Rio’s Barton joins Carney’s $1T investment drive

Prime Minister Mark Carney has named Rio Tinto (LSE, ASX, NYSE: RIO) chair Dominic Barton to lead Invest in Canada’s board as Ottawa expands the federal agency’s role in attracting global capital to critical minerals, energy and major infrastructure projects.

Gurinder Grewal, founder and managing partner of Los Angeles-based private equity firm MEM Growth Partners, was appointed CEO, the prime minister’s office said Monday. The pair will be charged with helping attract investment as the government aims to catalyse $1 trillion (US$720 billion) in public, private and institutional investment over the next five years.

“We’re an energy superpower, with the most educated workforce in the world and rock-solid fiscal strength,” Carney said in a release. “Under their leadership, Invest in Canada will catalyse billions in new investments into Canada to build a stronger, more independent, more resilient Canadian economy for all.”

The appointments put two executives with extensive mining, energy and investment experience at the head of an agency that Ottawa wants to play a larger role in moving foreign investors from initial interest towards construction. Invest in Canada is expected to work closely with the federal Major Projects Office and focus on energy, critical minerals, artificial intelligence and infrastructure.

Barton

Barton has chaired Rio Tinto since 2022 and previously chaired Teck Resources (TSX: TECK.A, TECK.B; NYSE: TECK) before stepping down to become Canada’s ambassador to China, a position he held from 2019 to 2021. He also chairs emerging-markets investor LeapFrog Investments, which operates primarily in London.

Before entering public service and corporate boardrooms, Barton spent more than 30 years at consulting firm McKinsey & Co., including nine years as global managing partner and six years as Asia chairman. He also chaired Canada’s Advisory Council on Economic Growth and has served as a director of Singapore telecommunications company Singtel and Swedish investment company Investor AB.

Barton studied economics at the University of British Columbia before attending Oxford University as a Rhodes Scholar, earning a master’s degree in economics.

Grewal

Grewal has more than 25 years of investment experience in energy, industrials, infrastructure and technology. Before founding MEM Growth Partners in 2025, he spent more than a decade at Boston private equity firm Advent International, eventually becoming a partner and co-head of industrials, infrastructure and energy.

He previously worked at U.S. investment houses Bain Capital, and Donaldson, Lufkin & Jenrette. His experience includes raising debt, equity and structured capital and serving on portfolio company boards in North America, South America and Europe. He also held an operating role at an advanced-manufacturing company that later listed on Nasdaq.

Grewal holds an MBA from Harvard Business School and an honours business administration degree from Western University’s Ivey Business School.

Investment

Invest in Canada was established in 2018 as the federal government’s foreign direct investment attraction agency. It was recently moved under the responsibility of Dominic LeBlanc, the minister responsible for Canada-U.S. trade and intergovernmental affairs to align it more closely with Ottawa’s major-projects push.

Barton will serve as chair part-time for three years while Grewal’s CEO appointment is full-time for five years. Outgoing chair Karl Tabbakh will remain on the board during the transition.

Foreign direct investment in Canada totalled $96.8 billion last year, its highest annual level since 2007, while the stock of foreign investment reached $1.6 trillion at year-end, up 6.9% from 2024, according to the government.

Ottawa says about $280 billion in government capital investments and incentives over five years are expected to help generate more than $1 trillion in total investment from public, private and institutional sources.