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.
Premium Brands Holdings Corp
Location: Richmond, BC, Canada
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. AE North America’s ownership in Premium Brands is approximately 8%. Sean Cheah (Managing Director, AE North America) serves on Premium Brands’ Board of Directors.
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 Investment: 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 14%. AE North America also assisted WSP in the recruitment of a new independent director to complement existing board capabilities.
AIA Group Limited
Location: Hong Kong
Investment: C$900 million
Date of 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.
Kotak Mahindra Bank Ltd.
Location: India
Investment: C$1.15 billion
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
Investment: C$490 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.
Tencent Holdings Limited
Location: China
Investment: C$1,190 million
Date of 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.
Airbus
Location: France
Total investment: ~$855 million
Date of investment: 2019
Airbus operates in a global oligopoly as a manufacturer of airplanes and military aircraft.
ASML
Location: Eindhoven, The Netherlands
Investment: ~C$740 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: €1.5 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 €1.5 billion in the company to date, for a 6.6% ownership stake.
E.ON
Location: Germany
Total investment: ~ C$700 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
Investment: ~ C$700 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
Investment: ~ C$1 billion
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
Investment: ~ C$930 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: ~$1.2 billion
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 Investment: 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 1,200 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.