate services company CBRE. That is slightly higher than the same period last year and does not include the proposed $3.4-billion acquisition of H&R Real Estate Investment Trust. CBRE industrial expert Matthew Brown said industrial investment this year could surpass 2023’s record of $20.7-billion. He said large investors are returning to the space, including pension funds, foreign capital providers and high-net-worth individuals.

In the 2000s, Beedie expanded beyond that traditional base into residential condominium development (it had 944 units under construction at the end of 2025) and financing mining and technology companies. It is the largest shareholder in Artemis Gold Inc., with a stake valued at more than $2.7-billion, and this year it bought a half-stake in one of Canada’s most consistently successful tech financiers, Vistara Capital Partners Ltd. The Caisse deal marks the first time Beedie will manage outside capital.

“This is a pivotal moment for us,” Mr. Beedie said in an interview. “It allows us to scale and become a truly national company.”

Beedie set out last year to seek a deep-pocketed institutional partner to help finance its expansion and enable it to better compete with Prologis and Irvine, Calif.-based Panattoni Development Co. Inc. “To be partners with the Caisse and their millions of pensioners, it feels pretty good to think the work we’re doing may contribute at least a bit to the benefit of Canadians that rely on them,” Mr. Beedie said.

The deal could eventually create a path for Mr. Beedie to exit more of his real estate holdings, given that none of his three adult children work in the business. While “this is not something for the near-term, it’s potentially another benefit if down the road we are looking for more liquidity events, as you have a ready built-in partner to work on that,” he said.

La Caisse and Beedie launched a partnership focused on Canadian industrial properties:

• The joint venture launches with a $1 billion seed portfolio and an acquisition target of up to $2 billion for Canadian industrial assets

La Caisse (formerly CDPQ), a global investment group, and Beedie, a Canadian leader in real estate development, investment, asset and property management, today announced the creation of a strategic partnership to acquire and develop industrial real estate assets across major Canadian markets. The partnership will look to capitalize on evolving market conditions and favourable long-term demand drivers for well-located industrial space.

As part of this transaction, the joint venture will launch with a $1 billion seed portfolio of premier industrial assets located in Metro Vancouver, Calgary and Toronto. La Caisse and Beedie will each hold a 50% interest in the portfolio, and Beedie will manage the enterprise and provide fully integrated services.

The seed portfolio includes five income-producing properties totalling more than 2.5 million sq. ft. of leasable area, as well as one development project expected to deliver approximately 200,000 sq. ft. of leasable area. The properties are occupied by investment-grade tenants across diverse sectors.

To support future growth, the partners have also established a deployment target of up to $2 billion in gross asset value to pursue acquisition opportunities across the full spectrum of risk profiles in key Canadian markets, including British Columbia, Alberta, Ontario and Québec.

“By combining our capital and investment expertise with Beedie’s proven operating capabilities and deep market knowledge, we have created a scalable investment vehicle to build a portfolio of quality industrial assets in some of Canada's most strategic markets,” said Rana Ghorayeb, Executive Vice-President and Head of Real Estate at La Caisse. “This partnership strengthens our ability to capture compelling opportunities alongside one of Canada’s leading operators.”

“This partnership represents a major step forward in our long-term strategy to scale our real estate platform through aligned institutional capital,” said Ryan Beedie, President, Beedie. “La Caisse and Beedie share a strong conviction in the long-term strength of the Canadian industrial real estate sector, and we are proud to build a partnership grounded in common values, disciplined execution, and a commitment to sustained growth. We look forward to working with La Caisse to build a portfolio that reflects the highest standards of quality, location, and operational performance.”

RBC and CBRE acted as advisors to Beedie on the transaction. McCarthy Tétrault and Blake, Cassels & Graydon LLP acted as legal counsel to Beedie and La Caisse, respectively.

ABOUT LA CAISSE

La Caisse has invested for over 60 years with a dual mandate: generate optimal long-term returns for its 48 depositors, who represent over 6 million Quebecers, and contribute to Québec’s economic development.

As a global investment group, La Caisse is active in the major financial markets, private equity, infrastructure, real estate and private credit. As at June 30, 2026, it held CAD 552 billion in net assets. For more information, visit LaCaisse.com, LinkedIn or Instagram.

La Caisse is a registered trademark of Caisse de dépôt et placement du Québec that is protected in Canada and other jurisdictions and licensed for use by its subsidiaries.

ABOUT BEEDIE

Beedie is a Canadian leader in real estate development, investment, and property management. Founded in 1954 and based in Burnaby, British Columbia, Beedie is driven by its social responsibility promise – “Built for Good”. Through its industrial, residential, and investment businesses, Beedie prides itself on creating spaces where people live, work, and thrive. Beedie is also proud to give back to the community and has donated and committed through corporate and philanthropic investment over $195 million to more than 500 organizations in need. Learn more at beedie.ca.

Any time La Caisse launches a $1 billion joint venture with anyone in any asset class, you need to pay attention.

The timing of the announcement -- right before next week's  Canada Investment Summit -- shouldn't surprise you. After all, global allocators will be looking and asking Canada's major pension funds where they are investing domestically.

I don't know much about Ryan Beedie or his firm, Beedie, but he's obviously very successful and couldn't have asked for a better institutional partner to set up this joint venture in industrial properties.

The Globe article mentions this is the first time he's managing outside money and this partnership will help him grow his operations in industrials and allow La Caisse to own some prized industrial assets across Canada. 

 Again, Rana Ghorayeb, Executive Vice-President and Head of Real Estate at La Caisse sums it up well:

“By combining our capital and investment expertise with Beedie’s proven operating capabilities and deep market knowledge, we have created a scalable investment vehicle to build a portfolio of quality industrial assets in some of Canada's most strategic markets. This partnership strengthens our ability to capture compelling opportunities alongside one of Canada’s leading operators.” 

It is also worth noting that despite the trade tensions with the US, La Caisse and Beedie remain bullish on industrial properties in Canada. 

And they're not alone.

Recall that last December, I discussed how CPP Investments is forging a joint venture to acquire up to $3 billion in Canadian last-mile industrial properties with Dream Industrial REIT (DIR-UN-T) and Dream Asset Management Corp.

La Caisse's joint venture with Beedie will target up to $2 billion in gross asset value to pursue acquisition opportunities across the full spectrum of risk profiles in key Canadian markets, including British Columbia, Alberta, Ontario and Québec.

These are the two largest pension funds in Canada, sending the market a clear bullish signal on logistics properties in our country.

Below, learn more about Ryan Beedie and how he learned from his father, Keith Beedie to build an empire out West. Quite an impressive company he's built.

Key takeaways

• The 2025 Census data on earnings, income, and poverty may reflect how the Trump administration’s policy choices were beginning to impact the economic well-being of workers, families, and children last year.
• Last year’s economy was characterized by slowing job growth, rising wage inequality, and growing policy uncertainty. We expect to see little to no improvements in key economic indicators such as lower-end household income and supplemental poverty rates between 2024 and 2025.
• The 2026 story is still unfolding and is likely to be worse, given these factors: decelerating nominal wage growth, higher inflation, and the 2025 budget reconciliation law that will leave more families and children vulnerable to poverty.

Next week, the Census Bureau will release the latest data on earnings, income, and poverty for 2025. This data could show early signs of how the Trump administration’s policy choices impacted the economic well-being of workers, families, and children across the country. The initial strong recovery from the pandemic recession measurably slowed in 2025 as the labor market softened and the policy climate grew more uncertain. To help place the upcoming data release in context, we highlight key trends that have characterized the economic and policy landscape in 2025. Though the economy continued to soften as inflation worsened in 2026 and the safety net grew increasingly more difficult to access as a result of the Republican Budget Reconciliation Law, the data in the Census will only provide specific insights for living standards in 2025.

In summary, we find:

1. 1. The U.S. economy in 2025 grew more slowly than in 2024, adding fewer than half as many jobs—only 764,000 jobs compared with 1.825 million in 2024. The unemployment rate slowly rose over the course of 2025, and the hires rate was depressed, making it harder for young people in particular to break into the labor market. While the prime-age employment-to-population remained relatively resilient to labor market softening, prime-age Black workers experienced large declines in their employment rate.
   2. With more moderate inflation, strong nominal wage growth translated into decent average hourly wage gains between 2024 and 2025, but gains were not shared equally. Lower-end wage growth stalled in 2025, which could have implications for lower-end incomes and poverty rates.
   3. Because the Republican Budget Reconciliation Law is making basic needs programs like SNAP increasingly more difficult for families to access, we don’t expect to see any significant improvements in supplemental poverty between 2024 and 2025. We expect to the see the full impact of the Republican law in the years ahead.
   4. While the release will only provide data for 2025, our examination of the economic and policy landscape for 2026 suggests that a weaker job market, safety net cuts, and high inflation will worsen outcomes.

The labor market recovery softened in 2025

Because the vast majority of people in the United States rely on labor market income for their economic well-being, the labor market data we already have for 2025 should provide some insights into what the Census data may tell us. Overall, job growth has slowed, and the unemployment rate has ticked up as employment rates softened, particularly for certain demographic groups.

After the tremendous rebound from the pandemic recession, the labor market cooled somewhat. Payroll employment growth went from 3.3 million in 2023 to 1.8 million in 2024 and then 764,000 in 2025. A slowdown would be expected after such a strong recovery, and the number of jobs needed to keep up with population growth declined with lower net immigration in the wake of Trump’s draconian mass deportation policies. Nearly 100,000 federal jobs (96,000) were lost in the massive DOGE cuts (when comparing annual averages, which obscure more massive downward trends later in the year), and even manufacturing employment faltered in Trump’s first year, falling by 156,000 jobs between 2024 and 2025. If not for job growth in health care and social assistance, overall payroll employment would have fallen outright.

This weakening led to a mild increase in the unemployment rate, from 4.0% to 4.3% between 2024 and 2025. Figure A displays the change in some key labor market indicators for certain demographic groups. While the overall unemployment rate rose modestly, the increase was far greater for young workers, ages 16 to 24. It’s likely that the depressed hires rate has made it harder for young workers to break into the labor market. Older workers experienced much milder increases in their respective unemployment rates.

The share of the population with a job—the employment-to-population ratio fell from 60.1% to 59.7%, a drop of 0.4 percentage points. Prime-age workers—those between 25 and 54 years old—were more resilient to the labor market softening. However, prime-age Black workers experienced a tremendous decline of 1.3 percentage points between 2024 and 2025. This weakness may show up in the income and poverty data released next week. At the same time, prime-age Hispanic workers experienced an increase in their employment-to-population ratio.

Figure A Wage inequality increased in 2025

Employment changes alone have important implications for family and household income, but wages are also an important part of the economic story. Figure B illustrates several key price and wage changes between 2024 and 2025. Though the economy was a bit weaker, the labor market delivered strong nominal wage growth for private-sector workers, measured by the Current Employment Statistics. Nominal average hourly wages increased 4.0% between 2024 and 2025. Inflation moderated—remember this is before the spike in 2026—and therefore, real hourly wages rose a modest 1.5%.

Unfortunately, the gains were not broad based. Unlike the faster wage growth among lower-wage workers through 2024, lower-end wage growth stalled in 2025. While the fall wasn’t large, it reversed the trends experienced between 2019 and 2024. The stair-step increase in wage growth, as shown in the right half of Figure B, suggests a return to a K-shaped recovery, wherein higher-wage workers experienced much faster wage growth than those at the middle or the bottom. While stronger average wage growth and modest median wage growth may suggest modest improvements in median household income—though tempered by slower job growth—weaker low-end wages may translate into losses for lower-income households and possibly rising poverty rates, particularly for groups hit hardest by falling employment.

Figure B Republicans weakened SNAP last year and any chance at poverty alleviation in the years ahead 

The end of the expanded social safety net in 2022 eroded all of the gains in poverty reduction experienced between 2020 and 2021. Since 2022, poverty has continued to climb. This unfortunate trend in poverty is unlikely to reverse course in the latest Census release for 2025. This is partly because the Republican budget reconciliation bill signed into law by President Trump in July of last year significantly cut and limited access to basic needs programs like SNAP, one of the most successful programs in our country’s fight against poverty and hunger. Because the implementation of these changes and spending cuts is still ongoing, we are unlikely to see the full impact of the Republican law in next week’s data.

In 2024 alone, SNAP lifted more than 3.5 million people out of poverty. Nearly 40% of these individuals were children (see Figure C). In fact, both SNAP and the National School Lunch Program (NSLP), which provides reduced-cost or free lunches to low-income children in public and nonprofit private schools, lifted more than 2 million children out of poverty in 2024. After refundable credits, these programs, along with Social Security, make up the most effective anti-poverty strategies for children in the United States.

Figure C

Instead of strengthening the country’s nutritional assistance programs to improve access and the adequacy of benefits amid growing food insecurity, the Republican reconciliation package cut funding for the U.S. Department of Agriculture (USDA), imposed strict and costly work requirements, and eliminated waivers for areas with chronically high unemployment. The ongoing implementation of some of these changes, including factors associated with staff limitations, has led to a decline in SNAP participation by more than 4.5 million people. This drop will not be entirely reflected in the upcoming poverty statistics since some of this decline occurred in 2026. Yet the cutting back of resources for USDA and SNAP initiated by congressional Republicans and the administration will continue to translate into higher poverty rates and increased food insecurity, as states struggle to implement the costly and harmful changes now required by the new law.

The administration has also taken steps to ensure that we don’t have the data we need to trace the painful impact of these changes on food insecure families. In September 2025, Trump’s USDA canceled the country’s leading survey that documented the magnitude and severity of hunger and food insecurity in the U.S. They claimed that the USDA survey and report  were “redundant” and “politicized.” Soon after this, the administration allowed SNAP benefits to lapse for the first time in the history of the program, while at the helm of the longest full government shutdown in U.S. history, lasting 43 days and creating a chaotic situation for SNAP beneficiaries, many of whom needed to turn to food pantries for help. 

As we will be reminded when the Census releases its poverty statistics for 2025, the impact of all these harmful policies hit Black and brown families with children particularly hard. This is because families of color are disproportionately more likely to rely on SNAP to avoid food insecurity, and children of color are also more likely to be burdened by poverty than their peers.

In 2021, the United States demonstrated to the world that it had the capacity to reduce poverty to historically low levels by expanding access to SNAP and other basic needs programs. In 2025, Trump and congressional Republicans showed the world that they were willing to gut basic needs programs to pay for tax cuts that disproportionately favor the wealthy. We should not be surprised when we fail at poverty reduction in the years ahead.

Next week’s data will be about the economic story of 2025. The 2026 story is still unfolding and is likely to have a worse ending

As noted earlier, the earnings, income, and poverty statistics the U.S. Census will publish next week are for 2025. While we don’t yet know the full economic story for 2026, it is unlikely to be a more promising one. This is because the slowdown in job growth that began in 2025 has further solidified throughout 2026. This weaker job market continues to be particularly harmful to Black and young workers. The softer labor market in 2026 has also coincided with worsening inflation. Higher inflation is largely due to Trump’s ongoing war in Iran, which has already wiped out 1.5 years of real wage growth in a matter of months.

The policy landscape for 2026 also looks bleaker. The spending cuts to the U.S. social safety net that Trump signed into law in the summer of 2025 will continue to hurt the ability of families to access basic services like Medicaid and SNAP. This will leave increasingly more economically insecure families vulnerable to poverty and unnecessary hardship in the face of a worsening affordability crisis.