PSP Investments to buy 50% of Enercare for $1.6 billion in Canada infrastructure push
PSP Investments is expanding its exposure to Canadian infrastructure with a deal to acquire a 50% stake in home services provider Enercare for $1.6 billion. The transaction adds to the pension investor's domestic growth strategy as it targets more than $100 billion in Canadian assets over the next few years.
Highlights
- PSP Investments will acquire a 50% stake in Enercare from Brookfield for $1.6 billion, with deal closing expected in the first half of 2027.
- PSP Investments increased its Canadian gross assets under management to over $75 billion after investing more than $10 billion domestically in the fiscal year ended March 2026.
- PSP Investments targets surpassing $100 billion in Canadian investments as Enercare strengthens its High Inflation Correlated Infrastructure portfolio and partnership with Brookfield.
Deal terms and investment timeline
As reported by PSP Investments, citing Public Sector Pension Investment Board, PSP Investments has signed an agreement to acquire a 50% interest in Enercare from Brookfield and its institutional partners for $1.6 billion. The deal is expected to close in the first half of 2027, subject to customary regulatory approvals.Enercare provides water heaters, heating, ventilation and air conditioning equipment, water purification systems, protection plans and related services. The company serves more than 1.4 million homes and businesses across Canada, with a strong presence in Ontario and Quebec and a growing footprint in Western Canada.
PSP Investments says it has been an investor in Enercare since 2018, when it co-invested with Brookfield in the company's privatization. Enercare will continue to be led by its existing management team after the transaction closes.
Canadian asset growth and sector impact
For PSP Investments, the transaction supports a broader plan to deepen its domestic portfolio in sectors with recurring revenue and long-term demand. In the fiscal year ended March 2026, the investor put more than $10 billion into Canada, lifting its gross assets under management in the country to more than $75 billion.The pension investor expects its Canadian investments to surpass $100 billion over the next few years as new opportunities emerge. It says Enercare fits that strategy because of its essential household infrastructure services, established customer base and position within its High Inflation Correlated Infrastructure portfolio.
The deal also extends PSP Investments' long-running partnership with Brookfield across infrastructure assets and geographies. Both investors say they remain committed to Enercare's growth through customer expansion, new products and services, and other long-term initiatives.
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