Blackstone and four Canadian pension funds invest US$3.1 billion under a signed deal for a non-controlling stake in the Mitsubishi Corp. subsidiary that holds an interest in LNG Canada, the country’s first liquefied natural gas export facility. U.S. asset manager Blackstone and four Canadian institutional investors signed the deal for a 49.9 per cent interest in the Mitsubishi unit.

The investor group includes the Canada Pension Plan Investment Board, the Ontario Municipal Employees Retirement System, the Investment Management Corp. of Ontario and the Public Sector Pension Investment Board.

Funds Invest US$3.1 Billion in LNG Canada Stake

Geoff Souter, managing director at CPP Investments, described LNG Canada as a “high-quality, globally strategic asset with strong long-term fundamentals and attractive return potential for the CPP fund.” Rick Campbell, senior managing director at Blackstone Credit & Insurance, called it “one of Canada’s most significant energy projects” and said it would “help meet rising energy demands across global markets.”

Blackstone manages US$140 billion through its infrastructure and asset-based credit platform, according to The Canadian Press report. LNG Canada is a joint venture among Shell, PetroChina, Malaysia’s Petronas, Japan’s Mitsubishi Corp. and South Korea’s KOGAS. Mitsubishi holds a 15 per cent interest through its subsidiary and will retain its full share of the plant’s liquefied natural gas supply.

Stake Deal Meets Expansion Plans and Criticism

In September, LNG Canada announced it would proceed with Phase 2 of its export terminal expansion in Kitimat, B.C. The expansion is planned to double LNG Canada’s capacity to 28 million tonnes a year. It has been referred to the federal major projects office, which aims to speed up infrastructure deemed to be in Canada’s national interest.

The transaction gives the pension investors exposure to an energy project while drawing criticism from climate advocates. Richard Brooks, climate finance director at Stand.earth, said Canadians should be “extremely alarmed” that pension funds are investing in LNG on behalf of millions of workers and retirees. He argued that members should have a say in where their retirement funds are invested and called the investment risky over the long term.

Brooks also said clean energy infrastructure is expanding as countries seek to reduce dependence on energy imports. He argued that pension capital put into LNG Canada could instead accelerate clean energy projects, which he said could offer better long-term returns. Adam Scott, director of Shift Action for Pension Wealth and Planet Health, said the funds had broken trust with members and described the investment as harmful to the climate.

The deal arrives as LNG Canada prepares for a planned capacity increase, while pension funds face public criticism over the investment. Readers considering how institutional allocations differ across assets can also explore long-term stock investing, real estate investment considerations and institutional capital in blockchain.

The Canadian Press report, first published Nov. 2, 2026, also notes that Blackstone provided $150-million in financial backing to Ksi Lisims LNG, a separate natural gas export project being developed near the Alaska border. That backing came through Blackstone Energy Transition Partners, an affiliate.