Canadian Pension Funds and Insurers' $360 Billion Private Credit Exposure Mostly Abroad

Canadian pension funds and insurers have amassed $360 billion in private credit exposure, mostly invested outside of Canada.

A recent study from the Bank of Canada found that large Canadian pension funds held around $155 billion in private credit at the end of 2025, equivalent to about 9% of their invested assets.

The country's three largest life insurers had more than $144 billion in private credit in the first quarter of 2026, accounting for approximately 22% of their invested assets.