Canada Pension Plan Investment Board

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Overview

Canada Pension Plan Investment Board (CPP Investments) was established in 1999 to invest and manage the Canada Pension Plan Fund on behalf of more than 22 million contributors and beneficiaries. The organization operates independently of the Canada Pension Plan itself and at arm's length from federal and provincial governments. Headquartered in Toronto, CPP Investments maintains offices in Hong Kong, London, Mumbai, New York City, São Paulo and Sydney, reflecting its global investment mandate.

The organization manages two separate accounts: the base CPP account, established at inception in 1999, and the additional CPP account, established in 2019. The additional CPP account has a different legislative funding profile and contribution rate, resulting in different market risk targets and investment profiles. At fiscal year-end March 31, 2026, the base CPP account held CAD 712.9 billion and the additional CPP account held CAD 80.4 billion. Total Fund net assets reached CAD 793.3 billion at March 31, 2026, up from CAD 714.4 billion at March 31, 2025. Since inception in 1999, CPP Investments has generated cumulative net income of CAD 549 billion, representing approximately 70 percent of the fund's current value.

CPP Investments operates both direct investment programs and external manager relationships across diversified asset classes. The organization announced more than 50 transactions of CAD 250 million or more in fiscal 2026, including approximately 20 transactions valued at more than CAD 1 billion. Operational efficiency has improved steadily: net investments managed per employee grew from CAD 269 million in fiscal 2022 to CAD 364 million in fiscal 2026.

Investment Mandate

CPP Investments operates under a legislative mandate to maximize returns without undue risk of loss, considering factors that may affect CPP funding and the ability to meet financial obligations. The organization invests globally in diversified asset classes: public equities, private equities, real estate, infrastructure and fixed income. It operates both direct investment programs and external manager relationships, with externally managed assets growing in fiscal 2026 and driving increased management fees.

The base CPP account targets an average annual real rate of return of 4.05 percent above Canadian consumer price inflation over a 75-year projection period, per the December 2025 Chief Actuary review. The additional CPP account targets an average annual real rate of return of 3.53 percent above inflation, reflecting its different legislative funding profile and contribution rate. CPP Investments uses benchmark portfolios, which are aggregated public market index benchmarks, to measure relative performance and value added by active management strategies. In fiscal 2026, the 10-year return outperformed the benchmark by 0.7 percent per annum net of costs, though the fiscal 2026 return of 7.8 percent underperformed the benchmark return of 13.2 percent by 5.4 percent.

The organization invests across North America, Europe, Asia-Pacific and other global markets. Transaction highlights from fiscal 2026 identify specific direct investments and co-investments alongside named external managers including Blackstone, KKR, EQT, Stone Point Capital, Greystar, and others. Named direct investments include Definity Financial, Medline, Ares Management, Thrive Capital, OpenAI, Sempra Infrastructure, and AlphaGen. However, no comprehensive position-level holdings list across all asset classes is published.

Financial Position

CPP Investments reported net assets of CAD 793.3 billion at March 31, 2026, an increase of CAD 78.9 billion from the prior year (converted to USD 591 billion at 1.344 CAD per USD as of March 31, 2026). The base CPP account held CAD 712.9 billion and the additional CPP account held CAD 80.4 billion at fiscal year-end. Net income for fiscal 2026 totaled CAD 56.9 billion, compared to CAD 59.8 billion in fiscal 2025. The fiscal 2026 net return was 7.8 percent, with a 10-year annualized net return of 8.8 percent. The base CPP account returned 8.0 percent in fiscal 2026 and 8.8 percent annualized over 10 years. The additional CPP account returned 5.4 percent in fiscal 2026 and 6.0 percent annualized since inception in 2019. Calendar year 2024 return was 14.2 percent, and calendar year 2025 return was 7.7 percent.

Operating efficiency improved in fiscal 2026. The operating expense ratio declined to 23.1 basis points from 26.1 basis points in fiscal 2025. Total operating expenses were CAD 1,757 million, investment management fees were CAD 1,976 million, performance fees were CAD 2,758 million, and transaction costs were CAD 753 million in fiscal 2026. The increase in investment management fees reflected growth in externally managed assets. Net investments managed per employee reached CAD 364 million in fiscal 2026, up from CAD 269 million in fiscal 2022.

• Net assets of CAD 793.3 billion (USD 591 billion) at March 31, 2026, up CAD 78.9 billion from prior year
• Fiscal 2026 net return of 7.8 percent; 10-year annualized net return of 8.8 percent
• Operating expense ratio of 23.1 basis points in fiscal 2026, down from 26.1 basis points in fiscal 2025
• Cumulative net income since inception in 1999 totals CAD 549 billion as of March 31, 2026

DEEP Disclosure Rating

The DEEP Disclosure Rating measures how much a fund discloses about itself. It is a disclosure and governance measure only, and not a judgment of investment quality or creditworthiness. The Canada Pension Plan Investment Board's DEEP Disclosure Score is 73 of 100, band Strong. It publishes an annual report and audited financial statements, discloses assets under management with as-of date, discloses investment performance and return earned, discloses fees and investment costs, publishes an Investment Policy Statement or equivalent mandate document, discloses target asset allocation, discloses actual asset allocation, names governing board and trustees and senior investment staff, makes disclosures freely and publicly accessible with no paywall, publishes disclosures current within the fund's reporting cycle, and consolidates disclosures in a reasonably findable manner. It does not disclose portfolio holdings in full (only named direct investments and co-investments in transaction highlights), does not disclose how it selects managers or name its investment consultant, does not publish an RFP or procurement process or portal, and does not publish board or committee meeting materials or minutes, which places it in the Strong band. Last assessed October 2026, on CPP Investments Fiscal 2026 Annual Report and published governance materials. Items that cannot apply to a fund's type are excluded from its score rather than scored as zero. The fund-specific basis is included in the DEEP Disclosure Report. The full scoring rubric is public on the DEEP Disclosure Rating methodology page. A detailed, pillar-by-pillar and item-by-item breakdown of this fund's score is available as a DEEP Disclosure Report on request.

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Manager Approach and Matching Profile

Pursuit verdict: Active managers: limited opportunity. CPP Investments operates both direct investment programs and external manager relationships, but no public procurement portal, RFP process, or manager selection methodology is disclosed. External managers are engaged for specific mandates, and transaction highlights identify co-investment partners including Blackstone, KKR, EQT, Stone Point Capital, and Greystar, but the selection process and entry routes are not publicly detailed. No investment consultant is named. Passive managers: not applicable; the fund invests actively across public and private markets. Entry depends on direct relationship development with CPP Investments investment teams, as no formal procurement pathway is published.

• Target vs. actual allocation: CPP Investments discloses target allocations through benchmark portfolios that provide target allocations for active and balancing investment strategies. The base CPP account targets an average annual real rate of return of 4.05 percent above Canadian consumer price inflation over a 75-year projection period, per the December 2025 Chief Actuary review. The additional CPP account targets an average annual real rate of return of 3.53 percent above inflation. Actual allocations by asset class and geography are reported in the annual reports, with five-year returns by asset class and geographic markets disclosed. Asset-class composition is reported in fiscal 2026 and 2025 annual reports.
• Historical AUM and return series: CPP Investments discloses AUM series from fiscal 2024 through Q2 fiscal 2026 (September 30, 2025), and return series covering fiscal years 2025-2026, 10-year annualized returns, calendar year 2024-2025, and quarterly returns for Q2 fiscal 2026.

  Period	AUM (USD)	Return
  March 31, 2026 (fiscal year-end)	$591.0 billion	7.8% (Total Fund, fiscal 2026)
  September 30, 2025 (Q2 fiscal 2026)	$578.0 billion	5.4% (Total Fund, Q2 fiscal 2026)
  March 31, 2025 (fiscal year-end)	$531.0 billion	9.3% (Total Fund, fiscal 2025)
  10-year annualized to March 31, 2026	Not disclosed	8.8% (Total Fund)
  10-year annualized to March 31, 2025	Not disclosed	8.3% (Total Fund)
  Calendar year 2024	Not disclosed	14.2% (Total Fund)
  Calendar year 2025	Not disclosed	7.7% (Total Fund)

• External manager roster and consultant detail: CPP Investments does not disclose a comprehensive roster of external managers or named mandates. Transaction highlights identify specific co-investments and fund commitments alongside named external managers including Blackstone, KKR, EQT, Stone Point Capital, Greystar, and others, but a complete manager roster is not published. No investment consultant is named. The fund operates both direct investment programs and external manager relationships; in fiscal 2026, externally managed assets grew, driving increased management fees of CAD 1,976 million.

  Mandate	Benchmark or strategy	AUM	Manager	Fee or expense
  Base CPP Account	Maximize returns without undue risk of loss; target real return of 4.05% above inflation	$530.0 billion (as of March 31, 2026)	Not disclosed	Operating expense ratio 23.1 bps (fiscal 2026)
  Additional CPP Account	Maximize returns without undue risk of loss; target real return of 3.53% above inflation	$59.8 billion (as of March 31, 2026)	Not disclosed	Operating expense ratio 23.1 bps (fiscal 2026)

• Commitment pacing: CPP Investments does not disclose commitment pacing. However, it reports transaction activity: more than 50 transactions of CAD 250 million or more announced in fiscal 2026, including approximately 20 valued at more than CAD 1 billion. More than 100 transactions of CAD 100 million or more were announced in fiscal 2025. Transaction highlights from fiscal 2026 identify specific direct investments and co-investments including Definity Financial, Medline, Ares Management, Blackstone, Thrive Capital, OpenAI, Sempra Infrastructure, and AlphaGen.
• RFP, procurement, and board calendar: CPP Investments does not disclose an RFP process, procurement portal, or calendar. The fund hosts public meetings every two years across Canada to provide accountability to contributors and beneficiaries. The most recent in-person meetings were held in Calgary and Edmonton in 2026, with additional meetings planned for fall 2026. However, these are accountability forums, not procurement forums. No public pathway for manager engagement is disclosed. Entry depends on direct relationship development with CPP Investments investment teams. The Board of Directors comprises 12 members appointed by the federal Finance Minister in consultation with participating provinces, with assistance of a nominating committee. Directors serve three-year terms and are eligible for re-appointment; terms are staggered so no more than half expire in the same year. Recent board appointments include Elizabeth Cannon (May 2026), Elio Luongo (April 2026), Stephanie Coyles (October 2025), and Gillian Denham (September 2025). Barry Perry and Sylvia Chrominska were reappointed for three-year terms. No board meeting calendar is published.

Matching profile: these data points feed the cross-fund manager matching profile.

Sources: CPP Investments Fiscal 2026 Annual Report (May 21, 2026), CPP Investments Fiscal 2025 Annual Report (May 21, 2025), CPP Investments Net Assets Total $777.5 Billion at Second Quarter Fiscal 2026 (November 14, 2025), Board of Directors and About the Board pages on cppinvestments.com.

Governance and Leadership

CPP Investments is governed by a Board of Directors comprising 12 members appointed by the federal Finance Minister in consultation with participating provinces, with assistance of a nominating committee. Directors serve three-year terms and are eligible for re-appointment; terms are staggered so no more than half expire in the same year. Dean Connor serves as Chairperson and has been a Director since August 2021. He is the former President and Chief Executive Officer of Sun Life Financial Inc. The Board is responsible for establishing investment policies and standards, appointing the Chief Executive Officer, approving financial statements, and assessing its own performance through annual confidential questionnaires and peer reviews.

Board committees include the Board and Investment Strategy Committee (Chair: Dean Connor), Audit Committee (Chair: John Montalbano), Governance Committee (Chair: Ashleigh Everett), Human Resources and Compensation Committee (Chair: Barry Perry), and Risk Committee (Chair: Mary Phibbs). Recent board appointments include Elizabeth Cannon (May 2026), Elio Luongo (April 2026), Stephanie Coyles (October 2025), and Gillian Denham (September 2025). Barry Perry and Sylvia Chrominska were reappointed for three-year terms. Senior leadership includes John Graham (President and Chief Executive Officer), David Colla (Senior Managing Director and Global Head of Credit Investments), Caitlin Gubbels (Senior Managing Director and Global Head of Private Equity), Priti Singh (Senior Managing Director and Chief Risk Officer), and Heather Tobin (Senior Managing Director and Global Head of Capital Markets and Factor Investing). CPP Investments does not publish board or committee minutes or meeting materials.

• Dean Connor, Chairperson, Board of Directors (Director since August 2021)
• John Graham, President and Chief Executive Officer
• David Colla, Senior Managing Director and Global Head of Credit Investments
• Caitlin Gubbels, Senior Managing Director and Global Head of Private Equity
• Priti Singh, Senior Managing Director and Chief Risk Officer
• Heather Tobin, Senior Managing Director and Global Head of Capital Markets and Factor Investing
• John Montalbano, Chair, Audit Committee
• Ashleigh Everett, Chair, Governance Committee
• Barry Perry, Chair, Human Resources and Compensation Committee
• Mary Phibbs, Chair, Risk Committee

How to Engage

CPP Investments makes direct investments and co-investments alongside external fund managers across public equities, private equities, real estate, infrastructure and fixed income. The organization does not disclose a public procurement portal, RFP process, or manager selection methodology. No investment consultant is named in published materials. Transaction highlights from fiscal 2026 identify co-investment arrangements with Blackstone, KKR, EQT, Stone Point Capital, Greystar, and others, but the selection process and entry routes are not publicly detailed.

CPP Investments tracks relative performance against benchmark portfolios to measure value added by active management strategies. In fiscal 2026, the 10-year return outperformed aggregated benchmark portfolios by 0.7 percent per annum net of costs. The organization announced more than 50 transactions of CAD 250 million or more in fiscal 2026, including approximately 20 valued at more than CAD 1 billion, demonstrating active direct deal engagement. Entry for external managers depends on direct relationship development with CPP Investments investment teams, as no formal procurement pathway is published. The fund hosts public meetings every two years across Canada to engage with and provide accountability to more than 22 million CPP contributors and beneficiaries, but these are accountability forums, not procurement forums.

Sources and Documents

• CPP Investments Net Assets Total $793.3 Billion at 2026 Fiscal Year End (May 21, 2026)
• CPP Investments Net Assets Total $714.4 Billion at 2025 Fiscal Year End (May 21, 2025)
• CPP Investments Net Assets Total $777.5 Billion at Second Quarter Fiscal 2026 (November 14, 2025)
• Board of Directors | Governance | CPP Investments
• About the Board | Governance | CPP Investments

Data Notes and Methodology

This profile is based on CPP Investments Fiscal 2026 Annual Report (published May 21, 2026, covering the fiscal year ended March 31, 2026), CPP Investments Fiscal 2025 Annual Report (published May 21, 2025), CPP Investments Net Assets Total $777.5 Billion at Second Quarter Fiscal 2026 (published November 14, 2025, covering the period ended September 30, 2025), and governance pages on the official CPP Investments website (cppinvestments.com). All figures are in Canadian dollars unless otherwise noted. AUM in USD is converted at an approximate mid-market rate of 1.344 CAD per USD as of March 31, 2026. The most recent as-of date for AUM is fiscal year-end March 31, 2026. CPP Investments manages two separate accounts: the base CPP account (established 1999) and the additional CPP account (established 2019), which have different legislative funding profiles and contribution rates, resulting in different market risk targets and investment profiles. No investment consultant is named in the sources. The fund does not disclose a public procurement portal, RFP calendar, or unsolicited-proposal policy. Position-level holdings are not disclosed; only asset-class and geographic totals are reported in annual reports. Transaction highlights identify numerous external managers and co-investment partners but no comprehensive manager roster is published.