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Canadian pension funds have outperformed their counterparts elsewhere, and a recent study co-authored by Associate Professor of Finance Sebastien Betermier examines how they’ve accomplished this. The study analyzes four deals – in the agricultural, railway transportation, real estate development, and financial services– that diversified their holdings and enabled their success. These investments were all illiquid and required significant capital and patience, but served as a strategic hedge against broader market forces for the funds. He shares his thoughts with Benefits and Pensions Monitor and in their Annual Review & Forecast Issue 2023.