# CMHC

CMHC is a Pension Fund based in Toronto, Canada.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Toronto, Canada
- **Region:** North America
- **Address:** 70 York Street Suite 1100, Toronto, Ontario, Canada
- **Assets under management:** Undisclosed
- **Website:** www.cmhc-schl.gc.ca

## Regulatory record

- **Reports private funds:** No

## About

CMHC was created in 1946 as Canada's national housing agency. Its pension plan operates as a defined-benefit vehicle for the corporation's employees. The plan is governed by trustees led by Ray Williams. The fund holds a 20-acre retail development site in Oshawa, Ontario, valued at C$45 million, and a joint-venture interest in the Centre Kirkland mixed-use project in Montreal with RioCan Real Estate Investment Trust. It also owns the Lachine Industrial Portfolio in Quebec and maintains separate infrastructure and agriculture portfolios with global reach. Public equity sleeves include a 17.2 percent allocation to Canadian equities and a 17.6 percent allocation to foreign equities as of the 2024 report. The plan participates in the Crestpoint Institutional Real Estate Trust Fund and the CMLS Mortgage Fund. It is regulated by the Office of the Superintendent of Financial Institutions and adheres to guidelines from the Canadian Association of Pension Supervisory Authorities. Coleen Volk serves as President and CEO of the parent corporation. CMHC also manages the National Housing Strategy, a federal program launched in 2017 that has committed over C$82 billion to affordable housing initiatives.

## Sectors

- Real Estate
- Infrastructure
- Agriculture
- Private Equity

## People

- Coleen Volk — President and CEO
- Ray Williams — Chair of the Pension Fund Trustees
- Thiago Valdo — Oversees infrastructure, private equity, and agriculture portfolios

## Questions

### Who runs investment decisions at CMHC Pension Fund?

Ray Williams chairs the Pension Fund Trustees. Thiago Valdo oversees the infrastructure, private equity, and agriculture portfolios. Coleen Volk serves as President and CEO of the parent Canada Mortgage and Housing Corporation.

### What asset classes does CMHC Pension Fund allocate to?

The fund targets a 5 percent allocation to private equity. It maintains direct and joint-venture real estate positions, an infrastructure portfolio, an agriculture portfolio, and public equity sleeves in Canadian and foreign markets.

### Does CMHC Pension Fund invest through funds or direct deals?

The plan holds both direct real estate assets and limited-partner interests in vehicles such as the Crestpoint Institutional Real Estate Trust Fund and the CMLS Mortgage Fund.

### What regulatory oversight applies to CMHC Pension Fund?

The plan is regulated by the Office of the Superintendent of Financial Institutions and follows governance guidelines from the Canadian Association of Pension Supervisory Authorities.

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Last updated: 2026-06-03T20:00:00.000Z

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