Stephen Rupert has been appointed CIO of Canada Growth Fund Investment Management, a company spokesman told CIO. Rupert will be the first CIO of CGFIM, which began making its first investments late last year.
CGFIM is a subsidiary of Canadian pension fund PSP Investments and manages the Canada Growth Fund, a C$15 billion (US$10.94 billion) initiative to invest in Canadian businesses and technologies to accelerate the country’s path to net-zero.
The Canada Growth Fund was launched in December 2022 and made its first investment in October 2023, investing C$90 million in Calgary-based geothermal energy company Eabor Technologies Inc. In March, the fund invested C$50 million in energy transition investment manager Ideal Capital.
As CIO, Rupert will oversee the fund’s portfolio construction strategy and investment execution activities, he said in a LinkedIn post. CGFIM has committed C$1.34 billion to date, Rupert said.
CGFIM is focused on investing in three key areas: carbon capture and storage and biofuels, clean technology companies and low-carbon supply chains, among other projects that reduce emissions across the Canadian economy.
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Rupert has been with PSP Investments for 11 years, most recently serving as the fund’s managing director and head of infrastructure investments for the Americas. Previously, he served as vice president of corporate development for RailAmerica Inc. and manager of mergers and acquisitions for CN Rail.
Rupert holds a Bachelor of Civil Engineering and an MBA in Finance from McGill University and is a CFA charterholder.
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Tags: Canada Growth Fund , Canada Growth Fund Investment Management , CGFIM , PSP Investments , Stephen Rupert
