Overview
- The fund reported a 9.5% total‑fund net return for the first half of 2026 and CAD 26.6 billion of net investment income, bringing assets to CAD 303.2 billion as of June 30.
- An early venture investment of about CAD 300 million in SpaceX in 2019 was credited as a major driver of the gain when the stake was valued near US$8.7 billion at June 30, though it had peaked higher earlier.
- SpaceX shares fell after initial lockup expiries in early August, trimming the pension’s paper value in the holding to about US$6.7 billion and prompting some selling by holders.
- Venture‑growth positions rose to roughly 9% of the plan’s assets from 4% a year earlier, a shift that increases the plan’s exposure to illiquid, high‑volatility stakes and raises questions about disclosure and liquidity management.
- The surge illustrates a market mechanics point: midyear mark‑to‑market reporting can capture transient IPO peaks that later adjust, a dynamic that can change funding headlines and prompt the fund to reassess the right size for large venture stakes.