Colleges of Applied Arts & Technologies Pension Plan

Colleges of Applied Arts & Technologies Pension Plan

CAAT Pension Plan launched in 1967 for employees of Ontario's colleges of applied arts and technology. Since 2019, the plan has opened DBplus — a jointly governed, sustainable DB structure — to non-college public-sector employers across the province. Over 130 employers now participate, including municipalities, school boards, and non-profits. CEO Derek Dobson and CIO Asif Haque lead the organization, which has operated with a surplus for over a decade. The investment team follows a direct and co-investment-heavy model across private markets. Asset classes include infrastructure, real estate, private credit, and private equity, alongside a public-markets book for liquidity. Notable deployment includes direct infrastructure stakes in Canadian energy-transition assets and co-investments alongside other large Canadian pension managers. The fund maintains geographic concentration in Canada and North America, with select exposure to European infrastructure. The plan's funding status allows patient capital deployment — a structural advantage over single-employer plans. Total assets sit in the C$25B range, with a growing internal investment team operating from Toronto. The plan structures itself as a non-profit, jointly governed by employer and member representatives. Recent activity includes continued expansion of the DBplus employer base, adding school boards and health-sector organizations. This model converts standalone employers into a pooled DB collective, reducing per-employer risk. Structurally, CAAT acts as a consolidator of DB liabilities — a posture more common in Dutch or Australian superannuation systems than in fragmented North American public plans. The plan's ability to onboard new employers without legacy solvency drag gives it a steady inflow of contributions, fueling direct market deployment without forced selling.