Manitoba Civil Service Superannuation Board (CSSB)

Peter Josephson has served as Chief Investment Officer since 1999 and leads investment execution. The board, chaired by Carmele Peter, provides governance oversight and is appointed by the Province of Manitoba. Day-to-day investment decisions sit with Josephson and his internal investment team in Winnipeg.

CSSB manages retirement assets for multiple Manitoba-based plans under one investment umbrella. In addition to its core civil service plan, it serves as investment manager and custodian for the Manitoba Hydro Pension Fund, administers the Legislative Assembly Pension Plan, and manages plans for Centra Gas and Winnipeg Child and Family Services employees. This multi-plan structure differentiates it from most Canadian provincial pension boards that manage a single fund.

CSSB invests directly in commercial real estate, infrastructure, and private credit. Its real estate portfolio includes Broadmead Village in British Columbia, Pembina Crossing in Winnipeg, and the UniverCity mixed-use development in Burnaby. Infrastructure holdings include an interest in North American auto-terminal operator AMPORTS and a dedicated allocation to energy and utilities infrastructure. The fund does not publicly disclose its full portfolio or AUM.

CSSB acts as the investment manager and custodian for the Manitoba Hydro Pension Fund. While governance of the two entities remains separate, this relationship gives CSSB's investment team close operational visibility into energy and utility sectors. The board's investment team does not share personnel with Manitoba Hydro, but the connection has shaped its infrastructure investment focus.

CSSB leans toward direct and co-investment positions, particularly in real estate and infrastructure, rather than relying primarily on third-party fund commitments. Its membership in the Canadian Venture Capital and Private Equity Association suggests exposure to private equity funds as well, though the fund does not publicly disclose its commitment pacing. The emphasis on direct ownership mirrors the approach of larger Canadian plans like Ontario Teachers' and OMERS.

The board participates in the Pension Investment Association of Canada, an industry group that facilitates co-investment dialogue among Canadian institutional investors. While CSSB does not publicly detail its co-investment activity, its direct ownership of infrastructure assets like AMPORTS is consistent with a co-investment model alongside operating partners and other institutional investors.

Unlike Canada's major public pension plans, which operate as independent Crown corporations with statutory transparency requirements, CSSB remains embedded within Manitoba's provincial administrative structure and is not subject to the same public disclosure mandates. Provincial pension legislation governs its reporting obligations, which focus on plan actuarial health rather than investment portfolio size.