Prime Minister Mark Carney pulled together a heavyweight crowd in Toronto to broaden Canada's funding base and reduce its dependence on the US by diversifying where the money comes from. The attendance list tops 220, with about half drawn from Canadian financial institutions and corporates, including banks, pension funds, asset managers, big companies and government agencies.
Headliners slated to attend include BlackRock CEO Larry Fink, Blackstone President Jon Gray, Apollo's Marc Rowan and KKR co CEO Joseph Bae. Also expected in the room: executives from JP Morgan Chase & Co., Pacific Investment Management Co., Bain Capital, the UK's Barclays PLC and Border to Coast Pensions Partnership Ltd., France's Ardian SAS, Germany's Deutsche Bank AG, Norway's Norges Bank Investment Management and Japan's Mizuho Financial Group. The lineup also featured Aliko Dangote, OpenAI's head for countries, former UK Chancellor George Osborne and Chen Liang, chairman of China International Capital Corp.
Abu Dhabi National Oil Co., Investment Corporation of Dubai and Mubadala Capital LLC were on hand representing the United Arab Emirates, whose pledge is to put as much as $50 billion into Canada. One notable absence, despite earlier expectations, was Saudi Arabia's Public Investment Fund, the sovereign fund of about $1 trillion.
The summit is highlighting a pitchbook that details 167 projects valued in the tens of billions of dollars, spanning cloud and server facilities, high-tech production, LNG, ports, and dozens of mine sites.
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During the day, Carney met with BlackRock's Fink, Blackstone's Gray, Macquarie Group's Shemara Wikramanayake, Temasek's Dilhan Pillay, the Qatar Investment Authority's Mohammed Saif Al Sowaidi and the Kuwait Investment Authority's Sheikh Saoud Salem Abdulaziz Al Sabah.
Carney is pitching Canada as a relatively safe place to put money in a choppy world, even as he flags domestic hurdles. He said Monday, "We've been slow on moving on a series of areas with respect to regulatory approvals and other factors." He noted that the government adopted measures last year to accelerate approvals and added, "We're going to double down on that strategy, you'll see in the coming weeks, with additional measures that spread that across the economy."
The target is ambitious: up to C$1 trillion in combined public and private investment over five years. The Canada Pension Plan Investment Board and Public Sector Pension Investment Board helped organize the summit.
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