CPP Investments Net Assets Total $866.2 Billion at Second Quarter Fiscal 2027

All figures in Canadian dollars unless otherwise noted

Highlights:

• Net assets increase by $2.6 billion in Q2
• Net assets increase by $72.9 billion fiscal year-to-date
• Net return of negative 0.5%
• 10-year net return of 8.8%

TORONTO, Nov. 10, 2026 /CNW/ -- Canada Pension Plan Investment Board (CPP Investments) ended its second quarter of fiscal 2027 on September 30, 2026, with net assets of $866.2 billion, compared to $863.6 billion at the end of the previous quarter.

The $2.6 billion increase in net assets for the quarter consisted of a net loss of $4.7 billion and $7.3 billion in net transfers from the Canada Pension Plan (CPP). CPP Investments routinely receives more CPP contributions than required to pay benefits during the first part of the calendar year, partially offset by benefit payments exceeding contributions in the final months of the year.

The Fund, composed of the base CPP and additional CPP accounts^[1], generated a 10-year annualized net return of 8.8%. For the quarter, the Fund's net return was negative 0.5%. Since CPP Investments first started investing the Fund in 1999, and including the second quarter of fiscal 2027, it has contributed $604.6 billion in cumulative net income to the Fund.

For the six-month fiscal year-to-date period, the Fund increased by $72.9 billion consisting of $55.6 billion in net income, plus $17.3 billion in net transfers from the CPP. For the period, the Fund's net return was 7.0%.

"Higher bond yields weighed on fixed-income returns this quarter, while diversification across the portfolio helped offset some of that pressure," said John Graham, President & CEO.

Gains in public equities, private equity and real assets contributed positively during the quarter, supported by resilient corporate earnings, continued momentum in AI-related sectors, strength in energy markets and sustained demand for infrastructure assets. These gains were more than offset by fixed-income losses as higher government bond yields across developed markets weighed on bond prices amid persistent inflation concerns and expectations for interest rates to remain higher for longer. CPP Investments intentionally constructs a globally invested portfolio that is more diversified than public market indices, helping it perform across different market environments and reduce reliance on any single source of return.

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¹ The "base" CPP refers to the original CPP, which existed before January 2019; and the "additional" CPP refers to the enhancement introduced in January 2019, with additional contributions and benefits phased in between 2019 and 2025.

Performance of the Base and Additional CPP Accounts

The base CPP account ended its second quarter of fiscal 2027 on September 30, 2026, with net assets of $771.7 billion, compared to $773.4 billion at the end of the previous quarter. The $1.7 billion decrease in net assets consisted of $3.6 billion in net losses and $1.9 billion in net transfers from the base CPP. The base CPP account's net return for the quarter was negative 0.5% and the 10-year annualized net return was 8.9%.

The additional CPP account ended its second quarter of fiscal 2027 on September 30, 2026, with net assets of $94.5 billion, compared to $90.2 billion at the end of the previous quarter. The $4.3 billion increase in net assets consisted of $1.1 billion in net losses and $5.4 billion in net transfers from the additional CPP. The additional CPP account's net return for the quarter was negative 1.2% and the annualized net return since inception was 6.2%.

The additional CPP was designed with a different legislative funding profile and contribution rate compared to the base CPP. Given the differences in its design, the additional CPP has had a different market risk target and investment profile since its inception in 2019. As a result of these differences, we expect the performance of the additional CPP to generally differ from that of the base CPP.

Furthermore, due to the differences in its net contribution profile, the additional CPP account's assets are also expected to grow at a much faster rate than those in the base CPP account.

CPP Investments Net Nominal Returns^1 (For the period ended September 30, 2026)
Base CPP	Five-Year	6.7 %
	10-Year	8.9 %
Additional CPP	Five-Year	4.3 %
	Since Inception	6.2 %

¹ After CPP Investments expenses.

Long-Term Financial Sustainability

Every three years, the Office of the Chief Actuary of Canada (OCA), an independent federal body that provides checks and balances on the future costs of the CPP, evaluates the financial sustainability of the CPP over a long period. In the most recent triennial review published in May 2026 (revised report), the Chief Actuary reaffirmed that, as at December 31, 2024, both the base and additional CPP continue to be sustainable over the long term at the legislated contribution rates.

The Chief Actuary's projections are based on the assumption that, over the 75-year projection period following December 31, 2024, the base CPP account will earn an average annual rate of return of 4.05% above the rate of Canadian consumer price inflation, known as a real return. The corresponding assumption is that the additional CPP account will earn an average annual real rate of return of 3.53%.

The OCA report provides forward-looking return assumptions and projected financial states for the base and additional CPP. The table below presents CPP Investments' historical net real returns, which reflect realized performance over past periods.

CPP Investments Net Real Returns^1,2 (For the period ended September 30, 2026)
Base CPP	Five-Year	3.0 %
	10-Year	6.0 %
Additional CPP	Five-Year	0.8 %
	Since Inception	2.9 %

¹ After CPP Investments expenses.

² The real return is the return after the impact of inflation, defined as the Canadian Consumer Price Index, is taken into account.

CPP Investments continues to build a portfolio designed to achieve a maximum rate of return without undue risk of loss, while considering the factors that may affect the funding of the CPP and its ability to meet its financial obligations on any given day. The CPP is designed to serve multiple generations of CPP contributors and beneficiaries. Accordingly, long-term results are a more appropriate measure of CPP Investments' performance and impact on plan sustainability.

Operational Highlights

Corporate developments

• Announced the creation of a new investment department, Active Public Markets (APM), combining the advanced public markets capabilities of our Active Equities (AE) and Capital Markets and Factor Investing (CMF) teams. This logical evolution brings together two related and complementary investment activities in one stronger team, enabling us to deliver greater value for the CPP Fund. APM will serve as the organization's active investment department for global public markets. It will invest across a broad range of public market asset classes and a diverse set of investment strategies using a combination of internal investment teams and trusted external partners, managed as a single integrated portfolio. These strategies span both discretionary and systematic investment approaches, drawing on distinct sources of return that respond differently as market conditions change, strengthening the diversification of the overall portfolio. Through this combination of breadth, expertise and partnership, the department will contribute distinct and durable returns to the Fund. Heather Tobin will lead the department as Senior Managing Director & Global Head of Active Public Markets. Frank Ieraci, Senior Managing Director & Global Head of Active Equities, has decided to step back from CPP Investments after a distinguished career at the organization, spanning nearly 20 years. His significant contributions include leading CPP Investments' data-driven research, portfolio design and construction for Active Equities, and building strong investment talent within AE. Mr. Ieraci will remain as a senior advisor until through to the end of the year to support the establishment of the new department. 
• After nearly five years with CPP Investments, Jon Webster, Senior Managing Director & Chief Operating Officer has decided to leave the organization. Mr. Webster began working with CPP Investments in 2022 and was appointed to his current role in 2023, where he was responsible for the organization's technology, data, operations, security and corporate services functions. 
• Co-hosted the Canada Investment Summit, led by the Government of Canada and in partnership with PSP Investments, on September 14 and 15, 2026 in Toronto. The Summit brought together more than 100 of the world's largest investors and Canadian business leaders in one of the most significant gatherings of global institutional capital ever assembled in Canada. 
• John Graham, President & CEO of CPP Investments, received the Lifetime Achievement Award from the University of Toronto's Rotman School of Management at the 2026 Alumni Awards. This award recognizes a seasoned graduate's significant contributions to their organization, industry and community. 
• Held in-person public meetings in Ottawa, Saskatoon, Winnipeg, Halifax, St. John's, Charlottetown, Fredericton and Vancouver through October, with meetings in Calgary and Edmonton completed in February 2026. Public meetings are held every two years across Canada. A national virtual meeting will be held on November 19. 
• CPP Investments Insights Institute released two new reports exploring the factors that influence global investment decisions and make markets attractive to institutional capital: Competing for Capital: How Global Investors Choose Markets and Trusted, But Untapped: Canada's Next Competitive Advantage Is Investibility. Developed in support of the Canada Investment Summit, the research draws on insights from 65 senior investment professionals across 20 countries representing approximately $65 trillion in assets under management.

Second Quarter Transaction Highlights

Total Fund

• Launched the C$50 billion Maple Fund with Brookfield Asset Management, a joint investment framework to pursue large-scale investments across Canada. The investments will be structured on a 50/50 basis, with up to C$25 billion in equity capital from each organization over an initial five-year period.

Active Equities

• Invested US$55 million for a 0.8% stake in Zhongji Innolight as a cornerstone investor in the company's Hong Kong initial public offering. Zhongji Innolight is a global leader in high-speed optical interconnect solutions, enabling next-generation AI and cloud infrastructure through industry-leading optical connectivity technologies. 
• Completed the sale of our remaining 8% stake in Elis SA, a provider of textile, workwear and hygiene rental and maintenance service based in France, through a block trade, generating net proceeds of approximately C$800 million. Our original investment was made in 2017.

Capital Markets and Factor Investing

• Completed 10 co-investments alongside external fund managers, with approximately C$1.9 billion committed across macro-themed strategies and equity opportunities in industrials, materials and consumer discretionary sectors.

Credit Investments

• Committed US$245 million in financing to an investment vehicle supporting a Chorus Capital-managed fund focused on synthetic risk transfer transactions globally.
• Invested US$125 million in a synthetic risk transfer with a large U.S. bank, backed by a portfolio of predominantly first-lien secured, high-yield corporate revolving credit facilities.
• Committed US$500 million to TPG Essential Housing Fund IV and US$500 million to a senior financing facility for the fund, which provides U.S. single-family homebuilders with financing for production-ready, fully entitled land and builds on our existing investments in the Essential Housing Fund platform.
• Invested US$425 million in a net asset value loan upsize backed by a global portfolio of technology investments for a fund managed by a subsidiary of SoftBank Group Corp.
• Committed up to US$500 million to KKR Credit Opportunities Fund III, which will provide bespoke, privately negotiated junior capital solutions, including subordinated debt, preferred equity, and structured equity, to mid-to-large cap companies across Europe and North America.
• Invested C$95 million in a mezzanine loan secured by one of Starwood Capital's Italian logistics portfolios.
• Invested in the mezzanine tranche of CIBC's commercial banking synthetic risk transfer, backed by a diversified portfolio of Canadian mid-market commercial loans.
• Committed US$300 million to Balbec Capital's IGCF-VII, which will invest in asset-backed private credit opportunities across the U.S. and Western Europe, including residential whole loans, mortgage servicing rights, consumer credit and commercial real estate lending.
• Committed US$250 million to Carlyle Aviation Partners Fund VII, which acquires and leases commercial aircraft globally across the full aircraft lifecycle and invests in aviation debt.

Private Equity

• Committed US$250 million to Accel-KKR Strategic Capital II, a platform that provides flexible capital across a diversified portfolio of Accel-KKR-led transactions and third-party continuation vehicles focused on software and technology-enabled services primarily in the U.S.
• Committed US$200 million to Toronto-headquartered Radical Ventures' new Radical Breakouts Fund, a late-stage venture capital fund that will invest in Canadian and global AI companies as they scale. This is the largest-ever venture capital fund in Canada.
• Invested approximately £350 million for an ownership stake of approximately 20% in JTC, a leading provider of fund, corporate, and private capital administration services headquartered in the U.K., alongside Permira.
• Invested an additional US$65 million into FNZ Group, a global wealth management platform. We originally invested in the company in 2022.
• Committed US$50 million to funds managed by Accel, including Accel XVII (US$12 million), London IX (US$16 million) and Growth VIII (US$22 million). Accel is a leading global venture capital firm.
• Committed US$250 million to GTCR Fund XV, which will focus primarily on North American control investments across business and consumer services, financial services and technology, healthcare and technology, media and telecommunications.
• Committed US$200 million to Coatue Growth Fund VI, managed by Coatue Management, L.L.C., which will focus primarily on growth-stage investments in technology companies globally.
• Committed US$700 million to Clayton, Dubilier & Rice Fund XIII, which will invest in value-oriented, large-cap control buyouts in North America and Western Europe.
• Committed US$300 million to Brookfield Capital Partners VII, a global private equity fund focused on control-oriented buyouts of industrial and business services companies.
• Committed US$200 million to Apax Digital III, a global growth equity and buyout fund targeting mid-market technology investments across software, data, artificial intelligence, and technology-enabled services.
• Committed US$200 million to Advent Mid-Market Private Equity SCSp, which will focus primarily on control buyouts in North America and Europe across the business and financial services, consumer, healthcare and industrial sectors.
• Acquired a minority stake in Forge, a North American business-to-business events and digital media platform, alongside Apollo.
• Invested US$270 million to acquire limited partner stakes in funds managed by Leonard Green & Partners and Apollo through a secondary transaction. The portfolio primarily consists of buyout investments in North America and Europe.
• Committed US$500 million to Apollo Investment Fund XI, which targets control-oriented buyout investments across North America, Europe and Asia.

Real Assets

• Invested INR 30 billion (C$441 million) in Prestige Hospitality Ventures Limited (PHVL), the hospitality platform of Prestige Estates Projects Limited, for an approximately 27% stake. PHVL owns a portfolio of luxury and premium hotels and development pipeline in key cities across India.
• Committed US$150 million to KKR Asia Pacific Infrastructure Investors III, an infrastructure fund that will invest across Asia Pacific and India.
• Completed the acquisition of atNorth, a leading Nordic high-density colocation and built-to-suit data centre developer and operator, alongside Equinix. We will hold an approximate 51% controlling stake, committing US$1.3 billion.
• Committed ¥150 billion (C$1.35 billion) to Ares Japan Logistics Development Partners V, which will primarily invest in the development of institutional-quality modern logistics facilities across Japan's key metropolitan markets. We have been invested in logistics in Japan for over a decade, having participated in the JDP fund series since 2011.
• Committed up to INR 20.7 billion (C$302 million) to NIIF Infrastructure Fund II, which will invest in infrastructure assets and platforms across India, with a focus on sectors benefiting from long-term structural trends including transportation, urbanization, digitalization and energy transition.
• Agreed to invest approximately C$200 million for a 49.5% interest in two landmark Hilton hotels in Brazil through a joint venture with HSI.
• Committed C$1 billion to acquire a majority stake in Tarchon, a 1.4 GW subsea electricity interconnector project between Germany and the U.K., alongside Elia Group's international development platform, WindGrid.
• Acquired a 49.5% stake in LXP Industrial Trust, one of the largest portfolios of modern warehouse and logistics facilities in the U.S., in a transaction valued at approximately US$5.2 billion, in partnership with Brookfield Asset Management.
• Committed €250 million to Azora Southern European Opportunities Fund III, which will primarily focus on value-add opportunities in structuring undersupplied sectors such as hospitality and living across Spain, Italy and Portugal.
• Committed €350 million to Aermont Capital Real Estate Fund VI. Aermont is a pan-European real estate manager, focused on operationally intensive sub-sectors with platform build-out capability, for long-term value creation.
• Agreed to sell our 10.5% interest in WestConnex and 25% interest in NorthWestern Roads Group, two transport infrastructure assets in Sydney, Australia, to Transurban for expected gross proceeds of approximately A$4.5 billion (C$4.5 billion). We first invested in Westlink M7 in 2010, followed by investments to develop NorthConnex in 2014 and acquire WestConnex in 2018.
• Sold our 50% interest in Upper Canada Mall, a shopping centre in Newmarket, Ontario, to Primaris REIT. Net proceeds from the sale were approximately C$200 million. Our original investment was made in 2013.
• Sold our remaining 10.1% stake in the Unibail-Rodamco-Westfield Germany retail platform, generating net proceeds of €75 million. Our initial investment was made in 2015.

Transaction Highlights Following the Quarter

• Invested US$50 million in Beacon, a centralized AI holding company with a portfolio of 45 software companies. Headquartered in Toronto, Canada, Beacon acquires software businesses serving customers across the traditional economy and equips them with AI infrastructure. 
• Acquired an industrial real estate portfolio of five logistics assets in the Greater Toronto Area for $585.8 million through a joint venture with Dream Asset Management Corporation and Dream Industrial REIT formed in December 2025. The joint venture, in which we hold a 90% stake, has deployed more than $1.4 billion of capital in Canadian industrial properties, nearly half of its $3 billion investment target. 
• Entered into an agreement to invest US$255 million for an indirect stake in Mitsubishi Corporation's interest in the LNG Canada liquefaction business, alongside Blackstone. LNG Canada is Canada's first and only large-scale liquefied natural gas export terminal. 
• Invested approximately C$15 million in additional equity capital in Wealthsimple through a primary and secondary offering at a post-money valuation of C$13.8 billion, bringing our total investment to approximately C$75 million. Wealthsimple is one of Canada's fastest growing money management platforms. 
• Invested an initial US$52 million in a synthetic risk-transfer program with the Royal Bank of Canada, backed by a diversified portfolio of leveraged loans. 
• Invested US$140 million in a junior participation note backed by a portfolio of five full-service U.S. hotels owned by an institutional sponsor. 
• Invested US$250 million in the preferred equity of Datavant, a healthcare data collaboration platform based in the U.S. 
• Committed to Greenoaks 7, which will invest in mid- to late-stage technology companies globally. 
• Invested US$500 million for a minority stake in PANTHERx, an independent U.S. specialty pharmacy focused on rare and orphan diseases. 
• Committed A$300 million (C$291 million) to Nuveen Real Estate's Australian commercial real estate debt strategy, which focuses on senior loans secured by prime real estate across major Australian cities. 
• Committed up to US$900 million as part of a joint venture alongside AT&T and Global Infrastructure Partners (GIP) to form a scaled U.S. wholesale fibre platform. The transaction combines Forged Fiber 37 and Gigapower into a wholesale commercial open-access fibre company. Together with GIP, we will hold a 50% stake in the joint venture, with the remaining 50% held by AT&T. 
• Invested US$125 million in preferred equity financing to Angelini Pharma, an Italy-based integrated pharmaceutical company, to support its acquisition of Catalyst Pharmaceuticals, a U.S. biopharmaceutical company focused on rare and difficult-to-treat diseases, alongside Blackstone. 
• Agreed to sell our 33.9% stake in Associated British Ports (ABP), the U.K.'s largest ports group by tonnage, to a fund managed by IFM Investors. We initially acquired our stake in ABP in 2015.

About CPP Investments

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Canada Pension Plan Fund in the best interest of the more than 22 million contributors and beneficiaries. In order to build diversified portfolios of assets, we make investments around the world in public equities, private equities, real estate, infrastructure, fixed income and alternative strategies including in partnership with funds. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm's length from governments. At September 30, 2026, the Fund totalled C$866.2 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

Disclaimer

Certain statements included in this press release constitute "forward-looking information" within the meaning of Canadian securities laws and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and other applicable United States safe harbors. All such forward-looking statements are made and disclosed in reliance upon the safe harbor provisions of applicable United States securities laws. Forward-looking information and statements include all information and statements regarding CPP Investments' intentions, plans, expectations, beliefs, objectives, future performance, and strategy, as well as any other information or statements that relate to future events or circumstances and which do not directly and exclusively relate to historical facts. Forward-looking information and statements often but not always use words such as "trend," "potential," "opportunity," "believe," "expect," "anticipate," "current," "intention," "estimate," "position," "assume," "outlook," "continue," "remain," "maintain," "sustain," "seek," "achieve," and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "may" and similar expressions. The forward-looking information and statements are not historical facts but reflect CPP Investments' current expectations regarding future results or events. The forward-looking information and statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including available investment income, intended acquisitions, regulatory and other approvals and general investment conditions. Although CPP Investments believes that the assumptions inherent in the forward-looking information and statements are reasonable, such statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. CPP Investments does not undertake to publicly update such statements to reflect new information, future events, and changes in circumstances or for any other reason. The information contained on CPP Investments' website, LinkedIn, Facebook, Instagram and X are not a part of this press release. CPP INVESTMENTS, INVESTISSEMENTS RPC, Canada Pension Plan Investment Board, L'OFFICE D'INVESTISSEMENT DU RPC, CPPIB and other names, phrases, logos, icons, graphics, images, designs or other content used throughout the press release may be trade names, registered trademarks, unregistered trademarks, or other intellectual property of Canada Pension Plan Investment Board, and are used by Canada Pension Plan Investment Board and/or its affiliates under license. All rights reserved.

SOURCE Canada Pension Plan Investment Board

For More Information: Frank Switzer, Public Affairs & Communications, T: [phone], [email protected]