Alberta Premier Danielle Smith announced a new Crown corporation, the Heritage Fund Opportunities Corp., to manage the province's Heritage Fund. The fund, currently valued at $23.4 billion, aims to grow to at least $250 billion by 2050. The new corporation will operate independently and focus on global investment opportunities, diversifying Alberta's economy beyond resource revenue.
Alberta Premier Danielle Smith and Finance Minister Nate Horner speak before delivering the 2024 budget in Edmonton, on Feb. 29, 2024.The Heritage Fund Opportunities Corp. is to direct policy for the Heritage Fund, which will mostly still be managed by the Alberta Investment Management Corp., or AIMCo.Smith said she aims to grow the fund to at least $250 billion by 2050 in order to wean the province off the resource revenue roller coaster.
The fund’s assets were valued at $23.4 billion as of September, and the government pledged another $2 billion that is now earmarked for Crown investments. Horner told The Canadian Press in an earlier interview the goal is not to “de-risk” pet projects that have difficulty getting financing, as Smith has previously mused.The finance minister said the new corporation will create global investment opportunities that wouldn’t have been offered to a manager like AIMCo.
“It’s about leveraging opportunities where those partnerships could provide great opportunity for the province down the road, but that isn’t necessarily the goal. It’s an ancillary benefit,” he said, pointing to the province’s knowledge base in artificial intelligence and water infrastructure.
HERITAGE FUND INVESTMENT ALBERTA ECONOMY CROWN CORPORATION GLOBAL OPPORTUNITIES
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