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
Our Investments
Our Investments
Our Investments
Affirm
Location: San Francisco, California, United States
Total investments: US$1.2 billion
Date of investment: March 2019
Affirm operates a platform for digital and mobile-first commerce in the United States, Canada, and internationally. The company’s platform includes buy-now-pay-later payment solution for consumers, merchant commerce solutions and a consumer-focused app.
Angel Oak
Location: Atlanta, Georgia, United States
Total investments: Up to US$250 million SMA + US$40 million REIT
Date of investment: Since October 2020
Angel Oak is a financial services company that manages ~US17bn AUM across mortgage, structured credit and fixed income asset classes. They are also the largest lender and securitization issuer of non-qualifying residential mortgage loans (“non-QM”) in the US.
In October 2020, CPP Investments committed to invest up to US$250 million in net levered exposure into newly originated non-QM loans through a separately-managed account.
In June 2021, CPP Investments invested an additional US$40 million into the IPO of Angel Oak’s mortgage REIT (NYSE: AOMR) through a concurrent private placement with the IPO.
Our investment relationship with Angel Oak enables us to access the attractive and fast-growing non-QM mortgage asset class alongside a leading originator and asset manager.
Antares
Location: Chicago, IL
Date of investment: 2015
Antares is a middle market lender which provides financing to sponsor backed LBOs across North America.
Keytruda
Location: Worldwide
Total investments: $1.297 billion
Date of investment: May 10, 2019
Keytruda is an anti-PD-1 therapy developed and commercialized by Merck (known as MSD outside the U.S. and Canada) and used in the treatment of multiple cancer types. The drug is approved in 95 countries worldwide, including Canada, the United States, European Union member countries, and Japan.
Odyssey Group – A Fairfax Company
Location: Stamford, Connecticut, United States
Total investments: $900 million in Total for CPP Investments and OMERS
Date of investment: December 2021
Odyssey Group, wholly owned by Fairfax Financial Holdings Limited, underwrites property & casualty insurance and reinsurance globally, and specialty insurance in selected markets worldwide.
Recochem
Location: Canada
Date of investment: 2018
Recochem is a global leader in manufacturing, marketing and distributing aftermarket transportation and household fluids. The Company’s product portfolio spans branded, private label and bulk offerings and includes coolant, windshield wash fluid, diesel exhaust fluid and a broad range of household fluids and industrial chemicals.
Morrisons
Location: UK (headquartered in Bradford)
Date of investment: April 2022
In 2022 CPP Investments participated in the financing of Morrisons, supporting CD&R in their take-private transaction. Morrisons is the fourth largest supermarket chain in the UK with c.10% market share and the UK’s largest food producer.
Prodigy Finance
Location: Global (headquarters in London)
Total investments: Up to US$500 miliion
Date of investment: 2021
In 2021 CPP Investments committed to provide up to US$500 million in financing to Prodigy Finance, a provider of postgraduate student loans for international students attending top schools.
Cypress Creek Renewables
Location: United States
Date of investment: 2022
Cypress Creek Renewables is a leading renewables developer and independent power producer. It develops, finances, owns, and operates utility-scale and distributed solar and energy storage projects across the United States. Since inception, Cypress Creek has developed 12GW of solar projects. Today it owns 2GW of solar and has a 23GW solar and storage pipeline.
Kotak Infrastructure Investment Fund (KIIF)
Location: India
Date of investment: 2022
RAC invested in the first close of Kotak Infrastructure Investment Fund (KIIF). KIIF is a close-ended private debt fund of Kotak Investment Advisors Limited (KIAL). KIIF will provide senior and secured financing to operating infrastructure projects in India.
LoanCore Capital
Location: United States
Date of investment: 2016
LoanCore Capital is a leading middle market commercial real estate lender and investor. LoanCore Capital manages LoanCore Capital Credit REIT (LCC), a floating rate bridge lending vehicle and LoanCore Capital Markets (LCM), a fixed rate securitization platform. Since inception, LoanCore Capital has funded in excess of USD$30B comprised of over 945 transactions.
BMM Ispat
Location: India
Total investments: ~US$99 million
Date of investment: November 2020
In November 2020, APAC Credit led and provided a bilateral, INR denominated Non-Convertible Debenture facility, investing ~US$99 million directly.
The facility was utilized to support a majority stake acquisition (58%) and recapitalization of a previously stressed business, BMM Ispat, by JSW Projects, a subsidiary of JSW Steel.