DFX Intelligence
Allocator Intelligence
The capital-owner graph behind private markets. Who owns the capital, who decides, how much, under what policy, on whose advice, to which managers, and what changed, with a source and a date behind every row. A target is never an actual, a disclosed holding is never an approval, and an estimate says so.
Corporate pension
AIR Canada U.S. Pension Plan
Corporate pension
Assets
$147M
Total assets, Dec 31, 2025 reported
Funded
83.9%
Jan 1, 2025
Private markets target
n/a
policy Dec 31, 2025
Commitments
33
1 managers on Schedule C
Plan sponsor: AIR Canada
Allocation policy
Form 5500, as of Dec 31, 2025
Actual allocation lines without a target (as filed)
- Interest-bearing cash 1.7%
- Common/collective trusts 96.0%
Consultants and advisers
2 firms
- Mercer Actuarythrough Dec 31, 2025 Form 5500
- State Street Bank & Trust Company Custodianthrough Dec 31, 2025 Form 5500
People
No investment staff or executives have been read for this allocator yet.
Manager roster
1 managers on the commitment tape
From the plan’s own commitment disclosures
- Russell Trust Company3 rows, latest Dec 31, 2022
From Schedule C (investment management, code 28)
- Mercer Investments LLCplan years 2025
- Russell Trust Companyplan years 2022
Commitments
33 rows, 0 dated closings
Disclosed holdings (from the plan’s performance or holdings report, as of the report date)
| Date | Fund | Manager | Bucket | Amount | Vintage | Status | Source |
|---|---|---|---|---|---|---|---|
| as of Dec 31, 2025 | Mercer US Small/mid Cap Equity Portcollective trust | Mercer Trust Company LLC | Public equity | $2.2M held | Disclosed holding | askebsa.dol.gov | |
| as of Dec 31, 2025 | Mercer Non-Us Core Equity Portfoliocollective trust | Mercer Trust Company LLC | Public equity | $8.6M held | Disclosed holding | askebsa.dol.gov | |
| as of Dec 31, 2025 | Mercer US Large Cap Core Passive Eqcollective trust | Mercer Trust Company LLC | Public equity | $18.7M held | Disclosed holding | askebsa.dol.gov | |
| as of Dec 31, 2025 | Mercer Active Long Corporate Fixedcollective trust | Mercer Trust Company LLC | Fixed income | $48.9M held | Disclosed holding | askebsa.dol.gov | |
| as of Dec 31, 2025 | Mercer Emerging Markets Equity Portcollective trust | Mercer Trust Company LLC | Public equity | $3.8M held | Disclosed holding | askebsa.dol.gov | |
| as of Dec 31, 2025 | Mercer Pvt Inv Part Viii LPcollective trust | Mercer Trust Company LLC | Pooled vehicles | $3.1M held | Disclosed holding | askebsa.dol.gov | |
| as of Dec 31, 2025 | Mercer Erisa Hedge Fund Investorscollective trust | Mercer Trust Company LLC | Hedge / diversifiers | $12.7M held | Disclosed holding | askebsa.dol.gov | |
| as of Dec 31, 2025 | Mercer Opportunistic Fixed Incomecollective trust | Mercer Trust Company LLC | Hedge / diversifiers | $12.4M held | Disclosed holding | askebsa.dol.gov | |
| as of Dec 31, 2025 | Mercer US Core Real Estate Portfolicollective trust | Mercer Trust Company LLC | Real estate | $10.2M held | Disclosed holding | askebsa.dol.gov | |
| as of Dec 31, 2025 | Mercer Passive Long Government Fixecollective trust | Mercer Trust Company LLC | Pooled vehicles | $8.9M held | Disclosed holding | askebsa.dol.gov | |
| as of Dec 31, 2024 | Mercer US Small/mid Cap Equity Portcollective trust | Mercer Trust Company LLC | Public equity | $3.7M held | Disclosed holding | askebsa.dol.gov | |
| as of Dec 31, 2024 | Mercer Non-Us Core Equity Portfoliocollective trust | Mercer Trust Company LLC | Public equity | $9.7M held | Disclosed holding | askebsa.dol.gov | |
| as of Dec 31, 2024 | Mercer US Large Cap Core Passive Eqcollective trust | Mercer Trust Company LLC | Public equity | $22.2M held | Disclosed holding | askebsa.dol.gov | |
| as of Dec 31, 2024 | Mercer Active Long Corporate Fixedcollective trust | Mercer Trust Company LLC | Fixed income | $29.3M held | Disclosed holding | askebsa.dol.gov | |
| as of Dec 31, 2024 | Mercer Emerging Markets Equity Portcollective trust | Mercer Trust Company LLC | Public equity | $4.3M held | Disclosed holding | askebsa.dol.gov | |
| as of Dec 31, 2024 | Mercer Global Low Volatility Equitycollective trust | Mercer Trust Company LLC | Public equity | $1.7M held | Disclosed holding | askebsa.dol.gov | |
| as of Dec 31, 2024 | Mercer Erisa Hedge Fund Investorscollective trust | Mercer Trust Company LLC | Hedge / diversifiers | $11.6M held | Disclosed holding | askebsa.dol.gov | |
| as of Dec 31, 2024 | Mercer Opportunistic Fixed Incomecollective trust | Mercer Trust Company LLC | Hedge / diversifiers | $16.2M held | Disclosed holding | askebsa.dol.gov | |
| as of Dec 31, 2024 | Mercer US Core Real Estate Portfolicollective trust | Mercer Trust Company LLC | Real estate | $9.9M held | Disclosed holding | askebsa.dol.gov | |
| as of Dec 31, 2024 | Mercer Passive Long Government Fixecollective trust | Mercer Trust Company LLC | Pooled vehicles | $5.3M held | Disclosed holding | askebsa.dol.gov | |
| as of Dec 31, 2023 | Mercer Long Strips Fixed Incomecollective trust | Mercer Trust Company LLC | Fixed income | $24.9M held | Disclosed holding | askebsa.dol.gov | |
| as of Dec 31, 2023 | Mercer Opportunistic Fixed Incomecollective trust | Mercer Trust Company LLC | Hedge / diversifiers | $17.4M held | Disclosed holding | askebsa.dol.gov | |
| as of Dec 31, 2023 | Mercer US Core Real Estate Portfolicollective trust | Mercer Trust Company LLC | Real estate | $10.0M held | Disclosed holding | askebsa.dol.gov | |
| as of Dec 31, 2023 | Mercer US Small/mid Cap Equity Portcollective trust | Mercer Trust Company LLC | Public equity | $4.6M held | Disclosed holding | askebsa.dol.gov | |
| as of Dec 31, 2023 | Mercer Non-Us Core Equity Portfoliocollective trust | Mercer Trust Company LLC | Public equity | $12.7M held | Disclosed holding | askebsa.dol.gov | |
| as of Dec 31, 2023 | Mercer US Large Cap Core Passive Eqcollective trust | Mercer Trust Company LLC | Public equity | $15.9M held | Disclosed holding | askebsa.dol.gov | |
| as of Dec 31, 2023 | Mercer Active Long Corporate Fixedcollective trust | Mercer Trust Company LLC | Fixed income | $30.4M held | Disclosed holding | askebsa.dol.gov | |
| as of Dec 31, 2023 | Mercer Emerging Markets Equity Portcollective trust | Mercer Trust Company LLC | Public equity | $6.9M held | Disclosed holding | askebsa.dol.gov | |
| as of Dec 31, 2023 | Mercer Global Low Volatility Equitycollective trust | Mercer Trust Company LLC | Public equity | $5.7M held | Disclosed holding | askebsa.dol.gov | |
| as of Dec 31, 2022 | Long Duration Fixed Income Fundcollective trust | Russell Investment Trust Company | Fixed income | $52.4M held | Disclosed holding | askebsa.dol.gov | |
| as of Dec 31, 2022 | Russell All International Mkts Fundcollective trust | Russell Trust Company | Pooled vehicles | $40.9M held | Disclosed holding | askebsa.dol.gov | |
| as of Dec 31, 2022 | Russell Equity II Fundcollective trust | Russell Trust Company | Public equity | $6.5M held | Disclosed holding | askebsa.dol.gov | |
| as of Dec 31, 2022 | Russell 1000 Index Fund-Series Icollective trust | Russell Trust Company | Pooled vehicles | $34.7M held | Disclosed holding | askebsa.dol.gov |
Size and funding
44 readings
Total assets
$138M (2024-12) · $145M (2023-12) · $134M (2022-12)
Funded ratio
91.2% (2024-01) · 85.9% (2023-01) · 104.8% (2022-01)
Funding target
$167M (2024-01) · $170M (2023-01) · $168M (2022-01)
Discount rate
5.17% (2024-01) · 5.24% (2023-01) · 5.40% (2022-01)
Benefits paid
$12.1M (2024-12) · $12.3M (2023-12) · $12.4M (2022-12)
Net investment income
$-7.6M (2024-12) · $10.2M (2023-12) · $-53.6M (2022-12)
Investment management fees
$321,660 (2024-12) · $434,208 (2023-12) · $522,149 (2022-12)
Form 5500 filings
4 plan years
| Plan year | Participants | Assets (SB market) | Funding target | FTAP | Total assets (H) | Partnerships / JV | Master trust | Real estate |
|---|---|---|---|---|---|---|---|---|
| 2025 to Dec 31, 2025 | 1,240 | $136M | $163M | 83.9% | $147M | n/a | n/a | n/a |
| 2024 to Dec 31, 2024 | 1,257 | $143M | $167M | 91.2% | $138M | n/a | n/a | n/a |
| 2023 to Dec 31, 2023 | 1,277 | $133M | $170M | 85.9% | $145M | n/a | n/a | n/a |
| 2022 to Dec 31, 2022 | 1,305 | $187M | $168M | 104.8% | $134M | n/a | n/a | n/a |
Service providers and investment entities as filed (Schedule C and D, latest year first)
- Mercer Investments LLC codes 51 52 $268,219 PY2025
- Mercer codes 11 $100,194 PY2025
- Pricewaterhousecoopers LLP codes 10 $65,654 PY2025
- State Street Bank & Trust Company codes 19 25 28 56 62 99 $53,133 PY2025
- Trans-Canada Capital codes 10 12 50 $53,054 PY2025
- Alight Solutions codes 15 $50,296 PY2025
- Mercer Pvt Inv Part Viii LP Sched. D C $3.1M PY2025
- Mercer Erisa Hedge Fund Investors P Sched. D C $12.7M PY2025
- Mercer Opportunistic Fixed Income P Sched. D C $12.4M PY2025
- Mercer US Core Real Estate Portfoli Sched. D C $10.2M PY2025
- Mercer Passive Long Government Fixe Sched. D C $8.9M PY2025
- Mercer US Small/mid Cap Equity Port Sched. D C $2.2M PY2025
- Mercer Non US Core Equity Portfolio Sched. D C $8.6M PY2025
- Mercer US Large Cap Core Passive Eq Sched. D C $18.7M PY2025
- Mercer Active Long Corporate Fixed Sched. D C $48.9M PY2025
- Mercer Emerging Markets Equity Port Sched. D C $3.8M PY2025
- Mercer codes 11 PY2025
- Mercer Investments LLC codes 51 52 $281,497 PY2024
- Mercer codes 11 $223,002 PY2024
- Pricewaterhousecoopers LLP codes 10 $63,259 PY2024
- State Street Bank & Trust Company codes 19 25 28 56 62 99 $35,256 PY2024
- Trans-Canada Capital codes 10 12 50 $35,104 PY2024
- Alight Solutions codes 15 $28,544 PY2024
- Mercer US Small/mid Cap Equity Port Sched. D C $3.7M PY2024
- Mercer Non US Core Equity Portfolio Sched. D C $9.7M PY2024
- Mercer US Large Cap Core Passive Eq Sched. D C $22.2M PY2024
- Mercer Active Long Corporate Fixed Sched. D C $29.3M PY2024
- Mercer Emerging Markets Equity Port Sched. D C $4.3M PY2024
- Mercer Erisa Hedge Fund Investors P Sched. D C $11.6M PY2024
- Mercer Opportunistic Fixed Income P Sched. D C $16.2M PY2024
- Mercer US Core Real Estate Portfoli Sched. D C $9.9M PY2024
- Mercer Passive Long Government Fixe Sched. D C $5.3M PY2024
- Mercer Global Low Volatility Equity Sched. D C $1.7M PY2024
- Mercer codes 11 PY2024
- Mercer Investments LLC codes 51 52 $434,208 PY2023
- Mercer codes 11 $111,912 PY2023
- State Street Bank & Trust Company codes 19 25 28 56 62 99 $76,433 PY2023
- Pricewaterhousecoopers LLP codes 10 $58,850 PY2023
- Trans-Canada Capital codes 10 12 50 $43,478 PY2023
- Alight Solutions codes 15 $30,705 PY2023
- Air Canada codes 14 50 $19,211 PY2023
- Mercer Active Long Corporate Fixed Sched. D C $30.4M PY2023
- Mercer Global Low Volatility Equity Sched. D C $5.7M PY2023
- Mercer Emerging Markets Equity Port Sched. D C $6.9M PY2023
- Mercer Long Strips Fixed Income Por Sched. D C $24.9M PY2023
- Mercer Opportunistic Fixed Income P Sched. D C $17.4M PY2023
- Mercer US Core Real Estate Portfoli Sched. D C $10.0M PY2023
- Mercer US Small/mid Cap Equity Port Sched. D C $4.6M PY2023
- Mercer Non US Core Equity Portfolio Sched. D C $12.7M PY2023
- Mercer US Large Cap Core Passive Eq Sched. D C $15.9M PY2023
- Mercer codes 11 PY2023
- Russell Investments Trust Company codes 28 $522,149 PY2022
- Mercer codes 11 $132,670 PY2022
- Alight Solutions codes 15 $93,762 PY2022
- State Street Bank & Trust Company codes 19 25 28 56 62 99 $67,776 PY2022
- Pricewaterhousecoopers LLP codes 10 $63,030 PY2022
- Trans-Canada Capital codes 10 12 50 $52,542 PY2022
- Air Canada codes 14 50 $21,598 PY2022
- Long Duration Fixed Income Fund Sched. D C $52.4M PY2022
- ALL International Market Fund Sched. D C $40.9M PY2022
- Equity II Fund Sched. D C $6.5M PY2022
- Russell 1000 Index Fund Sched. D C $34.7M PY2022
- Mercer codes 11 PY2022
What changed
23 events
- Dec 31, 2025Holding startedAIR Canada U.S. Pension Plan first reports an interest in Mercer Pvt Inv Part Viii LP: $3M at 2025-12-31with Mercer Pvt Inv Part Viii LPaskebsa.dol.gov
- Dec 31, 2025Holding endedinferenceAIR Canada U.S. Pension Plan no longer reports Mercer Global Low Volatility Equity (last held $2M at 2024-12-31; absent from the 2025-12-31 filing)with Mercer Global Low Volatility Equityaskebsa.dol.gov
- Jan 1, 2025Funded status changedAIR Canada U.S. Pension Plan funded ratio 91.2% -> 83.9% (2024-01-01 to 2025-01-01)
- Dec 31, 2024Holding startedAIR Canada U.S. Pension Plan first reports an interest in Mercer Passive Long Government Fixe: $5M at 2024-12-31with Mercer Passive Long Government Fixeaskebsa.dol.gov
- Dec 31, 2024Holding startedAIR Canada U.S. Pension Plan first reports an interest in Mercer Erisa Hedge Fund Investors: $12M at 2024-12-31with Mercer Erisa Hedge Fund Investorsaskebsa.dol.gov
- Dec 31, 2024Holding endedinferenceAIR Canada U.S. Pension Plan no longer reports Mercer Long Strips Fixed Income (last held $25M at 2023-12-31; absent from the 2024-12-31 filing)with Mercer Long Strips Fixed Incomeaskebsa.dol.gov
- Jan 1, 2024Funded status changedAIR Canada U.S. Pension Plan funded ratio 85.9% -> 91.2% (2023-01-01 to 2024-01-01)
- Dec 31, 2023Holding endedinferenceAIR Canada U.S. Pension Plan no longer reports Russell All International Mkts Fund (Russell Trust Company) (last held $41M at 2022-12-31; absent from the 2023-12-31 filing)with Russell Trust Companyaskebsa.dol.gov
- Dec 31, 2023Holding endedinferenceAIR Canada U.S. Pension Plan no longer reports Long Duration Fixed Income Fund (last held $52M at 2022-12-31; absent from the 2023-12-31 filing)with Russell Long Duration Fixed Incomeaskebsa.dol.gov
- Dec 31, 2023Holding endedinferenceAIR Canada U.S. Pension Plan no longer reports Russell 1000 Index Fund-Series I (Russell Trust Company) (last held $35M at 2022-12-31; absent from the 2023-12-31 filing)with Russell Trust Companyaskebsa.dol.gov
- Dec 31, 2023Holding startedAIR Canada U.S. Pension Plan first reports an interest in Mercer US Small/mid Cap Equity Port: $5M at 2023-12-31with Mercer US Small/mid Cap Equity Portaskebsa.dol.gov
- Dec 31, 2023Holding startedAIR Canada U.S. Pension Plan first reports an interest in Mercer Global Low Volatility Equity: $6M at 2023-12-31with Mercer Global Low Volatility Equityaskebsa.dol.gov
- Dec 31, 2023Holding endedinferenceAIR Canada U.S. Pension Plan no longer reports Russell Equity II Fund (Russell Trust Company) (last held $7M at 2022-12-31; absent from the 2023-12-31 filing)with Russell Trust Companyaskebsa.dol.gov
- Dec 31, 2023Holding startedAIR Canada U.S. Pension Plan first reports an interest in Mercer Non-Us Core Equity Portfolio: $13M at 2023-12-31with Mercer Non-Us Core Equity Portfolioaskebsa.dol.gov
- Dec 31, 2023Holding startedAIR Canada U.S. Pension Plan first reports an interest in Mercer Emerging Markets Equity Port: $7M at 2023-12-31with Mercer Emerging Markets Equity Portaskebsa.dol.gov
- Dec 31, 2023Holding startedAIR Canada U.S. Pension Plan first reports an interest in Mercer US Core Real Estate Portfoli: $10M at 2023-12-31with Mercer US Core Real Estate Portfoliaskebsa.dol.gov
- Dec 31, 2023Holding startedAIR Canada U.S. Pension Plan first reports an interest in Mercer Long Strips Fixed Income: $25M at 2023-12-31with Mercer Long Strips Fixed Incomeaskebsa.dol.gov
- Dec 31, 2023Holding startedAIR Canada U.S. Pension Plan first reports an interest in Mercer US Large Cap Core Passive Eq: $16M at 2023-12-31with Mercer US Large Cap Core Passive Eqaskebsa.dol.gov
- Dec 31, 2023Holding startedAIR Canada U.S. Pension Plan first reports an interest in Mercer Active Long Corporate Fixed: $30M at 2023-12-31with Mercer Active Long Corporate Fixedaskebsa.dol.gov
- Dec 31, 2023Holding startedAIR Canada U.S. Pension Plan first reports an interest in Mercer Opportunistic Fixed Income: $17M at 2023-12-31with Mercer Opportunistic Fixed Incomeaskebsa.dol.gov
- Dec 31, 2023Manager relationship endedinferenceRussell Investments Trust Company no longer appears on AIR Canada U.S. Pension Plan's Schedule C as investment manager (plan year 2023 vs 2022)with Russell Trust Companyaskebsa.dol.gov
- Jan 1, 2023Funded status changedAIR Canada U.S. Pension Plan funded ratio 104.8% -> 85.9% (2022-01-01 to 2023-01-01)
- Jan 1, 2023Assets changedAIR Canada U.S. Pension Plan plan assets $187M -> $133M (-28.7%, 2022-01-01 to 2023-01-01)
Board record: approvals, recommendations, searches, terminations and re-up prospects for this system.
Provenance
Identifiers: EIN-PN 131394887-001
Cross-graph: no entry on another DFX graph
First observed Sep 15, 2026, last observed Sep 16, 2026. Classification confirmed. Every row above carries its source; a reported figure is the subject’s own, a derived one is arithmetic on reported figures, an estimated one is a model or a survey imputation and is never summed into a headline.