Prime Minister Mark Carney announced on Monday morning the creation of Canada’s first national sovereign wealth fund, starting with an initial endowment of $25 billion.

While Carney’s so-called Canada Strong Fund will be the first Canada-wide fund of its kind, he won’t be starting completely from scratch.

Five Canadian provinces and territories— Alberta, Ontario, Quebec, Newfoundland and Labrador and the Northwest Territories — already have subnational sovereign wealth funds. The largest of these by far is Alberta’s Heritage Savings Trust Fund, commonly known as the Heritage Fund.