the rest of the institutional investors; as they cannot guess when they will have to repay their clients. Therefore, they need highly liquid assets which reduces their investment opportunities. Others like pension funds can predict long ahead when they will have to repay their investors allowing them to invest in less liquid assets such as private equities, hedge funds or commodities. Finally, other institutions have an extended investment horizon, allowing them to invest in illiquid assets as they are unlikely to be forced to sell them before term. Institutional-investor types Asset manager Bank Endowment fund Foundation Hedge fund Insurance company Investment company Investment trust Mutual fund Pension fund Sovereign wealth fund Unit trust and unit investment trust Family offices Regional In various countries different types of institutional investors may be more important. In oil-exporting countries sovereign wealth funds are very important, while in developed countries, pension funds may be more important. Canada Some examples of important Canadian institutional investors are: Canada Pension Plan Investment Board (C$420.4 billion [2019]) Caisse de dépôt et placement du Québec (C$340.1 billion [2019]) Ontario Teachers' Pension Plan (C$207.4 billion [2019]) British Columbia Investment Management Corporation (C$153.4 billion [2019]) OMERS Ontario Municipal Employees Retirement System((C$105 billion) Healthcare of Ontario Pension Plan ((C$100 billion) Alberta Investment Management (C$118.8 billion [2019]) Labourers Pension Fund of Central and Eastern Canada (C$8 billion) College of Applied Arts and Technology Pension Plan (C$13.5 billion) OPSEU Pension Trust (C$22 billion) Canadian Pacific Railway (C$14.3 billion) Canadian National Railway (C$19.4 billion) China China's program to allow institutional investors to invest in its capital market is called Qualified Foreign Institutional Investor (QWFII). India In India, the term Foreign Institutional Investor (FII) is used to refer to foreign companies investing in India's capital markets. Recently FIIs have invested a total of $23 billion in the Indian market under this. With this, Foreign-exchange reserves of India have reached a total of $584 billion and it has become a new record in the Indian market. Also called Foreign direct investment or FDI, statutory agencies in India like SEBI have prescribed norms to register FIIs and also to regulate such investments flowing in through FIIs. In 2008, FIIs represented the largest institution investment category, with an estimated US$ 751.14 billion. Japan Japan is home to the world's largest pension fund (GPI) and is home to 63 of the top 300 pension funds worldwide (by Assets Under Management). These