CPP Investments Net Assets Total $777.5 Billion at Second Quarter Fiscal 2026

All figures in Canadian dollars unless otherwise noted.

Highlights:

• Net assets increase by $45.8 billion
• 10-year net return of 8.8%
• CPP Investments recognized once again for its transparency, as we ranked first among Canadian peers and second among 75 pension funds globally in the 2025 Global Pension Transparency Benchmark

TORONTO, ON (November 14, 2025): Canada Pension Plan Investment Board (CPP Investments) ended its second quarter of fiscal 2026 on September 30, 2025, with net assets of $777.5 billion, compared to $731.7 billion at the end of the previous quarter.

The $45.8 billion increase in net assets for the quarter consisted of $39.8 billion in net income and $6.0 billion in net transfers from the Canada Pension Plan (CPP). CPP Investments routinely receives more CPP contributions than required to pay benefits during the first part of the calendar year, partially offset by benefit payments exceeding contributions in the final months of the year.

The Fund, composed of the base CPP and additional CPP accounts, generated a 10-year annualized net return of 8.8%. For the quarter, the Fund’s net return was 5.4%. Since CPP Investments first started investing the Fund in 1999, and including the second quarter of fiscal 2026, it has contributed $539.4 billion in cumulative net income.

For the six-month fiscal year-to-date period, the Fund increased by $63.1 billion consisting of $47.3 billion in net income, plus $15.8 billion in net transfers from the CPP. For the period, the Fund’s net return was 6.5%.

“CPP Investments delivered good results this quarter. The Fund continues to benefit from our diversified approach and from owning high-quality assets around the world,” said John Graham, President & Chief Executive Officer, CPP Investments. “At the same time, many markets are pricing assets at robust levels. In this environment, we remain disciplined in line with our purpose to help pay pensions not only today, but for many decades to come, through many different economic cycles.”

Returns from public equities drove performance this quarter, reflecting investor optimism around artificial intelligence, resilient corporate earnings and expectations of continued monetary easing in developed markets. Investments in private assets — particularly in credit, private equity, infrastructure and energy — also performed well. Foreign exchange movements, primarily from a stronger U.S. dollar, further enhanced overall results. CPP Investments’ diversified portfolio spans multiple asset classes and geographic markets and is intentionally constructed to be less concentrated than public market indices, enhancing the Fund’s resilience as it continues to grow over time.

Performance of the Base and Additional CPP Accounts

The base CPP account ended its second quarter of fiscal 2026 on September 30, 2025, with net assets of $706.0 billion, compared to $668.0 billion at the end of the previous quarter. The $38.0 billion increase in net assets consisted of $37.0 billion in net income and $1.0 billion in net transfers from the base CPP. The base CPP account’s net return for the quarter was 5.5% and the 10-year annualized net return was 8.9%.

The additional CPP account ended its second quarter of fiscal 2026 on September 30, 2025, with net assets of $71.5 billion, compared to $63.7 billion at the end of the previous quarter. The $7.8 billion increase in net assets consisted of $2.8 billion in net income and $5.0 billion in net transfers from the additional CPP. The additional CPP account’s net return for the quarter was 4.2% and the annualized net return since inception was 6.3%.

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

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

Long-Term Financial Sustainability

Every three years, the Office of the Chief Actuary of Canada, an independent federal body that provides checks and balances on the future costs of the CPP, evaluates the financial sustainability of the CPP over a long period. In the most recent triennial review published in December 2022, the Chief Actuary reaffirmed that, as at December 31, 2021, both the base and additional CPP continue to be sustainable over the long term at the legislated contribution rates.

The Chief Actuary’s projections are based on the assumption that, over the 75 years following 2021, the base CPP account will earn an average annual rate of return of 3.69% above the rate of Canadian consumer price inflation. The corresponding assumption is that the additional CPP account will earn an average annual real rate of return of 3.27%.

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

Operational Highlights

Board announcements

• Welcomed the appointments of Gillian Denham and Stephanie Coyles to the Board of Directors, effective September 25, 2025, and October 10, 2025, respectively. Ms. Denham has extensive experience on public company boards and is the former Head of the Retail Bank at CIBC. Ms. Coyles is an experienced director and is the former Chief Strategic Officer at LoyaltyOne, Inc.

• Welcomed the reappointment of Barry Perry as a Director of the Board for a three-year term effective September 25, 2025.

Corporate developments

• Recognized once again for transparency, as we ranked first among Canadian pension funds and second among 75 pension funds across 15 countries in the 2025 Global Pension Transparency Benchmark developed by Top1000funds.com and CEM Benchmarking, its fifth and final edition. The Global Pension Transparency Benchmark focuses on the transparency and quality of public disclosures relating to the completeness, clarity, information value and comparability of disclosures.

• CPP Investments Insights Institute launched Mapping Canadian Capital, a case study series on Canadian investments within our portfolio. To date, the series has explored the partnerships, investment models and strategies behind five key investments: Radical Ventures, Canadian Natural Resources, 407 ETR, Northleaf Capital Partners, and Wolf Midstream. As of March 31, 2025, CPP Investments had $114 billion of total investments in Canada.

Second Quarter Investment Highlights

Capital Markets and Factor Investing

• Completed eleven co-investments alongside external fund managers, committing approximately C$875 million to macro-themed strategies in addition to equity trades in communication services and materials.

Credit Investments

• Committed to provide £550 million in financing to support KKR’s acquisition of a European consumer lender and associated loan portfolio.

• Committed US$205 million as part of a term loan credit facility to Emergent Cold Latin America, the largest cold storage operator in Latin America, operating 110 facilities across 11 countries.

• Invested £190 million in the primary commercial mortgage-backed securities debt issuance of Caister Finance, secured by a portfolio of U.K. holiday parks owned by Haven.

• Invested US$100 million into the preferred equity issuance of CI Financial, a global wealth management and asset management advisory firm headquartered in Canada.

• Invested C$225 million in a loan to construct a hyperscale expansion to a data centre in Cambridge, Ontario, Canada, funding 50% of the total construction cost, alongside Deutsche Bank.

Private Equity

• Entered into a definitive agreement, together with funds managed by Stone Point Capital, for a majority investment in OneDigital, a U.S.-based insurance brokerage, financial services and workforce consulting firm. The transaction values OneDigital in excess of US$7 billion and will support the company’s continued growth through a combination of organic expansion and strategic acquisitions.

• Committed US$150 million to Great Hill Equity Partners IX, which will target middle-market growth buyout investments, primarily in North America.

• Committed US$105 million to JMI Equity Fund XII, which will target growth equity investments in software companies. We also invested US$36 million in First Due, a cloud-based software provider for fire departments and emergency medical services agencies, alongside JMI Equity.

• Invested US$75 million for a 5% stake in Novotech Holdings, a leading biotech-focused clinical research organization providing services across Asia Pacific, North America, and Europe, alongside TPG Capital Asia.

• Invested US$75 million in U.S. Urology Partners, a platform providing practice management capabilities to community-based urology practices, alongside General Atlantic.

• Invested US$50 million in Niwas Housing Finance Private Limited, a fast-growing affordable housing company serving borrowers from low-to-middle-income households across 8 states in India, alongside EQT.

• Committed to invest US$40 million in a newly created biopharmaceutical company focused on developing new therapies for autoimmune diseases, alongside Bain Capital.

• Invested approximately US$700 million for a minority position in NEOGOV, a leading provider of human resources and compliance software, alongside EQT.

• Committed US$100 million to Glenwood Korea Private Equity Fund III, managed by Glenwood Private Equity, which will target mid-market control carve-out opportunities in South Korea.

• Invested US$100 million in ModMed, a leading provider of specialty-specific SaaS solutions for ambulatory medical practices, alongside Clearlake Capital.

• Committed US$50 million to TPG Growth VI, which will invest in mid-market growth buyout and growth equity opportunities primarily in health care, software, digital media & communications, and business services, and invested US$40 million alongside TPG Growth indirectly in Cliffwater LLC, a U.S.-based provider of retail-focused alternative investment products.

• Invested US$75 million in Aavas Financiers Limited, one of India’s leading affordable housing finance companies serving borrowers from low-to-middle-income households across 14 states, alongside CVC Capital Partners Asia.

• Committed US$125 million to TPG Emerging Companies Asia Fund I, managed by TPG Capital Asia, which will invest in middle-market opportunities across Asia Pacific.

Real Assets

• Committed US$750 million to KKR Global Infrastructure Investors V, which will target investments in critical infrastructure assets primarily across the Americas and Western Europe.

• Invested an additional US$87 million in Caturus, a U.S.-based integrated gas-focused exploration & production and liquefied natural gas company, through a Kimmeridge co-investment vehicle. We currently own a 12% stake in Caturus, including indirect ownership positions.

• Entered into a definitive agreement to acquire an approximate 13% indirect equity interest in Sempra Infrastructure Partners, a leading North American energy infrastructure company, for approximately US$3.0 billion, alongside affiliates of KKR.

• Committed US$300 million into Blue Owl Real Estate Fund VII, a closed-end commercial real estate net lease investment fund focused on opportunities in North America. We also invested into the development of the second phase of a hyperscale data centre in Abilene, Texas, alongside funds managed by Blue Owl Capital.

• Expanded the Build-For-Rent joint venture with Greystar, a global leader in property management, investment management, and development, to a total equity commitment of US$1.4 billion for our 95% stake. The joint venture will develop a mix of residential properties across the U.S. including detached single-family homes, duplexes, and townhomes.

• Entered into a definitive agreement to sell our 49.87% stake in Transportadora de Gas del Peru S.A., which operates Peru’s main natural gas and natural gas liquids pipelines under a long-term concession, to EIG. Our original investment was made in 2013. The transaction is subject to customary closing conditions and regulatory approvals.

• Sold our 50% stake in each of two real estate assets located in Birmingham U.K., the Bullring and Grand Central Shopping Centres, to joint-venture partner Hammerson Plc. Net proceeds from the sales were approximately C$615 million. We first invested in the Bullring in 2013 and in Grand Central in 2016.

• Entered into a definitive agreement to sell our 49% stake in Island Star Mall Developers Private Limited, a real estate investment program in India, to joint venture partner The Phoenix Mills Limited and affiliates. Net proceeds will be approximately INR 54.5 billion (C$871 million). The joint venture was established in 2017.

• Sold our 50% stake in 100 Regent St, a mixed-use office building in London, U.K., alongside our partner, Hermes Real Estate Investment Management. Net proceeds from the sale were £46 million. Our original investment was made in 2013.

Transaction Highlights Following the Quarter 

• Committed an additional US$87 million to FNZ Group, a global technology provider to the wealth management industry, as part of a broader financing round to support the ongoing growth and development of the business.

• Committed US$135 million to Ohana Credit Fund III, which will focus on diversified credit strategies across the U.S. hospitality sector.

• Expanded our partnership with Redwood Trust by increasing our senior secured revolving corporate facility from US$250 million to US$400 million and extending the term of our US$500 million asset joint venture. Redwood is a U.S. mortgage REIT focused on credit investments and mortgage banking across single-family and multi-family housing.

• Committed to invest approximately C$60 million in Wealthsimple through a primary and secondary offering at a post-money valuation of C$10 billion. Wealthsimple is one of Canada’s fastest growing money management platforms.

• Invested US$150 million for an approximate 4% stake in Jeppesen, alongside Thoma Bravo. Based in the U.S., Jeppesen is a leading provider of navigation, flight planning and crew management software solutions to the aviation industry.

• Acquired a US$135 million limited partner interest in TA Associates Fund XII via a secondary transaction. TA Associates is a global growth private equity firm investing in technology, health care, financial services, consumer and business services.

• Invested C$50 million in Cohere through the second close of its funding round. Cohere is a Canadian technology company focused on artificial intelligence, specializing in large language models and AI products.

• Committed US$300 million to ArcLight Infrastructure Partners VIII, which will focus on firm power, renewable energy and midstream assets, primarily in North America.

• Committed €143 million, inclusive of €68 million of re-investment, to CVC Capital Partners Locron, a single-asset continuation fund.

• Entered into a definitive agreement to acquire an additional 25% interest in FCC Servicios Medio Ambiente Holding, S.A.U., the environmental services division of FCC Group, for €1.0 billion, which will result in a 49.99% ownership stake upon closing.

• Entered into a definitive agreement with ArcLight Capital Partners to invest US$1.0 billion for a strategic minority position in AlphaGen, one of the largest independent power portfolios in the U.S.

• Sold our 45% stake in each of two office buildings located in the U.S., Hill7 in Seattle and 1101 17th Street NW in Washington D.C. The combined gross value of the assets was approximately US$160 million. We originally invested in Hill7 in 2016 and 1101 17th Street NW in 2010.

About CPP Investments

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Canada Pension Plan Fund in the best interest of the more than 22 million contributors and beneficiaries. In order to build diversified portfolios of assets, we make investments around the world in public equities, private equities, real estate, infrastructure, fixed income and alternative strategies including in partnership with funds. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, 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, 2025, the Fund totalled C$777.5 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

Disclaimer

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

Toronto, ON (October 29, 2025) – Financial anxiety about retirement continues to weigh heavily on Canadians, with six out of ten (59%) fearing they will outlive their savings, according to the 2025 CPP Investments Retirement Survey. That figure is similar to a year ago, but the findings also show that taking proactive steps such as developing a retirement plan, understanding the role of the Canada Pension Plan (CPP), and seeking trusted financial advice can significantly reduce this worry and build greater confidence in the future:

• 52% of non-retirees surveyed said having a financial plan gave them confidence they would not run out of money in retirement — the number one reason for having that confidence.
• Canadians who have or expect to have the CPP as retirement income report lower stress about retirement planning (49% vs. 39% not stressed) and greater confidence that their savings will last throughout retirement (52% vs. 44%) than those who don’t.
• Almost half (48%) of Canadians had someone in their life play an important role in their financial education, highest among those aged 18-34.

Retirement Worries Remain High

The survey reveals that anxiety about retirement ranges across age groups, peaking among those aged 55-59 before declining among retirees. Over half (55%) of non-retirees and more than 2-in-5 (44%) retirees said they do not have a retirement plan — a common reason for concerns about running out of money during retirement. These levels remain virtually unchanged from last year, underscoring the persistence of financial unease among Canadians.

“Running out of money in retirement is a deeply rooted concern, but Canadians already have a dependable foundation in the CPP — one that provides lifelong, inflation-protected benefits,” said Michel Leduc, Senior Managing Director & Global Head of Public Affairs and Communications, CPP Investments. “Understanding how the CPP works, coupled with having a plan and seeking reliable advice, can help reduce stress and give people more confidence in their financial future.”

Barriers to Building a Retirement Plan

Among non-retirees without a retirement plan, the leading reasons for not having one are related to immediate financial pressures. The majority said they need to earn more money (59%) or pay down existing debt (49%) before they can think about retirement. Younger Canadians, aged 18-34, who are balancing career building and major life milestones, were especially likely to cite other priorities. Over half (53%) of younger Canadians said they want to advance further in their careers before creating a retirement plan, while 47% said purchasing a home comes first.

“Confidence is a powerful enabler,” Leduc added. “Canadians who feel secure about the CPP’s role in their retirement are more willing to take proactive steps — like saving more, making a plan, or seeking advice — that ultimately improve their financial outcomes.”

Gender Gap in Financial Anxiety

The survey reveals a persistent gender gap when it comes to financial confidence and stress about retirement. Women continue to report higher levels of anxiety and lower confidence than men across key measures. Nearly two-thirds of women (63%) said they are worried about running out of money in retirement, compared to 55% of men. Women were also more likely to say they feel stressed about money in general, with financial insecurity compounding concerns about retirement.

Beyond these headline numbers, the data suggests that women are less likely to have a formal retirement plan and are more anxious about their financial decisions. This lack of planning and higher anxiety appear to reinforce one another, intensifying feelings of stress and uncertainty.

Systemic factors — including differences in lifetime earnings, the impact of career breaks for caregiving, and a greater likelihood of living longer than men — are drivers of this gap. The result is a retirement landscape in which women are less confident they will be able to save enough to last through their retirement.

Younger Canadians Are Most Stressed

The study also found that younger Canadians are particularly anxious about money. Among those aged 18-24, over two-thirds (68%) said they feel “a lot of anxiety” about making the wrong financial decisions. This figure steadily declined with age, dropping to just 29% among those 65 and older.

While the generational divide in financial confidence is not surprising, it underscores how essential financial literacy is to building a sense of control and reducing money-related stress. Developing a solid understanding of the core building blocks of financial literacy — earning, saving, borrowing, spending, and protecting assets — lays the foundation for lifelong financial health. When paired with an appreciation for the value of the CPP as a reliable source of future retirement income, these skills can empower Canadians, especially younger generations, to feel more secure and optimistic about their financial futures. Together, knowledge and the role of the CPP as a foundation for retirement savings can help lower financial anxiety.

Trusted Sources of Financial Guidance Matter

The survey also highlighted the important role of personal relationships in shaping financial confidence. Nearly half of Canadians (48%) reported having someone in their lives — a parent, family member, friend, teacher or mentor — who played a central role in helping them understand money and retirement planning. Those who did have such a trusted source consistently reported lower levels of financial stress and greater confidence in their retirement outlook.

“Financial knowledge doesn’t just come from books or advisors — it often comes from people you trust,” said Leduc. “Having someone in your life who can help demystify finances can make retirement planning feel less overwhelming and much more achievable.”

This insight is especially important given that many Canadians still feel unprepared when it comes to retirement. Encouraging conversations about money within families and communities can help bridge the gap between uncertainty and confidence, while reinforcing the role of the CPP as a reliable part of retirement income, added Leduc.

Building Confidence Through Financial Literacy

Familiarity with the CPP was strongly correlated with lower levels of retirement stress. Seventy-three per cent of those surveyed who were very familiar with the CPP felt confident about their retirement finances — compared to just 21% confidence among those not familiar with the CPP. This underscores the importance of financial literacy and access to clear, trustworthy information.

November is Financial Literacy Month in Canada, providing an opportunity to encourage Canadians to seek information, resources and advice that can help them make informed decisions about their future. CPP Investments conducted the research to support broader conversations about enhancing financial security across generations.

More information about the survey results and the role that CPP Investments plays in helping to sustain retirement income through the CPP can be found on our website.

About the survey
The online survey was conducted by Innovative Research Group from August 25–September 4, 2025, with a sample of 5,183 Canadians (outside of Quebec), 18 years or older, drawn from Leger and Lucid online panels. The final weighted sample size of 4,000 reflects Census population data. While this is a representative sample, margins of error do not apply to most online surveys.

About CPP Investments

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Canada Pension Plan Fund in the best interest of the more than 22 million contributors and beneficiaries. In order to build diversified portfolios of assets, we make investments around the world in public equities, private equities, real estate, infrastructure, fixed income and alternative strategies including in partnership with funds. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, 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, 2025, the Fund totalled C$731.7 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

CPP Investments is guided by a statutory objective: to invest the assets of the Canada Pension Plan (CPP) to achieve a maximum rate of return without undue risk of loss, and manage the CPP Fund in the best interests of contributors and beneficiaries. Our responsibility is to manage a globally diversified portfolio for the long term, grounded in rigorous analysis and the rule of law.

Climate change presents financial risks and opportunities. We integrate material climate‑related considerations into investment and risk processes across asset classes and regions where material, engage with companies to protect and grow value, and invest where transition and resilience can create long‑term returns.

Ecojustice has announced legal action. To be clear, an action against CPP Investments and its efforts to maintain the sustainability of the CPP, is an action against the retirement security of 22 million Canadians. We intend to do whatever is needed to uphold their interests.

We will respond through the proper legal channels. And we will continue to publish decision‑useful disclosures and updates on our approach to sustainability and risk management, consistent with recognized reporting standards and Canadian law.

You can find more information on CPP Investments and our approach below:

• Our Mandate
• Governance
• Policy on Sustainable Investing
• Approach to Sustainability
• Climate Change

TORONTO, ON (October 17, 2025): Canada Pension Plan Investment Board (CPP Investments) welcomes Stephanie Coyles as a new member of its Board of Directors. 

“We are pleased to welcome Stephanie Coyles to the Board of Directors. With a strong background in strategy, governance, and transformation across multiple industries, including retail and financial services, Stephanie brings deep insight into organizational oversight and strategy. Her extensive experience as a senior executive and corporate director will further enhance the Board’s expertise. We look forward to her valuable contributions as we continue to deliver on our mandate for CPP contributors and beneficiaries,” said Dean Connor, Chairperson of CPP Investments. 

Ms. Coyles is an experienced director and currently serves on the boards of Metro, Inc., a food and pharmacy leader in Québec and Ontario, and Sun Life Financial, Inc., a leading international investment management and insurance organization, where she chairs the governance committee, as well as having previously served on three other publicly listed company boards.  

Before her board career, Ms. Coyles was an executive and Chief Strategic Officer at LoyaltyOne, Inc. and previously worked as a management consultant, including as a partner at McKinsey & Company. She holds a master’s degree in public policy from the Kennedy School of Government at Harvard University and a Bachelor of Commerce (Honours) degree from Queen’s University. 

About CPP Investments 

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Canada Pension Plan Fund in the best interest of the more than 22 million contributors and beneficiaries. In order to build diversified portfolios of assets, we make investments around the world in public equities, private equities, real estate, infrastructure, fixed income and alternative strategies including in partnership with funds. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, 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, 2025, the Fund totalled C$731.7 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments. 

MADRID, SPAIN (October 9, 2025) – Canada Pension Plan Investment Board (CPP Investments), has signed an agreement to acquire an additional 25% interest in FCC Servicios Medio Ambiente Holding, S.A.U. (“FCC Enviro”), the environmental services division of FCC Group (“FCC”). Following completion of this transaction, CPP Investments will hold a 49.99% stake in FCC Enviro, alongside FCC which retains 50.01%. The agreed purchase price for the additional stake is €1.0 billion (C$1.6 billion).

FCC Enviro is one of the largest vertically integrated environmental services companies globally, operating across the waste value chain – from collections and treatment to recycling, recovery and disposal – and providing essential services to more than 78 million people across 12 countries.

“Increasing our stake in FCC Enviro deepens our commitment to a proven platform that plays a unique role in advancing the global circular economy. FCC Enviro’s differentiated scale and proven track record provide a compelling foundation for continued growth,” said James Bryce, Managing Director, Head of Infrastructure, CPP Investments. “This transaction is aligned with our strategy to invest behind key thematic trends, such as the circular economy, to generate attractive risk-adjusted returns for the CPP’s 22 million contributors and beneficiaries in Canada.”

Since CPP Investments’ initial investment in 2023 FCC Enviro has demonstrated strong performance, building on its deep market presence in established geographies and completing four strategic acquisitions – including a first investment in France and expansion into the US energy-from-waste (EfW) sector.

Closing of the transaction is subject to receipt of 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 Canada Pension Plan Fund in the best interest of the more than 22 million contributors and beneficiaries. In order to build diversified portfolios of assets, we make investments around the world in public equities, private equities, real estate, infrastructure, fixed income and alternative strategies including in partnership with funds. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, 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, 2025, the Fund totalled C$731.7 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

TORONTO, ON (October 3, 2025): Canada Pension Plan Investment Board (CPP Investments) welcomes Gillian (Jill) Denham as a new member of its Board of Directors.

“We are pleased that Jill Denham has joined the Board of Directors. With over 20 years of leadership in financial services and nearly 15 years of experience on public company boards spanning banking, technology, transportation, and health and wellness, she is well-positioned to contribute valuable perspectives to our experienced Board. We look forward to benefiting from her insight and judgment as we continue to build long-term value for Canada Pension Plan contributors and beneficiaries,” said Dean Connor, Chairperson of CPP Investments.

Ms. Denham is an experienced director and currently serves on the boards of Kinaxis Inc., a global leader in supply chain planning and orchestration software, and Coveo Solutions Inc., an artificial intelligence platform company where she holds the role of lead director. She is also Chair of Munich Reinsurance Company of Canada and Temple Insurance Company, both part of the Munich Re Group. Previously, she served on the boards of several organizations, including National Bank of Canada and Canadian Pacific Kansas City Limited.

Before her board career, Ms. Denham held several senior executive positions at CIBC, including Head of the Retail Bank. Ms. Denham was also a member of the Task Force on the Future of Securities Regulation in Canada.

About CPP Investments

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Canada Pension Plan Fund in the best interest of the more than 22 million contributors and beneficiaries. In order to build diversified portfolios of assets, we make investments around the world in public equities, private equities, real estate, infrastructure, fixed income and alternative strategies including in partnership with funds. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, 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, 2025, the Fund totalled C$731.7 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

11 GW Power Infrastructure Platform Positioned to Support
Data Center & AI-driven Power Demand

BOSTON and TORONTO – October 2, 2025 – ArcLight Capital Partners (ArcLight) today announced that Canada Pension Plan Investment Board (CPP Investments) has entered into a definitive agreement to invest US$1.0 billion for a strategic minority position in AlphaGen.  AlphaGen is one of the largest independent power portfolios in the U.S., with over 11 GWs of critical power assets located in strategic markets across the country.

As power has become the bottleneck to the rapidly evolving growth of AI, the need for critical infrastructure that can provide capacity, reliability, and “time to power” in a sustainable way is increasingly important.  ArcLight and the AlphaGen portfolio are well positioned to help meet this need in fast growing markets like Pennsylvania, Ohio and other parts of the PJM Interconnection market, investing in existing and building new infrastructure to provide accelerated power solutions to the market.

“AlphaGen provides efficient, reliable power in some of the most high-demand U.S. markets. As demand for electricity accelerates, these assets will play a vital role in balancing renewable growth with the need for reliable supply,” said Bill Rogers, Head of Sustainable Energies, CPP Investments. “Partnering with ArcLight, a highly experienced investor in  power markets, positions us well to support AlphaGen’s strong operational performance to deliver sustainable, long-term value for the CPP Fund.”

“ArcLight is excited to partner with another leading global investor – CPP Investments – in AlphaGen. We look forward to working with the CPP Investments team to drive additional growth in the platform, and deliver on the reliability and capacity needs of AI and electrification power demand growth in North America,” said Angelo Acconcia, President of ArcLight.  “AlphaGen, led by Curt Morgan, has a track record of strong operating performance that distinguishes the platform in the market,” said Andrew Brannan, Managing Director at ArcLight.

CPP Investments continues to invest to support the global economy’s energy transition, providing long-term capital to a global portfolio of assets across the energy spectrum including power generation, midstream, renewables, and conventional energy.

ArcLight has been investing and building power infrastructure since 2001, and has owned, controlled or operated over ~70 GW of assets and 47,000 miles of electric and gas transmission infrastructure representing approximately $80 billion of enterprise value. With its deep expertise and dedicated internal technical, commercial and development teams, ArcLight believes it is uniquely positioned to deliver customized, large-scale power infrastructure solutions to support AI and data center demand.

The investment is subject to regulatory approvals and is expected to close in the first half of 2026.

About ArcLight

ArcLight is a leading infrastructure investor which has been investing in critical electrification infrastructure since its founding in 2001. ArcLight has owned, controlled or operated over ~65 GW of assets and 47,000 miles of electric and gas transmission and storage infrastructure representing $80 billion of enterprise value. ArcLight has a long and proven history of value-added investing across its core investment sectors including power, hydro, solar, wind, battery storage, electric transmission and natural gas transmission and storage infrastructure to support the growing need for power, reliability, security, and sustainability. ArcLight’s team employs an operationally intensive investment approach that benefits from its dedicated in-house strategic, technical, operational, and commercial specialists, as well as the firm’s ~2,000-person asset management partner. For more information, please visit www.arclight.com. References to “ArcLight” herein refers to ArcLight Capital Partners, LLC and/or its managed investment vehicles, as the context requires.

About CPP Investments

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Canada Pension Plan Fund in the best interest of the more than 22 million contributors and beneficiaries. In order to build diversified portfolios of assets, we make investments around the world in public equities, private equities, real estate, infrastructure, fixed income and alternative strategies including in partnership with funds. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, 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, 2025, the Fund totalled C$731.7 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

About AlphaGen

AlphaGen is a strategic partnership formed and owned by an affiliate of ArcLight to own and operate critical power infrastructure to help provide reliable, secure, safe, and sustainable sources of power and meet the growing infrastructure needs created by electrification.  AlphaGen is led by a deeply experienced senior management team with a proven track record of strategic, operational, and commercial expertise to help create value and manage risk.  For more information, please visit www.alphagen.com.

Toronto, CANADA (September 23, 2025) – Canada Pension Plan Investment Board (CPP Investments) today announced it has entered into a definitive agreement to acquire an approximate 13% indirect equity interest in Sempra Infrastructure Partners (Sempra Infrastructure) from Sempra for approximately US$3.0 billion, alongside affiliates of KKR, a leading global investment firm and an existing investor in Sempra Infrastructure.

Sempra Infrastructure is a leading North American energy infrastructure company that develops, owns, and operates natural gas pipelines, power generation and liquefied natural gas (LNG) export facilities in the United States and Mexico. The company also owns and operates more than 1,600 MW of renewable generation and a natural gas-fired power plant.

“Natural gas has an important role to play in the global energy transition, and LNG infrastructure is central to meeting rising global demand and supporting long-term transition goals,” said Max Biagosch, Senior Managing Director, Global Head of Real Assets. “By strategically partnering with leading institutions such as KKR and Sempra, we are well-positioned to advance long-term value creation in a high-quality energy infrastructure platform. Sempra Infrastructure Partners plays an essential role in delivering reliable, affordable and increasingly sustainable energy solutions across North America and beyond. Through this investment, we are able to help meet that demand to deliver long-term value to the CPP Fund.”

The transaction is expected close in Q2 – Q3 in calendar 2026, subject to necessary regulatory and other approvals and closing conditions.

About CPP Investments

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Canada Pension Plan Fund in the best interest of the more than 22 million contributors and beneficiaries. In order to build diversified portfolios of assets, we make investments around the world in public equities, private equities, real estate, infrastructure, fixed income and alternative strategies including in partnership with funds. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, 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, 2025, the Fund totalled C$731.7 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

Investment Will Support OneDigital’s Next Phase of Multi-Vertical Growth

ATLANTA, US — Sept. 19, 2025  — OneDigital, an insurance brokerage, financial services and workforce consulting firm, today announced a majority investment from funds managed by Stone Point Capital and Canada Pension Plan Investment Board (CPP Investments). The transaction values OneDigital in excess of US $7 billion and will support the company’s continued growth through a combination of organic expansion and strategic acquisitions.  Stone Point Capital and CPP Investments will make this investment through the acquisition of a stake from existing shareholders, including Onex Partners, which will remain a significant minority owner.

Celebrating 25 years in business, OneDigital continues to expand its mission to deliver integrated insurance, financial and workforce solutions that empower businesses and individuals to thrive. This transaction marks the firm’s fourth equity recapitalization—underscoring long-term confidence in its founder-led leadership, differentiated operating model, and sustained trajectory of innovation and growth across five core verticals: employee benefits and HR, retirement & wealth management, property & casualty, PEO, and Medicare Advantage.

“This commitment from Stone Point Capital and CPP Investments represents two high-quality investors aligning behind a single platform that integrates across a multitude of verticals,” said Adam Bruckman, President and CEO of OneDigital. “This partnership gives us the fuel to keep building – investing in both people and technology, while sharpening our capabilities and showing up even stronger for our clients. Over the past five years with Onex, we’ve meaningfully expanded our platform and are grateful for their continued investment.”

“OneDigital represents an opportunity to partner with a founder-led leadership team whose multi-decade track record of growth and innovation speaks for itself,” said Jarryd Levine, Managing Director at Stone Point Capital. “We are enthusiastic about OneDigital’s growth potential and look forward to collaborating with the team as we enter the next phase of value creation.”

“OneDigital’s strong culture and differentiated focus on its clients has helped create a resilient business that delivers essential advice and solutions for businesses and individuals. In this new investment alongside our valued partners at Stone Point Capital, we look forward to working with management and Onex, a long-standing shareholder, to support OneDigital in its continued expansion and impact to deliver value to the CPP Fund,” said Sam Blaichman, Managing Director, Head of Direct Private Equity, CPP Investments.

Onex Partners will remain a significant investor in OneDigital, having first invested in 2020. “We are as excited about OneDigital today as we were five years ago, and we look forward to supporting this team as they continue to grow and deliver value to their clients,” said Adam Cobourn, Managing Director at Onex Partners. “This is a terrific outcome for our investors and OneDigital’s employee shareholders, with much to look forward to.”

Evercore acted as lead financial advisor to OneDigital. Ardea Partners and Barclays also served as financial advisors, and Kirkland & Ellis provided legal counsel to the company. J.P. Morgan Securities LLC and RBC Capital Markets acted as financial advisors to Stone Point. Simpson Thacher & Bartlett LLP provided legal counsel and Paul, Weiss, Rifkind, Wharton & Garrison LLP provided debt financing counsel to Stone Point. The transaction is expected to close in the fourth quarter of 2025, subject to regulatory approvals.

ABOUT ONEDIGITAL

OneDigital’s team of fierce advocates helps businesses and individuals achieve their aspirations of health, success and financial security. Our insurance, financial services and HR platform provides personalized, tech-enabled solutions for a contemporary work-life experience. Nationally recognized for our culture of caring, OneDigital’s teams enable employers and individuals to do their best work and live their best lives. More than 100,000 employers and millions of individuals rely on our teams for counsel and access to fully integrated worksite products and services and the retirement and wealth management advice provided through OneDigital Investment Advisors. Founded in 2000 and headquartered in Atlanta, OneDigital maintains offices in most major markets across the nation. For more information, visit onedigital.com.

ABOUT STONE POINT CAPITAL LLC

Stone Point is an alternative investment firm based in Greenwich, CT, with more than $70 billion of assets under management. Stone Point targets investments in companies in the global financial services industry and related sectors. The firm invests in alternative asset classes, including private equity through its flagship Trident Funds and credit through commingled funds and separately managed accounts. In addition, Stone Point Capital Markets supports the firm, portfolio companies and other clients by providing dedicated financing solutions. For more information, please visit www.stonepoint.com.

ABOUT CPP INVESTMENTS

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Canada Pension Plan Fund in the best interest of the more than 22 million contributors and beneficiaries. In order to build diversified portfolios of assets, we make investments around the world in public equities, private equities, real estate, infrastructure, fixed income and alternative strategies including in partnership with funds. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, 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, 2025, the Fund totalled C$731.7 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

ABOUT ONEX

Onex invests and manages capital on behalf of its shareholders and clients across the globe. Formed in 1984, we have a long track record of creating value for our clients and shareholders. Our investors include a broad range of global clients, including public and private pension plans, sovereign wealth funds, banks, insurance companies, family offices and high-net-worth individuals. In total, Onex has approximately $55.9 billion in assets under management, of which $8.4 billion is Onex’ own investing capital. With offices in Toronto, New York, New Jersey and London, Onex and its experienced management teams are collectively the largest investors across Onex’ platforms.

Onex is listed on the Toronto Stock Exchange under the symbol ONEX. For more information on Onex, visit its website at www.onex.com. Onex’ security filings can also be accessed at www.sedarplus.ca.