Canada faces execution challenges for $1 trillion investment goal
Canada’s goal to attract $1 trillion in investment over the next five years is realistic, but the bigger challenge will be executing projects to put that money to work, according to Annette Mosman, CEO of APG Group, one of Europe’s largest pension managers.
Mosman said Canada is still competing globally for capital, so making projects “faster, better and cheaper” will improve its odds of success. She noted that the country’s ability to deliver projects while meeting its other policy goals will be key.
Execution is Key
Mosman made her comments after appearing at the Canada Investment Summit, where she spoke alongside other high-profile investors, including BlackRock CEO Larry Fink and Temasek Holdings CEO Dilhan Pillay Sandrasegara. The summit is part of Ottawa’s push to draw hundreds of billions of dollars of investment into various sectors.
APG Asset Management manages approximately €639 billion on behalf of Dutch pension funds and 4.6 million participants. Mosman said the company is encouraged by the broader direction of the government’s plans, particularly around energy, digital infrastructure, and defence. The company’s investment approach is focused on long-term returns, and it is looking for projects that can provide stable and predictable cash flows, which is in line with the government’s goals.
Investment Opportunities
Mosman noted that APG has not yet assessed the 167 projects featured in the prospectus distributed to summit attendees. However, she said the company is in close contact with Canadian pension fund managers, which could lay the groundwork for future deals.
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For APG, the size of Ottawa’s project pipeline matters less than the economics of each deal. Mosman said expected cash flows, returns, and the way risks are divided between governments and investors will ultimately determine whether a project fits its portfolio. This approach allows APG to evaluate each project on its own merits, rather than focusing solely on the size of the pipeline.
APG has recently made similar investments in Europe, including a €2.5 billion commitment to acquire an approximately 11 per cent stake in TenneT Germany. Mosman cited this as an example of a regulated infrastructure asset with stable and predictable long-term cash flows. The investment in TenneT Germany also highlights APG’s ability to invest in large-scale infrastructure projects, which is an area of focus for the Canadian government.
Global Competition
Mosman pushed back on the argument that Canada has plenty of capital but too few investable projects. She said Canada needs to compete with other countries to attract capital, and making projects “faster, better and cheaper” would improve their economics and make Canada more competitive for international investment.
Her comments come after reports that Ottawa was exploring whether Canada could become an “associate member” of the European Union. Carney rejected the idea of formal membership, saying Canada is instead seeking a “unique alliance” with the bloc.
Mosman noted that the summit reinforced that Canada’s investment push extends beyond Carney himself, with federal ministers and provincial premiers aligned behind the strategy. This was an important signal for her as a long-term investor assessing political and policy risk. “It’s not one man,” Mosman said. “It’s a complete team building this new Canada.”
