Canadian pension funds took the top two spots on this year’s list of as largest North American public pension real estate investors ranked by real estate assets under management. Caisse de Depot et de Placement du Quebec, Quebec’s $169 billion fund, has the largest investment with $19.8 billion in real estate assets. Ontario Teachers’ Pension Plan came in at number two, with $16.1 billion in real estate holdings. The reigning giant of the U.S. public pension system, California Public Employees’ Retirement System ranked number three with $13.5 billion of real estate under management.

The top 50 collectively held $186 billion in real estate at the end of financial year 2009, down from roughly $297 billion just one year ago.

Declines in public pension sys