The Public Sector Pension Investment Board (PSP) has appointed Patrick Charbonneau as its new chief investment officer and Yannick Beaudoin as head of the Canada Growth Fund.

Both appointments will take effect Feb. 3, PSP announced in a news release. The two long-term PSP executives will oversee billions of dollars worth of real estate investments.

Charbonneau succeeds highly praised former CIO Eduard van Gelderen, who left PSP in October 2024 after immediately stepping away from his day-to-day duties in August, when he and the board announced that they had “mutually agreed” to part ways. Until Charbonneau’s appointment was finalized, Alexandre Roy, a PSP managing director, served as interim CIO.

“The appointment of Patrick Charbonneau as CIO reflects our ongoing commitment to strategic leadership and investment acumen,” said Deborah Orida, president and CEO of Ottawa-based PSP. “Patrick is an exceptional leader with a deep understanding of our mission and priorities. His expertise and vision will strengthen PSP’s ability to deliver long-term value for our beneficiaries and advance our strategic objectives in the years ahead.”

Charbonneau has been with PSP for 18 years, including six as a founding senior member of the organization’s London office. He has more than two decades of experience in the infrastructure sector and played a key role in building PSP’s infrastructure portfolio. As CIO, he will oversee PSP’s portfolio design, beta management activities, overall investment strategy, and treasury function.

Meanwhile, Beaudoin will officially serve as president and CEO of Canada Growth Fund Investment Management, a PSP independent subsidiary that manages the investment vehicle.

Beaudoin, who joined PSP’s natural-resources team in 2012, brings significant experience in asset management and investment oversight. As PSP’s head of Asia Pacific and Europe, he managed a growing natural- resources portfolio worth about $8 billion and led global transactions.

“Yannick’s experience and successful track record—building direct investment platforms, working with entrepreneurs, and managing a diversity of stakeholders—positions him well to lead CGFIM,” said Orida. “Since CGFIM’s inception, Patrick has been instrumental in quickly setting up CGFIM and ensuring it was active quickly, operates at arm’s length from government, and committing capital through fiscally prudent investment decisions.

“Patrick and the team have since closed nine market-leading investments across Canada that represent more than [$2 billion] of capital committed to date. Yannick and the CGFIM team will continue to build on this momentum and lead the organization into the next stage of its maturity and impact.”

The PSP investment portfolio holds about $265 billion worth of assets, including commercial real estate, infrastructure and credit investments. The asset manager invests on behalf of the Canadian Forces, RCMP and Reserve Force pension plans.

The $15-billion Canada Growth Fund supports private investment in low-carbon projects, technologies, businesses, and supply chains.

Pictured: Patrick Charbonneau, PSP’s new chief investment officer

Photo: PSP