Investment Management Corporation of Ontario chief executive Bert Clark told The Globe and Mail that the pension manager is not pulling back from its private credit exposure, even after it reported a 7.4 per cent return last year, 1.4 percentage points below its benchmark. (The Globe and Mail, The Logic)

Talking point: Clark said he still expects private assets to deliver results for investors that partner with the strongest fund managers, avoid outsized concentrated bets and, at times, offer diversification. IMCO also generated roughly $1 billion in returns from selling part of its stake in CoreWeave, the U.S.-based AI cloud provider. The pension had initially invested US$150 million in 2023, ahead of CoreWeave’s IPO in March 2025, and the position reportedly added 77 basis points to its total net return. IMCO’s publicly traded equities portfolio rose 19.1 per cent, while infrastructure returned 5.1 per cent, private equity 6.5 per cent—resulting in a 7.8 per cent benchmark miss for the segment—and global credit 6.7 per cent. Its real estate portfolio, by contrast, posted a 0.5 per cent loss.

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