The Investment Management Corporation of Ontario (IMCO) is an independent, not-for-profit asset manager established in 2016 and based in Toronto. It oversees more than $86 billion, serving Ontario public-sector institutions such as pension funds and endowments. Operating apart from government and charging only cost-recovery fees, IMCO follows a professional board and management team that guide investment decisions. Its core aim is to deliver long-term investment management and advisory services, focusing on strong risk oversight and portfolio design to help clients meet their financial obligations and support secure pension and benefit outcomes for Ontarians.
IMCO uses a total-portfolio method that spans public equities, private equity, infrastructure, real estate, fixed income, and global credit. In 2024 the firm generated a weighted average net return of 9.9 percent. It builds lasting client partnerships by providing portfolio management, access to global markets, and detailed risk reporting. Environmental, social and governance factors are woven into its process, with climate solution holdings at 11.5 percent of the portfolio, about $2.1 billion. IMCO aims to invest $5 billion in transition assets by 2027 and shift 20 percent of its portfolio to climate solutions by 2030, backing opportunities in decarbonization and sustainable energy across all asset types.
IMCO’s commitment to clean technology is evident in its direct investments in battery innovation. In June 2023 it deployed $400 million to Northvolt AB, supporting development and recycling of sustainable battery cells for electric vehicles and renewable storage. In August 2021 the firm acquired UK-based Green Frog Power Ltd (now part of Pulse Clean Energy), dedicating up to $500 million to convert diesel generation sites into utility-scale battery storage. These investments reinforce IMCO’s role as a significant contributor to the clean energy transition and reliable renewable grids.
