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IMCO posts 5.6% one-year return in 2023

Climbing to $77.4 billion in assets under management, IMCO delivered steadfast investment performance amid market volatility

TORONTO (April 5, 2024) – The Investment Management Corporation of Ontario (IMCO) today announced that the weighted average net return of its clients' portfolios was 5.6% for the year that ended December 31, 2023, while assets under management rose to $77.4 billion.

Despite facing heightened volatility and ongoing inflation, all asset classes, except for Real Estate, generated positive returns. The strong investment performance for the year established a solid foundation for IMCO to execute its ambitious five-year strategy, with 2023 marking the inaugural year of this plan.


  • Delivered strong investment performance, achieving a one-year weighted average net return of 5.6%.
  • Increased assets under management to $77.4 billion, up from $73.3 billion a year earlier.
  • Selected by four new clients to provide investment management services, which will add $2.6 billion in new portfolio assets.
  • Invested over $1 billion in clean energy transition assets, marking significant progress towards IMCO’s Climate Action Plan and goal of committing $5 billion towards energy transition investments by 2027.
  • Achieved a Greater Toronto Top Employer for 2024 recognition by Canada's Top 100 Employers.
  • Launched IMCO's Global Credit and Private Equity Pools, securing benefits for clients including lower fees, better asset diversification, and lower risk concentrations.


Bert Clark, President and CEO
"We are very pleased with the overall results we achieved for our clients in 2023," said Bert Clark, President and CEO of IMCO. "In a year marked by persistent inflation and market volatility, our results reflect the success of the strategic changes we have made to clients' asset mix and our new strategies at the asset class levels."

"Last year, IMCO was also chosen by four new clients, a testament to our fundamental approach to identifying differentiated, global investment opportunities, our sophisticated risk management approach and our leading sustainable investing practices," added Clark.

Rossitsa Stoyanova, Chief Investment Officer
"Our long-term investment approach has enabled IMCO to navigate market volatility effectively, particularly in private markets such as Global Credit, Infrastructure and Private Equity - which have shown positive performance and value add since we began investing on behalf of our clients four years ago," said Rossitsa Stoyanova, Chief Investment Officer of IMCO. "2023 was marked by significant transactions and investments in energy transition, which further diversified our investment portfolio while evolving asset class strategies in areas of competitive advantage."

"Looking ahead, we’re committed to taking the long view by providing customized strategic asset allocation advice, leveraging our internalized investment management expertise, and fostering deep strategic partnerships ensuring we can deliver long-term, sustainable growth for our clients," said Stoyanova.


  • IMCO committed US$400 million to Northvolt, a leading integrated battery platform focused on the research and development, manufacturing, and recycling of sustainable battery cells and systems. This investment marked IMCO's first cross-asset-class transaction, made jointly by our Fundamental Equities and Infrastructure teams, reflecting a shared priority to manage climate change while creating long-term value and enabling the global transition to a net zero emissions economy.
  • IMCO's Global Infrastructure team committed US$750 million, together with strategic partners Sandbrook and PSP Investments, to acquire and grow NeXtWind Capital Ltd, a German-based renewable firm specializing in the repowering of European wind farms coming to the end of their useful life.
  • IMCO’s Global Infrastructure team also invested in Cellnex Nordics, a leading Scandinavian tower operator, bolstering IMCO's presence in the digital infrastructure space.
  • IMCO's Private Equity team invested $988 million of capital across 11 direct and co-investment deals in a variety of different sectors and geographies, including a co-investment alongside Kohlberg in Worldwide Clinical Trials, and a co-investment alongside EagleTree Capital in MMGY Global.
  • IMCO Fundamental Equities' team invested US$150 million in CoreWeave, a leading specialized GPU cloud provider. The company provides cloud infrastructure for generative AI, and adds risk-managed, high-growth exposure to the rapid adoption of artificial intelligence applications.
  • IMCO committed to its first direct real estate investment outside North America in Trinity House, a state-of-the-art life science laboratory project located in Oxford, England, alongside strategic partner Breakthrough Properties.

As of December 31, 2023

Asset Class Net Investments
(C$ billions)
Annualized Returns, net (%)
1-Year Return (Percentage) 4-Year Return (Percentage)
Actual Benchmark NVA Actual Benchmark NVA
Public Equities $17.3 18.0% 17.5% 0.5% 7.1% 7.7% (0.6%)
Fixed Income $17.1 5.9% 5.8% 0.1% (2.2%) (2.3%) 0.1%
Real Estate1 $9.8 (13.0%) (12.1%) (0.9%) (3.7%) (1.3%) (2.4%)
Global Infrastructure $9.7 4.9% 2.5% 2.4% 6.5% 2.0% 4.5%
Global Credit $7.5 7.7% 8.7% (1.0%) 3.3% 0.5% 2.8%
Public Market Alternatives $4.9 1.4% 6.4% (5.0%) 2.2% 3.0% (0.8%)
Private Equity $8.2 5.7% 12.6% (6.9%) 17.3% 6.9% 10.4%
Money Market and Other2 $1.6 - - - - - -
Leverage3 ($4.4) - - - - - -
Total IMCO $71.7 5.6% 6.6% (1.0%) 2.9% 2.8% 0.1%

1Real Estate is net of certain assets (mortgages) and investment-related liabilities (debentures).
2Money Market & Other also includes other assets and strategies for portfolio rebalancing and asset allocation purposes and are included in the total return.
3Leverage, employed by IMCO's clients as part of their strategic asset allocation, is applied at the total portfolio level rather than within a specific asset class.

Annual Report Cover

Read IMCO's 2023 Annual Report


The Investment Management Corporation of Ontario (IMCO) manages $77.4 billion of assets on behalf of our clients. Designed exclusively to drive better investment outcomes for Ontario's broader public sector, IMCO operates under an independent, not-for-profit, cost recovery structure. We provide leading investment management services, including portfolio construction advice, better access to a diverse range of asset classes and sophisticated risk management capabilities. As one of Canada's largest institutional investors, we invest around the world and execute large transactions efficiently. Our scale gives clients access to a well-diversified global portfolio, including sought-after private and alternative asset classes. Follow us on LinkedIn and X @imcoinvest.


Neil Murphy
Vice President, Corporate Communications