Ontario to Seed C$4 Billion Fund, Search for External Manager to Run It

The province of Ontario is seeding a new fund with as much as C$4 billion ($2.9 billion), aimed at encouraging pension funds and other investors to plow money into areas like artificial intelligence, defense and manufacturing.

The fund’s goal is to attract capital and share risk with the provincial government acting as a limited partner, according to budget documents released by Finance Minister Peter Bethlenfalvy on Thursday. The government will select a private-sector asset manager to run it.