Strong equity and private asset returns drive CPP Investments’ fund to $777.5 billion, setting a new high
A $45.8bn surge in net assets has propelled Canada Pension Plan Investment Board (CPP Investments) to a record $777.5bn at the close of its second quarter for fiscal 2026, underscoring the power of diversified, global portfolios in today’s dynamic market.
CPP Investments reported that net income of $39.8bn and $6.0bn in net transfers from the Canada Pension Plan drove this quarterly growth.
The Fund, which includes both the base and additional CPP accounts, delivered a quarterly net return of 5.4 percent and a 10-year annualized net return of 8.8 percent.
For the fiscal year-to-date, the Fund has grown by $63.1bn, with a net return of 6.5 percent.
President and CEO John Graham credited the results to a “diversified approach and owning high-quality assets around the world,” while noting that “many markets are pricing assets at robust levels.”
Graham emphasized the importance of discipline, stating, “we remain disciplined in line with our purpose to help pay pensions not only today, but for many decades to come, through many different economic cycles.”
Public equities led the way this quarter, buoyed by optimism around artificial intelligence, resilient corporate earnings, and expectations of continued monetary easing in developed markets.
Private assets—including credit, private equity, infrastructure, and energy—also contributed to performance, while currency gains from a stronger US dollar provided an additional boost.
The Fund’s portfolio is intentionally constructed to be less concentrated than public market indices, enhancing resilience as it continues to grow.
The base CPP account ended the quarter with $706.0bn in net assets and a 5.5 percent quarterly return, while the additional CPP account reached $71.5bn with a 4.2 percent return.
The additional CPP, designed with a distinct funding profile and risk target, continues to grow at a faster rate than the base account.
Long-term sustainability remains a cornerstone.
The Office of the Chief Actuary reaffirmed in its most recent review that both the base and additional CPP are sustainable over the long term at legislated contribution rates.
Projections assume average annual real returns of 3.69 percent for the base CPP and 3.27 percent for the additional CPP over the next 75 years.
CPP Investments’ operational highlights this quarter included new board appointments—Gillian Denham and Stephanie Coyles—and recognition for transparency, ranking first among Canadian pension funds and second globally in the 2025 Global Pension Transparency Benchmark.
The Insights Institute also launched a case study series, Mapping Canadian Capital, spotlighting key investments across the country.
On the investment front, CPP Investments completed eleven co-investments in capital markets, committed significant capital to credit and private equity transactions, and expanded its real assets portfolio.
Notable deals included a majority investment in OneDigital, a US$3bn acquisition of a stake in Sempra Infrastructure Partners, and a US$750m commitment to KKR Global Infrastructure Investors V.
The Fund also executed several strategic exits, including the sale of stakes in major real estate and infrastructure assets in the UK, India, and Peru.
