The pension fund, which manages $168 billion on behalf of federal public-service employees and Canadian military personnel, already owns 19.1 per cent of Australian agricultural company Webster. This bid is pending approval from Australian regulators. (The Logic)

Talking point: PSP Investments invested $1.1 billion in other Australian firms during its 2019 fiscal year. Those investments, which include avocado orchards and other farmland, will be complemented by Webster’s water rights holdings. PSP’s focus on agriculture comes as it’s offloading private equity assets. On Thursday, the pension fund announced it had sold several investments funds to New York-based Reverence Capital Partners. That pullback comes as several of Canada’s other large pension funds are focusing considerable efforts on expanding their technology investment exposure. PSP is making some moves in the space, however. In June, it participated in a US$205-million investment round for Collective Health.