By Staff

The Alberta Investment Management Corporation reported a
total fund net investment return of 12.3% for the year ended Dec. 31, 2024.

While the return came in slightly below its total fund benchmark
return of 13.8%, the fund grew its total assets under
management to C$179.6 billion from C$160.6 billion at the end of
2023.

“This progress is a testament to the team’s ability to
evaluate and seize opportunities, while skillfully navigating the volatile
global investment landscape,” said Ray Gilmour, the pension fund’s interim chief executive officer, in the release.

Public equities saw the highest gain (24.7%) in
2024, followed by infrastructure (12.0%), private equities (11.8%), private debt
(8.7%), mortgages (6.4%), money market and fixed income (4.6%) and renewable
resources (1.9%). Real estate was the only sector that saw a decline (-2.0%).

The results come after a tumultuous 2024 for the pension
fund, during which Alberta’s Finance Minister Nate Horner fired the entire board
and its chief executive. The government later named Gilmour as AIMCo’s interim
CEO and appointed former prime minister Stephen Harper its chair.