# University of British Columbia Staff Pension Plan

University of British Columbia Staff Pension Plan is a Pension Fund based in Vancouver, Canada.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Vancouver, Canada
- **Region:** North America
- **Address:** Vancouver, British Columbia, Canada
- **Founded:** 1972
- **Assets under management:** $1.9B (Altss estimate)
- **Website:** staff.pensions.ubc.ca
- **LinkedIn:** https://staff.pensions.ubc.ca/

## Regulatory record

- **Reports private funds:** No

## About

The University of British Columbia Staff Pension Plan was established in 1972 as a defined-benefit plan integrated with the Canada Pension Plan, including an annual cost-of-living adjustment. Derrick Johnstone serves as Executive Director, Pensions at UBC, while Naveen Kapahi chairs the Staff Pension Plan Board independently. The plan's investment management was entrusted to UBC Investment Management Trust, a wholly owned university subsidiary, in 2004 — an early structural separation intended to professionalize oversight of the growing asset base. Asset-class coverage spans public equities, fixed income, private equity, infrastructure, real estate, and private debt. The real estate portfolio includes direct holdings such as Capilano Mall in North Vancouver alongside units in the BCI QuadReal Real Estate Portfolio and Mortgage Program, which extend into global mixed-use assets and Canadian and US mortgages. Separate infrastructure equity, infrastructure debt, and mortgage portfolios add further income and diversification layers. The private equity allocation pursues buyout, growth, and secondary strategies across a global mandate. The plan has embedded responsible-investment commitments as a founding signatory of Investing to Address Climate Change: A Charter for Canadian Universities, a UN PRI signatory since July 2020, and a member of the Partnership for Carbon Accounting Financials for portfolio carbon measurement. UBC's decision to house investment management inside a dedicated subsidiary rather than relying on external consultants or a pooled university treasury creates a governance distinction. The subsidiary model gives the plan a direct fiduciary chain and dedicated investment staff insulated from broader university operating budgets — an architecture more commonly seen in larger Canadian public-sector plans, applied here at a mid-sized pension.

## Sectors

- Real Estate
- Infrastructure
- Private Equity
- Private Credit

## People

- Naveen Kapahi — Independent Chair, Staff Pension Plan Board
- Derrick Johnstone — Executive Director, Pensions

## Questions

### Who makes investment decisions for the UBC Staff Pension Plan?

Day-to-day investment management is carried out by UBC Investment Management Trust, a wholly owned subsidiary of the University of British Columbia established in 2004. The Staff Pension Plan Board, chaired independently by Naveen Kapahi, retains governance oversight. Derrick Johnstone serves as Executive Director, Pensions at UBC, bridging the plan and the university sponsor.

### How does the plan access real estate exposure?

The real estate portfolio combines direct holdings — including Capilano Mall in North Vancouver, BC — with pooled exposure through the BCI QuadReal Real Estate Portfolio and the BCI QuadReal Mortgage Program. Those vehicles provide global mixed-use property exposure and Canadian and US mortgage debt, respectively.

### What is the plan's posture on climate and ESG integration?

The plan formalized its responsible-investment approach by becoming a founding signatory to the Investing to Address Climate Change charter for Canadian universities, signing the UN Principles for Responsible Investment in July 2020, and joining the Partnership for Carbon Accounting Financials to measure portfolio carbon emissions. These memberships commit the plan to climate-risk reporting and carbon footprinting rather than serving as aspirational pledges alone.

### What are the key differences between the Staff Pension Plan and UBC's endowment?

The Staff Pension Plan is a defined-benefit retirement vehicle with a liability-driven investment approach managed by UBC Investment Management Trust, a separate subsidiary. The university's endowment operates under a different governance structure and spending policy, focused on supporting academic operations rather than meeting pension obligations. The two pools are legally and operationally distinct.

## Related profiles

- [University of Delaware Endowment](https://altss.com/profile/university-of-delaware-endowment)
- [The San Francisco Foundation](https://altss.com/profile/the-san-francisco-foundation-sff)

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Last updated: 2026-08-11T02:43:31.692Z

Canonical page: https://altss.com/profile/university-of-british-columbia-staff-pension-plan

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