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Active Equities

By applying our comparative advantages – scale, certainty of assets and our long investment horizon – our teams pursue the best opportunities worldwide.

Holdings

Fundamental Equity Asia
Relationship Investments
Thematic Investing
Direct Equity Investments 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 North America and Europe.

Our Investments

Identifying long-term structural trends that could affect Fund returns and translating those insights into actionable investments using top-down research.

Our Investments

aia Group

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.

alibaba Group

Alibaba Group

Location: China
Total Investment: C$786 million
Date of initial investment: 2011

CPPIB has been an investor in Alibaba since 2011 and later participated in the initial public offering in 2014. Subsequent to the IPO, CPPIB has been accumulating additional shares in the open market. Alibaba is a global leading technology company headquartered in Hangzhou with operations in E-commerce, financial services, cloud computing, and digital media. Alibaba has achieved RMB 4.8 trillion in gross merchandise volume for the fiscal year ended March 2018. 

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Ant Financial

Location: China
Total investment: US$600 million
Date of initial investment: 2018

In June 2018, FEA and TI invested US$600 million in Ant International Co., Limited, a wholly-owned off-shore subsidiary of Ant Small and Micro Financial Services Group Co., Ltd. (“Ant Financial”). Ant Financial is China’s leading financial services technology platform and, together with its global partners, serves approximately 870 million users globally. CPPIB invested as part of Ant Financial’s US$14 billion Series C equity fundraising to support its further globalization and investments into R&D. Through this investment, CPPIB is able to contribute to Ant Financial’s efforts to empower its partners to serve individuals and SMEs globally.

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china Gas

China Gas Holdings Ltd.

Location: China
Total Investments: C$143m
Date of Initial Investment: 2015

In 2015 and 2016, CPPIB invested C$143 million into China Gas Holdings, owning approximately 1.5% of this company and one of the top 10 largest shareholders. China Gas Holding is one of the premier downstream gas distributors with more than 342 city gas concessions throughout China. 

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HKBN Ltd.

Location: Hong Kong
Total Investment: US$210 million
Date of initial investment: 2015

In March 2015, RI completed its first investment in Hong Kong with the acquisition of a 17% interest in Hong Kong Broadband Network Ltd. (“HKBN”) for US$200 million followed by incremental open market purchases. HKBN is the second largest residential broadband service provider by number of subscriptions in Hong Kong. It owns and operates one of the largest fibre optic networks in Hong Kong, reaching more than 2.2 million residential homes and 2,300 commercial buildings. RI acquired its initial stake as a cornerstone investor in HKBN’s initial public offering, and is now well-positioned to help the company execute its growth strategy going forward. Deborah Orida (Managing Director, Head of Private Equity Asia) serves on HKBN’s Board of Directors.

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Kotak Mahindra Bank Ltd.

Location: India
Total Investment: C$1.15 billion
Date of initial investment: 2013

RI 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. RI 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. RI 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.

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Postal Savings Bank of China

Location: China
Total Investment: US$500 million
Date of initial investment: 2015

In December 2015, RI invested US$500 million in the common equity of Postal Savings Bank of China (“PSBC”). PSBC is China’s largest bank by customers and distribution network, with more than 500 million retail customers and nearly 40,000 branches. RI invested as part of the company’s US$7 billion strategic pre-IPO capital raising, which introduced international investors in advance of its IPO on the Hong Kong Stock Exchange in September 2016. The investment provided PSBC with long-term capital to support the company’s future growth and market opportunity created by the rising consumption patterns of the Chinese population.

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Qube Holdings Limited

Location: Australia
Total Investment: AUD$335 million
Date of initial investment: 2016

In August 2016, RI invested AUD$300 million for 9.9% ownership in Qube Holdings Limited (“Qube”). The investment was used to fund Qube’s share of the purchase price for Asciano Limited, which was acquired by a consortium also including CPPIB and several other global investors. Qube is the largest integrated provider of import-export logistics services in Australia, and acquired 50% of the ports assets of Asciano in this transformative transaction. In June 2017, RI invested another AUD$35 million by participating pro rata in a subsequent equity raise. RI’s investment provides Qube with a long-term supportive shareholder as the company continues to act on its extensive growth plan.

Website

samsung Electronics

Samsung Electronics Co Ltd.

Location: South Korea
Total Investment: C$271 million
Date of initial investment: 2015

CPPIB 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. 

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Tencent Holdings Limited

Location: China
Total Investment: C$384 million
Date of initial investment: 2016

CPPIB 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. 

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Advanced Disposal

Location: Florida, United States
Total Investment: US$280 million
Date of initial investment: 2016

In August 2016, RI invested US$280 million in Advanced Disposal Services (“ADSW”) through a convertible preferred equity security, which converted to common equity upon the company’s initial public offering in October 2016. ADSW is the fourth largest solid waste company in the U.S. and provides integrated, non-hazardous solid waste collection, transfer, disposal and recycling services to customers across the U.S and the Bahamas. The investment enhanced the company’s balance sheet in advance of its IPO, and provided CPP Investments the opportunity to support ADSW’s long-term growth plan. RI’s ownership in the company is approximately 19%. Michael Koen (Managing Director, Head of Relationship Investments) serves on ADSW’s Board of Directors.

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Bloom Energy Corporation

Location: California, United States
Total Investment:  US$217 million
Date of initial investment: 2015

In December 2015, RI invested US$85 million of senior secured convertible notes into Bloom Energy Corporation (“Bloom”) to provide late-stage capital in order to bridge the growth of the Company to an anticipated IPO. Bloom is a technology company that designs fuel cells for commercial and industrial customers seeking reliable, cost-predictable and clean power.

In 2016 and 2017, RI invested an additional US$50 million and US$82 million, respectively, to support the Company’s growth and provide liquidity to an exiting investor. The Company successfully completed its IPO in July 2018.

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Cellnex Telecom S.A.

Location: Barcelona,
Spain
Investment:  €442 million
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Date of initial investment: 2018

In 2018, RI invested €259 million in Cellnex Telecom S.A., a leading mobile tower owner and operator based in Spain, with a portfolio spanning seven European countries. RI accumulated the position in the open market, bringing total equity ownership to just below 5%. In 2019, Cellnex launched two rights offerings in anticipation of acquisitions, which RI supported by taking up its aggregate pro rata interest of €183 million.

Website

elis

Elis SA

Location: France
Total investment: €514 million
Date of initial investment: 2017

RI initially invested €116 million in Elis SA through a series of open market purchases in early 2017. Elis, based in Paris, is a market leader in the industrial laundry, textile rental, and hygiene and well-being industry in France, the UK, continental Europe and Latin America. In September 2017, RI helped Elis fund its transformational acquisition of Berendsen, almost doubling the size of the company and making it a pan-European leader in its industry. In support of the acquisition, RI invested a further €200 million through a directed primary equity issuance. Subsequently, RI purchased another €172 million in the open market as well as €26 million through a secondary block trade with Eurazeo. RI’s ownership in Elis is approximately 12%. Joy Verlé (Senior Principal, Relationship Investments) serves on Elis’ Board of Directors.

Website

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Enstar Group Ltd.

Location: Bermuda
Total Investment: US$567 million
Date of initial investment: 2015

In June 2015, RI invested US$267 million for 10% ownership in Enstar Group Ltd. Enstar is a global leader in acquiring and managing closed blocks of property & casualty insurance and also underwrites specialty insurance lines through its active underwriting businesses. RI purchased the stake from a private equity sponsor seeking to monetize its investment. In 2016, RI invested an additional US$300 million through secondary share purchases. The investment provided Enstar with a long-term strategic partner who can support the company’s future growth strategy. Poul Winslow (Senior Managing Director & Global Head of Capital Markets and Factor Investing) serves on Enstar’s Board of Directors.

Website

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Entertainment One Ltd. (Exited)

Location: London, United Kingdom
Total Investment: £202 million
Date of initial investment: 2015

RI has invested £202 million for 17.6% ownership in Entertainment One Ltd. (“eOne”) through five separate transactions: investing (i) £142 million to acquire a secondary stake, (ii) £36 million to support the acquisition of a controlling interest in Peppa Pig, (iii) £16 million to purchase shares in the open market; (iv) £3 million to support the acquisition of a controlling interest in the Mark Gordon Corporation; and (v) £5 million to support the acquisition of Audio Networks. eOne is a leading international entertainment company that operates in three segments: Family and licensing, Television production and sales, and Film distribution and production.

We exited the investment in 2019 coincident with the sale of the company to Hasbro, Inc.

Scott Lawrence (Managing Director, Head of Infrastructure) served on eOne’s Board of Directors.

ihs Markit

IHS Markit Ltd.

Location: London, United Kingdom
Total Investment: US$724 million
Date of initial investment: 2014

RI has invested US$724 million in IHS Markit, a global leader of information, analytics and solutions in energy, financial services and transportation. RI has built up its stake through a series of investments. In June 2014, RI invested US$250 million as a cornerstone investor in Markit’s initial public offering. The IPO provided liquidity to existing shareholders, and the opportunity for CPPIB to support the company’s long-term growth plan. In December 2015, RI invested an additional US$150 million through a secondary share purchase. Through subsequent open-market purchases, our ownership stake was increased to over 5%. Edwin Cass (Senior Managing Director & Global Head of Real Assets) served on Markit’s Board of Directors until the transformational merger of Markit and IHS in 2016. The company subsequently joined the S&P 500 index. Deborah Orida (Senior Managing Director & Global Head of Active Equities) currently serves on IHS Markit’s Board of Directors.

Website

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ORPEA S.A.

Location: France
Total Investment: €410 million
Date of initial investment: 2013

RI completed its first European investment in December 2013 with the acquisition of a ~15% interest in ORPEA S.A. for €355 million. ORPEA, based in Paris, is a leading provider of skilled nursing, post-acute, rehabilitation and psychiatric care services. RI purchased shares from ORPEA’s founder and largest shareholder and underwrote a share capital increase to help accelerate the Company’s international growth opportunities. RI also purchased additional shares in the open market. Moritz Krautkrämer (Senior Principal, Relationship Investments) and Joy Verlé (Senior Principal, Relationship Investments) serve on ORPEA’s Board of Directors.

Website

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Premium Brands

Location: Richmond, BC, Canada
Total Investment:  C$200 million
Date of initial investment: 2019

In May 2019, RI invested C$200 million in Premium Brands Holdings Corporation to enable the Company to pursue its organic and acquisition growth strategy. 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 7%. Sean Cheah (Senior Principal, Relationship Investments) serves on Premium Brands’ Board of Directors.

Website

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Progress Energy (Exited)

Location: Calgary, AB, Canada
Total Investment: C$418 million
Date of initial investment: 2010

RI helped Progress acquire strategic lands from Suncor in 2010 by making a $350 million private placement for approximately 13% of the outstanding common stock of the company. During our ownership period, Progress was an independent energy company engaged in the exploration and development of natural gas properties in Western Canada. After our initial investment, RI provided further funding and support in the ensuing two years, to help Progress grow and gain recognition for its world-class Montney resource base.

We exited the investment coincident with the sale of the company in late 2012 to Petronas Carigali Canada Ltd.

Scott Lawrence (Managing Director, Head of Infrastructure) served on the Board of Directors.

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Seven Generations

Location: Calgary, AB, Canada
Total Investment: C$523 million
Date of initial investment: 2014

Seven Generations Energy Ltd. is a private oil and gas company focused on resource plays in North America, including shale gas, tight gas, tight oil and oil sands.

Website

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TMX Group Ltd. (Exited)

Location: Toronto, ON, Canada
Total Investment: C$271 million
Date of initial investment: 2011

CPP Investments invested in TMX Group Limited (“TMX”) as part of the Maple Consortium’s bid to acquire TMX, CDS (national clearing, settlement and depository) and Alpha (alternative trading venue). TMX re-oriented itself as a sales-focused organization, with right-sized cost structure and multiple pillars for growth. The acquisition of Trayport at the end of 2017 further improved TMX’s growth profile. We exited the investment in 2019 as part our normal course portfolio management.

Website

torc Oil And Gas

TORC Oil & Gas Ltd.

Location: Calgary, AB, Canada
Total Investment: C$412 million
Date of initial investment: 2013

In August 2013, RI invested $163 million for 24% ownership in TORC Oil & Gas Ltd. to enable TORC to acquire significant assets in southeast Saskatchewan and convert to a dividend-paying business model. TORC is a Calgary-based oil and gas producer focused on light-oil opportunities in Western Canada. Subsequent to RI’s investment, Scott Lawrence (Managing Director, Head of Infrastructure) joined TORC’s Board of Directors. RI has continued to support the company by investing another $249 million to fund accretive follow-on acquisitions.

Website

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Velvet Energy Ltd.

Location: Calgary, AB, Canada
Total Investment:  C$225 million
Date of initial investment: 2017

In December 2017, RI invested C$150 million in Velvet Energy Ltd. (“Velvet”). Velvet is a privately held Canadian oil and gas exploration and production company with assets focused in the liquids-rich Montney and Deep Basin formations of Western Canada.

The investment provided Velvet with capital to support the Company’s development of its Montney light oil resource base. In September 2018, RI invested an additional C$75 million to support the Company’s acquisition of Iron Bridge Resources. Kevin Godwin (Senior Principal, Relationship Investments) serves on Velvet’s Board of Directors.

Website

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WSP Global Inc.

Location: Montreal, QC, Canada
Total Investment: C$536 million
Date of initial investment: 2011

RI helped WSP (originally known as GENIVAR), a global engineering services consultancy, to execute its acquisition growth strategy in five 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, and (v) $72 million in September 2015 to help fund the acquisition of Canada-based MMM Group. In 2016, RI invested an additional $45 million via open market purchases. RI’s ownership in WSP is approximately 20%. RI also assisted WSP in the recruitment of a new independent director to complement existing board capabilities.

Website

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Ant Financial

Location: China
Total investment: US$600 million
Date of initial investment: 2018

In June 2018, FEA and TI invested US$600 million in Ant International Co., Limited, a wholly-owned off-shore subsidiary of Ant Small and Micro Financial Services Group Co., Ltd. (“Ant Financial”). Ant Financial is China’s leading financial services technology platform and, together with its global partners, serves approximately 870 million users globally. CPPIB invested as part of Ant Financial’s US$14 billion Series C equity fundraising to support its further globalization and investments into R&D. Through this investment, CPPIB is able to contribute to Ant Financial’s efforts to empower its partners to serve individuals and SMEs globally.

Website

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Chargepoint

Location: United States
Date of initial investment: 2018

ChargePoint is the world’s leading electric vehicle (EV) charging network, with tens-of-thousands of places to charge on its network around the world. Headquartered in Silicon Valley and with offices located across Europe, ChargePoint provides businesses, cities, agencies and service providers with charging solutions in every category EV drivers charge, at home, work, around town and on the road. ChargePoint is the only charging technology company on the market that designs, develops and manufactures hardware and software solutions across every use case. ChargePoint’s smart networked technology enables drivers to locate charging stations, start a charging session and monitor their session through the ChargePoint mobile app, creating a seamless experience for EV drivers.  

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compass

Compass

Location: United States
Date of initial investment: 2018

Compass is a real estate technology company with a powerful end-to-end platform that supports the entire buying and selling workflow. They deliver an incomparable experience to both agents and their clients all in service of the Compass mission: to help everyone find their place in the world. Founded in 2012 by Ori Allon and Robert Reffkin, Compass operates in cities across the United States.  

Website

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Katerra

Location: United States
Date of initial investment: 2018

Katerra is a technology company optimizing every aspect of building development, design, and construction. With leaders from the most groundbreaking technology, design, manufacturing, and construction companies, Katerra transforms how buildings and spaces come to life. Founded in 2015, the company has a growing number of domestic and international offices, factories, and building projects.

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Lulus

Location: United States
Date of initial investment: 2018

Lulus is a rapidly growing lifestyle, fashion brand. Headquartered in Chico, California, Lulus has emerged as the go-to brand for affordable luxury by offering curated, quality products at reasonable prices, superior customer service, and a personalized online shopping experience. Featuring a unique product assortment from the Lulus label and a curated selection of on-trend designers and brands, the Company utilizes a data driven approach to be able to deliver not only what customers want when they want it, but to be able to leverage scarcity and urgency of sale. Lulus has employed this differentiated merchandising strategy to foster a highly-engaged and loyal millennial customer base.

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Viking Cruises

Location: Bermuda
Date of initial investment: 2016

Viking Cruises is a leading provider of worldwide river and ocean cruises, operating more than 61 cruise vessels based in 44 countries.  Serving travellers across North America, the U.K., Australia and, starting this year, China, Viking Cruises creates culturally immersive, destination-centric experiences for its customers. The company provides city-to-city itineraries that offer a wider range of cultural locales, with more destinations and time dedicated to shore excursions than traditional cruise lines.

Website

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Zoox

Location: United States
Date of initial investment: 2018

Zoox was founded to create the full realization of autonomous mobility, today. Zoox’s approach is to fundamentally reform structure around the potential of A.I. and mobility. Zoox is doing this under one roof, by developing a fully autonomous, zero-emission vehicle, the A.I. software, and the mobility service to connect people to places in urban environments.

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Equatorial Energia S.A.

Location: Brazil
Initial investment: 2018

Equatorial is a leading utility player engaged in power distribution and transmission in Brazil.

Website

smart Fit

Smartfit

Location: Brazil
Initial investment: 2019

Smartfit is Latin America’s largest fitness chain, serving over 2.5 million members through more than 730 clubs.

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Advent International (LAPEF)

Location: Global
Commitment: US$2.35 billion; €575 million
Date of initial investment: 2001

Advent International is a large, global private equity firm focused on buyout and growth opportunities. CPPIB committed US$100 million to Advent GPE IV in 2001, US$74 million to Advent GPE IV Co-Inv in 2001, €200 million to Advent GPE V in 2005, €375 million to Advent GPE VI in 2008, US$640 million to Advent GPE VII in 2012, US$725 million to Advent GPE VIII in 2016, US$750 million to Advent International GPE IX in 2019, and US$100 million to Advent Global Technology Fund I in 2019.

Website

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Nexus Group

Location: Peru
Commitment: US$80 million
Date of initial investment: 2013

Nexus Group is a mid-market, Peru-based private equity firm focused on buyout and growth opportunities. CPP Investments committed US$80 million to NGCP II in 2013.

Financial Results

We believe transparency is the foundation of trust with our stakeholders. As such, we regularly disclose our financial results through annual and quarterly reports.

Teams within Active Equities

Our team is comprised of Active Fundamental Equities, Fundamental Equities Asia, Relationship Investments, Research and Portfolio Strategy, Sustainable Investing, and Thematic Investing.

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