CPP Investments Net Assets Total $699.6 Billion at Third Quarter Fiscal 2025

All figures in Canadian dollars unless otherwise noted.

Highlights:

• Net assets increase by $24.5 billion
• 10-year net return of 9.2%
• CPP Investments recognized once again for its transparency, as we ranked second among 75 pension funds across 15 countries in the 2024 Global Pension Transparency Benchmark

TORONTO, ON (February 12, 2025): Canada Pension Plan Investment Board (CPP Investments) ended its third quarter on December 31, 2024, with net assets of $699.6 billion, compared to $675.1 billion at the end of the previous quarter.

The $24.5 billion increase in net assets for the quarter consisted of $26.0 billion in net income less $1.5 billion in net Canada Pension Plan (CPP) outflows. 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, which consists of the base CPP and additional CPP accounts, generated a 10-year annualized net return of 9.2%. For the quarter, the Fund’s net return was 3.8%. Since its inception in 1999, and including the third quarter of fiscal 2025, CPP Investments has contributed $487.7 billion in cumulative net income to the Fund.

For the nine-month fiscal year-to-date period, the Fund increased by $67.2 billion consisting of $55.3 billion in net income, and $11.9 billion in net transfers from the CPP. For the period, the Fund’s net return was 8.6%.

“Returns were strong this quarter, delivering $26 billion in net income to the Fund. Our investment teams were very active with more than 40 transactions signed or closed in the last three months of the calendar year,” said John Graham, President & CEO, CPP Investments. “Even with considerable uncertainty on a global scale as 2025 begins, with the combination of a strong, experienced team and a resilient portfolio, we continue to seek out the best opportunities to deliver steady, long-term investment returns for the Fund.”

CPP Investments is achieving $700 billion in net assets five years ahead of the original projections by the Office of the Chief Actuary of Canada. Original projections of CPP Fund assets comprise the projections from the 18th Actuarial Report on the Canada Pension Plan (as at December 31, 2000) combined with the projections of the additional CPP Fund assets from the 30th Actuarial Report on the Canada Pension Plan (as at December 31, 2018). The Fund’s actual assets have exceeded the Office of the Chief Actuary’s initial assumptions partly due to strategic changes to our investment approach over this period.

In Q3, the Fund earned one of its largest ever quarterly increases on a dollar basis. This growth was driven by returns in most asset classes, particularly investments in private equity and credit. These gains were offset by losses in fixed income assets, which were impacted by increasing yields in U.S. Treasuries. While we anticipate volatility in general to affect overall results at various horizons, fluctuations caused by the depreciation of the Canadian dollar was especially prominent during this reporting period.

Performance of the Base and Additional CPP Accounts

The base CPP account ended its third quarter of fiscal 2025 on December 31, 2024, with net assets of $646.2 billion, compared to $626.1 billion at the end of the previous quarter. The $20.1 billion increase in net assets consisted of $24.6 billion in net income, less $4.5 billion in net base CPP outflows. The base CPP account’s net return for the quarter was 3.9%, and the five-year annualized net return was 8.1%.

The additional CPP account ended its third quarter of fiscal 2025 on December 31, 2024, with net assets of $53.4 billion, compared to $49.0 billion at the end of the previous quarter. The $4.4 billion increase in assets consisted of $1.4 billion in net income and $3.0 billion in net transfers from the additional CPP. The additional CPP account’s net return for the quarter was 2.8%, and the five-year annualized net return was 5.4%.

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.

Long-Term Financial Sustainability

Every three years, the Office of the Chief Actuary of Canada, 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 December 2022, the Chief Actuary reaffirmed that, as at December 31, 2021, 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 years following 2021, the base CPP account will earn an average annual rate of return of 3.69% above the rate of Canadian consumer price inflation. The corresponding assumption is that the additional CPP account will earn an average annual real rate of return of 3.27%.

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 today’s contributors and beneficiaries while looking ahead to future decades and across multiple generations. Accordingly, long-term results are a more appropriate measure of CPP Investments’ performance and plan sustainability.

Operational Highlights

Corporate development

• Ranked second among 75 pension funds across 15 countries in the 2024 Global Pension Transparency Benchmark developed by Top1000funds.com and CEM Benchmarking. The Global Pension Transparency Benchmark focuses on the transparency and quality of public disclosures relating to the completeness, clarity, information value and comparability of disclosures.

• Awarded the Australian Market Achievement of the Year for 2024 by KangaNews. Last year, CPP Investments was the largest Kangaroo sovereign, supranational, and agency (SSA) borrower in the Australian Dollar Market with A$4.2 billion of issuance.

• Affirmed our support for both of the Canadian Sustainability Disclosure Standards from the Canadian Sustainability Standards Board, which address general sustainability-related disclosures and climate-specific requirements. CPP Investments believes these standards are important for the competitiveness of Canadian companies in global capital markets and for Canadian directors to discharge their duties to the companies they oversee.

• Published Integrating AI and Human Capital through the CPP Investments Insights Institute, which explores how investors, management and boards related to the intersection of artificial intelligence and talent strategies.

Debt issuance

• Announced the addition of Cedar Leaf Capital, Canada’s first majority Indigenous-owned investment dealer, to our Canadian Dollar syndicate in the bond market.

Third-Quarter Investment Highlights

Active Equities

• Invested €600 million through a private placement for a 1.3% interest in the public shares of Denmark-based DSV A/S to support the funding of DSV’s acquisition of Schenker AG. This acquisition enhances the Company’s position as a world leading player within the global transport and logistics industry.

Credit Investments

• Invested US$175 million in a mezzanine loan secured against the Fontainebleau Miami Beach, a full-service, oceanfront resort in Florida, alongside a US$50 million co-investment from Ohana Real Estate Investors.

• Invested across the unitranche term loan and revolving credit facility for Encore, a leading provider of event technology, staging and production services for corporate events in the U.S.

• Committed KRW 473.1 billion (C$479 million) in a separately managed account by TPG Angelo Gordon, targeting real estate credit opportunities in South Korea.

• Completed a US$250 million anchor investment in the Antares Private Credit Fund, which holds Antares-originated loans to private companies in the U.S.

• Invested SEK 1.2 billion (C$150 million) in the holdco facilities of Open Infra, a fibre-to-the-home developer, owner and operator across Sweden and Germany.

• Committed US$300 million in the first-lien term loan issued by Salamanca Infrastructure LLC, which owns in-construction midstream energy assets in the U.S.

• Invested US$100 million in Bain Capital’s financing facility to support its acquisition of PowerSchool. Headquartered in the U.S., PowerSchool is a leader in K-12 administrative software and cloud-based solutions, serving educators in more than 90 countries.

• Invested US$115 million alongside funds managed by Apollo Management in Stone Canyon Industries Holdings’ financing to extend their investments in Morton Salt and Reddy Ice. Morton Salt is the largest, pure-play vertically integrated salt company globally and Reddy Ice is the largest player in the North American packaged ice market.

Private Equity

• Invested €50 million in a single-asset continuation fund transaction with Ardian Expansion for Syclef, a leading European firm specializing in the installation and maintenance of refrigeration and air conditioning systems.

• Invested JPY 11.5 billion (C$105 million) for a 7% stake in Alinamin Pharmaceutical, a Japan-based developer and manufacturer of over-the-counter drug and health supplement products, alongside MBK Partners.

• Committed US$700 million to BPEA Private Equity Fund IX managed by EQT Private Capital Asia, a leading private equity manager in the APAC region focused on large-cap control buyout investments.

• Committed approximately €460 million for a significant minority stake in Regnology, alongside a new investment made from Nordic Capital XI in addition to its current ownership. Headquartered in Germany, Regnology is a global software provider with a focus on regulatory reporting solutions for financial institutions.

• Invested US$180 million alongside Advent in the take-private of Nuvei, a global payments provider based in Montreal, Canada.

• Committed to Accel Growth VII, which will focus on global growth-stage technology investments, and Accel India VIII, which will focus on the consumer, technology and fintech sectors. Accel is a leading global venture capital firm with early- and growth-stage funds across the U.S., Europe and India.

• Exchanged our position in Germany-based Axel Springer SE, an international media and technology company, for a direct majority interest in the classifieds businesses, The Stepstone Group and AVIV Group, which will be held as separate joint venture companies, alongside KKR. Axel Springer SE will remain as a minority co-shareholder in the classified businesses, with an approximate 10% ownership stake.

• Invested in nVent, a global provider of mission-critical electric heat management solutions, alongside Brookfield.

• Invested US$461 million in a multi-asset continuation vehicle with Warburg Pincus involving five companies from Warburg Pincus Global Growth and Warburg Pincus Financial Sector.

• Invested an additional US$50 million in the US$8.6 billion Series J funding of Databricks, a data, analytics and AI company based in San Francisco, bringing our stake to just under 1%. We first invested in Databricks in 2021.

• Committed €167 million to AXA IM Prime Genesis PE Secondaries Fund to acquire indirect exposure to 12 buyout funds and provide primary capital to be used for new fund investments focused on buyout transactions in North America and Europe.

• Co-invested US$50 million for a 5% stake in PropertyGuru, a leading real estate online classifieds company in Southeast Asia, alongside EQT Private Capital Asia.

• Invested US$75 million in a single-asset continuation fund transaction with Court Square Capital Partners for Playcore, a leading U.S.-based manufacturer and distributor of playground and recreational equipment.

• Signed a definitive agreement in support of the proposed merger between Novolex® and Pactiv Evergreen Inc., creating a leading manufacturer in food, beverage and specialty packaging products across North America. We will contribute approximately US$1 billion and will become a significant minority shareholder in the post-merger company.

• Committed JPY 11.5 billion (US$75 million) to Polaris Capital Fund VI. Polaris Capital is a leading Japanese private equity manager, focusing on upper mid-market buyout investments.

• Completed a US$25 million follow-on investment in Human Interest, an affordable, full-service 401(k) and 403(b) retirement-plan provider that seeks to make it easy for small- and medium-sized businesses, alongside NewView Capital, a late-stage venture capital and growth manager.

• Invested alongside Dragoneer in Instructure, a U.S.-based software company servicing the education-end market.

• Committed US$100 million to Accel-KKR Strategic Capital, which will invest in a broad range of transactions primarily focused on the software industry in the secondary market.

• Invested €100 million in a leading online real estate classifieds platform in Spain, Italy and Portugal, alongside Cinven.

• Completed the acquisition of Keywords Studios, a leading international video games service provider, alongside EQT and Temasek. We invested approximately US$515 million for a 24.5% stake in the company.

• Committed US$200 million in aggregate across CVC Growth Partners III and CVC Growth Partners III Co-Investment vehicles, which will invest in middle-market growth-oriented software and tech-enabled business services companies in the U.S. and Europe.

• Completed a follow-on investment of US$8 million in Eruditus as part of the company’s Series F funding round. Eruditus partners with more than 80 top universities globally to provide accessible, high-quality education through its courses, degree programs, professional certificates, and senior executive program.

• Committed KRW 437.5 billion (C$443 million) in a separately managed account, managed by Asia-Pacific real asset manager ESR, targeting credit investment solutions for logistics assets in South Korea.

• Invested US$86 million to acquire an 8% stake in Infocom, a leading online comic platform in Japan, alongside Blackstone Asia.

• Invested US$100 million for an approximate 5% stake in Perficient, a leading provider of end-to-end digital strategy, design and engineering services for global enterprises, alongside EQT Private Capital Asia. Based in the U.S., Perficient has global operations in 40 locations across Asia, the U.S and Latin America, with 28% of delivery staff based in India.

• Invested US$25 million in Cytovale through a Series D funding round, alongside Sands Capital. Based in California, Cytovale is a commercial-stage medical diagnostics company focused on launching IntelliSep, a hospital-based diagnostic tool that rapidly risk-stratifies patients based on their probability of having sepsis.

Real Assets

• Completed three co-investments alongside Quantum Capital Group, a Houston-based private equity firm focused on the energy sector: US$150 million for an approximate 29% stake in Trace Midstream, a Houston-based company with natural gas gathering and transportation assets in the Permian Basin; US$80 million for an approximate 11% stake in QB Energy, a private exploration and production business focused on acquiring and developing natural gas assets; and US$65 million for an approximate 10% stake in Firebird II, a private exploration and production business focused on acquiring and developing upstream assets in the Permian Basin.

• Announced our second data centre joint venture with existing partner Pacific Asset Management Company, a 95:5 KRW 1 trillion (C$1 billion) joint venture to develop carrier-neutral hyperscale data centres in South Korea. We have committed KRW 276 billion (C$285 million) to the joint venture’s initial seed

• Formed a new single-family rental housing joint venture in the U.K. with Kennedy Wilson, a global real estate investment company. We have initially committed £500 million for a 90% stake in the joint venture.

• Signed a joint venture agreement with Equinix, Inc., a digital infrastructure company, and GIC with the intent to jointly raise more than US$15 billion in capital. We have made an initial equity allocation of up to US$2.4 billion and will control a 37.5% equity interest. The joint venture will develop state-of-the-art Equinix xScale data centres in the U.S. to serve the unique core workload deployment needs of the world’s largest cloud service providers, including hyperscalers, which are key players in the AI ecosystem.

Transaction Highlights Following the Quarter

• Completed an investment in the refinancing transaction for Banyan Software. Headquartered in Canada, Banyan Software is a leading acquirer and permanent home for enterprise software companies, with a growing presence across North America, the U.K., Europe, Australia and New Zealand.

• Invested US$80 million in Kestra, a leading wealth management platform in the United States, alongside Stone Point.

• Invested US$517 million in a multi-asset continuation vehicle with PSG Equity L.L.C. (PSG) involving six assets from the PSG III, PSG IV, and PSG Europe I Funds.

• Sold our 50% stake in 2 Queen Street East, an office building in Toronto, Canada. Net proceeds from the sale were C$107 million. Our original investment was made in 2005.

• Formed a KRW 500 billion (C$500 million) joint venture with MGRV, a leading Korean rental housing provider, to develop rental housing projects in Korea. We will hold 95% of the joint venture and have committed up to KRW 133 billion (C$133 million) to the joint venture’s seed projects located within Seoul.

• Signed an agreement to exit our 33.3% equity share in the Goodman UK Partnership (GUKP), resulting in expected net proceeds of £182 million. GUKP was established with Australia’s Goodman Group in 2015, with a focus on developing prime industrial and logistics properties in the U.K.

• Formed a new 95:5 joint venture with Bridge Industrial, a privately owned, vertically integrated real estate operating company and investment manager, to invest in high-quality industrial properties in several core markets across the U.S. We have allocated US$750 million to the joint venture.

• Invested US$212 million in Blackstone Credit’s senior debt and equity issuance to fund its investment in U.S. pipeline assets from EQT Corp.

• Signed a new 50:50 joint venture agreement with Cyrela Brazil Realty, the largest residential real estate developer in Brazil, with an investment target of R$1.7 billion (C$400 million) to develop residential condominiums in São Paulo, Brazil.

• Signed an agreement to sell our entire 15.75% stake in U.S. power producer Calpine Corporation to Constellation Energy as part of Constellation’s acquisition of Calpine. As at signing, net proceeds are expected to be approximately US$700 million in cash and US$1.9 billion in Constellation stock. Our original investment in the company was made in 2018.

• Invested US$90 million alongside Thoma Bravo in Qlik, a U.S.-based software company that provides solutions across business intelligence, analytics and data integration and quality. This brings our stake in Qlik to approximately 3%.

• Acquired a position in equity tranches of Blackstone-managed European and U.S. collateralized loan obligations for approximately €120 million from BGLF, a London Stock Exchange-listed vehicle.

• Announced the sale of our 45% stake in the Goodman North American Partnership (GNAP), for expected net proceeds of US$2.2 billion. GNAP was established with Australia’s Goodman Group in 2012, with a mandate to invest in high-quality logistics and industrial properties in key North American markets.

• Agreed to sell our 49% interest in four real estate joint venture projects with Chinese real estate company Longfor Group Holdings for expected net proceeds of C$235 million before closing adjustments. The partnership with Longfor was first established in 2014.

About CPP Investments

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Fund in the best interest of the more than 22 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At December 31, 2024, the Fund totalled C$699.6 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.

Toronto, CANADA (January 27, 2025) – Cedar Leaf Capital, Canada’s first majority Indigenous-owned investment dealer, proudly joins the syndicate of dealers for Canada Pension Plan Investment Board (CPP Investments).

“This is a historic moment for Cedar Leaf Capital and marks the first time a majority Indigenous-owned investment dealer will participate in the debt market at this scale,” said Clint Davis, CEO of Cedar Leaf Capital. “We are honoured to have this partnership with CPP Investments, one of the strongest, most resilient and financially sustainable pension funds in the world. Our involvement in this syndicate demonstrates our collective commitment to supporting an inclusive and robust capital markets industry.”

“We are pleased to welcome Cedar Leaf Capital into our Canadian Dollar syndicate representing CPP Investments in the debt market,” said Sam Dorri, Managing Director of Financing & Balance Sheet Management. “The inclusion of Cedar Leaf Capital enables us to further diversify our dealer base, reaffirming our commitment to the Canadian bond market.”

On October 16, 2024, Cedar Leaf Capital received regulatory approval to open their doors for business. Cedar Leaf Capital is a partnership between Scotiabank, Nch’ḵay̓ Development, Des Nedhe Group, and Chippewas of Rama First Nation.

About Cedar Leaf Capital

Cedar Leaf Capital Inc. is Canada’s first majority Indigenous-owned investment dealer, with a commitment to Indigenous economic reconciliation. The firm will provide services as an underwriter or placement agent of new debt issues for corporate and government clients in Canada, with plans to potentially expand into advisory services and equity capital markets. Cedar Leaf Capital operates as a registered Investment Dealer across all provinces and territories in Canada. The company is regulated by the Canadian Investment Regulatory Organization (CIRO).

About CPP Investments

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Fund in the best interest of the more than 22 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, San Francisco, 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, 2024, the Fund totalled C$675.1 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

Seoul (January 23, 2025) – Canada Pension Plan Investment Board (CPP Investments) and MGRV, a leading Korean rental housing provider, today announced a KRW 500 billion (C$500 million) joint venture to develop rental housing projects in Korea. CPP Investments will hold 95% of the venture and MGRV will own the remaining 5%.

The joint venture, CPP Investments’ first direct investment in the residential sector in Korea, aims to develop properties in key corridors of Seoul, close to major business districts and leading universities. CPP Investments has committed up to KRW 133 billion (C$133 million) to the joint venture’s seed projects located within Seoul.

“This joint venture offers an excellent opportunity to enter the residential sector in Korea and meet the strong demand for high-quality rental housing in the greater Seoul area where half of Korea’s population resides,” said Sophie van Oosterom, Managing Director, Head of Real Estate at CPP Investments. “We are pleased to work alongside an experienced local partner like MGRV to enter this market segment, which we believe can generate attractive long-term returns for the CPP Fund.”

MGRV CEO Cho Kang-tae said, “this strategic partnership marks a significant step in demonstrating the high growth potential of the Korean rental housing market and MGRV’s competitive operational capabilities on a global scale,” adding, “we will continue to drive the ecosystem innovation in the market by expanding community-centered properties.”

About CPP Investments

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Fund in the best interest of the more than 22 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, San Francisco, 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, 2024, the Fund totalled C$675.1 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

About MGRV

MGRV is a fully integrated residential platform in Korea, capable of sourcing, developing and operating ‘for-rent’ residential projects. Through its New Living Community brand, Mangrove, which proposes a new way of living, MGRV provides flexible and innovative forms of co-living and accommodation spaces that foster a sense of community. Currently, MGRV operates six branches (with a capacity of 1,200 people) in Korea and is expanding its business portfolio targeting new audiences and regions. MGRV is leading innovation in the residential industry ecosystem, shifting from a supply-driven to a customer-focused approach. For more information, please visit https://mangrove.city/en/ or follow us on Instagram.

Partnership will target the acquisition and/or development of modern industrial facilities in supply-constrained markets across the U.S.

CHICAGO and TORONTO (January 16, 2025) –– Bridge Industrial (Bridge) a privately-owned, vertically integrated real estate operating company and investment manager, and Canada Pension Plan Investment Board (CPP Investments) today announced the formation of a new joint venture to invest in high-quality industrial properties in several core markets across the United States. The joint venture will also retain the optionality to pursue development opportunities.

CPP Investments and Bridge have allocated US$789 million in equity. CPP Investments will own a 95% stake and Bridge will own the remaining 5%. This is the second partnership formed between CPP Investments and Bridge, with the initial develop-to-core venture formed in 2021 having deployed capital into new construction projects in the Miami and Los Angeles markets.

“We are excited to broaden our successful collaboration with CPP Investments as we work together to capitalize on outstanding opportunities to acquire premium industrial space in the U.S.,” said Steve Poulos, Founder and CEO of Bridge Industrial.

This partnership will allow Bridge and CPP Investments to target high-quality industrial properties in key markets, as retailers compete for faster shipping times despite increasingly limited space for new warehouse construction.

“The industrial sector’s favourable market dynamics position this joint venture well to deliver strong returns for the CPP Fund,” said Sophie van Oosterom, Managing Director, Head of Real Estate at CPP Investments. “Bridge and CPP Investments have a shared vision of the value and opportunity in the sector, and we’re pleased to expand our partnership.”

About Bridge Industrial:

Bridge Industrial transforms complex real estate opportunities into irreplaceable industrial assets. A privately-owned, vertically integrated real estate operating company and investment manager, Bridge acquires, develops, and manages sites where it can leverage its expertise in complex transactions, skilled site development, creative property solutions, and successful leasing. Bridge seeks opportunities in high barrier to entry markets across the globe, that can meet the steady demand for last-mile and next-day delivery. The firm operates in Chicago, Miami, New Jersey, New York, Los Angeles, San Francisco, Seattle, UK, and Europe. Since its inception in 2000, Bridge has successfully acquired and developed nearly 74 million square feet of industrial buildings.

About CPP Investments:

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Fund in the best interest of the more than 22 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, San Francisco, 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, 2024, the Fund totaled C$675.1 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

Toronto, CANADA and São Paulo, BRAZIL (Jan 13, 2025) – Canada Pension Plan Investment Board (CPP Investments) announced today that it has signed a joint venture agreement with Cyrela Brazil Realty (Cyrela), the largest residential real estate developer in Brazil. Cyrela’s fund management subsidiary, Cy.Capital, will act as the manager of the investment vehicle.

CPP Investments and Cyrela have established an investment target of 1.7 billion reais (C$400 million), on an equal partnership basis, to develop residential condominiums in São Paulo, Brazil’s largest city, targeting over 6 billion reais (C$1.44B) in potential sales value over the next several years.

“The residential market in São Paulo has strong fundamentals, supported by favorable demographics, low unemployment level and resilient household income growth in the city,” said Ricardo Szlejf, Managing Director, Head of Real Assets, Latin America, for CPP Investments. “We are pleased to expand our long-term partnership with Cyrela, a premier real estate developer in Brazil, to develop high-quality residential projects that we believe will deliver strong, risk-adjusted returns to CPP contributors and beneficiaries.”

Today’s announcement extends a successful partnership between CPP Investments and Cyrela dating to 2019, which also includes a joint venture with Cyrela and Greystar to develop multifamily properties in São Paulo.

“We are proud to count CPP Investments as one of our key investment partners and are excited about the opportunity to further expand what has been a very productive working relationship,” said Gustavo Vaz, CEO of Cy.Capital.

About CPP Investments

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Fund in the best interest of the more than 22 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, San Francisco, 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, 2024, the Fund totaled C$675.1 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

Toronto, CANADA (January 10, 2025) – CPP Investments today announced the sale of its entire stake in U.S. power producer Calpine Corporation (Calpine) to Constellation Energy (Constellation), as part of Constellation’s acquisition of Calpine. Net proceeds to CPP Investments are expected to be approximately US$700 million in cash and US$1.9 billion in Constellation stock.

CPP Investments holds a 15.75% ownership position in Calpine through a co-investment made alongside Energy Capital Partners (ECP) and Access Industries in 2018.

“We are pleased by the success of our investment in Calpine and view this transaction as an excellent opportunity to realize strong returns for the CPP Fund,” said Bill Rogers, Managing Director, Head of Sustainable Energies at CPP Investments. “We look forward to participating in Constellation’s future growth, enhanced by the increased scale and cash flow resulting from this combination.”

The combined company’s footprint will span the continental U.S. and include a significantly expanded presence in Texas, the fastest growing market for power demand, as well as other key strategic markets, including California, Delaware, New York, Pennsylvania and Virginia.

“Calpine serves as a good example of CPP Investments’ approach to investing across the energy spectrum, which is to invest in companies that play a critical role in delivering affordable, reliable power while helping them progress towards the decarbonisation of their portfolios,” Rogers added.

The transaction is expected to close in the second half of 2025, subject to the satisfaction of customary closing conditions and regulatory approvals from the Federal Energy Regulatory Commission, the Department of Justice, the New York Public Service Commission, the Public Utility Commission of Texas, and other regulatory agencies.

CPP Investments’ Sustainable Energies group is active across the global energy system, with net assets totaling approximately C$34.2 billion as at March 31, 2024, including investments in renewables, conventional energy, carbon capture and storage, distributed and energy services, and emerging and disruptive technologies.

About CPP Investments

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Fund in the best interest of the more than 22 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, San Francisco, 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, 2024, the Fund totaled C$675.1 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

• CPP Investments to realize $2.2B in net proceeds, crystalizing strong returns over the life of the investment
• CPP Investments and Goodman Group remain partnered on other global ventures

Toronto, Canada/ Sydney, Australia (Jan 3, 2025) – Canada Pension Plan Investment Board (CPP Investments) is expected to realize approximately US$2.2B in net proceeds from its investment in Goodman North American Partnership (GNAP). This represents the realization of the strong performance and success of the partnership. Goodman and CPP Investments retain partnerships across several markets.

“The success of GNAP has provided us with an opportunity to lock in strong returns for the CPP Fund and is emblematic of our ongoing partnership with Goodman,” said Max Biagosch, Global Head of Real Assets & Head of Europe for CPP Investments. “The proceeds from this transaction also give us the ability to redeploy capital towards new investment opportunities as our portfolio continues to grow and evolve alongside the global market.”

GNAP was established as a 45-55 partnership between CPP Investments and Australia’s Goodman Group, respectively, in 2012, with a mandate to invest in high-quality logistics and industrial property in key North American markets.

“We are proud of the success we’ve had with CPP Investments in GNAP across our global Partnerships,” said Greg Goodman, Goodman Group CEO. We look forward to maintaining our strong working relationship across asset classes and geographies.”

About CPP Investments

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Fund in the best interest of the more than 22 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, San Francisco, 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, 2024, the Fund totaled C$675.1 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

Hong Kong (January 3, 2025) – Canada Pension Plan Investment Board (CPP Investments) today announced that it has agreed to sell its 49% interest in four real estate joint venture projects with Chinese real estate company Longfor Group Holdings (Longfor) to an affiliate of Dajia Insurance Group. Net proceeds to CPP Investments from the sale would be approximately C$235 million before closing adjustments.

The sale includes four retail malls, along with the connected office and rental housing properties, located in Shanghai, Suzhou, Chengdu and Chongqing.

CPP Investments first partnered with Longfor in China in 2014. The partnership has since expanded through the development of additional projects. Following the transaction, CPP Investments and Longfor still have a number of joint ventures in China.

The transaction is subject to customary closing conditions and regulatory approvals.

About CPP Investments

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Fund in the best interest of the more than 22 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, San Francisco, 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, 2024, the Fund totalled C$675.1 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

• CPP Investments capital commitment will be made alongside a new investment from Nordic Capital

• The broadened ownership will support Regnology in achieving its vision of becoming the central platform for reporting across financial institutions and regulators and fulfilling its accelerated international growth plan both organically and through strategic acquisitions

Frankfurt, Germany, December 20, 2024 – Canada Pension Plan Investment Board (“CPP Investments”), a leading global institutional investor and Nordic Capital, a leading software private equity investor, today announced an agreed new significant minority investment by CPP Investments for Regnology (“Regnology” or “the Company”), a global software provider with a focus on regulatory reporting solutions for financial institutions. In addition, Nordic Capital will make a new investment alongside its current ownership. Nordic Capital sees strong continued potential in the Company, and will together with CPP Investments, continue to support Regnology’s vision of creating a global platform that connects regulators and the financial industry to drive stability, transparency and a sustainable future.

This transaction enables Regnology’s further access to long-term capital, global networks and sector expertise to accelerate its expansion into more international markets both organically and through strategic acquisitions. In addition, the broadened ownership will support further investment in Regnology’s technology, product offering, customer success and people. The new ownership structure reflects both CPP Investments and Nordic Capital’s confidence in Regnology’s business model and future growth prospects and provides an opportunity to create additional value.

Regnology is a global provider of innovative regulatory, risk, and supervisory technology solutions. Over 35,000 financial institutions, 70 regulators and tax authorities rely on its solutions to streamline their processes, enhance data quality and improve efficiency. Regnology supports regulatory reporting for all scales of financial institutions, including top-tier banks, brokerage firms, community banks, and corporate entities, along with major regulatory bodies and financial authorities across Europe, North America, and APAC.

Since Nordic Capital acquired Regnology in December 2020, the Company has outperformed its operational and financial targets and executed on its value creation plan earlier than expected. Regnology has made significant investments in its technology and product platform, experiencing strong organic growth as well as international expansion through strategic add-on acquisitions. The recently announced acquisition of VERMEG’s RegTech business unit (Agile) will expand Regnology’s international footprint in the strategic North American and APAC markets. This acquisition is expected to strengthen Regnology’s position as a global provider of end-to-end regulatory reporting solutions for large banks and other financial institutions seeking a comprehensive and innovative offering from a single, trusted partner.

Fredrik Näslund, Partner and Head of Technology & Payments, Nordic Capital Advisors, commented:

“Under Nordic Capital’s ownership, Regnology has transformed from a carve-out into a sizeable software platform in the RegTech space and the management team has successfully executed the key
levers of the initial value creation plan. Nordic Capital is delighted to be investing further together with CPP Investments to support this journey, allowing Regnology to scale its business model globally. We also want to thank BearingPoint Capital as a strategic partner and minority investor over the last four years.”

Sam Blaichman, Managing Director, Head of Direct Private Equity at CPP Investments, said:

“Regnology has a leading position in attractive and resilient markets, with a differentiated offering driving high customer advocacy. Under its current leadership, Regnology has demonstrated a strong track-record of entering and winning in new geographies. We look forward to supporting the management team’s global ambitions alongside Nordic Capital. We expect this investment to deliver attractive risk-adjusted returns for CPP contributors and beneficiaries.”

Rob Mackay CEO, Regnology said:

“Nordic Capital’s support has been pivotal in our journey, and we are thrilled for CPP Investments to come on board as we enter the next phase of our global expansion. With their combined strengths, we are empowered to further invest in developing our SaaS solutions and accelerate our vision of creating a dedicated network that streamlines regulatory data flows, helping both regulators and the regulated in navigating the complexities of financial regulation.”

Nordic Capital has over 20 years of experience accelerating the growth of innovative technology companies globally. It has made 33 technology investments in companies with an aggregate enterprise value of circa EUR 26 billion, including Itiviti, Macrobond, Regnology, Trustly, Bambora, Signicat, One Inc, ActiveViam, Zafin and the recently announced acquisition of Anaqua. Its current Technology & Payments portfolio generates EUR 4.5 billion of revenues and employs over 17,400 people.

CPP Investments’ net investments through the Private Equity department totalled C$136.9 billion at September 30, 2024. CPP Investments’ Direct Private Equity strategy is focused on assets and sub-sectors where it maintains competitive advantages including a strong track record, superior insights and strategic partnerships to deliver attractive risk-adjusted returns. CPP Investments’ Direct Private Equity team has C$44bn assets under management and has significant experience investing in technology businesses, combined with strong expertise in the financial services sector.

CPP Investments has committed approximately €460 million / C$ 690 million for a significant minority stake in Regnology alongside a new investment made from Nordic Capital XI. Nordic Capital entities will hold a majority stake via Nordic Capital X and Nordic Capital XI. Nordic Capital X, which initially invested in Regnology in 2020, will sell a portion of its holding as part of the transaction. Current minority investor BearingPoint Capital will sell its full holding in connection to the transaction.

Terms of the transaction were not disclosed. The transaction is subject to customary regulatory approvals and expected to be completed in Q1 2025.

About CPP Investments

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Fund in the best interest of the more than 22 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, San Francisco, 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, 2024, the Fund totalled C$675.1 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

About Nordic Capital

Nordic Capital is a leading sector-specialist private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and Service & Industrial Tech. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested EUR 26 billion in close to 150 investments. The most recent entities are Nordic Capital XI with EUR 9.0 billion in committed capital and Nordic Capital Evolution with EUR 1.2 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Advisors have local offices in Sweden, the UK, the US, Germany, Denmark, Finland, Norway, and South Korea. www.nordiccapital.com.

“Nordic Capital” refers to, depending on the context, any, or all, Nordic Capital branded entities, vehicles, structures, and associated entities. The general partners and/or delegated portfolio managers of Nordic Capital’s entities and vehicles are advised by several non-discretionary sub-advisory entities, any or all of which are referred to as “Nordic Capital Advisors”.

About Regnology

Regnology is a leading technology firm on a mission to bring safety and stability to the financial markets. With an exclusive focus on regulatory reporting and more than 35,000 financial institutions, 70 regulators, international organizations, and tax authorities relying on our solutions to process their regulatory reporting data, we’re uniquely positioned to bring greater data quality, efficiency, and cost savings to all market participants. With over 900 employees in 16 countries and a unified data ingestion model powering our work, our clients can quickly implement and derive value from our solutions and easily keep pace with ongoing regulatory changes. Regnology was formed in 2021 when BearingPoint RegTech, a former business unit of BearingPoint Group, joined forces with Vizor Software, a global leader in regulatory and supervisory technology. The Company is on a continued organic and external growth path, building up as one of the world’s most recognized global regulatory reporting powerhouses. For more information about Regnology, connect with us on LinkedIn and X. Visit our website: www.regnology.net.

Berlin, 19 December, 2024 – Axel Springer SE (“Axel Springer”) today announced the signing of a definitive agreement to create a new corporate structure with a focused media company and separately held classifieds businesses. Following the initial announcement on 19 September, this marks the next milestone in the transition, positioning all businesses for optimal future growth potential and success in their respective markets.

As previously announced, all of Axel Springer’s news businesses – BILD, BUSINESS INSIDER, POLITICO, WELT, Morning Brew, Dyn Media, EMARKETER, and the joint venture Ringier Axel Springer Poland – will remain within Axel Springer. In addition to idealo and Bonial, Awin will also remain within Axel Springer’s digital marketing media portfolio to continue its ongoing and successful transformation to a MarTech company.

Friede Springer and Mathias Döpfner will together hold close to 98 percent of the company. Axel Sven Springer, one of the grandchildren of the company founder, will retain the remaining shares – a portion of his previous minority shareholding. This makes Axel Springer a fully family owned and operated media company for the first time since the company’s IPO back in 1985.

The classifieds businesses – the Stepstone Group and AVIV Group – will be held as separate joint venture companies with KKR and CPP Investments as majority shareholders, Axel Springer as minority co-shareholder (approximately 10 percent), and with an economic participation by the grandchildren of Axel Springer.

The classifieds businesses will continue to independently pursue their respective growth strategies, with strong strategic support from KKR and CPP Investments. Following significant platform and technology investments over the past five years, the businesses are expected to drive increased product innovation to continue providing market leading services for customers.

The new corporate structure will allow Axel Springer to continue focusing on its mission: shaping the future of independent journalism supported by Artificial Intelligence. As a privately owned and operated media company, Axel Springer will be debt-free, making it well-positioned to further strengthen its market position and pursue long-term growth opportunities and investments in alignment with its entrepreneurial vision.

The transaction is expected to close in Q2 2025, subject to regulatory approvals.

About Axel Springer

Axel Springer is an international media and technology company. By providing information across its diverse media brands (among others BILD, WELT, Business Insider, POLITICO) and classifieds (The Stepstone Group and AVIV Group) Axel Springer empowers people to make free decisions for their lives.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About CPP Investments

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Fund in the best interest of the more than 22 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, San Francisco, 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, 2024, the Fund totalled C$675.1 billion. For more information, please visit  www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.