CPP Investment Board

CPP Investments is governed by an independent board of directors and operates at arm's length from the federal and provincial governments that jointly oversee the Canada Pension Plan. Its mandate is strictly commercial, with the sole objective of maximizing long-term investment returns without regard to public policy or regional development goals. This governance model is enshrined in the Canada Pension Plan Investment Board Act.

CPP Investments is an active, direct investor that also deploys capital through external fund commitments and co-investments. It builds proprietary investment teams across asset classes to originate and manage direct stakes in infrastructure, real estate, private equity, and credit. The fund also participates in large-scale consortium deals with partners such as Blackstone, GIC, and KKR to access diversified exposures and share underwriting risk.

The fund allocates heavily to long-duration, inflation-sensitive assets, including infrastructure, real estate, and agricultural land. Holdings include Associated British Ports, Puget Sound Energy, the 407 ETR toll highway, and the Assiniboia Farmland Portfolio. These investments align with the pension plan's positive net contribution outlook, which supports locking up capital for decades.

Yes, CPP Investments deploys growth and venture capital through its private equity group and thematic fund strategies. It has made direct equity investments in public technology companies such as MicroStrategy and participates in later-stage venture and growth equity rounds. The organization builds sector-specialist teams to execute these investments, supplementing allocations to third-party venture fund managers.

The fund is an established co-investor across infrastructure, real estate, and private equity, frequently partnering with the Abu Dhabi Investment Authority, GIC, KKR, and Blackstone. These relationships provide access to large-scale global transactions and allow the fund to deploy significant capital efficiently. CPP Investments also co-founded the FCLTGlobal initiative with McKinsey & Company to promote long-term investing principles among asset owners and managers.