Investing with strong secular tailwinds
We focus on partnering with best-in-class, local operators to invest in agriculture and timber assets in investment-friendly jurisdictions around the world. A high component of land, water or biological assets typically underpin our investments and add to downside protection. We also seek to invest in opportunities well poised to benefit from secular trends driving continued demand growth and increasingly constrained supply.

Fast facts
- We invest in timber and agriculture as well as related opportunities
- We focus on direct, long-term investments with a heavy land, water or biological asset component
- We invest alongside like-minded partners and best-in-class operators
What sets us apart?
- Long-term investment horizon
- Sector expertise across the timber and agriculture spectrum
- Availability of capital (target 5% of total PSP portfolio versus 3.2% currently)
- Responsible investing and high ESG standards
Natural Resources at a glance
[In C$ as of March 31, 2018]
Net assets under management (AUM)
Investment income
1-year rate of return
5-year annualized return
Discover where we invest
Geographic diversification
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60.7%Australasia
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34.8%North America
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4.5%Other
Sector diversification
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52.3%Timber
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36.1%Agriculture
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9.6%Oil & Gas
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2%Other
A sample of our investments (non-core Oil & Gas assets are not represented on this map)
Natural Resources in action

Putting down roots in local forests
Company: TimberWest
Headquarters: Canada
Sector: Timber
Date: 2011
We established our Natural Resources portfolio with a solid investment in one of Canada’s largest private contiguous forests. TimberWest owns 805,961 acres of private timberlands and has Crown rights to harvest 600,000 cubic meters a year on government owned timberlands.

Beefing up our stock in Australia
Company: Hewitt Cattle Australia
Headquarters: Australia
Sector: Agriculture
Date: 2014
Hewitt Cattle Australia is a joint venture with the Hewitt family to acquire and manage beef cattle properties in Australia, one of the world’s lowest cash-cost regions for pasture-based, quality beef production. The current carrying capacity is about 95,000 heads of cattle, with just over 870,000 hectares operated.
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