Alberta announces new investment vehicle for Heritage Fund management
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For now, the rest of the nearly $24 billion in the Heritage Fund will continue to be managed by Alberta Investment Management Corp. (AIMCo), a Crown corporation that also manages the pensions of public servants across the province, under the direction of the new corporation.
"As the investment model is proven, more funds could potentially be moved from AIMCo," a government spokesperson said.
At a news conference Wednesday, Premier Danielle Smith said the new investment vehicle is necessary, in part, to ensure returns generated by the Heritage Fund are reinvested over a long horizon, allowing the fund to grow larger and faster than it has in the past when this wasn't always the case.
Her plan, laid out alongside Finance Minister Nate Horner, is that the fund will have a strong focus on maximizing growth "while supporting areas that matter to Albertans, such as technology, energy, and infrastructure."
Horner added that some of the investments will be "beyond AIMCo's mandate," adding that they will be "more in a sovereign-wealth style," which could lead to joint investments with other long-term sovereign wealth funds.
