CPPIB Reports 9.3% Annual Return as Assets Surge to C$714B 

The Canada Pension Plan Investment Board (CPPIB) delivered a strong 9.3% net return for the fiscal year ended March 31, 2025, pushing total assets under management to C$714 billion (approximately $517 billion). The robust performance was driven by gains across private equity, infrastructure, and credit, despite market volatility in the final quarter. 

Private equity continues to represent 29% of CPPIB’s portfolio and delivered a solid 8.7% return for the fiscal year. The performance was led by externally managed U.S.-based investments. 

Post year-end, CPPIB made a $75 million commitment to Radical Fund IV, managed by Radical Ventures, a Canadian AI-focused venture and growth firm. The fund also committed C$135 million ($98 million) to Pacific Equity Partners PE Fund VII, targeting upper mid-market buyouts in Australia and New Zealand. 

The credit portfolio, which now makes up 11% of the total fund, returned 16.5% over the year. The strong performance includes both public and private credit strategies. A key contributor was CPPIB’s $250 million anchor investment in the Antares Private Credit Fund, a middle-market private lending platform backed by Antares Capital, completed in late 2024. 

Real assets—including infrastructure (9%) and real estate (7%)—collectively returned 8.7% for the year. The infrastructure portfolio was buoyed by sustainable energy investments across Canada and the U.S. Recent infrastructure activity includes a €500 million ($567 million) investment in EQT Infrastructure Fund VI, which targets value-add opportunities in North America, Europe, and Asia. In real estate, CPPIB committed an additional €500 million ($567 million) to Blackstone Real Estate Partners Europe VII.