The Ontario Municipal Employees Retirement System (OMERS) had 96 per cent of its assets invested in Canada a decade ago. Today, over 55 per cent is invested abroad. (Bloomberg)

Talking point: Oxford Properties, OMERS’ real-estate arm, is a key part of the international expansion. Oxford had returns of 8.7 per cent in 2018—compared to a 2.3 per cent gain for the OMERS fund overall—and is looking to make further investments in New York, London, Sydney and Toronto. The lynchpin of Oxford’s investment is the Hudson Yards development in New York, which will open next week and eventually include 28 acres, a public school and a luxury condo starting at US$5 million. Of note, Hudson Yards was led by Sidewalk Labs CEO Dan Doctoroff during his time as deputy mayor. Sidewalk Labs’ headquarters are part of the development. It’s not just Oxford—over the past five years, Canadian pension funds invested $84.6 billion in overseas commercial real estate, compared to $19.8 billion domestically.