The Public Sector Pension Investment Board (PSP Investments) on Wednesday reported that it gained 18.4% in its most recent fiscal year ending in March, thanks to the recovery in the capital markets after the downturn last year.

The Canadian allocator, based in Ottawa, grew to C$204.5 billion (US$166.6 billion) in net assets under management, up 20.4% from C$169.8 billion from the prior fiscal year, the fund disclosed.

This past fiscal year wasn’t an easy one, the fund’s top official reflected. “Our fiscal year began and ended in the midst of an active global pandemic, with all PSP Investments employees working from home,” PSP Investments President and Chief Executive Officer Neil Cunningham said in a statement.

“I am exceptionally proud of our resilient and talented team that delivered PSP’s strongest absolute return in over 10 years through exceptionally turbulent times,” he continued.

Private equity, public equities, fixed income, and natural resources were among the pension fund’s best-performing asset classes. The asset manager’s private equity portfolio, which is about 15.5% of the portfolio, returned 28.4% for the fiscal year. Notable investments include a co-investment into SitusAMC, a tech platform for the real estate finance industry.

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