By applying the Fund’s structural advantages – long horizon, certainty of assets and scale – and our developed sources of unique insights, we can identify opportunities that other market participants overlook or miss.
Holdings
Our Investments
Researching and investing in quality public, or soon to be public, equities throughout Asia.
Our Investments
Makes cornerstone minority equity investments in listed and soon-to-be-listed companies in Europe.
Our Investments
Our Investments
Our Partners
Alphabet
Location: United States
Date of investment: 2013
AE North America has been invested in Alphabet since 2013. Alphabet operates as a holding company with subsidiaries including Google, Waymo, Verily, Google X, Google Ventures, etc. Google is a technology company that derives a significant portion of its revenue from digital advertising through Search, YouTube, Maps and Network business as well as Cloud. Alphabet invested early on in developing and productizing artificial intelligence and machine learning across its subsidiaries.
Mastercard
Location: United States
Date of investment: 2015
Mastercard is a global payments company that connects consumers, financial institutions, merchants, governments, digital partners, businesses and other organizations worldwide, by enabling them to use electronic forms of payment.
NVIDIA
Location: United States
Date of investment: 2017
AE North America has been invested in NVIDIA since 2017. NVIDIA is a leading fabless semiconductor company known for inventing and pioneering the Graphics Processing Unit (GPU) industry. NVIDIA operates a platform strategy, bringing together its GPU IP, hardware and software to create unique value for the markets they serve, including gaming, professional visualization, data center and automotive end markets. NVIDIA is the leading GPU player with 70% market share in the discrete GPU gaming market and 90+% market share in the data center GPU market. GPU deep learning ignited modern AI – the next era of computing.
UnitedHealth Group
Location: United States
Date of investment: 2018
UnitedHealth Group is a leading provider of healthcare-related services with two complementary businesses: UnitedHealthcare and Optum. UnitedHealthcare offers a full spectrum of health benefit programs across Commercial, Medicare, and Medicaid end markets with a predominance in the US market. Optum is an information and technology-enabled health services business focused on improving the overall health system through optimizing care quality, reducing costs and improving consumer experience and care provider performance.
WSP Global Inc.
Location: Montreal, QC, Canada
Total investments: C$606 million
Date of investment: 2011
AE North America helped WSP (originally known as GENIVAR), a global engineering services consultancy, to execute its acquisition growth strategy in seven separate transactions: investing (i) $80 million in December 2011 to fund tuck-in acquisitions, (ii) $99 million in June 2012 to facilitate GENIVAR’s transformative acquisition of UK-based WSP Group plc., (iii) $40 million in March 2014 to help fund the acquisition of Canada-based Focus Group, (iv) $200 million in October 2014 to facilitate WSP’s transformative acquisition of US-based Parsons Brinckerhoff, (v) $72 million in September 2015 to help fund the acquisition of Canada-based MMM Group, (vi) $20 million in June 2020 to support future acquisitions, and (vii) $50 million in August 2022 to support future acquisitions. In 2016, AE North America invested an additional $45 million via open market purchases. AE North America’s ownership in WSP is approximately 12%. AE North America also assisted WSP in the recruitment of a new independent director to complement existing board capabilities.
Flipkart Group
Location: India
Total investments: C$990 million
Date of investment: 2021
CPP Investments has been an investor in the Flipkart Group since 2021. The Flipkart Group is one of India’s leading digital commerce entities and includes group companies Flipkart, Myntra, Flipkart Wholesale, Flipkart Health+ and Cleartrip. Flipkart’s marketplace has a registered customer base of more than 500 million, offering over 150 million products across 80+ categories.
Kotak Mahindra Bank Ltd.
Location: India
Total investments: C$965 million
Date of investment: 2013
AE Asia first invested in India in 2013, through a series of share purchases of Kotak Mahindra Bank Ltd. (“Kotak”). Kotak is a leading private-sector bank in India, with additional businesses in life insurance, brokerage and asset management. AE Asia subsequently made two block purchases from the founder, who needed to sell part of his 44% stake due to a regulatory requirement for private banks in India to diversify their shareholder base. AE Asia has also made additional investments in Kotak through significant block purchases from institutional investors. The investment was made possible as a result of CPPIB’s positioning as a global, long-term partner, who is able to support Kotak’s growth in the years ahead.
Samsung Electronics Co Ltd.
Location: South Korea
Total investments: C$720 million
Date of investment: 2015
CPP Investments has been an investor in Samsung Electronics since 2015. Samsung Electronics is a global leader in smartphone, memory technology and display panel. The company has over 50% market share in DRAM, was first to successfully implement the production of 3D NAND, and is credited with the creation of OLED display panel for smartphone applications.
Taiwan Semiconductor Manufacturing Company Limited
Location: Taiwan
Total investments: C$180 million
Date of investment: 2017
CPP Investments has been an investor in Taiwan Semiconductor Manufacturing Company (TSMC) since 2017. Headquartered in Taiwan, TSMC is a leading dedicated semiconductor foundry with global operations spanning Asia, Europe and North America. The company has over 500 customers globally covering a variety of end markets including high performance computing, smartphones, the Internet of Things (IoT), automotive, and digital consumer electronics.
Airbus
Location: France
Total investments: ~C$794 million
Date of investment: 2019
Airbus operates in a global oligopoly as a manufacturer of airplanes and military aircraft.
ASML
Location: Eindhoven, The Netherlands
Total investments: ~C$290 million
Date of investment: 2018
ASML is a Dutch manufacturer of lithography tools, which are used to manufacture semiconductors. It is the largest provider of such tools and is the sole supplier of EUV (extreme ultraviolet lithography) tools which are used for the production of the most advanced semiconductors, which are essential to future technological advances.
Cellnex Telecom S.A.
Location: Barcelona, Spain
Total investments: C$2 billion (split between Infrastructure and Active Equities)
CPP Investments ownership: 6.6%
In 2018, AE Europe invested €259 million in Cellnex Telecom S.A., a leading mobile tower owner and operator based in Spain, with a portfolio spanning 12 European countries. AE Europe accumulated the position in the open market, bringing total equity ownership to just below 5%. Between 2019 and 2021, Cellnex launched four rights offerings to fund a series of acquisitions, which AE Europe supported by taking up its aggregate pro rata interest and making additional open market purchases, resulting in total investment of €794 million in the period. CPP Investments has invested C$2 billion in the company to date, for a 6.6% ownership stake.
E.ON
Location: Germany
Total investments: ~ C$560 million
E.ON is Germany’s largest electric utility company operating ~40% of Germany’s grids. It operates regulated electricity and gas distribution networks in Germany, Sweden and in the Central & Eastern Europe region, as well as energy retail and infrastructure-like energy solutions businesses across Europe serving 52 million customers. Following an asset-swap with RWE, E.ON has specialised in regulated networks, which comprise ~80% of earnings, and are vital in facilitating the energy transition.
EssilorLuxottica
Location: France
Total investments: ~ C$495 million
Date of investment: September 2018
EssilorLuxottica is a fully integrated global leader in the design, manufacture and distribution of ophthalmic lenses, frames and sunglasses.
SAP
Location: Walldorf, Germany
Total investments: ~ C$530 million
Date of investment: January 2017
SAP is a leading software developer originally in ERP software. SAP has also built up a suite of cloud SaaS products such as CRM and HCM, and is now in the process of transitioning its business model fully to the cloud.
Symrise AG
Loation: Holzminden, Germany
Total investments: ~ C$772 million
Date of investment: 2018
AE Europe initially invested €299 million in Symrise AG through a series of open-market purchases in 2018. Symrise, based in Holzminden, Germany, is a leading global provider of flavors, fragrances, cosmetic and functional ingredients with over 100 country locations and R&D centers globally. AE Europe supported the Company’s €900 million acquisition of ADF/IDF and anchored the €400 million equity raise with an additional €100 million investment in 2019. RI invested a further €140 million via open market purchases in 2021. AE Europe’s ownership in Symrise AG is approximately 5%.
Viking Cruises
Location: Basel, Switzerland
Total investments: ~C$450 million
Date of investment: 2020
Viking Cruise is the global cruise leader across Europe, the Nile and Mississippi rivers. Viking is also growing their luxury ocean and expedition ships in becoming one of the world’s largest cruise brands.
D1 S.A.S.
Location: Colombia
Total investments: US$334 million
Date of investment: 2022
D1 is the leading hard discount food retailer in Colombia, with over 2,300 stores. Ricardo Castro (Managing Director, Active Equities Latin America) serves on D1’s Board of Directors.
Equatorial Energia S.A.
Location: Brazil
Date of investment: 2018
Equatorial is a leading utility player engaged in power distribution and transmission in Brazil. Tania Chocolat (Head of Active Equities Latin America) serves on Equatorial’s Board of Directors.
Smartfit
Location: Latin America
Date of Initial investment: 2019
Smart Fit is Latin America’s largest fitness chain, serving members through more than 1,300 active clubs. Ricardo Castro (Managing Director, Active Equities Latin America) serves on Smart Fit’s Board of Directors.
TOTVS
Location: Brazil
Date of investment: 2020
Totvs is a Brazilian software developer founded in 1983 and the leader in ERP for small and mid-sized businesses in Brazil. The company offers a wide range of software solutions for Small to Medium-Sized Businesses, including Customer Relationship Management, human capital management applications, e-commerce solutions, consulting services and financial solutions.
Advent International (LAPEF)
Location: Latin America
Commitment: US$200 million
Date of investment: 2019
Advent International is a large, global private equity firm focused on buyout and growth opportunities. CPP Investments committed US$200 million to Advent’s Latin America focused fund (LAPEF VII) in 2019.
Patria Investimentos
Location: Brazil
Commitment: US$300 million
Date of initial investment: 2014
Patria Investimentos is one of the largest investment managers in Latin America. CPPIB committed US$100 million to Patria V in 2014 and US$200 million to Patria VI in 2018.