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Active Equities

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

North America
Asia
Europe
Latin America

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.

Website

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.

Website

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.

Website

Premium Brands Holdings Corp

Location: Richmond, BC, Canada
Total Investment: C$292 million
Date of investment: 2019

In May 2019, AE North America invested C$200 million in Premium Brands Holdings Corporation to enable the Company to pursue its organic and acquisition growth strategy. In 2020, AE North America made two follow on investments for a total of C$92 million to support additional acquisitions, including the Company’s investment in Clearwater Seafoods. Premium Brands owns a broad range of leading specialty food manufacturing and differentiated food distribution businesses with operations across Canada and the United States. Since its founding, the Company has been highly acquisitive and has added numerous complementary regional brands to its portfolio. RI’s ownership in Premium Brands is approximately 8%. Sean Cheah (Managing Director, AE North America) serves on Premium Brands’ Board of Directors.

Website

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.

Website

WSP Global Inc.

Location: Montreal, QC, Canada
Total Investment: C$556 million
Date of initial investment: 2011

AE North America helped WSP (originally known as GENIVAR), a global engineering services consultancy, to execute its acquisition growth strategy in six 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, and (vi) $20 million in June 2020 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 15%. AE North America also assisted WSP in the recruitment of a new independent director to complement existing board capabilities.

Website

AIA Group Limited

Location: Hong Kong
Total Investments: C$900m
Date of Initial Investment: 2017

In 2017 and 2018 to date, CPPIB invested C$900 million into AIA Group through the public markets. AIA is a premier life insurance company that is 100% dedicated to the growth of Asia’s life insurance markets. AIA Group’s life insurance platform spans across 18 geographical markets, ranging from Hong Kong and China to Thailand, Indonesia and Vietnam.

Website

Kotak Mahindra Bank Ltd.

Location: India
Total Investment: C$1.15 billion
Date of initial 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.

Website

Samsung Electronics Co Ltd.

Location: South Korea
Total Investment: C$490 million
Date of initial 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.

Website

Tencent Holdings Limited

Location: China
Total Investment: C$1,190 million
Date of initial investment: 2016

CPP Investments has been an investor in Tencent since 2016. Tencent is a global leading technology company headquartered in Shenzhen with operations in gaming, social network, digital media, and financial services. Tencent’s WeChat App has over 1 billion monthly-active-users worldwide.

Website

Cellnex Telecom S.A.

Location: Barcelona, Spain
Total Investment:  €1.1 billion
Date of investment: 2018

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. These follow-ons bring the total investment to €1.1 billion at cost, with an ownership of 5.2%.

Website

E.ON

Location: Germany

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.

Website

EssilorLuxottica

Location: France
Total Investment: CAD$419 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.

Website

SAP

Location: Walldorf, Germany
Total Investment: C$957 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.

Website

Symrise AG

Loation: Holzminden, Germany
Total investment: €540 million
Date of initial 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%.

Website

D1 S.A.S.

Location: Colombia
Total Investment: US$334 million
Date of investment: June 2022

D1 is the leading hard discount food retailer in Colombia, with over 2,000 stores. Tania Chocolat (Head of Active Equities Latin America) serves on D1’s Board of Directors.

Website

Equatorial Energia S.A.

Location: Brazil
Initial 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.

Website

Smartfit

Location: Latin America
Date of Initial investment: 2019

Smart Fit is Latin America’s largest fitness chain, serving members through more than 1,000 active clubs. Ricardo Castro (Managing Director, Active Equities Latin America) serves on Smart Fit’s Board of Directors.

Website

Advent International (LAPEF)

Location: Latin America
Commitment: US$200 million
Date of initial 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.

Website

Patria Investimentos

Location: Brazil
Commitment: US$300 million
Date of initial investment: 2014

Patria Investimentos is a pioneer private equity firm in Brazil and 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.

Website

Teams within Active Equities

Our team is comprised of Active Equities North America, Active Equities Europe, Active Equities Asia, Active Equities Latin America, Portfolio Construction & Risk, Investment Research, Strategy and Operations, and Investment Science.
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