Canada Pension Plan Investment Board

Office d'investissement du régime de pensions du Canada (Investissements RPC) · Canada · North America · Founded 1997 · Pension reserve fund · Not an IFSWF member

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Focus

Canada Pension Plan Investment Board: what it invests in

TechnologyInfrastructure and utilitiesRenewables and climateFinancial servicesReal estateEnergy: oil and gas

Public equitiesPrivate equityReal estateInfrastructureFixed incomePrivate credit

Geography Global

Scale

Canada Pension Plan Investment Board: how big it is, and on what basis

C$863.6B

Net assets or equityAs of 2026-08-14

In US dollars: about USD 606.6B. Converted at the ECB reference rate of CAD 1.4236 per US dollar on 30 June 2026.

Return fiscal 2026 7.8%

Transparency

Canada Pension Plan Investment Board: what it publishes

10.0 of 10 Band 5 of 5

Published 10 · Partly 0 · Not published 0

Our 10 item score. It measures what is public, not how well a fund is run.

Net assetsS4 S5: C$863.6B (about USD 606.6B, 30 June 2026); As of 2026-08-14
Return fiscal 2026S3: 7.8%; As of 2026-05-20
10-year net returnS4: 9.4% a year; As of 2026-08-14
Net income since 1999S4: C$609.3B; As of 2026-08-14
United States shareS6: 48%; As of 2026-05-20
Invested in CanadaS3: C$119.2B (about 12% of the fund); As of 2026-05-20
EmployeesS7: 2,125 (fiscal 2024); As of 2024-03-31
Transparency scoreS4: 10 of 10; As of 2026-08-14

At a glance. CPP Investments manages the Canada Pension Plan Fund, a national pension reserve run at arm's length from government. Net assets reached C$863.6 billion (about USD 607 billion) at 30 June 2026. It invests globally across public and private equity, real assets, credit and bonds, with about half in the United States, and announces every deal of C$250 million or more. S4 S5 S3 S6

Key points

Net return of 7.8 percent in fiscal 2026 (to 31 March) and 7.5 percent in the June 2026 quarter; ten-year net return of 9.4 percent a year. S3 S4
Cumulative net income since investing began reached C$609.3 billion by June 2026. S4
Asset mix at March 2026: public equities 36 percent, private equities 22 percent, real assets 20 percent, government bonds 13 percent, credit 9 percent. S6
Geography at March 2026: United States 48 percent, Asia-Pacific 18 percent, Europe 17 percent, Canada 12 percent (C$119.2 billion), Latin America 5 percent. S6 S3
Two accounts: base CPP (C$773.4 billion) and additional CPP (C$90.2 billion), which started in 2019 and holds more bonds. S4 S7
In September 2026 it launched the Maple Fund with Brookfield: up to C$50 billion of equity for large Canadian infrastructure and strategic projects. S8
2,125 employees at fiscal 2024 and offices in seven cities on four continents. S7 S3

Interesting facts

A 1996 review found the CPP unsustainable; the reforms that followed raised contributions to 9.9 percent and created the investment board. S1
It put USD 300 million into Skype in 2009 and sold when Microsoft bought the company in 2011, for about USD 1.1 billion. S1
The base CPP is about 40 percent funded by invested assets, up from about 15 percent at the start, while the additional CPP is 103 percent funded, according to the CEO. S9

Mandate and goals

By law the fund seeks the highest return without undue risk of loss, taking account of what could affect the funding of the CPP and its ability to pay benefits on any day. It plans on a 75-year sustainability horizon. S3

Maximise long-term returns without undue risk of loss. S3
Help keep the CPP sustainable over 75 years for current and future beneficiaries. S3
Operate independently of the CPP and at arm's length from federal and provincial governments. S3
Return target: The Chief Actuary assumes long-run real returns of 4.05 percent for base CPP and 3.53 percent for additional CPP. S4

How it invests

Industries	Technology, Infrastructure and utilities, Renewables and climate, Financial services, Real estate, Energy: oil and gas, Healthcare and life sciences, Tourism and hospitality. Sector agnostic S3 S4
Asset classes	Public equities, Private equity, Real estate, Infrastructure, Fixed income, Private credit, Venture capital S6
Stages	Buyout, Growth, Venture, Infrastructure, Real estate, Credit, Public markets S3
Geography	Global. Asia-Pacific 18 percent, Europe 17 percent and Latin America 5 percent at March 2026 S6
Direct / through funds / co-invest	Yes / Yes / Yes S3
Ticket size	No minimum is published; the fund announces deals of C$250 million and above. S3
Deal sizes seen	About USD 18M (OpenAI, 2026) to USD 5.2B (LXP Industrial with Brookfield, 2026); most announced deals USD 500M to 3B
External managers	Commits to third-party funds and separately managed accounts, for example a USD 1.5B Blackstone account and NIIF Fund II in India S3 S9
Co-investment programme	Most private deals are struck with named partners and co-investors S4

Asset mix: Public equities 36%, Private equities 22%, Real assets 20%, Government bonds 13%, Credit 9% (as of 2026-05-20) S6

Largest country weights: United States 48%, Canada 12% S6

Largest holdings: Ares Management (2.0%), DSV (1.9%), Informa (1.5%) (as of 2026-05-20) S3

Published criteria

Uses reference portfolios as the risk anchor: 85 percent equities and 15 percent bonds for base CPP, 55 and 45 for additional CPP. S7
Maple Fund deals target Canadian projects needing more than C$5 billion of total equity. S8

Fund commitments

Manager	Fund	Amount	Year
National Investment and Infrastructure Fund (India)	NIIF Fund II	INR 20.7B	2026 S13
Blackstone	Separately managed credit account	USD 1.5B	2025 S3
Ares	Japan DC Partners I	JPY 192.5B (C$1.8B)	2025 S3

Past investments

Year	Investment	Type	Sector	Stage	Amount	Stake
2026	Prestige Hospitality Ventures. About 27 percent; its first direct hospitality deal in India. S14	Direct investment	Tourism and hospitality	Growth	INR 30B (C$441M)	27%
2026	Maple Fund. Framework with Brookfield for up to C$50B of equity over five years. S8	Joint venture or partnership	Infrastructure and utilities	Infrastructure	Up to C$25B each
2026	NIIF Fund II. Further commitment to India's national infrastructure fund. S13	Fund commitment	Infrastructure and utilities	Infrastructure	INR 20.7B
2026	Korean hotel venture with BlueCove. About 95 percent; first asset is LC Tower in Hongdae, Seoul. S15	Joint venture or partnership	Tourism and hospitality	Real estate	C$112M of C$474M	95%
2026	LXP Industrial. US industrial property company. S4	Co-investment	Real estate	Real estate	USD 5.2B (with Brookfield)
2026	EdgeConneX. Data centre platform, through EQT. S4	Co-investment	Technology	Infrastructure	USD 1.75B
2026	Caturus. Stake of 31 percent. S4	Direct investment	Energy: oil and gas	Infrastructure	USD 1.2B	31%
2026	CtrlS. Stake of 8.2 percent in the data centre operator. S4	Direct investment	Technology	Growth	INR 40B	8.2%
2025	atNorth. Stake of 60 percent in Nordic data centres, with Equinix holding 40 percent. S3	Joint venture or partnership	Technology	Infrastructure	USD 1.6B	60%
2025	Sempra Infrastructure Partners. Indirect 13 percent interest, with KKR. S3	Co-investment	Energy: oil and gas	Infrastructure	About USD 3.0B	13%
2025	Inkia Energy. Stake of 50 percent, with I Squared. S3	Co-investment	Infrastructure and utilities	Infrastructure	USD 3.4B enterprise value	50%
2025	Castrol. Indirect stake alongside Stonepeak in the lubricants business. S1	Co-investment	Energy: oil and gas	Buyout	Up to USD 1.05B
2025	Informatica. Sold its remaining 36 percent, held since 2015. S3	Sale or exit	Technology	Buyout	USD 2.7B net
2025	OneDigital. Benefits and advisory firm, with Stone Point. S3	Co-investment	Financial services	Buyout	About C$1B
2009	IMS Health. Part of the consortium buyout of the health data company. S1	Co-investment	Healthcare and life sciences	Buyout	USD 5.2B (buyout)

Case studies

Maple Fund: a Canadian mega-project vehicle S8

What: A 50/50 framework with Brookfield to invest in critical infrastructure and strategic industries in Canada.
When: September 2026
Size: Up to C$50B of equity, C$25B each over five years
Why: To back projects too large for most investors, each with more than C$5B of total equity.

Skype: in and out in two years S1

What: Joined the investor group that bought Skype from eBay.
When: 2009 to 2011
Size: USD 300M
Why: An early large private technology deal for the fund.
Outcome: Sold when Microsoft acquired Skype in 2011, for about USD 1.1B.

Data centres and power S3

What: Built a cluster of data centre and power deals across the Nordics, Japan, India and the US.
When: 2025 to 2026
Size: atNorth USD 1.6B; EdgeConneX USD 1.75B; Japan DC Partners JPY 192.5B
Why: Rising demand for digital infrastructure and energy.

Investment process

An independent board sets strategy and approves policies and risk limits; management makes investment decisions within them. Directors are appointed by the Governor in Council on the Finance Minister's advice after consulting the provinces. S7

Committee	Role
Investment Strategy Committee (board)	Oversees investment strategy and risk appetite S7
Audit, Risk, Governance, and Human Resources and Compensation committees	Board oversight of reporting, risk, governance and pay S7

Reference portfolios set the overall risk level for each account. S7
The Total Portfolio Approach sets strategic weights across departments. S7
Departments (Active Equities, Capital Markets and Factor Investing, Credit, Private Equity, Real Assets) source and approve deals within limits. S3
Deals of C$250 million or more are announced publicly. S3

How to approach: No open application process. Managers and companies approach the relevant investment department through the contact channels on the website. S16 S3

Size and returns

Headline size: C$863.6B (Net assets or equity, as of 2026-08-14) S4 S5
In US dollars: about USD 606.6B. Converted at the ECB reference rate of CAD 1.4236 per US dollar on 30 June 2026.
Net assets at fiscal year end (31 March 2026): C$793.3B (about USD 569.3B) (Net assets or equity, as of 2026-05-20) S3 S10
Base CPP account: C$773.4B (Net assets or equity, as of 2026-08-14) S4
Additional CPP account: C$90.2B (Net assets or equity, as of 2026-08-14) S4
Return, fiscal 2026 (to 31 March): 7.8 percent (net of costs) S3
Return, 10 years to June 2026: 9.4 percent a year S4
Return, 10 years to March 2026, base CPP: 8.8 percent a year S3
Return, 5 years to March 2026: 6.6 percent a year S11
Return, quarter to June 2026: 7.5 percent a year (not annualised) S4
Staff: 2,125 employees at fiscal 2024 S7
Size over time (CAD billion): 2010 129, 2011 153, 2025 714.4, 2026 793.3, 2026-06 863.6 S1 S3 S4

Leadership

Name	Title	Since
John Graham	President and Chief Executive Officer S12	2021-02-26
Dean Connor	Chair of the Board S1	2024
Ed Cass	Senior Managing Director and Chief Investment Officer S12	Not published
Kristina Fanjoy	Chief Financial Officer S12	Not published
Priti Singh	Chief Risk Officer S12	Not published
Jon Webster	Chief Operating Officer S12	Not published
Manroop Jhooty	Head of Total Fund Management S12	Not published
Caitlin Gubbels	Global Head of Private Equity S12	Not published
Max Biagosch	Global Head of Real Assets and Head of Europe S12	Not published
David Colla	Global Head of Credit Investments S4	2026-04-01
Geoffrey Rubin	Head of Asia Pacific (from end 2026) S4	Not published

Governance and transparency

Legal basis: Canada Pension Plan Investment Board Act, S.C. 1997, c. 40 S1
Oversight: Independent board; accountable to Parliament and to the federal and provincial finance ministers who steward the CPP S7
Auditor: Deloitte, per the fiscal 2024 annual report S7
Special examination every six years; the last, in February 2022, gave a clean opinion and the next is due in fiscal 2028. S7
Holds public meetings across Canada on the fund's results. S7

Transparency score: 10.0 of 10 (band 5 of 5). Our own 10-item rubric; see the methodology page.

Published: total assets, annual return, long-term returns, asset allocation, geographic or sector split, holdings or deal list, audited financial statements, governance and mandate documents, named leadership, regular reporting schedule. S3 S4 S7 S12

History

Date	Event
1966	Canada Pension Plan created. S1
1997	Act creates the CPP Investment Board. S1
1999	Investing begins. S1
2006	Shift to active strategies. S1
2019	Additional CPP account begins. S1
2021-02-26	John Graham becomes CEO. S1
2024	Total Portfolio Approach adopted. S7
2026-05-20	Fiscal 2026 net assets of C$793.3B reported. S3
2026-08-14	Net assets of C$863.6B at 30 June 2026 reported. S4
2026-09-15	Maple Fund launched with Brookfield. S8

For family offices

CPP Investments has no programme for private or family capital. Outside firms work with it as fund managers, co-investors or deal partners, mostly at institutional scale. S3 S4

Commits to third-party funds and separately managed accounts. S3 S13
Co-invests and forms joint ventures with operating partners and sponsors. S4
Signed the Canadian-Australian Pension Funds Investment Initiative (CAP Invest) memorandum. S4

Reports

Annual Report fiscal 2024: https://www.cppinvestments.com/wp-content/uploads/2024/07/CPP-Investments-F2024-Annual-Report.pdf S7
Fiscal 2026 results release: https://www.newswire.ca/news-releases/cpp-investments-net-assets-total-793-3-billion-at-2026-fiscal-year-end-814459989.html S3
First quarter fiscal 2027 results release: https://www.newswire.ca/news-releases/cpp-investments-net-assets-total-863-6-billion-at-first-quarter-fiscal-2027-819704344.html S4

Common questions

How big is CPP Investments?

C$863.6 billion in net assets at 30 June 2026, about USD 606.6 billion. It was C$793.3 billion at the 31 March 2026 fiscal year end. S4 S5

What return does it earn?

7.8 percent net in fiscal 2026 and 7.5 percent in the June 2026 quarter, with 9.4 percent a year over ten years. S3 S4

What does it own?

36 percent public equities, 22 percent private equities, 20 percent real assets, 13 percent government bonds and 9 percent credit at March 2026; 48 percent in the United States. S6

Who runs it?

John Graham is President and CEO, Ed Cass is Chief Investment Officer and Dean Connor chairs the board. S12 S1

What is the Maple Fund?

A framework launched with Brookfield in September 2026 for up to C$50 billion of equity in large Canadian infrastructure and strategic industry projects. S8

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All sovereign wealth funds in North America · All pension reserve funds · All funds in Canada

Sources

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