# NAV Canada Pension Plan NAV Canada Pension Plan is a Pension Fund based in Ottawa, Canada. ## Overview - **Organization type:** Pension Fund - **Headquarters:** Ottawa, Canada - **Region:** North America - **Address:** Ottawa, Ontario, Canada - **Founded:** 1996 - **Assets under management:** Undisclosed - **Website:** navcanada.ca - **LinkedIn:** https://ca.linkedin.com/company/nav-canada ## Regulatory record - **Reports private funds:** No ## About The NAV Canada Pension Plan is the defined benefit arrangement for employees of NAV CANADA, the not-for-profit corporation that took over Canada's air traffic control system from Transport Canada in 1996. Oversight falls to a Pension Committee appointed by the NAV CANADA Board, with day-to-day investment execution led by an internal team in Ottawa. The plan is ring-fenced from the operating company's balance sheet, though both share the same underlying revenue engine—air navigation fees collected from airlines flying through Canadian airspace. Asset allocation leans heavily into real assets and private markets. The real estate portfolio covers mixed-use properties, logistics facilities, and data centers globally, while a dedicated farmland strategy holds agricultural assets across multiple geographies. Infrastructure commitments include a direct stake in Aireon Holdings LLC, a satellite-based aircraft surveillance joint venture alongside Iridium Communications. The plan also participates in private credit and co-investments—Andrew Urquhart, as former Private Markets Lead, established the co-investment program before his departure, handing a mature pipeline to current managers. The team is compact, led by Natasha Trainor as AVP of Pension Investments, with Alex Chase managing the real assets portfolio. The plan maintains active memberships in the Pension Investment Association of Canada, the Institutional Limited Partners Association, and the Canadian Coalition for Good Governance, signaling alignment with institutional best practices despite its modest headcount. As a UN Global Compact signatory, it has formalized ESG integration across manager selection and direct holdings. Unlike most Canadian public-sector pensions, NAV Canada's plan lacks a sovereign sponsor. It exists inside a privatized monopoly—the company cannot set its own rates without regulatory approval, and the pension's funded status moves with airline traffic volumes, bond yields, and real asset valuations. That triangulation of regulatory constraint, aviation-sector exposure, and a real-asset-heavy portfolio makes its liability-matching challenge distinct from both government-backed public funds and broad-based corporate plans. ## Sectors - Infrastructure - Real Estate - Private Credit - Private Equity - AgriTech & FoodTech ## People - Natasha Trainor — Assistant Vice-President, Pension Investments - Alex Chase — Manager, Real Assets Portfolio ## Questions ### Who runs investment decisions at the NAV Canada Pension Plan? Natasha Trainor serves as Assistant Vice-President of Pension Investments, with Alex Chase supporting as Manager of Real Assets Portfolio. The investment team operates under the governance of a Pension Committee appointed by NAV CANADA's Board of Directors. ### What is the plan's relationship to NAV CANADA's operating business? NAV CANADA is a not-for-profit private corporation that owns and operates Canada's civil air navigation system, collecting fees from airlines. The pension plan is a separate legal entity funding defined benefits for current and former NAV CANADA employees, with no claim on government resources. ### Does the plan allocate to private markets? Yes. Private markets—including infrastructure, real estate, farmland, and private credit—form a meaningful portion of the portfolio. The plan co-invests directly in assets such as Aireon Holdings LLC, a satellite-based aircraft tracking company, and maintains a global agricultural land portfolio. ### How large is the NAV Canada Pension Plan? The plan does not publicly disclose its assets under management. As a single-employer defined benefit arrangement for a regulated utility's workforce, its liability size is tied to NAV CANADA's staffing levels and aeronautical revenue base rather than broad public-sector membership growth. ### Which sectors does the real asset portfolio cover? The real asset allocation spans logistics real estate, data centers, mixed-use commercial properties, and global farmland. Infrastructure holdings include a stake in the space-based aircraft surveillance sector via Aireon. ### Is the plan connected to any other Canadian public pension funds? No. Unlike the Canada Pension Plan Investment Board or provincial plans such as Ontario Teachers', NAV Canada's pension is a stand-alone corporate plan without any government sponsorship or pooling arrangement. It is, however, an active member of the Pension Investment Association of Canada and the Canadian Coalition for Good Governance. ## Related profiles - [Nava Ventures](https://altss.com/profile/nava-ventures) - [Navegar](https://altss.com/profile/navegar) --- Last updated: 2026-06-03T20:00:00.000Z Canonical page: https://altss.com/profile/nav-canada-pension-plan Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology