# Nunavut Trust

Nunavut Trust is a Trust based in Ottawa, Canada.

## Overview

- **Organization type:** Trust
- **Headquarters:** Ottawa, Canada
- **Region:** North America
- **Address:** Suite 1415, 50 O'Connor Street, Ottawa, ON, Canada K1P 6L2
- **Founded:** 1990
- **Assets under management:** Undisclosed
- **Website:** nunavuttrust.ca
- **LinkedIn:** https://www.linkedin.com/company/nunavut-trust

## Regulatory record

- **Reports private funds:** No

## About

The Nunavut Trust was formed in 1990 to receive, manage, and grow the financial compensation owed to the Inuit of Nunavut under their land-claims agreement with Canada. Fern Elliot has served as CEO since early 2013. The federal government disbursed roughly CAD $1.1 billion in payments over 14 years, and the trust’s mandate is to preserve that capital while generating a steady income stream to support the beneficiary organizations — primarily Nunavut Tunngavik Incorporated — that represent Inuit interests. The trust’s portfolio stretches across real estate, infrastructure, farmland, and timberland on a global basis. Rather than chasing venture-style returns, it emphasizes capital preservation and reliable yield for intergenerational transfer. The investment team, directed by Managing Director of Investments Sean Kulik, targets direct property holdings and long-duration hard assets that align with the trust’s perpetual horizon. The board-level Investment Advisory Committee includes Michael T. Boychuk and Russell J. Hiscock, contributing external oversight to the deployment process. The trust maintains a lean operational footprint from a single office in Ottawa. Sean Kulik amplifies the institution’s network through governance roles — he chairs the Asset & Return Survey Working Group for the Pension Investment Association of Canada and serves on the board of the Institutional Limited Partners Association. These positions connect the trust to the broader Canadian pension and global LP ecosystems, offering indirect co-investment and knowledge-sharing channels that most trusts of this size do not access. The organization also partners with Nunavut Tunngavik Foundation to address community needs outside the investment mandate. The trust’s structural differentiator is its constitutional permanence: it is not a family office that can dissolve when a generation loses interest, nor a fund with a finite life. It was built by treaty implementation legislation and exists to finance the self-determination of an entire territory. Incoming trustees must balance immediate beneficiary distributions against the purchasing power required for Inuit elders born a century from now. That governance architecture — a blend of fiduciary duty, Indigenous sovereignty, and multi-generational liability — makes the Nunavut Trust a capital pool shaped by law, not just investment policy.

## Sectors

- Real Estate
- Infrastructure
- Farmland & Timberland

## People

- Fern Elliot — Chief Executive Officer
- Sean Kulik — Managing Director of Investments
- Michael T. Boychuk — Member, Investment Advisory Committee
- Russell J. Hiscock — Member, Investment Advisory Committee

## Questions

### How was the Nunavut Trust capitalized?

The trust was capitalized with roughly CAD $1.1 billion in payments from the Government of Canada, made in tranches over 14 years after the Nunavut Land Claims Agreement was signed. Those payments constitute the trust’s principal corpus.

### Who runs investment decisions at Nunavut Trust?

Sean Kulik is the Managing Director of Investments and directs day-to-day portfolio management. The Investment Advisory Committee, which includes Michael T. Boychuk and Russell J. Hiscock, provides external oversight and strategic guidance to the board of trustees.

### What asset classes does the trust invest in?

The trust discloses a global portfolio concentrated in commercial real estate, infrastructure, farmland, and timberland. It avoids startup or venture-capital allocations, favoring long-duration hard assets that produce stable, risk-mitigated income.

### How is Nunavut Trust related to Nunavut Tunngavik Incorporated?

The trust is a separate legal entity, but Nunavut Tunngavik Incorporated (NTI) is its primary beneficiary. The trust generates income that funds NTI’s operations, which represent the Inuit of Nunavut on land, resource, and governance matters.

## Related profiles

- [Nunatak Capital](https://altss.com/profile/nunatak-capital)
- [NUO](https://altss.com/profile/nuo)

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Last updated: 2026-06-28T22:09:13.823Z

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