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  • 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 LinkedInInstagram 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.

Article Contacts

Media Contact:

Asher Levine
alevine@cppib.com
+1 929 208 7939

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 LinkedInInstagram 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.

Article Contacts

Connie Ling

Managing Director, Corporate Communications
Tel: +852 3959 3476
cling@cppib.com

  • 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.

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.

Article Contacts

Contact Details

CPP Investments
Steve McCool, Public Affairs & Communications
CPP Investments
Tel: +44 7780 224 245
email: smccool@cppib.com

Nordic Capital
Katarina Janerud, Communications Manager,
Nordic Capital Advisors
Tel: +46 8 440 50 50
e-mail: katarina.janerud@nordiccapital.com

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.

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.

Article Contacts

For further information, please contact:

CPP Investments

Steve McCool
smccool@cppib.com

Axel Springer

Peter Huth
peter.huth@axelspringer.com

KKR

Annabel Arthur
media@kkr.com

TORONTO, December 18, 2024 – Ten of Canada’s largest pension investors and investment managers, representing more than $2.25 trillion in assets under management, today affirm their support for both the Canadian Sustainability Disclosure Standards (CSDS) from the Canadian Sustainability Standards Board (CSSB): General Requirements for Disclosure of Sustainability-related Financial Information (CSDS 1) and Climate-related Disclosures (CSDS 2), collectively the CSSB Standards.

The CSSB standards establish a robust framework for the Canadian market, while addressing specific Canadian circumstances. Alignment with a global baseline is important for the competitiveness of Canadian companies in global capital markets and for Canadian directors to discharge their duties to the companies they oversee. We also believe that this will reduce the reporting burden for Canadian entities that operate or raise capital in multiple jurisdictions.

For major institutional investors, complete, comparable sustainability-related information is a key part of making informed investment decisions. The CSSB’s standards address both general sustainability-related disclosures and climate-specific requirements, thus providing a framework to access this critical information.

While we recognize the need to make modifications to address Canadian-specific considerations, we encourage Canadian issuers to not delay the measurement and reporting of material sustainability-related information, particularly where “reasonable and supportable information is available to the entity at the reporting date without undue cost or effort.” For effective capital allocation decisions, investors depend on standardized disclosure across the full spectrum of material sustainability risks and opportunities.

As part of our mandates, our objectives are to deliver long-term, risk-adjusted returns that help support retirement and benefit security for millions of Canadians. We believe these standards will strengthen the Canadian market’s sustainability disclosure infrastructure and improve the quality of information available to investors, stakeholders and regulators. We call on corporate leaders to adopt CSDS 1 and CSDS 2 to ensure the transparency and comparability needed to make investment decisions that will contribute to a more prosperous future for our clients and beneficiaries.

ABOUT:

British Columbia Investment Management Corporation (BCI)
Gross AUM $250.4 billion (as at March 31, 2024)
About

CDPQ (Caisse de dépôt et placement du Québec)
AUM $452.0 billion (as at June 30, 2024)
About

Canada Pension Plan Investment Board (CPPIB)
AUM $675.1 billion (as at September 30, 2024)
About

Healthcare of Ontario Pension Plan (HOOPP)
AUM $112.6 billion (as at December 31, 2023)
About

Investment Management Corporation of Ontario (IMCO)
AUM $77.4 billion (as at December 31, 2023)
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Ontario Municipal Employees Retirement System (OMERS)
AUM $133.6 billion (as at June 30, 2024)
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Ontario Teachers’ Pension Plan (OTPP)
AUM $255.8 billion (as at June 30, 2024)
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OPSEU Pension Plan Trust Fund (OPTrust)
AUM $25.0 billion (as at December 31, 2023)
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Public Sector Pension Investment Board (PSP Investments)
AUM $264.9 billion (as at March 31, 2024)
About

University Pension Plan (UPP)
AUM $11.7 billion (as at December 31, 2023)
About

TORONTO, December 18, 2024 - Ten of Canada's largest pension investors and investment managers, representing more than $2.25 trillion in assets under management, today affirm their support for both the Canadian Sustainability Disclosure Standards (CSDS) from the Canadian Sustainability Standards Board (CSSB): General Requirements for Disclosure of Sustainability-related Financial Information (CSDS 1) and Climate-related Disclosures (CSDS 2), collectively the CSSB Standards. The CSSB standards establish a robust framework for the Canadian market, while addressing specific Canadian circumstances. Alignment with a global baseline is important for the competitiveness of Canadian companies in global capital markets and for Canadian directors to discharge their duties to the companies they oversee. We also believe that this will reduce the reporting burden for Canadian entities that operate or raise capital in multiple jurisdictions. For major institutional investors, complete, comparable sustainability-related information is a key part of making informed investment decisions. The CSSB's standards address both general sustainability-related disclosures and climate-specific requirements, thus providing a framework to access this critical information. While we recognize the need to make modifications to address Canadian-specific considerations, we encourage Canadian issuers to not delay the measurement and reporting of material sustainability-related information, particularly where “reasonable and supportable information is available to the entity at the reporting date without undue cost or effort.” For effective capital allocation decisions, investors depend on standardized disclosure across the full spectrum of material sustainability risks and opportunities. As part of our mandates, our objectives are to deliver long-term, risk-adjusted returns that help support retirement and benefit security for millions of Canadians. We believe these standards will strengthen the Canadian market's sustainability disclosure infrastructure and improve the quality of information available to investors, stakeholders and regulators. We call on corporate leaders to adopt CSDS 1 and CSDS 2 to ensure the transparency and comparability needed to make investment decisions that will contribute to a more prosperous future for our clients and beneficiaries. ABOUT: British Columbia Investment Management Corporation (BCI) Gross AUM $250.4 billion (as at March 31, 2024) About CDPQ (Caisse de dépôt et placement du Québec) AUM $452.0 billion (as at June 30, 2024) About Canada Pension Plan Investment Board (CPPIB) AUM $675.1 billion (as at September 30, 2024) About Healthcare of Ontario Pension Plan (HOOPP) AUM $112.6 billion (as at December 31, 2023) About Investment Management Corporation of Ontario (IMCO) AUM $77.4 billion (as at December 31, 2023) About Ontario Municipal Employees Retirement System (OMERS) AUM $133.6 billion (as at June 30, 2024) About Ontario Teachers’ Pension Plan (OTPP) AUM $255.8 billion (as at June 30, 2024) About OPSEU Pension Plan Trust Fund (OPTrust) AUM $25.0 billion (as at December 31, 2023) About Public Sector Pension Investment Board (PSP Investments) AUM $264.9 billion (as at March 31, 2024) About University Pension Plan (UPP) AUM $11.7 billion (as at December 31, 2023) About

Article Contacts

Canada Pension Plan Investment Board (CPPIB)
Media: Frank Switzer
Tel: +1 (416) 523 8039
Email: fswitzer@cppib.com

British Columbia Investment Management Corporation (BCI)
Media: Olga Petrycki
Tel: +1 778 410 7310
Email: media@bci.ca

CDPQ (Caisse de dépôt et placement du Québec)
Media: Media Relations team
Tel. : + 1 514 847 5493
Email: medias@cdpq.com

Healthcare of Ontario Pension Plan (HOOPP)
Media: Scott White
Email: swhite2@hoopp.com

Investment Management Corporation of Ontario (IMCO)
Media: Neil Murphy
Tel: +1 (416) 898 3917
Email: neil.murphy@imcoinvest.com

Ontario Municipal Employees Retirement System (OMERS)
Media: Don Peat
Tel: +1 (416) 815 4433
Email: media@omers.com

Ontario Teachers’ Pension Plan (OTPP)
Media: Dan Madge
Tel: +1 (416) 419 1437
Email: media@otpp.com

OPSEU Pension Plan Trust Fund (OPTrust)
Contact média : Jason White
Tel. : +1 (416) 201 1527
Email: jwhite@optrust.com

Public Sector Pension Investment Board (PSP Investments)
Media: Maria Constantinescu
Tel: +1 (514) 218 3795
Email: media@investpsp.ca

University Pension Plan (UPP)
Media: Zandra Alexander
Tel: +1 (647) 454 2612
Email: media@universitypensionplan.ca

Pactiv Evergreen Shareholders to Receive $18.00 Per Share in Cash

Complementary products, focus on innovation and sustainability create partner of choice across the food and beverage packaging industry

Customer-centric, packaging solutions provider across substrates with a North American footprint and broad distribution capabilities

CHARLOTTE, N.C. and LAKE FOREST, Ill. — December 9, 2024 Novolex® and Pactiv Evergreen Inc. (NASDAQ: PTVE), announced today they have entered into a definitive agreement to combine, creating a leading manufacturer in food, beverage and specialty packaging products.

This transaction is supported by funds managed by affiliates of Apollo (the “Apollo Funds”), the majority shareholder of Novolex since 2022, and Canada Pension Plan Investment Board (“CPP Investments”), which will contribute approximately US$1 billion and will become a significant minority shareholder in the post-merger company.

The combination brings together two highly complementary businesses that will offer a broad product platform, establishing one of the most diverse substrate offerings in the packaging industry. The asset base will include an extensive manufacturing footprint and an expansive distribution network, enhancing the combined company’s ability to serve customers ranging from large, blue-chip brands to small businesses that serve millions of consumers every day.

“This transaction reflects the continuation of our long-term growth strategy to create the industry’s most innovative, sustainable and customer-focused company,” said Stan Bikulege, Chairman and CEO of Novolex. “Pactiv Evergreen’s strong product portfolio, along with their talented team, will complement and add significant depth to Novolex’s diverse packaging solutions. Our companies share a dedication to customer success, a steadfast entrepreneurial spirit and have aligned values of integrity, collaboration and excellence. Our commitment to employees is unwavering in making this a best-in-class, high growth platform. We’re excited to continue our growth journey and are confident this combination will strengthen the future of food and beverage packaging.”

Michael King, President and Chief Executive Officer of Pactiv Evergreen, said, “We are pleased to reach this agreement with Novolex, which shares our commitment to product quality and recognizes our potential for future growth. The Board and leadership team evaluated a range of opportunities and are confident this transaction maximizes shareholder value and is the best path forward for all stakeholders. This milestone is a testament to our talented employees, and Pactiv Evergreen’s inherent value. Over the past three years, we’ve made significant progress on our transformation, focusing on our core strengths while driving operational excellence and enhancing profitability. We look forward to this next exciting chapter.”

“Novolex and Pactiv Evergreen serve attractive end markets, and both companies have made tremendous progress in recent years to enhance their operations and strengthen their focus on product innovation and sustainability leadership. As the packaging industry continues to evolve, bringing together these two talented teams will better position the combined company with enhanced and complementary capabilities to meet shifting consumer demands and provide the highest quality products and services to customers. We’re proud to support Novolex and Pactiv Evergreen and look forward to our continued partnership with Stan and the management team as they drive innovation and sustainable growth,” said Rob Seminara and Peter Sinensky, Partners at Apollo.

“We are pleased to support this transformative combination of Novolex and Pactiv Evergreen,” said Sam Blaichman, Managing Director, Head of North America, Direct Private Equity at CPP Investments. “We look forward to working alongside Apollo with Stan and the management team to realize the potential of the combined company.”

Compelling Strategic Combination and Financial Rationale

  • Delivers greater choice with more than 250 brands and 39,000 combined SKUs, establishing one of the most diverse substrate sets in the packaging industry, including multiple types of fiber, resin and post-consumer recycled content.
  • Improves service to customers, including the top household names in grocery, retail, quick- and full-service restaurants, foodservice, food and beverage producers and industrials.
  • Accelerates product innovation by combining respective experience in materials science, R&D and customizable product development capabilities and manufacturing technologies to better fulfill evolving customer demands for convenient, durable, protective and user-friendly packaging.
  • Provides additional service and distribution capabilities through a broad manufacturing footprint across the U.S., Canada and Mexico.
  • Builds on and enhances both companies’ proven dedication to sustainability through greater resources to invest in R&D for materials and sustainability strategies, including production of recyclable, compostable and reusable packaging backed by enterprise-wide emission reduction targets designed to reduce the impact of packaging on the environment.

Transaction Details

Under the terms of the agreement, Novolex will acquire Pactiv Evergreen for $18.00 per share in an all-cash transaction valued at $6.7 billion, inclusive of Pactiv Evergreen’s net debt as of September 30, 2024. The transaction consideration represents a 49% premium to the two-month unaffected volume weighted average trading price as of December 2, 2024, the last trading day prior to media reports regarding a potential transaction. Upon the completion of the transaction, Pactiv Evergreen will become a privately held company, and its common stock will no longer be listed on Nasdaq. The combined company will be led by Novolex Chairman and CEO Stan Bikulege.

The transaction has been approved by the Pactiv Evergreen Board of Directors and is subject to receipt of regulatory approvals and other customary closing conditions. The transaction has also been approved by Packaging Finance Limited, in its capacity as the majority shareholder of Pactiv Evergreen, and no other shareholder approval is required. The transaction is not subject to a financing condition and is expected to close in mid-2025.

About Novolex

Novolex develops and manufactures diverse packaging products for multiple industries in the foodservice, delivery and carryout, food processor and industrial markets that touch nearly every aspect of daily life. The Novolex family of brands provides customers with innovative food and delivery packaging and performance solutions products for their business needs today while investing in research and development to engineer more sustainable choices for the future. With more than 10,000 employee families, Novolex operates 56 manufacturing facilities in North America and Europe, including two world-class plastic film recycling centers. To learn more about Novolex, visit www.novolex.com.

About Pactiv Evergreen
Pactiv Evergreen is a leading manufacturer and distributor of fresh foodservice and food merchandizing products and fresh beverage cartons in North America. Pactiv Evergreen produces a broad range of on-trend and feature-rich products that protect, package and display food and beverages for today’s consumers. Its products, many of which are made with recycled, recyclable or renewable materials, are sold to a diversified mix of customers, including restaurants, foodservice distributors, retailers, food and beverage producers, packers and processors. Learn more at www.pactivevergreen.com.

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three investing strategies: yield, hybrid, and equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of September 30, 2024, Apollo had approximately $733 billion of assets under management. To learn more, please visit www.apollo.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 totaled C$675.1 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

Note to Investors Regarding Forward-Looking Statements

This press release contains forward-looking statements that reflect Pactiv Evergreen’s current views with respect to certain current and future events. All statements contained in this press release other than statements of historical fact are forward-looking statements, including statements regarding the expected timing of closing of the proposed transaction. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “likely” or “continue,” the negative of these terms and other comparable terminology. These statements are only predictions based on Pactiv Evergreen’s expectations and projections about future events as of the date of this press release and are subject to a number of risks, uncertainties and assumptions that may prove incorrect, any of which could cause actual results to differ materially from those expressed or implied by such statements, including, among others, (i) the completion of the proposed transaction on the anticipated terms and timing, including obtaining regulatory approvals, and the satisfaction of other conditions to the completion of the proposed transaction; (ii) potential litigation relating to the proposed transaction that could be instituted against Pactiv Evergreen or its directors, managers or officers, including the effects of any outcomes related thereto; (iii) the risk that disruptions from the proposed transaction (including the ability of certain counterparties to terminate or amend contracts upon a change of control) will harm Pactiv Evergreen’s business, including current plans and operations, including during the pendency of the proposed transaction; (iv) the ability of Pactiv Evergreen to retain and hire key personnel; (v) the diversion of management’s time and attention from ordinary course business operations to completion of the proposed transaction and integration matters; (vi) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the proposed transaction; (vii) legislative, regulatory and economic developments; (viii) potential business uncertainty, including changes to existing business relationships, during the pendency of the proposed transaction that could affect Pactiv Evergreen’s financial performance; (ix) certain restrictions during the pendency of the proposed transaction that may impact Pactiv Evergreen’s ability to pursue certain business opportunities or strategic transactions; (x) the possibility that the proposed transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (xi) the ability to obtain the necessary financing arrangements set forth in the commitment letters received in connection with the proposed transaction; (xii) the occurrence of any event, change or other circumstance that could give rise to the termination of the proposed transaction; (xiii) the risk that Pactiv Evergreen’s stock price may decline significantly if the proposed transaction is not consummated; and (xiv) those risks described under the heading “Risk Factors” in Pactiv Evergreen’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission, or SEC, and its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024, June 30, 2024 and September 30, 2024 filed with the SEC. New risks emerge from time to time, and it is not possible for Pactiv Evergreen to predict all risks, nor can it assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement that Pactiv Evergreen makes. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. Except as otherwise required by law, Pactiv Evergreen undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

Additional Information and Where to Find It

Pactiv Evergreen will prepare and file an information statement on Schedule 14C for its shareholders with respect to the approval of the proposed transaction and may file or furnish other documents with the SEC regarding the same. When completed, a definitive information statement will be mailed to Pactiv Evergreen’s shareholders. This press release is not a substitute for the information statement on Schedule 14C or any other document that Pactiv Evergreen may file with the SEC or send to its shareholders in connection with the proposed transaction. You may obtain copies of all documents filed by Pactiv Evergreen with the SEC regarding this transaction, free of charge, at the SEC’s website, www.sec.gov or from Pactiv Evergreen’s website at https://investors.pactivevergreen.com/financial-information/sec-filings.

Shareholders of Pactiv Evergreen are urged to read all relevant documents filed with the SEC, including the information statement on Schedule 14C, as well as any amendments or supplements to these documents, carefully when they become available because they will contain important information about the proposed transaction.

Pactiv Evergreen Shareholders to Receive $18.00 Per Share in Cash Complementary products, focus on innovation and sustainability create partner of choice across the food and beverage packaging industry Customer-centric, packaging solutions provider across substrates with a North American footprint and broad distribution capabilities CHARLOTTE, N.C. and LAKE FOREST, Ill. — December 9, 2024 — Novolex® and Pactiv Evergreen Inc. (NASDAQ: PTVE), announced today they have entered into a definitive agreement to combine, creating a leading manufacturer in food, beverage and specialty packaging products. This transaction is supported by funds managed by affiliates of Apollo (the “Apollo Funds”), the majority shareholder of Novolex since 2022, and Canada Pension Plan Investment Board (“CPP Investments”), which will contribute approximately US$1 billion and will become a significant minority shareholder in the post-merger company. The combination brings together two highly complementary businesses that will offer a broad product platform, establishing one of the most diverse substrate offerings in the packaging industry. The asset base will include an extensive manufacturing footprint and an expansive distribution network, enhancing the combined company’s ability to serve customers ranging from large, blue-chip brands to small businesses that serve millions of consumers every day. “This transaction reflects the continuation of our long-term growth strategy to create the industry’s most innovative, sustainable and customer-focused company,” said Stan Bikulege, Chairman and CEO of Novolex. “Pactiv Evergreen’s strong product portfolio, along with their talented team, will complement and add significant depth to Novolex’s diverse packaging solutions. Our companies share a dedication to customer success, a steadfast entrepreneurial spirit and have aligned values of integrity, collaboration and excellence. Our commitment to employees is unwavering in making this a best-in-class, high growth platform. We’re excited to continue our growth journey and are confident this combination will strengthen the future of food and beverage packaging.” Michael King, President and Chief Executive Officer of Pactiv Evergreen, said, “We are pleased to reach this agreement with Novolex, which shares our commitment to product quality and recognizes our potential for future growth. The Board and leadership team evaluated a range of opportunities and are confident this transaction maximizes shareholder value and is the best path forward for all stakeholders. This milestone is a testament to our talented employees, and Pactiv Evergreen’s inherent value. Over the past three years, we’ve made significant progress on our transformation, focusing on our core strengths while driving operational excellence and enhancing profitability. We look forward to this next exciting chapter.” “Novolex and Pactiv Evergreen serve attractive end markets, and both companies have made tremendous progress in recent years to enhance their operations and strengthen their focus on product innovation and sustainability leadership. As the packaging industry continues to evolve, bringing together these two talented teams will better position the combined company with enhanced and complementary capabilities to meet shifting consumer demands and provide the highest quality products and services to customers. We’re proud to support Novolex and Pactiv Evergreen and look forward to our continued partnership with Stan and the management team as they drive innovation and sustainable growth,” said Rob Seminara and Peter Sinensky, Partners at Apollo. “We are pleased to support this transformative combination of Novolex and Pactiv Evergreen,” said Sam Blaichman, Managing Director, Head of North America, Direct Private Equity at CPP Investments. “We look forward to working alongside Apollo with Stan and the management team to realize the potential of the combined company.” Compelling Strategic Combination and Financial Rationale Delivers greater choice with more than 250 brands and 39,000 combined SKUs, establishing one of the most diverse substrate sets in the packaging industry, including multiple types of fiber, resin and post-consumer recycled content. Improves service to customers, including the top household names in grocery, retail, quick- and full-service restaurants, foodservice, food and beverage producers and industrials. Accelerates product innovation by combining respective experience in materials science, R&D and customizable product development capabilities and manufacturing technologies to better fulfill evolving customer demands for convenient, durable, protective and user-friendly packaging. Provides additional service and distribution capabilities through a broad manufacturing footprint across the U.S., Canada and Mexico. Builds on and enhances both companies’ proven dedication to sustainability through greater resources to invest in R&D for materials and sustainability strategies, including production of recyclable, compostable and reusable packaging backed by enterprise-wide emission reduction targets designed to reduce the impact of packaging on the environment. Transaction Details Under the terms of the agreement, Novolex will acquire Pactiv Evergreen for $18.00 per share in an all-cash transaction valued at $6.7 billion, inclusive of Pactiv Evergreen’s net debt as of September 30, 2024. The transaction consideration represents a 49% premium to the two-month unaffected volume weighted average trading price as of December 2, 2024, the last trading day prior to media reports regarding a potential transaction. Upon the completion of the transaction, Pactiv Evergreen will become a privately held company, and its common stock will no longer be listed on Nasdaq. The combined company will be led by Novolex Chairman and CEO Stan Bikulege. The transaction has been approved by the Pactiv Evergreen Board of Directors and is subject to receipt of regulatory approvals and other customary closing conditions. The transaction has also been approved by Packaging Finance Limited, in its capacity as the majority shareholder of Pactiv Evergreen, and no other shareholder approval is required. The transaction is not subject to a financing condition and is expected to close in mid-2025. About Novolex Novolex develops and manufactures diverse packaging products for multiple industries in the foodservice, delivery and carryout, food processor and industrial markets that touch nearly every aspect of daily life. The Novolex family of brands provides customers with innovative food and delivery packaging and performance solutions products for their business needs today while investing in research and development to engineer more sustainable choices for the future. With more than 10,000 employee families, Novolex operates 56 manufacturing facilities in North America and Europe, including two world-class plastic film recycling centers. To learn more about Novolex, visit www.novolex.com. About Pactiv Evergreen Pactiv Evergreen is a leading manufacturer and distributor of fresh foodservice and food merchandizing products and fresh beverage cartons in North America. Pactiv Evergreen produces a broad range of on-trend and feature-rich products that protect, package and display food and beverages for today’s consumers. Its products, many of which are made with recycled, recyclable or renewable materials, are sold to a diversified mix of customers, including restaurants, foodservice distributors, retailers, food and beverage producers, packers and processors. Learn more at www.pactivevergreen.com. About Apollo Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three investing strategies: yield, hybrid, and equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of September 30, 2024, Apollo had approximately $733 billion of assets under management. To learn more, please visit www.apollo.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 totaled C$675.1 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments. Note to Investors Regarding Forward-Looking Statements This press release contains forward-looking statements that reflect Pactiv Evergreen’s current views with respect to certain current and future events. All statements contained in this press release other than statements of historical fact are forward-looking statements, including statements regarding the expected timing of closing of the proposed transaction. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “likely” or “continue,” the negative of these terms and other comparable terminology. These statements are only predictions based on Pactiv Evergreen’s expectations and projections about future events as of the date of this press release and are subject to a number of risks, uncertainties and assumptions that may prove incorrect, any of which could cause actual results to differ materially from those expressed or implied by such statements, including, among others, (i) the completion of the proposed transaction on the anticipated terms and timing, including obtaining regulatory approvals, and the satisfaction of other conditions to the completion of the proposed transaction; (ii) potential litigation relating to the proposed transaction that could be instituted against Pactiv Evergreen or its directors, managers or officers, including the effects of any outcomes related thereto; (iii) the risk that disruptions from the proposed transaction (including the ability of certain counterparties to terminate or amend contracts upon a change of control) will harm Pactiv Evergreen’s business, including current plans and operations, including during the pendency of the proposed transaction; (iv) the ability of Pactiv Evergreen to retain and hire key personnel; (v) the diversion of management’s time and attention from ordinary course business operations to completion of the proposed transaction and integration matters; (vi) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the proposed transaction; (vii) legislative, regulatory and economic developments; (viii) potential business uncertainty, including changes to existing business relationships, during the pendency of the proposed transaction that could affect Pactiv Evergreen’s financial performance; (ix) certain restrictions during the pendency of the proposed transaction that may impact Pactiv Evergreen’s ability to pursue certain business opportunities or strategic transactions; (x) the possibility that the proposed transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (xi) the ability to obtain the necessary financing arrangements set forth in the commitment letters received in connection with the proposed transaction; (xii) the occurrence of any event, change or other circumstance that could give rise to the termination of the proposed transaction; (xiii) the risk that Pactiv Evergreen’s stock price may decline significantly if the proposed transaction is not consummated; and (xiv) those risks described under the heading “Risk Factors” in Pactiv Evergreen’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission, or SEC, and its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024, June 30, 2024 and September 30, 2024 filed with the SEC. New risks emerge from time to time, and it is not possible for Pactiv Evergreen to predict all risks, nor can it assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement that Pactiv Evergreen makes. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. Except as otherwise required by law, Pactiv Evergreen undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise. Additional Information and Where to Find It Pactiv Evergreen will prepare and file an information statement on Schedule 14C for its shareholders with respect to the approval of the proposed transaction and may file or furnish other documents with the SEC regarding the same. When completed, a definitive information statement will be mailed to Pactiv Evergreen’s shareholders. This press release is not a substitute for the information statement on Schedule 14C or any other document that Pactiv Evergreen may file with the SEC or send to its shareholders in connection with the proposed transaction. You may obtain copies of all documents filed by Pactiv Evergreen with the SEC regarding this transaction, free of charge, at the SEC’s website, www.sec.gov or from Pactiv Evergreen’s website at https://investors.pactivevergreen.com/financial-information/sec-filings. Shareholders of Pactiv Evergreen are urged to read all relevant documents filed with the SEC, including the information statement on Schedule 14C, as well as any amendments or supplements to these documents, carefully when they become available because they will contain important information about the proposed transaction.

Article Contacts

CPP Investments

Asher Levine,
Managing Director, Corporate Communications
alevine@cppib.com

Novolex

Media:

Sean Heaslip
Edelman
NovolexMedia@edelman.com

Pactiv Evergreen

Investors:

Curt Worthington
Vice President, Strategy & Investor Relations
InvestorRelations@pactivevergreen.com

Media:

Beth Kelly
Sr. Director, Communications
beth.kelly@pactivevergreen.com

Andi Rose / Ed Trissel / Tim Ragones
Joele Frank, Wilkinson Brimmer Katcher
PTVEmedia@joelefrank.com

Paris (4 December, 2024) – Unibail-Rodamco-Westfield (“URW”) today announces that it has acquired a 38.9% stake in URW Germany GmbH and its related entities (together “URWG”) from its joint venture partner Canada Pension Plan Investment Board (“CPP Investments”). The acquisition is an off-market transaction, in the context of an existing shareholders’ agreement and increases URW’s stake in URWG to 89.9%. Both partners retain the option to transfer the remaining 10.1% of CPP Investments’ interest to URW in 2025 for a cash consideration of up to €65 Mn.

This acquisition is financed through the issuance of 3.254 Mn new URW stapled shares, representing approximately 2.2% of URW’s post-execution fully diluted share capital. These shares will be provided to CPP Investments as consideration for their contribution in kind of the 38.9% stake in URWG.

URWG owns five shopping centres in Germany: Minto (Mönchengladbach), Höfe am Brühl (Leipzig), Palais Vest (Recklinghausen), a 50% share in Paunsdorf Center (Leipzig), and a 20% share in Gropius Passagen (Berlin).

URWG also holds €416 Mn in cash1, including the €238 Mn net cash proceeds from the recent sale of Pasing Arcaden (Munich), as well as the fee business activity for third-party assets in Germany.

This transaction is EPRA NTA2 neutral for URW and improves its proforma IFRS LTV3 by c. -20 bps, whilst increasing its cash position and its optionality on these five German assets. The transaction has no impact on URW’s 2024 AREPS guidance.

This transaction does not affect other joint ventures and co-investments between CPP Investments and URW, including Westfield Stratford City, Westfield Centro and some assets in the US.

Pursuant to French legislation, the transaction appraisal documentation includes an opinion confirming the fair value of the exchange ratio.


1 Proforma as at September 30, 2024.
2 Proforma as at June 30, 2024.
3 Proforma as at June 30, 2024, including the disposal of Pasing Arcaden.

About Unibail-Rodamco-Westfield

Unibail-Rodamco-Westfield is an owner, developer and operator of sustainable, high-quality real estate assets in the most dynamic cities in Europe and the United States.

The Group operates 71 shopping centres in 12 countries, including 39 which carry the iconic Westfield brand. These centres attract over 900 million visits annually and provide a unique platform for retailers and brands to connect with consumers. URW also has a portfolio of high-quality offices, 10 convention and exhibition venues in Paris, and a €2.9 Bn development pipeline of mainly mixed-use assets. Its €50 Bn portfolio is 86% in retail, 6% in offices, 5% in convention and exhibition venues, and 2% in services (as at June 30, 2024).

URW is a committed partner to major cities on urban regeneration projects, through both mixed-use development and the retrofitting of buildings to industry-leading sustainability standards. These commitments are enhanced by the Group’s Better Places plan, which strives to make a positive environmental, social and economic impact on the cities and communities where URW operates.

URW’s stapled shares are listed on Euronext Paris (Ticker: URW), with a secondary listing in Australia through Chess Depositary Interests. The Group benefits from a BBB+ rating from Standard & Poor’s and from a Baa2 rating from Moody’s.

For more information, please visit www.urw.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 totaled C$675.1 billion.

For more information, please visit www.cppinvestments.com or follow us on LinkedInInstagram or on X @CPPInvestments.

Paris (4 December, 2024) – Unibail-Rodamco-Westfield (“URW”) today announces that it has acquired a 38.9% stake in URW Germany GmbH and its related entities (together “URWG”) from its joint venture partner Canada Pension Plan Investment Board (“CPP Investments”). The acquisition is an off-market transaction, in the context of an existing shareholders’ agreement and increases URW’s stake in URWG to 89.9%. Both partners retain the option to transfer the remaining 10.1% of CPP Investments’ interest to URW in 2025 for a cash consideration of up to €65 Mn. This acquisition is financed through the issuance of 3.254 Mn new URW stapled shares, representing approximately 2.2% of URW’s post-execution fully diluted share capital. These shares will be provided to CPP Investments as consideration for their contribution in kind of the 38.9% stake in URWG. URWG owns five shopping centres in Germany: Minto (Mönchengladbach), Höfe am Brühl (Leipzig), Palais Vest (Recklinghausen), a 50% share in Paunsdorf Center (Leipzig), and a 20% share in Gropius Passagen (Berlin). URWG also holds €416 Mn in cash1, including the €238 Mn net cash proceeds from the recent sale of Pasing Arcaden (Munich), as well as the fee business activity for third-party assets in Germany. This transaction is EPRA NTA2 neutral for URW and improves its proforma IFRS LTV3 by c. -20 bps, whilst increasing its cash position and its optionality on these five German assets. The transaction has no impact on URW’s 2024 AREPS guidance. This transaction does not affect other joint ventures and co-investments between CPP Investments and URW, including Westfield Stratford City, Westfield Centro and some assets in the US. Pursuant to French legislation, the transaction appraisal documentation includes an opinion confirming the fair value of the exchange ratio. 1 Proforma as at September 30, 2024. 2 Proforma as at June 30, 2024. 3 Proforma as at June 30, 2024, including the disposal of Pasing Arcaden. About Unibail-Rodamco-Westfield Unibail-Rodamco-Westfield is an owner, developer and operator of sustainable, high-quality real estate assets in the most dynamic cities in Europe and the United States. The Group operates 71 shopping centres in 12 countries, including 39 which carry the iconic Westfield brand. These centres attract over 900 million visits annually and provide a unique platform for retailers and brands to connect with consumers. URW also has a portfolio of high-quality offices, 10 convention and exhibition venues in Paris, and a €2.9 Bn development pipeline of mainly mixed-use assets. Its €50 Bn portfolio is 86% in retail, 6% in offices, 5% in convention and exhibition venues, and 2% in services (as at June 30, 2024). URW is a committed partner to major cities on urban regeneration projects, through both mixed-use development and the retrofitting of buildings to industry-leading sustainability standards. These commitments are enhanced by the Group’s Better Places plan, which strives to make a positive environmental, social and economic impact on the cities and communities where URW operates. URW’s stapled shares are listed on Euronext Paris (Ticker: URW), with a secondary listing in Australia through Chess Depositary Interests. The Group benefits from a BBB+ rating from Standard & Poor’s and from a Baa2 rating from Moody’s. For more information, please visit www.urw.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 totaled C$675.1 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

Article Contacts

For more information, please contact:

Investor Relations URW
Meriem Delfi
+33 7 63 45 59 77
investor.relations@urw.com

Gonzague Montigny
+33 6 10 95 85 84
investor.relations@urw.com

Media Relations URW
UK/Global:
Cornelia Schnepf – FinElk
+44 7387 108 998
Cornelia.Schnepf@finelk.eu

France:
Etienne Dubanchet – PLEAD
+33 6 62 70 09 43
Etienne.Dubanchet@plead.fr

Public Affairs & Communications, CPP Investments
Steve McCool
+44 7780 224 245
smccool@cppib.com

Seoul (November 21, 2024) – Canada Pension Plan Investment Board (CPP Investments) today announced a KRW 1 trillion (C$1 billion) joint venture with Pacific Asset Management Company (Pacific AMC) to develop carrier-neutral hyperscale data centres in South Korea. CPP Investments has committed KRW 276 billion (C$285 million) to the joint venture’s initial seed project.

This is the second data centre joint venture between CPP Investments and Pacific AMC. The first joint venture was set up in 2022 to develop the Jukjeon Data Centre, located in the eastern part of the Seoul metropolitan area.

“The demand for data centres in Asia Pacific has been on the rise, driven by the continued need for cloud computing and the increasing global adoption of artificial intelligence. In South Korea, businesses continue to seek high-quality digital infrastructure to support the country’s emergence as a digital technology hub,” said Max Biagosch, Senior Managing Director, Global Head of Real Assets & Head of Europe for CPP Investments. “This new venture not only represents another milestone in our broader data centre strategy globally, but also expands a valued partnership with Pacific AMC, allowing us to seize additional opportunities in the sector to the benefit of CPP contributors and beneficiaries.”

CPP Investments made its first direct data centre investment in 2017 and has since established data centre joint ventures and investments in major hubs across the Asia Pacific region, including Australia, Hong Kong, Japan, Korea, Malaysia, and Singapore, as well as in the U.S. and Canada.

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 LinkedInInstagram or on X @CPPInvestments.

Seoul (November 21, 2024) – Canada Pension Plan Investment Board (CPP Investments) today announced a KRW 1 trillion (C$1 billion) joint venture with Pacific Asset Management Company (Pacific AMC) to develop carrier-neutral hyperscale data centres in South Korea. CPP Investments has committed KRW 276 billion (C$285 million) to the joint venture’s initial seed project. This is the second data centre joint venture between CPP Investments and Pacific AMC. The first joint venture was set up in 2022 to develop the Jukjeon Data Centre, located in the eastern part of the Seoul metropolitan area. “The demand for data centres in Asia Pacific has been on the rise, driven by the continued need for cloud computing and the increasing global adoption of artificial intelligence. In South Korea, businesses continue to seek high-quality digital infrastructure to support the country’s emergence as a digital technology hub,” said Max Biagosch, Senior Managing Director, Global Head of Real Assets & Head of Europe for CPP Investments. “This new venture not only represents another milestone in our broader data centre strategy globally, but also expands a valued partnership with Pacific AMC, allowing us to seize additional opportunities in the sector to the benefit of CPP contributors and beneficiaries.” CPP Investments made its first direct data centre investment in 2017 and has since established data centre joint ventures and investments in major hubs across the Asia Pacific region, including Australia, Hong Kong, Japan, Korea, Malaysia, and Singapore, as well as in the U.S. and Canada. 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.

Article Contacts

CPP Investments

Connie Ling
Managing Director, Corporate Communications
T: +852 3959 3476
cling@cppib.com

All figures in Canadian dollars unless otherwise noted.

Second-Quarter Performance1:

  • Net assets increase by $28.3 billion
  • 10-year annualized net return of 9.1%

TORONTO, ON (November 15, 2024): Canada Pension Plan Investment Board (CPP Investments) ended its second quarter of fiscal 2025 on September 30, 2024, with net assets of $675.1 billion, compared to $646.8 billion at the end of the previous quarter.

The $28.3 billion increase in net assets for the quarter consisted of $23.1 billion in net income and $5.2 billion in net transfers from the Canada Pension Plan (CPP).

The Fund, which consists of the base CPP and additional CPP accounts, maintained a 10-year annualized net return of 9.1%. For the quarter, the Fund’s net return was 3.6%. Since its inception in 1999, and including the second quarter of fiscal 2025, CPP Investments has contributed $461.7 billion in cumulative net income to the Fund.

For the six-month fiscal year-to-date period, the Fund increased by $42.7 billion consisting of $29.3 billion in net income, plus $13.3 billion in net transfers from the CPP. For the period, the Fund’s net return was 4.6%.

“Despite heightened market volatility during the quarter, our diversified investment portfolio delivered stable returns, with positive performance across asset classes and geographies,” said John Graham, President & CEO. “The portfolio is performing as designed. Our focus remains on creating long-term value through market cycles in the best interests of CPP contributors and beneficiaries.”

The Fund continued to deliver strong growth amid market uncertainties, including increasing concerns about potential economic and geopolitical events. Rising prices of U.S. equities largely lifted the Fund’s performance during the quarter, while interest rate cuts in developed markets led to fixed income gains. Strong performance in infrastructure and credit investments further bolstered results, although foreign exchange had an overall negative impact due to the appreciation of the Canadian dollar against the U.S. dollar.

Performance of the Base and Additional CPP Accounts

The base CPP account ended its second quarter of fiscal 2025 on September 30, 2024, with net assets of $626.1 billion, compared to $603.6 billion at the end of the previous quarter. The $22.5 billion increase in net assets consisted of $21.4 billion in net income and $1.1 billion in net transfers from the base CPP. The base CPP account’s net return for the quarter was 3.5%, and the five-year annualized net return was 8.0%.

The additional CPP account ended its second quarter of fiscal 2025 on September 30, 2024, with net assets of $49.0 billion, compared to $43.2 billion at the end of the previous quarter. The $5.8 billion increase in assets consisted of $1.7 billion in net income and $4.1 billion in net transfers from the additional CPP. The additional CPP account’s net return for the quarter was 3.7%, and the five-year annualized net return was 5.1%.

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 profiles, the additional CPP account’s assets are also expected to grow at a much faster rate than those in the base CPP account.

Net Nominal Q2f25 En

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%.

Net Real Q2f25 En

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

  • Hosted in-person public meetings in Ottawa, Regina, Winnipeg, Halifax, St. John’s, Charlottetown, Fredericton and Vancouver through October and November, with meetings in Calgary and Edmonton completed in the first quarter of fiscal 2025. Public meetings are held every two years across Canada, reflecting our continued accountability to the more than 22 million CPP contributors and beneficiaries by providing an accessible forum to ask questions of our senior leaders. A national virtual meeting will be held on November 21.

Executive announcements

  • John Graham was appointed the new Chair of FCLTGlobal’s board of directors. FCLTGlobal is a non-profit organization, whose members are leading companies and investors worldwide, that develops actionable research and tools to build a long-term sustainable global economy. John has been a member of FCLTGlobal’s board since 2021. CPP Investments is the co-founder of FCLTGlobal having led the joint initiative that created FCLTGlobal in 2016.
  • Richard Manley, Chief Sustainability Officer, was appointed to the inaugural Steering Committee of the Greenhouse Gas Protocol, a non-governmental organization that supplies the world’s most widely used greenhouse gas (GHG) accounting standards. The Steering Committee will be the primary governing body of GHG Protocol, ensuring the standards continue to fulfil the needs of a rapidly changing GHG accounting and reporting landscape.

Second-Quarter Investment Highlights

Active Equities

  • Exited our approximate 6% stake in Delhivery, India’s largest integrated third-party logistics service provider. Net proceeds from the sale were C$298 million. Our initial investment in the company was made in 2019.

Credit Investments

  • Committed US$73 million to Permira’s financing to support its acquisition of PharmaCord, a patient services company in the U.S.
  • Invested US$74 million in the financing package to support Genstar Capital’s investment in AffiniPay. Based in the U.S., AffiniPay is a leading provider of practice management software, integrated payments and embedded fintech for professionals.
  • Invested US$72 million in a mezzanine loan secured against a Class-A office building in the Mission Bay neighbourhood in San Francisco, CA.
  • Invested in the first-lien credit facilities of Icon Group, Australia’s leading cancer care provider, which is owned by EQT Infrastructure.
  • Committed US$298 million in a separately managed account managed by Heitman LLC, targeting bespoke junior capital solutions for select real estate assets in Asia Pacific.
  • Committed up to US$500 million to Hines Rialto Credit Partners, a commercial real estate credit fund focused on the U.S. office sector.
  • Committed approximately C$90 million to a mezzanine forward-flow agreement with HomeTree, a U.K. whole-market energy player. The loan will support HomeTree’s expansion of its solar systems and heat pumps financing business.
  • Invested US$140 million in a commercial mortgage-backed security secured by the Bronx Terminal Market, a grocery-anchored retail power centre located in the Bronx neighbourhood of New York City, NY.
  • Committed to invest up to £75 million in a mezzanine loan facility supporting ThinCats, an alternative lender to mid-sized businesses in the U.K.

Private Equity

  • Committed US$50 million to Kohlberg Investors X, which will invest in leading North American middle-market companies, and invested US$50 million alongside Kohlberg in CLEAResult Consulting, Inc., a U.S.-based provider of energy efficiency, energy transition and sustainability services.
  • Invested £40 million alongside Apax funds for a minority stake in Zellis Group. Zellis Group is a U.K.-based provider of payroll and HR software to customers in the U.K. and Ireland.
  • Invested US$209 million to acquire interests in five funds managed by PSG, a manager that invests in growth-stage software businesses.
  • Invested US$75 million in Gehl Foods, a U.S.-based developer and manufacturer of shelf-stable protein drinks, plant-based milks, soups, cheese sauces and chili for blue-chip brands, retailers and foodservice customers across North America, alongside Kainos Capital, a middle-market private equity firm.
  • Committed US$75 million to Radical Growth I, managed by Radical Ventures, an AI-focused venture and growth manager with offices in Toronto, San Francisco and London. The total commitment now stands at US$204 million across various fundraising cycles since the initial investment in 2019.
  • Committed approximately €550 million to acquire an approximate 20% stake in team.blue, a leading webhosting services provider and digital enabler for entrepreneurs and small- and medium-sized businesses across Europe.

Real Assets

  • Allocated US$500 million to a sidecar investment vehicle alongside PAG’s SCREP VIII, which will enable individual direct investment on each fund investment. SCREP VIII will acquire investments in real estate and non-performing loans secured by commercial or residential properties in Asia Pacific.
  • Completed a follow-on commitment of up to R$2.2 billion (C$532 million) to Brazilian water and sanitation company, Iguá Saneamento, to support its business growth related to its new major concession contract in the Brazilian state of Sergipe. We currently own a 61.4% stake in the company.
  • Entered into a definitive agreement to acquire a 12% interest in AirTrunk, a leading Asia-Pacific data centre operator, as part of a transaction alongside Blackstone that values the business at an implied enterprise value of over A$24 billion (C$22 billion), including capital expenditures for committed projects.
  • Invested US$843 million in Tallgrass Energy, a leading energy infrastructure company with assets across 14 states in the U.S.
  • Sold our stake in One Paramount 1, a Grade-A office development in Chennai, India. Net proceeds from the sale were US$52 million. The initial investment was made in 2021 in a joint venture with RMZ Corp in India to hold and develop commercial real estate assets.

Transaction Highlights Following the Quarter

  • 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.
  • 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 U.S. and Europe.
  • 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 definitive share purchase agreements in Nord Anglia Education for an enterprise value of US$14.5 billion, together with a consortium of global institutional investors. We have been invested in Nord Anglia, a leading international school organization, since 2017. We will reinvest a portion of our stake in support of the acquisition.
  • 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.
  • 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.
  • Committed KRW 437.5 billion (C$443 million) in a separately managed account managed by ESR Kendall Square, targeting credit solutions for logistics assets in South Korea.
  • 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.
  • Invested SEK 1,150 million (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 €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.
  • 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.
  • 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.

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.

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.

1 Certain figures may not add up due to rounding.

All figures in Canadian dollars unless otherwise noted. Second-Quarter Performance1: Net assets increase by $28.3 billion 10-year annualized net return of 9.1% TORONTO, ON (November 15, 2024): Canada Pension Plan Investment Board (CPP Investments) ended its second quarter of fiscal 2025 on September 30, 2024, with net assets of $675.1 billion, compared to $646.8 billion at the end of the previous quarter. The $28.3 billion increase in net assets for the quarter consisted of $23.1 billion in net income and $5.2 billion in net transfers from the Canada Pension Plan (CPP). The Fund, which consists of the base CPP and additional CPP accounts, maintained a 10-year annualized net return of 9.1%. For the quarter, the Fund’s net return was 3.6%. Since its inception in 1999, and including the second quarter of fiscal 2025, CPP Investments has contributed $461.7 billion in cumulative net income to the Fund. For the six-month fiscal year-to-date period, the Fund increased by $42.7 billion consisting of $29.3 billion in net income, plus $13.3 billion in net transfers from the CPP. For the period, the Fund’s net return was 4.6%. “Despite heightened market volatility during the quarter, our diversified investment portfolio delivered stable returns, with positive performance across asset classes and geographies,” said John Graham, President & CEO. “The portfolio is performing as designed. Our focus remains on creating long-term value through market cycles in the best interests of CPP contributors and beneficiaries.” The Fund continued to deliver strong growth amid market uncertainties, including increasing concerns about potential economic and geopolitical events. Rising prices of U.S. equities largely lifted the Fund’s performance during the quarter, while interest rate cuts in developed markets led to fixed income gains. Strong performance in infrastructure and credit investments further bolstered results, although foreign exchange had an overall negative impact due to the appreciation of the Canadian dollar against the U.S. dollar. Performance of the Base and Additional CPP Accounts The base CPP account ended its second quarter of fiscal 2025 on September 30, 2024, with net assets of $626.1 billion, compared to $603.6 billion at the end of the previous quarter. The $22.5 billion increase in net assets consisted of $21.4 billion in net income and $1.1 billion in net transfers from the base CPP. The base CPP account’s net return for the quarter was 3.5%, and the five-year annualized net return was 8.0%. The additional CPP account ended its second quarter of fiscal 2025 on September 30, 2024, with net assets of $49.0 billion, compared to $43.2 billion at the end of the previous quarter. The $5.8 billion increase in assets consisted of $1.7 billion in net income and $4.1 billion in net transfers from the additional CPP. The additional CPP account’s net return for the quarter was 3.7%, and the five-year annualized net return was 5.1%. 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 profiles, 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 Hosted in-person public meetings in Ottawa, Regina, Winnipeg, Halifax, St. John’s, Charlottetown, Fredericton and Vancouver through October and November, with meetings in Calgary and Edmonton completed in the first quarter of fiscal 2025. Public meetings are held every two years across Canada, reflecting our continued accountability to the more than 22 million CPP contributors and beneficiaries by providing an accessible forum to ask questions of our senior leaders. A national virtual meeting will be held on November 21. Executive announcements John Graham was appointed the new Chair of FCLTGlobal’s board of directors. FCLTGlobal is a non-profit organization, whose members are leading companies and investors worldwide, that develops actionable research and tools to build a long-term sustainable global economy. John has been a member of FCLTGlobal’s board since 2021. CPP Investments is the co-founder of FCLTGlobal having led the joint initiative that created FCLTGlobal in 2016. Richard Manley, Chief Sustainability Officer, was appointed to the inaugural Steering Committee of the Greenhouse Gas Protocol, a non-governmental organization that supplies the world’s most widely used greenhouse gas (GHG) accounting standards. The Steering Committee will be the primary governing body of GHG Protocol, ensuring the standards continue to fulfil the needs of a rapidly changing GHG accounting and reporting landscape. Second-Quarter Investment Highlights Active Equities Exited our approximate 6% stake in Delhivery, India’s largest integrated third-party logistics service provider. Net proceeds from the sale were C$298 million. Our initial investment in the company was made in 2019. Credit Investments Committed US$73 million to Permira’s financing to support its acquisition of PharmaCord, a patient services company in the U.S. Invested US$74 million in the financing package to support Genstar Capital’s investment in AffiniPay. Based in the U.S., AffiniPay is a leading provider of practice management software, integrated payments and embedded fintech for professionals. Invested US$72 million in a mezzanine loan secured against a Class-A office building in the Mission Bay neighbourhood in San Francisco, CA. Invested in the first-lien credit facilities of Icon Group, Australia’s leading cancer care provider, which is owned by EQT Infrastructure. Committed US$298 million in a separately managed account managed by Heitman LLC, targeting bespoke junior capital solutions for select real estate assets in Asia Pacific. Committed up to US$500 million to Hines Rialto Credit Partners, a commercial real estate credit fund focused on the U.S. office sector. Committed approximately C$90 million to a mezzanine forward-flow agreement with HomeTree, a U.K. whole-market energy player. The loan will support HomeTree’s expansion of its solar systems and heat pumps financing business. Invested US$140 million in a commercial mortgage-backed security secured by the Bronx Terminal Market, a grocery-anchored retail power centre located in the Bronx neighbourhood of New York City, NY. Committed to invest up to £75 million in a mezzanine loan facility supporting ThinCats, an alternative lender to mid-sized businesses in the U.K. Private Equity Committed US$50 million to Kohlberg Investors X, which will invest in leading North American middle-market companies, and invested US$50 million alongside Kohlberg in CLEAResult Consulting, Inc., a U.S.-based provider of energy efficiency, energy transition and sustainability services. Invested £40 million alongside Apax funds for a minority stake in Zellis Group. Zellis Group is a U.K.-based provider of payroll and HR software to customers in the U.K. and Ireland. Invested US$209 million to acquire interests in five funds managed by PSG, a manager that invests in growth-stage software businesses. Invested US$75 million in Gehl Foods, a U.S.-based developer and manufacturer of shelf-stable protein drinks, plant-based milks, soups, cheese sauces and chili for blue-chip brands, retailers and foodservice customers across North America, alongside Kainos Capital, a middle-market private equity firm. Committed US$75 million to Radical Growth I, managed by Radical Ventures, an AI-focused venture and growth manager with offices in Toronto, San Francisco and London. The total commitment now stands at US$204 million across various fundraising cycles since the initial investment in 2019. Committed approximately €550 million to acquire an approximate 20% stake in team.blue, a leading webhosting services provider and digital enabler for entrepreneurs and small- and medium-sized businesses across Europe. Real Assets Allocated US$500 million to a sidecar investment vehicle alongside PAG’s SCREP VIII, which will enable individual direct investment on each fund investment. SCREP VIII will acquire investments in real estate and non-performing loans secured by commercial or residential properties in Asia Pacific. Completed a follow-on commitment of up to R$2.2 billion (C$532 million) to Brazilian water and sanitation company, Iguá Saneamento, to support its business growth related to its new major concession contract in the Brazilian state of Sergipe. We currently own a 61.4% stake in the company. Entered into a definitive agreement to acquire a 12% interest in AirTrunk, a leading Asia-Pacific data centre operator, as part of a transaction alongside Blackstone that values the business at an implied enterprise value of over A$24 billion (C$22 billion), including capital expenditures for committed projects. Invested US$843 million in Tallgrass Energy, a leading energy infrastructure company with assets across 14 states in the U.S. Sold our stake in One Paramount 1, a Grade-A office development in Chennai, India. Net proceeds from the sale were US$52 million. The initial investment was made in 2021 in a joint venture with RMZ Corp in India to hold and develop commercial real estate assets. Transaction Highlights Following the Quarter 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. 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 U.S. and Europe. 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 definitive share purchase agreements in Nord Anglia Education for an enterprise value of US$14.5 billion, together with a consortium of global institutional investors. We have been invested in Nord Anglia, a leading international school organization, since 2017. We will reinvest a portion of our stake in support of the acquisition. 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. 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. Committed KRW 437.5 billion (C$443 million) in a separately managed account managed by ESR Kendall Square, targeting credit solutions for logistics assets in South Korea. 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. Invested SEK 1,150 million (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 €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. 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. 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. 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. 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. 1 Certain figures may not add up due to rounding.

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For More Information:

Frank Switzer
Public Affairs & Communications
Tel: +1 416 523 8039
fswitzer@cppib.com

London, U.K. (November 4, 2024) – Canada Pension Plan Investment Board (CPP Investments), alongside EQT and Temasek, has completed the acquisition of Keywords Studios, the leading international video games service provider. CPP Investments invested approximately US$515 million for a 24.5% stake in the business. Keywords Studios’ ordinary shares have ceased trading on the U.K.’s AIM market and the company has been delisted from the London Stock Exchange.

Since its admission to the U.K.’s AIM market in July 2013, Keywords Studios has become the trusted global solutions provider to the world’s leading video games and entertainment companies, working with them across the full content development cycle, from concept through to launch and beyond. Keywords Studios has an excellent track record of evolving their business model to meet its clients’ needs and today has a diversified portfolio with services across the video games life cycle.

“Keywords Studios presents an attractive opportunity for CPP Investments to invest in an industry-leading global operator within a high-growth sector,” said Caitlin Gubbels, Senior Managing Director & Head of Private Equity at CPP Investments. “The business supports the global video gaming ecosystem through its extensive footprint and diversified revenue streams. We look forward to strengthening Keywords Studios’ market leadership and driving value creation alongside the management team and our longstanding partners, EQT and Temasek.”

CPP Investments’ net investments through the Private Equity department totalled C$136.8 billion at June 30, 2024. CPP Investments’ Private Equity strategy is focused on assets and sub-sectors where we maintain competitive advantages including a strong track record, superior insights and strategic partnerships to deliver attractive risk-adjusted returns.

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 June 30, 2024, the Fund totalled C$646.8 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedInInstagram or on X @CPPInvestments.

London, U.K. (November 4, 2024) – Canada Pension Plan Investment Board (CPP Investments), alongside EQT and Temasek, has completed the acquisition of Keywords Studios, the leading international video games service provider. CPP Investments invested approximately US$515 million for a 24.5% stake in the business. Keywords Studios’ ordinary shares have ceased trading on the U.K.’s AIM market and the company has been delisted from the London Stock Exchange. Since its admission to the U.K.’s AIM market in July 2013, Keywords Studios has become the trusted global solutions provider to the world’s leading video games and entertainment companies, working with them across the full content development cycle, from concept through to launch and beyond. Keywords Studios has an excellent track record of evolving their business model to meet its clients’ needs and today has a diversified portfolio with services across the video games life cycle. “Keywords Studios presents an attractive opportunity for CPP Investments to invest in an industry-leading global operator within a high-growth sector,” said Caitlin Gubbels, Senior Managing Director & Head of Private Equity at CPP Investments. “The business supports the global video gaming ecosystem through its extensive footprint and diversified revenue streams. We look forward to strengthening Keywords Studios’ market leadership and driving value creation alongside the management team and our longstanding partners, EQT and Temasek.” CPP Investments’ net investments through the Private Equity department totalled C$136.8 billion at June 30, 2024. CPP Investments’ Private Equity strategy is focused on assets and sub-sectors where we maintain competitive advantages including a strong track record, superior insights and strategic partnerships to deliver attractive risk-adjusted returns. 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 June 30, 2024, the Fund totalled C$646.8 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

Article Contacts

Steve McCool
Public Affairs & Communications
smccool@cppib.com
T: + 44 7780 224 245

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