The Alberta Investment Management Corporation is aiming to invest more dollars in two sectors as it reallocates its real estate capital.

“The real estate team continues to be focused on repositioning the portfolio and improving quality, while committing capital to long-term resilient sectors such as housing and necessity-based retail,” AIMCo said in its mid-year 2023 investment report.

Edmonton-based AIMCo manages the assets of 17 pension, endowment, insurance and government funds in Alberta. The group had $164 billion in assets under management on June 30, up from $158 billion at year-end 2022.

Marlene Puffer, AIMCo’s chief investment officer, told The Globe and Mail that real-estate-asset performance has been “more muted” this year. In addition to seeking resilience, AIMCo wants to diversify its real estate assets globally as some parts of the office and retail sectors face intense pressure.

“A lot of our activity in real estate is around liquidity and cash management, really thoughtful pacing of any new acquisitions,” she told the Globe.