Canada launches sovereign wealth fund
· Toronto Sun
OTTAWA — One day ahead of Tuesday’s spring economic statement, Canada announced it will launch its very own sovereign wealth fund.
Making the announcement Monday morning at the Canada Science and Technology Museum, Prime Minister Mark Carney said the new “Canada Strong Fund” is meant to help grow Canada’s wealth for future generations.
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“This will be a Government of Canada fund, but more importantly, this will be a people’s fund — it will be your fund,” he said.
“The new ‘Canada Strong Fund’ will give all Canadians a direct stake in building Canada strong.”
LIVE: The Canada Strong Fund · EN DIRECT: Le Fonds pour un Canada fort https://t.co/MJ0cnwsLLr
— Mark Carney (@MarkJCarney) April 27, 2026
The fund will launch with an initial $25 billion endowment, and through asset recycling and re-investment is expected to grow — managed by an arms’ length crown corporation.
More details on the fund are expected in the near future, Carney said.
National piggy-bank
A sovereign wealth fund is a government-owned fund that invests surplus revenue for means or projects of national importance .
Sovereign wealth funds help insulate national economies from unexpected fluctuations or economic unrest and fund projects of national importance — a key policy in Carney’s administration.
The world’s largest sovereign wealth fund is Norway’s Government Pension Fund, with assets topping $2-trillion.
That’s followed closely by the People’s Republic of China’s Hong Kong-based $1.9-trillion SAFE Investment company and $1.5-trillion China Investment Corporation, the Abu Dhabi Investment Authority’s $1.1-trillion fund in the United Arab Emirates, and Saudi Arabia’s Public Investment Fund, worth around $1-trillion.
Within Canada, Alberta has operated their own sovereign wealth fund for over 50 years — founded by former Premier Peter Lougheed, the $30-billion (as of 2025) Alberta Heritage Savings Trust Fund banks profits from the province’s oil and gas resources.
Current targets aim at increasing Alberta’s fund’s value to $250-billion by 2050.
Close ties with U.S. are weaknesses, Carney says
“The foundations of the international order — the order which Canada helped build and from which we have long benefitted — that order is crumbling,” the PM said.
Carney said current economic headwinds are making it more and more important for Canada to become economically self-reliant.
“Many of our former strengths, built on our close ties to the U.S., have become our weaknesses,” Carney said.
“The U.S. has changed, that’s their right — and we are responding, that is our imperative.”
He said the 21 nation-building projects announced by the government represent $125 billion in new investment — many of which will rely on partnerships with private industry.
“Just like with the Canadian Pacific Railway 150 years ago, Canada’s major projects will mostly be built by private companies,” Carney said.
“Just as in the 1870s, the federal government will support these projects through loans, grants and other incentives. We do this because these projects have wider benefits to our economies, benefits that exceed private returns.”
Instead of private companies reaping all of the benefits, he said, the Canada Strong Fund is designed to invest public money alongside private.
More to come . . .