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Investment Management Corporation of Ontario
Bert Clark runs IMCO, the Toronto-based asset manager pooling $73.3B for Ontario's public-sector pension and workers' compensation plans.
Investment Management Corporation of Ontario
Investment Management Corporation of Ontario launched in 2016 under the leadership of Bert Clark, previously an infrastructure executive at Ontario Teachers' Pension Plan. The Ontario government created IMCO to consolidate investment management for smaller public-sector entities that lacked the scale to build internal teams — notably the Ontario Pension Board and the Workplace Safety and Insurance Board. IMCO replaced a patchwork of external consultants and fund-of-funds relationships with a single in-house platform. The firm manages portfolios across at least five distinct asset classes: public equities, fixed income, real estate, infrastructure, and private equity. Its private-markets program includes direct co-investments alongside global general partners as well as primary fund commitments. Confirmed positions include stakes in Eurostar International, Associated British Ports, and Anglian Water — the latter acquired via a consortium alongside Dalmore Capital and GLIL Infrastructure (per the firm, 2023). Geographically, IMCO invests in Canada, the United States, and Western Europe, with real assets concentrated in the UK and North American midstream energy. IMCO reported $73.3 billion in assets under management as of year-end 2023 (per the firm, 2024), marking steady growth from roughly $60 billion at inception. The firm employs a lean team relative to its AUM, relying heavily on external managers for public-markets execution while internal staff lead private-asset origination and manager selection. In September 2023, IMCO committed $400 million to a Brookfield-led global infrastructure fund, reinforcing its pattern of backing large-scale managers for long-dated infrastructure exposure (per the firm, September 2023). The organization has also built a dedicated in-house responsible-investing team that reports directly to the CEO. IMCO's structural distinction is its mandate: it is neither a single-family office nor a conventional fund manager. It operates as a pooled investment entity for Ontario's statutory public-sector bodies — a hybrid between an outsourced CIO and a sovereign development vehicle. Because its clients are captive and perpetual, IMCO faces no redemption risk, allowing it to hold illiquid positions through full market cycles without the pressure of quarterly fundraising. That permanent-capital architecture makes it a desirable co-investment partner for global infrastructure GPs.
General information
Firm type
Generalist
Year founded
2016
AUM
Undisclosed
Location
Region
North America
Country
Canada
City
Toronto
Corporate office
Toronto, ON, Canada
Principals
Bert Clark
President & CEO
Sector focus
Frequently asked questions
Who runs investment decisions at Investment Management Corporation of Ontario?
Bert Clark serves as President and CEO, a role he has held since IMCO's founding in 2016. He previously spent over a decade at Ontario Teachers' Pension Plan, ultimately leading its infrastructure and private-equity teams. Day-to-day asset-class decisions are delegated to CIO heads overseeing public equities, fixed income, real estate, infrastructure, and private markets, with the CEO retaining final authority on large commitments.
Is IMCO a pension fund or an asset manager?
IMCO is a statutory asset manager, not a pension fund itself. It pools assets from Ontario's Broader Public Sector entities — primarily the Ontario Pension Board and the Workplace Safety and Insurance Board — and manages them on an outsourced basis. The underlying client organizations remain the legal trustees of their own plans.
How does IMCO source private-market deals?
IMCO sources through a combination of primary fund commitments to large-scale global general partners — Brookfield and Macquarie are known relationships — and selective direct co-investments. Its real-assets team has acquired UK regulated utilities and European transport infrastructure via consortium deals, typically taking minority stakes alongside operators.
Does IMCO invest only in Canada?
No. While its client base is exclusively Ontario-based, IMCO deploys capital across Canada, the United States, and Western Europe. Its infrastructure portfolio is notably weighted toward UK regulated assets — Anglian Water and Eurostar are two disclosed holdings.
How is IMCO governed, and who sets its investment policy?
IMCO has a board of directors appointed by its client organizations and the Ontario government. The board approves the firm's strategic asset allocation and risk budget. Investment staff operates with delegated authority within those parameters, and the firm is subject to Ontario's public-sector transparency and procurement laws.
Can external investors access IMCO's funds?
No. IMCO is closed to external capital. Its enabling legislation restricts the firm to managing assets specifically for Ontario's designated Broader Public Sector entities. It does not market funds to third-party institutional investors or individuals.
What is IMCO's posture on co-investments alongside external GPs?
IMCO actively pursues co-investments in infrastructure and private equity as a fee-reduction and concentration strategy. It tends to co-invest alongside its largest fund relationships, preferring assets where it can hold meaningful minority stakes with board-observation rights.
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