SovereignWealthFunds.comNunavut Trust
Nunavut Trust: what it invests in
Geography Global
Nunavut Trust: how big it is, and on what basis
In US dollars: about USD 1.44B. At 1.4388 Canadian dollars per US dollar, ECB reference rate for 31 December 2024.
Nunavut Trust: what it publishes
Published 4 · Partly 3 · Not published 3
Our 10 item score. It measures what is public, not how well a fund is run.
At a glance. The Nunavut Trust invests the land claim capital paid to the Inuit of Nunavut and pays income to its beneficiaries. Net assets were C$2.07 billion (about USD 1.44 billion) at end 2024. About half of the portfolio sits in private assets: infrastructure, private debt, farmland and timberland, real estate and private equity, run by external managers. S1 S3
Key points
- Net assets of C$2,067.5 million at 31 December 2024, up from C$1,884.1 million. S1
- Investment income of C$282.1 million in 2024, or C$274.2 million after portfolio costs. S1
- Private assets held through limited partnerships reached C$1,030.9 million, about 49 percent of invested assets. S1
- Aims to pay out 4 percent of the five-year average market value each year. S1
- Net distributions of C$73.8 million in 2024, plus C$16.0 million of excess distribution payable. S1
- Diversified by asset class, sector, geography and currency across several external managers. S1
Interesting facts
Mandate and goals
Invest the land claim capital transfers so they keep pace with inflation and provide income to the beneficiaries. S1
How it invests
| Industries | Infrastructure and utilities, Real estate, Agriculture and food security, Financial services. Sector agnostic S1 |
|---|---|
| Asset classes | Public equities, Fixed income, Infrastructure, Private credit, Real estate, Private equity, Cash and money markets S1 |
| Stages | Public markets, Infrastructure, Credit, Real estate, Buyout S1 |
| Geography | Global. Diversified by geography and currency; split not published S1 |
| Direct / through funds / co-invest | No / Yes / No S1 |
| Managed in house | 0 percent S1 |
| Ticket size | No ticket size is published. S1 |
| External managers | Multi-manager structure of external discretionary managers; names not published in the statements S1 |
| Co-investment programme | None published S1 |
Asset mix: Listed stocks 38.6%, Infrastructure 17.4%, Private debt 12.4%, Fixed income 10.5%, Farmland and timberland 8.8%, Real estate 7.7%, Private equity 3.2%, Cash and accrued income 1.4% (as of 2024-12-31) S1
Published criteria
Past investments
| Investment | Type | Sector | Stage | Amount |
|---|---|---|---|---|
| Infrastructure limited partnerships. Largest private asset holding, up from C$326.1M. S1 | Fund commitment | Infrastructure and utilities | Infrastructure | C$362.5M at end 2024 |
| Private debt limited partnerships. Second largest private holding. S1 | Fund commitment | Multi-sector | Credit | C$257.3M at end 2024 |
| Farmland and timberland funds. Real assets held through limited partnerships. S1 | Fund commitment | Agriculture and food security | Not stated | C$184.2M at end 2024 |
| Real estate limited partnerships. Held at fair value from manager statements. S1 | Fund commitment | Real estate | Real estate | C$161.3M at end 2024 |
| Private equity limited partnerships. More than doubled from C$30.8M in 2023. S1 | Fund commitment | Multi-sector | Buyout | C$65.6M at end 2024 |
| Listed stocks, separately managed accounts. Plus C$144.2M in pooled equity funds. S1 | Direct investment | Multi-sector | Public markets | C$659.9M at end 2024 |
| Fixed income pooled funds. Plus C$50.2M in managed bond accounts. S1 | Fund commitment | Multi-sector | Public markets | C$168.0M at end 2024 |
The fund does not publish investment dates or amounts for these holdings.
Case studies
Building a private assets book S1
- What: Private holdings grew from C$912.2M to C$1,030.9M in 2024, about half the portfolio.
- When: 2024
- Size: C$1.03B
- Why: Real assets and private debt diversify returns and help protect against inflation.
- Outcome: Private asset distributions of C$60.7M in 2024.
From land claim to endowment S1
- What: The Trust received the Nunavut land claim capital transfers from 1993 to 2007 and invests them for beneficiaries.
- When: 1993 to 2007
- Size: Not published
- Why: To turn a one-time settlement into lasting income for Inuit.
- Outcome: Net assets reached C$2.07B by end 2024.
Investment process
Trustees approve the Statement of Investment Policies and Procedures each year and allocate capital to external managers. S1
| Committee | Role |
|---|---|
| Board of Trustees | Six trustees, two appointed by each Regional Inuit Association for three-year terms S4 |
- Trustees set policy and targets. S1
- Capital is allocated to external managers and private funds. S1
- Income is distributed yearly to beneficiaries. S1
- KPMG audits the annual statements. S1
How to approach: No public intake; contact through the Trust's website. S5
Size and returns
- Headline size: C$2.07B (Net assets or equity, as of 2024-12-31) S1 S3
- In US dollars: about USD 1.44B. At 1.4388 Canadian dollars per US dollar, ECB reference rate for 31 December 2024.
- Invested assets, December 2024: C$2.08B (Fair value of state company holdings, as of 2024-12-31) S1
- Returns: the fund does not publish a return figure.
- Size over time (CAD billion): 2023 1.88, 2024 2.07 S1
Leadership
Governance and transparency
- Legal basis: Deed of trust dated 23 April 1990, under the Nunavut land claims agreement S1
- Oversight: Board of Trustees appointed by the three Regional Inuit Associations S4
- Auditor: KPMG LLP (report dated 4 July 2025), IFRS S1
- Statements authorised by the trustees on 30 June 2025. S1
Transparency score: 5.5 of 10 (band 3 of 5). Our own 10-item rubric; see the methodology page.
History
For family offices
An Indigenous settlement trust that invests through external managers and private funds. Fund managers in real assets and private debt are its natural counterparties; there is no co-investment programme. S1
Reports
- Financial statements 2024: http://www.nunavuttrust.ca/wp-content/uploads/2025/09/2024-12-31-Nunavut-Trust-english-fs-signed.pdf S1
Common questions
C$2.07 billion of net assets at 31 December 2024, about USD 1.44 billion. S1 S3
Who benefits?
Nunavut Tunngavik Incorporated and the Nunavut Elders' Pension Trust. S1
Who chairs it?
Archie Angnakak. S4
How much does it pay out?
It aims for 4 percent of the five-year average market value a year. S1
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Sources
Disclaimer
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