Prime Minister Mark Carney speaks to media during the 28th Commonwealth Heads of Government Meeting, in St. John's, Antigua and Barbuda, on Nov. 3, 2026. The Canadian Press/Christopher Katsarov
Prime Minister Mark Carney has appointed a senior executive at U.S. investment firm Bridgewater Associates to head Canada’s first sovereign wealth fund.
Carney announced on Nov. 9 that Karen Karniol-Tambour, Bridgewater’s co-chief investment officer, will become the inaugural chief executive officer of the Canada Strong Fund.
“Ms. Karniol-Tambour brings the experience and ambition to lead this mission – making investments that strengthen our economy and build lasting wealth for Canadians,” Carney said in a Nov. 9 statement.
The fund will receive an initial $25 billion from the federal government over three years to invest in major Canadian projects and companies. It will make investments on commercial terms through two main streams: co-investments in projects receiving federal support and strategic investments in other Canadian businesses and projects.
The fund will generally take minority ownership stakes alongside private-sector investors, with the aim of generating long-term returns. The government says it will offer Canadians access to investment opportunities that have “traditionally been available mainly to institutional investors.”
The Prime Minister’s Office said Karniol-Tambour joined Bridgewater in 2006 after graduating from Princeton University. She became the firm’s co-chief investment officer for sustainability in 2021 and was appointed co-chief investment officer in 2023.
At Bridgewater, she helped expand the firm’s investment offerings, including portfolios that integrated environmental and sustainability considerations, according to the PMO.
The government says the Canada Strong Fund will operate at arm’s length from the government and have its own board of directors. Budget 2026 proposes legislation to establish it as a standalone Crown corporation. Until then, it will operate as a wholly owned subsidiary of the Canada Development Investment Corporation.
The fund has drawn criticism from the Conservative Party, which argues that the federal government should not commit billions of dollars to investments while running large deficits.
“Carney has no surplus, and therefore, no wealth to put in such a fund. He’s talking about a sovereign debt fund,” Conservative Leader Pierre Poilievre told reporters
on April 27.Budget 2026, tabled on Nov. 5, projects a deficit of $62.3 billion for the 2026-27 fiscal year.
Poilievre has also contrasted Canada’s plan with sovereign wealth funds in countries such as Norway and Saudi Arabia, which have accumulated substantial assets through different funding models. Norway’s Government Pension Fund Global, the world’s largest sovereign wealth fund, is largely funded by the country’s petroleum revenues. Saudi Arabia’s Public Investment Fund also receives significant government support and invests in domestic and international projects.
English (US) · 
Turkish (TR) · 