AIMCo’s Infra Portfolio Posts 3.3% Gain, Real Estate Down 2.2%

AIMCo’s Infra Portfolio Posts 3.3% Gain, Real Estate Down 2.2%
News| April 1, 2026| Monte Stewart
Canada + Apartment Buildings

AIMCo’s infrastructure portfolio posted a 3.3% return in 2025, reflecting a modest gain in a year marked by volatility across private markets.

The result comes as AIMCo, the Alberta Investment Management Corporation, reported a 7.6% net return, or $13.1 billion, for its Balanced Fund for the year ended Dec. 31, 2025.

“AIMCo has remained focused on our clients’ long-term objectives and delivered a solid result despite a year marked by geopolitical tension and market volatility,” said Ray Gilmour, CEO of AIMCo. “The $13.1-billion net investment return over the past year is a testament to the team’s discipline and execution during an unprecedented period.

”Over the longer term, the fund posted annualized returns of 5.7% over four years and 7.2% over 10 years, underscoring its focus on multi-year performance.

While posting the 3.3% one-year return, infrastructure investments recorded 8.8% and 8.9% four-year and 10-year returns, respectively, displaying consistency.

Real estate was a laggard in 2025, posting a loss of 2.2%, a 2.1% decline over the four-year period and a modest 1.9% return over the past decade, in contrast to the positive overall fund performance and other long-term returns.

Among other asset classes, public equities led performance with a 19.4% return for the year, significantly outpacing the fund’s long-term averages, with annualized returns of 11.9% over four years and 11.1% over 10 years. Private debt and loans followed with a 7.9% yearly return and 8.1% four-year and 6.2% decade-long returns, respectively. Meanwhile, mortgages delivered a 5.8% one-year return, a 2.8% four-year gain and a 3.7% increase over 10 years.

Infrastructure’s 3.3% one-year gain placed it ahead of private equity, which saw a 3% annual increase.

Fixed-income investments produced a more modest 1% return, reflecting a relatively stable but lower-yield environment compared with other asset classes.

All reported performance figures are preliminary, net of fees and costs, and have not yet been audited, said AIMCo. More detailed results will be published in the company’s 2025 annual report expected in June 2026.

AIMCo manages investments on behalf of pension, endowment, insurance and government clients in Alberta. It is one of Canada’s largest institutional investment managers, with $194.7 billion in assets under management as of Dec. 31, 2025, and invests globally across a wide range of asset classes.

Pictured: AIMCo’s majority-owned Sloan apartment project in Toronto.

Photo: Fitzrovai

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