Letters from our regions: How Canada’s pension funds are creating their own liquidity

Canada's institutional investors are widely recognized as sophisticated private markets allocators. The Maple Eight – the country's eight largest public pension funds – collectively manage more than C$2 trillion in assets, with private markets allocations that can exceed 50% of their portfolios.¹ They were early movers in private equity, infrastructure and real assets, and have consistently set the benchmark for institutional investors globally.

For Ardian, the relationship with Canada runs deep. "One of Ardian's very first investors was a Quebec pension fund, dating back to 1997," says Lucas Coleon, Head of Canada and LATAM Secondaries & Primaries. "As a firm with French roots, going to a French-speaking region felt entirely natural and was an obvious choice to start developing relationships in the early days of the firm."

That early connection has grown into one of Ardian's most important client relationships worldwide. As of mid-2026, Ardian manages $7.6 billion for 60 Canadian LPs across the country. The Montreal office, which opened in 2023 and now has 26 team members, spans investment, sales and support functions. "We wanted to be part of the economic culture and society here," says Nicolas Duchange, Managing Director, Montreal. "We recruit locally, we invest in the community, and we are genuinely embedded in this market." 

A full suite of liquidity solutions

Convened by Prime Minister Mark Carney, the Canada Investment Summit took place on September 14 and 15 and brought together more than 100 of the world's top CEOs, investors and global business leaders. Its goal: to attract $1 trillion of investment to Canada over the next five years. Ardian was represented by Mark Benedetti, Co-CEO, Michael Bane, Head of Americas Investor Relations, and Géraud Dambrine, Managing Director, Investor Relations. During the Summit, the team met with Canadian investors, business leaders, policymakers and public officials to share perspectives on the role of private capital in advancing Canada’s investment priorities, particularly around growth and infrastructure. For Ardian, the event provided a timely moment to reflect on the breadth of what the firm offers Canadian investors and how those needs are evolving. 

In addition to providing access to Ardian’s global investment platform, the office provides the local institutional investor community with a full suite of solutions for their liquidity needs. Here, Ardian's position as one of the largest buyers on the secondaries market makes it a natural partner for even the most complex transactions.  

"Canadian investors have been at the forefront of using the secondary market to actively manage their portfolios," says Coleon. "They sell regularly because it allows them to maintain their financial firepower, keep investing alongside their GPs and access deal flow and co-investments."  

Since its first transaction with a Canadian pension fund in 2017, the firm has bought over $20 billion of fund stakes from six of the Maple Eight, across 13 transactions. Several have become repeat sellers, returning annually for liquidity solutions ranging from $1 billion to $3 billion. Most recently, Ardian signed a major transaction with the Canada Pension Plan Investment Board (CPP Investments), one of the Maple Eight and one of the largest pension funds in the world. “That shows why it’s so important to be close to the region and to be a good long-term partner,” says Coleon. 

Broadening the offer to Canadian investors

Ardian is expanding the range of solutions it offers in Canada to private wealth investors. A dedicated Canadian feeder into the Ardian Access evergreen fund platform was launched at the end of 2025. Alongside this, in partnership with Desjardins Global Asset Management, Ardian co-developed the DGAM Global Private Equity Fund, a vehicle giving accredited investors access to diversified global buyout exposure through Ardian's sourcing and portfolio construction capabilities. It is among the first products of its kind on the Canadian market.

Looking ahead, the team sees further natural extensions. Infrastructure is an area of particular interest, given Canada's deep pool of mature, high-quality assets in sectors that align with Ardian's existing European platform. Meanwhile, the Quebec market, with its French-speaking culture and relative distance from US private equity players, may present a future opportunity for more direct private equity activity. "It's a logical next step for a firm with our local presence and natural advantages," says Coleon. 

Long-term presence bears fruit

Montreal's bilingual character makes it an ideal base. The city sits on the same time zone as New York, a one-hour flight away, facilitating close collaboration with Ardian's US team. Its compact geography means the firm's biggest clients are often within walking distance. "We're in the same actual building as many of our LPs and market participants," says Coleon.  

For Nicolas, who moved his family from Paris two years ago, Montreal’s appeal extends beyond work. “It’s a great place to have a balanced life, with so many outdoor activities and things to do outside work,” he says.

"This is a market where trust and local presence really matter," he concludes. "We've been building that for nearly 30 years. The Canada Investment Summit is a recognition of where we've arrived – and a starting point for what comes next." 

1.  Aladdin by BlackRock, ‘Spotlight: Canadian Pension Funds – fueled by Preqin Data’ (April 2026).