LP profile

CPP Investments

Pension fund · Founded 1997 · Toronto, Canada

#64 LP Ranking #32 of 1,316 pension funds

Invests the funds of the Canada Pension Plan

Website ↗LinkedIn ↗X / Twitter ↗

236 VC firms backed

$456B AUM

~$23B Allocated to VC (est. 5%)

01 · Background

Who CPP Investments is.

Historical Background: CPP Investments was established in 1997 through an Act of Parliament to professionally manage the funds of the Canada Pension Plan. While accountable to federal and provincial ministers, it operates at arm's length from the government with an independent board of directors. In 2018, the organization issued its first green bond to align with the global shift towards a lower-carbon economy. By 2022, the fund had grown to manage over half a trillion dollars and announced a commitment for its portfolio and operations to achieve net-zero greenhouse gas emissions.
Source of Capital: The investor's capital is sourced from the contributions made by employees and employers to the Canada Pension Plan (CPP). The fund grows through both the net contributions from the CPP and the income generated from its investment activities.
Major Events: In May 2025, the organization announced it would exit its investment in the data management company Informatica following its acquisition by Salesforce, expecting to generate C$3.7 billion in net proceeds. The fund has recently committed up to €460 million to expand Nido Living's student housing platform in Continental Europe. A joint venture was established with Mitsui & Co. to develop and operate data centers in Japan, with an initial equity allocation of approximately C$400 million from CPP Investments.
Allocation Strategy: The organization invests globally across a wide range of asset classes, including public and private equities, real estate, infrastructure, and fixed-income instruments. Geographically, the fund has significantly increased its exposure to the United States, which represented 47% of its portfolio in fiscal year 2025, while investments in Canada accounted for 12%. The allocation strategy aims to maximize long-term investment returns without taking on undue risk, ensuring the sustainability of the Canada Pension Plan for future generations.

Sources

02 · Fund commitments

The funds CPP Investments backs.

CPP Investments is a limited partner in 236 funds. 20 of them place in the Power Law Investor Ranking; those lead, best-ranked first.

Wellington Management

Dragoneer Investment Group

3i Group

United Kingdom

Actera Group

Türkiye

Alcuin Capital Partners

United Kingdom

Amia Capital

United Kingdom

Anchor Equity Partners

South Korea

Ant Group | Alipay

China

Apax Partners

United Kingdom

Archer Capital

Australia

Ardian

France

Arle Capital Partners

United Kingdom

Arrowpoint Investment Partners

Singapore

Avitah Capital

United Kingdom

Baring Private Equity Asia

China

BC Partners

United Kingdom

BGH Capital

Australia

Bridgepoint

United Kingdom

C31Ventures

Singapore

Candover Partners

United Kingdom

Capital Fund Management

France

CITIC Capital

Hong Kong

Corvex Management

DCP Capital

China

Goodman

WT Asset Management

03 · Allocation

How CPP Investments’ fund book is spread.

The 236 funds CPP Investments backs, by where the manager is headquartered and how many funds that manager has raised.

Where those managers are based

By fund headquarters, across the 233 of 236 with a location on record.

North America 13658%
Rest of world 5021%
Europe 4720%

United States 122 · United Kingdom 34 · Canada 14 · China 12

How established those managers are

Managers grouped by how many funds they have raised — across the 144 of 236 with a fund history on record.

Emerging funds · 59

Established funds · 85

28 1

19 2

12 3

12 4

17 5-6

21 7-9

13 10-14

22 15+

Funds raised by the manager

04 · Exits

CPP Investments’ biggest exits.

Portfolio companies that IPO’d or were acquired at $1B+, with the valuation recorded at exit and — for those still public — their value today. Exit events come from each company’s funding-round history; entry stage from CPP Investments’ transaction record.

Zomato

$12B IPO · 2021

Entered Series B+Now $30BFood

Lyft

$24B IPO · 2019

Entered Series B+Now $6.1BTransportation

Hyundai Motor India

$19B IPO · 2024

Entered Series B+Now $19B

Unity Technologies

$14B IPO · 2020

Entered Series B+Now $19BGaming

Adevinta

$17B acquisition · 2023

Now $13BEnterprise Software

Paytm

$16B IPO · 2021

Now $10BFintech

Klarna

$15B IPO · 2025

Entered Series B+Now $4.9BFintech

Compass

$8.0B IPO · 2021

Entered Series B+Now $13BReal Estate

STADA

$11B acquisition · 2025

Entered Series B+Now $11BHealth

Viking Cruises

$10B IPO · 2024

Entered Series B+Now $10BTravel

ReNew

$8.0B IPO · 2021

Entered Series B+Now $9.6BEnergy

Planet Labs

$2.8B IPO · 2021

Now $8.3BSpace

05 · Direct investments

The companies CPP Investments backs directly.

CPP Investments holds 109 companies directly, separate from the funds it commits to as a limited partner. Broken down by headquarters country, sector, entry stage and current growth stage. "Stage entered" is the first priced round the investor joined, derived from the investor’s transaction history.

By countryCount

USA144
China22
UK22
India20
Germany16
Canada14
Sweden8
France6
Hong Kong6
Netherlands6
Brazil5
Spain5

By sectorCount

Fintech43
Energy42
Enterprise Software38
Health38
Transportation21
Real Estate18
Marketing15
Education14
Food14
Telecom14
Media13
Security12

By stage enteredCount

Series B+118
Series A4
Seed1

By growth stageCount

Late Growth167
Mature76
Early Growth32
Breakout Stage24

06 · Portfolio market map

Inside CPP Investments’ portfolio.

The 60 highest-funded portfolio companies, of 109 tracked.

Waymo

Robotics · Centicorn

$126B

Databricks

Enterprise Software · Centicorn

$188B

Ant Group | Alipay

Fintech · Decacorn

$79B

Flipkart

Home Living · Decacorn

$36B

Northvolt

Energy

Paytm

Fintech · Decacorn

$10B

Transportation · Unicorn

Real Estate · Decacorn

EdgeConneX

Telecom

$200M

MultiPlan

Health

$366M

Intact Financial Corporation

Fintech · Decacorn

$40B

Apex Service Partners

Real Estate · Decacorn

$10B

Paysafe

Fintech · Unicorn

$2.6B

Du Xiaoman Financial

Fintech · Unicorn

$3.3B

Sila Nanotechnologies

Energy · Unicorn

$1.2B

Delhivery

Transportation · Unicorn

Real Estate · Decacorn

$13B

ServiceTitan

Real Estate · Unicorn

WME

Media · Unicorn

$6.3B

Enterprise Software · Decacorn

Real Estate · Unicorn

$2.9B

ReNew

Energy · Unicorn

$9.6B

Jobs Recruitment · Unicorn

Eruditus Executive Education

Education · Unicorn

$3.2B

Mainspring

Energy · Unicorn

$1.0B

07 · Portfolio founders

Where CPP Investments’ portfolio founders come from.

188 founders across the 100 highest-funded portfolio companies — by current location, university attended, and the companies they worked at before founding. Sourced from the founder records the API links to each portfolio company.

LocationCount

United States97
India20
China13
United Kingdom11
Brazil7
Canada7
Germany6
Sweden6
Israel4
Hong Kong3

UniversityCount

Stanford University11
University of California, Berkeley11
Massachusetts Institute of Technology8
Harvard University7
University of Cambridge6
Harvard Business School5
Carnegie Mellon University4
Indian Institute of Management, Calcutta4
Indian Institute of Technology, Delhi4
University of Oxford4

Previous companyCount

Alphabet | Google10
Bain & Company8
McKinsey & Company7
Microsoft6
Stanford University6
Tesla5
Goldman Sachs4
JP Morgan4
Massachusetts Institute of Technology4
MIT-IBM Watson AI Lab4

08 · Other LPs

Other LPs.

Other pension funds in the Power Law LP ranking, closest to CPP Investments by combined power-law score — North America first, then the nearest worldwide.

🇺🇸

LACERS

LP rank #52 · United States

$22B AUM 112 VC funds backed

🇸🇪

AP2

LP rank #54 · Sweden

$44B AUM 52 VC funds backed

🇺🇸

San Francisco Employees' Retirement System

LP rank #55 · United States

$32B AUM 136 VC funds backed