Canada’s largest pension fund teamed up with U.S. asset managers Blackstone and Rialto Capital to buy a 20 per cent stake in a portfolio of commercial real estate loans from the failed Signature Bank. The Federal Deposit Insurance Corporation (FDIC), the government agency that took control of Signature Bank when it collapsed, will keep 80 per cent of the portfolio. (The Logic)

Talking point: The FDIC has been auctioning off Signature’s US$33-billion real estate loans since it took over in March. The pool of assets CPP Investments is buying includes about 2,600 mortgages on retail, office and apartment properties, most of which are in New York City. “The current real estate credit market is a promising source of long-term returns for the CPP Fund,” said Geoffrey Souter, managing director and head of real assets credit at CPP Investments.