Macroeconomic context and financial assets
In 2025, the global economy stabilized, despite persistent inflationary pressures. The United States maintained robust growth, while Canada advanced more modestly and Europe remained in a gradual recovery phase.
The easing of short-term rates supported a marked rise in markets in both the United States and Canada. The year was thus characterized by monetary easing and a significant rise in stock markets, particularly advantageous for Canada.
Investment approach
We maintain a disciplined strategy based on a rigorous selection of alternative assets. Against a backdrop of strong demand, we focus on quality and thoroughly analyze each commitment—whether direct, co-investment or via funds.
We took advantage of a particularly favourable stock market environment to develop a measured exposure to private equities and infrastructure. Similarly, investment-grade private debt assets have been gradually increased in recentquarters.
We remain attentive to developments in the real estate market and will adjust our exposure as opportunities arise that offer value potential. Our proportion of illiquid assets, in line with our long-term strategy, contributed to a particularly solid performance.
This approach enabled us to increase the dividend scale rate from 5.75% to 6.35% between 2020 and 2026, positioning our offer among the most competitive in the industry. True to our mission, we remain resolutely committed to protecting the interests of our investors while pursuing the objective of offering attractive returns, consistent with a controlled level of risk.
Growth and performance of PAR fund
The PAR fund maintains steady growth and exceeded $200M in assets under management during the year, en route to our target of $1B by 2028. It is this growth that encourages us to maintain our long-term management approach. The portfolio generated a substantial annual performance of 8.54% in 2025, underpinned by a disciplined investment process and a value-oriented deployment. The strength of our results, combined with the rigour of our management approach, continues to reinforce the fund’s upward trajectory.
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