SovereignWealthFunds.comAlberta Heritage Savings Trust Fund
Alberta Heritage Savings Trust Fund: what it invests in
Geography Global
Alberta Heritage Savings Trust Fund: how big it is, and on what basis
In US dollars: about USD 23.3B. At 1.3692 Canadian dollars per US dollar, ECB reference rate for 31 December 2025.
10-year return 7.5% a year
Alberta Heritage Savings Trust Fund: what it publishes
Published 8 · Partly 1 · Not published 1
Our 10 item score. It measures what is public, not how well a fund is run.
- 2050 targetS4
- C$250B
At a glance. Alberta's resource savings fund, set up in 1976 with C$1.5 billion, held C$31.9 billion (about USD 23.3 billion) at 31 December 2025. Since 2022-23 it keeps all its income, and the province aims to grow it to C$250 billion by 2050. A new Crown corporation sets policy and AIMCo invests a global balanced portfolio: about half equities, a quarter bonds and a quarter real assets. S5 S6 S4
Key points
- Net financial assets of C$31.922 billion at 31 December 2025, including a C$2.8 billion contribution still due from the General Revenue Fund. S5
- Returns: 8.8 percent a year over five years and 7.5 percent over ten years to December 2025; 9.7 percent in fiscal 2024-25. S5 S3
- Target: C$250 billion by 2050, through retained income and surplus deposits. S4
- Since 2025 the Heritage Fund Opportunities Corporation, an arm's-length Crown corporation, approves policy and can manage part of the fund directly. S4
- About C$42 billion of income has gone to provincial budgets since 1982-83. S3
- Rated 8.5 of 10 on our transparency check, with quarterly reports issued within two months. S5
Interesting facts
- In its early years it lent about C$1.9 billion to other Canadian provinces and their utilities, starting with Newfoundland and Labrador in 1977. S1
- It once owned stakes in Syncrude and the Alberta Energy Company, which was later part of Ovintiv. S1
- Value per Albertan peaked above C$12,000 in 1983 and was nearly C$5,500 in 2025. S3
Mandate and goals
Prudent stewardship of Alberta's non-renewable resource savings, seeking the best financial return for current and future generations. The fund applies no non-financial mandates. S3 S2
- Real return of Canadian CPI plus 4.5 percent a year, net of costs, over rolling five years. S3
- Beat a passive policy benchmark by 1.0 percent a year over rolling five years. S3
- Grow to C$250 billion by 2050 and reduce reliance on resource revenue. S4 S1
- Spending rule: Income stays in the fund unless Treasury Board authorises a withdrawal (since 2022-23) S3
How it invests
| Industries | Real estate, Infrastructure and utilities, Financial services. Sector agnostic S5 |
|---|---|
| Asset classes | Public equities, Private equity, Fixed income, Private credit, Real estate, Infrastructure S5 |
| Stages | Public markets, Real estate, Infrastructure, Credit S5 |
| Geography | Global. No target for Alberta; country weights are not published. Foreign currency assets were about 46 percent of the invested portfolio in December 2025 S3 S5 |
| Direct / through funds / co-invest | No / Yes / No S5 S4 |
| Ticket size | No ticket size is published; deals are made inside AIMCo pools. S5 |
| External managers | AIMCo is the main manager; HFOC can direct transfers between managers S4 |
| Co-investment programme | Planned through global partnerships under the 2025 roadmap S8 |
Asset mix: Equities 48.8%, Interest-bearing securities 24.4%, Real estate 15.4%, Infrastructure 9.1%, Other inflation sensitive and alternatives 2.0%, Strategic, tactical and currency 0.3% (as of 2025-12-31) S5
Published criteria
- Policy mix from 1 December 2025: equities 48.5 percent (range 35 to 70), interest-bearing 24.5 percent (15 to 45), inflation sensitive and alternatives 27.0 percent (15 to 40). S5
- Up to 2 percent in strategic opportunities and up to 5 percent in currency overlays. S5
- No material leverage; derivatives only for risk management or efficient structuring. S5
- Global partnerships with like-minded institutional investors are a pillar of the new model. S8
Past investments
| Year | Investment | Type | Sector | Stage | Amount | Stake |
|---|---|---|---|---|---|---|
| 2025 | C$2.8B surplus contribution. Approved by Treasury Board on 7 July 2025 from 2024-25 surplus cash. S5 | State asset transfer | Financial services | Not stated | C$2.8B | |
| 2024 | C$2.0B new money, Budget 2024. Held in short-term instruments pending the new investment plan. S3 | State asset transfer | Financial services | Not stated | C$2.0B | |
| 2005 | Surplus deposits 2005-06 to 2007-08. First deposits in 19 years, made over three fiscal years. S1 | State asset transfer | Financial services | Not stated | C$3.9B | |
| 1993 | Alberta Energy Company stake sale. Province sold its 36 percent stake. S1 | Sale or exit | Energy: oil and gas | Not stated | C$476M (C$183M to the fund) | 36.0% |
| 1993 | Syncrude Canada, 5 percent stake sale. First step in selling the province's 15 percent Syncrude interest. S1 | Sale or exit | Energy: oil and gas | Not stated | C$150M | 5.0% |
| Not published | Kananaskis Country Golf Course. Built under Premier Lougheed to support tourism and diversify the economy. S1 | Direct investment | Tourism and hospitality | Real estate | C$25.5M | |
| 1977 | Canada Investment Division loans. Loans to provinces and utilities until May 1984. S1 | Direct investment | Financial services | Credit | C$1.9B in total | |
| 1977 | Province of Newfoundland and Labrador loan. Private placement for 21 years at a 10 percent coupon. S1 | Direct investment | Financial services | Credit | C$50M | |
| 1976 | Opening portfolio. Cash, provincial Crown debentures and shares in Alberta energy companies. S1 | State asset transfer | Energy: oil and gas | Not stated | C$1.5B |
Case studies
Lending to other provinces S1
- What: A Canada Investment Division made loans to provinces and their utilities, starting with C$50M to Newfoundland and Labrador.
- When: 1977 to 1984
- Size: C$1.9B in total
- Why: Alberta lent at the rate of the strongest provincial borrower, cutting costs for others.
- Outcome: The division was suspended in 1984 and money was redirected to Alberta investments.
From strategic stakes to a financial portfolio S1
- What: The province sold its Alberta Energy Company stake and began selling its Syncrude interest.
- When: 1993 to 1996
- Size: C$476M and C$150M sales
- Why: Policy shifted to treating the fund as a savings tool run for financial return.
- Outcome: A 1996 Act split it into transition and endowment portfolios, moving to long-term investing by 2005.
The 2025 renewal S4 S9 S5
- What: A new arm's-length Crown corporation took over policy and oversight, with a target of C$250B by 2050.
- When: 2025 to 2026
- Size: Not published
- Why: To grow the fund into a larger, independent investor less tied to resource revenue.
- Outcome: New policy mix from December 2025 and a CEO from July 2026; forecast C$34.4B by March 2027.
Investment process
The Finance Minister is responsible for the investments and delegates authority to the HFOC board, which approves the investment policy, monitors compliance and oversees portfolio construction and risk. AIMCo selects securities inside its pools. S4 S5
| Committee | Role |
|---|---|
| HFOC Board of Directors | Approves the investment policy and oversees portfolio construction and risk S4 |
| Standing Committee on the Alberta Heritage Savings Trust Fund | All-party committee that reviews quarterly reports, approves the annual report and holds a public meeting S10 |
- Treasury Board approves deposits from surplus cash. S5
- The HFOC board sets the policy mix and return goals. S4
- Money is allocated to AIMCo pools or managed directly by HFOC. S4
- Results are reported quarterly and audited each year. S5 S3
How to approach: Partnership enquiries go to the Heritage Fund Opportunities Corporation; no public intake form is listed. S9
Size and returns
- Headline size: C$31.9B (Net assets or equity, as of 2025-12-31) S5 S6
- In US dollars: about USD 23.3B. At 1.3692 Canadian dollars per US dollar, ECB reference rate for 31 December 2025.
- Net financial assets, audited, March 2025: C$27.2B (Net assets or equity, as of 2025-03-31) S3
- Government forecast, March 2027: C$34.4B (Published estimate, as of 2026-08-27) S7
- Growth target, 2050: C$250B (Announced target, not current assets) S4
- Return, Fiscal 2024-25: 9.7 percent (net income C$1.87 billion) S3
- Return, 5 years to December 2025: 8.8 percent a year S5
- Return, 10 years to December 2025: 7.5 percent a year S5
- Return, Fiscal year to date, 9 months to December 2025: 7.7 percent a year (not annualised) S5
- Size over time (CAD billion): 1993 15.3, 2014 17.3, March 2021 17.8, March 2025 27.16, December 2025 31.92 S1 S3 S5
Leadership
| Name | Title | Since |
|---|---|---|
| Aarnoud van Weelderen | Chief Executive Officer, HFOC S9 | 2026-07-01 |
| Joe Lougheed, KC | Board Chair, HFOC S9 | Not published |
| Jason Nixon | President of Treasury Board and Minister of Finance S9 | Not published |
| Ray Gilmour | Chief Executive Officer, AIMCo S4 | Not published |
| Jacqueline Curzon | Director, HFOC S4 | Not published |
| Chana Martineau | Director, HFOC S4 | Not published |
| David Potter | Director, HFOC S4 | Not published |
| Mary Ritchie | Director, HFOC S4 | Not published |
| Robert Savin | Director, HFOC S4 | Not published |
| Olaug Svarva | Director, HFOC S4 | Not published |
Governance and transparency
- Legal basis: Alberta Heritage Savings Trust Fund Act (RSA 2000, Chapter A-23, as amended) S3
- Oversight: HFOC board at arm's length from government; all-party Standing Committee of the Legislature S4 S10
- Auditor: Auditor General of Alberta, under Canadian public sector accounting standards S3
- Santiago Principles: IFSWF full member; Santiago Principles self-assessment completed; HFOC board oversees compliance S2 S4
- Board members are chosen through a skills-based process under the Alberta Public Agencies Governance Act. S4
- At least half of annual surplus cash must go to debt repayment or the fund. S3
Transparency score: 8.5 of 10 (band 5 of 5). Our own 10-item rubric; see the methodology page.
History
| Date | Event |
|---|---|
| 1976-05-19 | Act passed; C$1.5B opening transfer. S1 |
| 1977-03-08 | First loan to another province. S1 |
| 1983 | Resource share cut from 30 to 15 percent. S1 |
| 1987 | Resource deposits end. S1 |
| 1993 | Energy stakes sold. S1 |
| 1996-05-23 | New Act moves the fund toward long-term investing. S1 |
| 2005 | Surplus deposits resume. S1 |
| 2008-01-01 | AIMCo takes over management. S3 |
| 2022 | Fund starts keeping its income. S3 |
| 2025-07-07 | C$2.8B contribution approved. S5 |
| 2025-12-01 | New policy mix. S5 |
| 2026-07-01 | HFOC CEO takes office. S9 |
For family offices
The fund invests through AIMCo pools and its new Crown corporation. Its 2025 roadmap names global partnerships with like-minded institutions as a pillar, which may open co-investment routes over time. S8 S4
- Partnerships with like-minded institutional investors under the renewal plan. S8
Reports
- 2025-26 Third Quarter Report: https://open.alberta.ca/dataset/fa38b94f-e9f6-4b11-8b11-6260d68781f9/resource/d4754cb7-d4b8-4f63-b56e-96fbe7e42586/download/tbf-ahstf-quarterly-report-2025-2026-q3.pdf S5
- Annual Report 2024-25: https://open.alberta.ca/dataset/3675e470-646e-4f8a-86a7-c36c6f45471a/resource/09ab213a-a4ba-45dd-b130-e01816f96cc9/download/tbf-alberta-heritage-savings-trust-fund-annual-report-2024-2025.pdf S3
- Renewing the Alberta Heritage Savings Trust Fund: https://open.alberta.ca/dataset/4cf79867-156b-42ea-ab37-4f060bfe91dc/resource/d497a40b-9242-4b84-8815-75a18233e0b2/download/tbf-renewing-alberta-heritage-savings-trust-fund-2025.pdf S8
Common questions
How big is the Alberta Heritage Fund?
C$31.9 billion of net financial assets at 31 December 2025, about USD 23.3 billion. S5 S6
Who manages it?
AIMCo manages the pools; the Heritage Fund Opportunities Corporation sets policy and can manage part directly. S4
What returns has it made?
8.8 percent a year over five years and 7.5 percent over ten years to December 2025. S5
What is the growth target?
C$250 billion by 2050. S4
Does the fund spend its income?
Since 2022-23 income stays in the fund unless Treasury Board approves a withdrawal. S3
Related profiles
- Alaska Permanent Fund United States (Alaska) · USD 91.9B
- New Mexico State Investment Council (SIC) United States (New Mexico) · USD 74.63B
- Texas Permanent School Fund United States (Texas) · USD 60.6B
- Texas Permanent University Fund (PUF) United States (Texas) · USD 40.29B
- North Dakota Legacy Fund United States (North Dakota) · USD 15.10B
- Permanent Wyoming Mineral Trust Fund United States (Wyoming) · USD 13.02B
All sovereign wealth funds in North America · All sub-national permanent funds · All funds in Canada
Sources
- S1Wikipedia, Alberta Heritage Savings Trust Fund
- S2IFSWF, Alberta Heritage Savings Trust Fund member profile
- S3Alberta Heritage Savings Trust Fund, Annual Report 2024-25
- S4Government of Alberta, Heritage Savings Trust Fund
- S5Alberta Heritage Savings Trust Fund, 2025-26 third quarter report
- S6Frankfurter (ECB reference rates), USD/CAD 31 December 2025
- S7Government of Alberta, 2026-27 First Quarter Fiscal Update
- S8Government of Alberta, Renewing the Alberta Heritage Savings Trust Fund (2025)
- S9Heritage Fund Opportunities Corporation, CEO appointed to lead Alberta Heritage Funds growth, 9 July 2026
- S10Legislative Assembly of Alberta, Standing Committee on the Alberta Heritage Savings Trust Fund
Disclaimer
Informational only. SovereignWealthFunds.com is an independent public-source reference. It is not affiliated with or endorsed by any fund named on it, and it is not investment, legal or tax advice. Figures are as of the dates shown next to them and may have changed; please read each fund's official pages, linked on its profile. To report an error, use the contact page. Copyright SovereignWealthFunds.com. All rights reserved.
