Sun Life Financial Inc. is one of the largest international financial services companies, headquartered in Toronto, Ontario. Founded in 1865, Sun Life provides insurance, wealth management, and asset management solutions to individuals and corporate clients across Canada, the United States, Asia, and other markets. The company manages a general account investment portfolio of approximately $150 billion, with investment operations led by SLC Management.
Investment Strategy
Sun Life’s general account portfolio is managed by SLC Management, the company’s institutional asset management arm that also manages assets for third-party institutional clients. The portfolio is constructed to match Sun Life’s long-duration insurance and pension liabilities, with a strong emphasis on fixed income securities including corporate bonds, government securities, and structured products. The investment team employs rigorous asset-liability management practices, with duration, currency, and credit risk carefully aligned to liability characteristics across Sun Life’s global operations.
Sun Life has been one of the most active Canadian insurers in building out its private markets capabilities. SLC Management’s affiliate manager structure provides direct access to specialized investment teams across real estate, infrastructure, credit, and other alternative asset classes. This integrated approach gives Sun Life both the general account portfolio management and the ability to offer these strategies to external institutional investors.
Private Markets Approach
Sun Life allocates approximately 15% of its general account to alternative investments, one of the higher allocations among major insurers globally. The alternatives platform is anchored by SLC Management’s affiliate managers, each of which brings specialized expertise in their respective asset classes.
BentallGreenOak (BGO) manages Sun Life’s real estate investments and is one of the largest real estate investment managers globally. BGO’s platform spans direct property ownership, real estate lending, and fund management across North America, Europe, and Asia-Pacific. Sun Life’s real estate exposure includes office, industrial, multifamily, and logistics properties, as well as an extensive commercial mortgage loan portfolio.
InfraRed Capital Partners manages infrastructure investments for Sun Life, focusing on mid-market infrastructure opportunities across renewable energy, social infrastructure, and transportation. Crescent Capital Group handles the private credit allocation, providing exposure to directly originated senior and unitranche loans, mezzanine debt, and specialty lending. Private equity investments are managed through fund commitments to established managers, complementing the direct capabilities of Sun Life’s affiliate platforms.
This multi-affiliate structure gives Sun Life significant scale and expertise across private markets, positioning the company as both a major allocator and a third-party asset manager in alternative investments.
Frequently Asked Questions
What role does SLC Management play in Sun Life's investment strategy?
SLC Management is Sun Life's institutional asset management arm, overseeing both the general account portfolio and third-party mandates. SLC Management's affiliate managers include BentallGreenOak (real estate), BGO Diversified (infrastructure), Crescent Capital Group (credit), and InfraRed Capital Partners (infrastructure).
What alternative asset classes does Sun Life invest in?
Sun Life invests heavily in real estate, infrastructure, private credit, and private equity through its SLC Management platform. The company's alternatives allocation of approximately 15% is among the highest in the Canadian insurance industry, reflecting Sun Life's strategic commitment to private markets.
How large is Sun Life's real estate investment program?
Through BentallGreenOak, Sun Life manages one of the largest real estate investment platforms globally, with assets spanning North America, Europe, and Asia-Pacific. The platform provides direct investing, fund management, and advisory services across all major property types.
