CPP Investments Assets Reach $490B After Big Quarterly Gain

The Canada Pension Plan Investment Board reported a net gain of C$24.5 billion ($17.23 billion) in its latest quarter, which ended December 31, 2024, bringing the total fund to C$699.6 billion ($490.04 billion) in assets.

The gain, which represented a 3.8% return, is one of the fund’s largest quarterly increases in net assets on a dollar basis after C$1.5 billion in outflows in the same period, according to the CPPIB. In the fiscal year’s second quarter, which ended September 30, 2024, the fund posted a 3.6% return.

The fund has returned 8.6% for the nine-month fiscal year-to-date and 10.2% annualized over the past 10 years. Full fiscal year results will follow the end of the fiscal year, which for Canadian pension funds, runs through March.

CPP Investments cited growth across all asset classes in the third quarter of fiscal 2025 for the performance. The announcement highlighted growth in private equity and credit, although gains were offset by losses in fixed income, a result of increasing yields’ impact on U.S. Treasurys.

For more stories like this, sign up for the CIO Alert newsletter. 

“Returns were strong this quarter, delivering [C]$26 billion in net income to the Fund,” said John Graham, president and CEO of CPP Investments, in a statement. “Our investment teams were very active with more than 40 transactions signed or closed in the last three months of the calendar year.”

The fund is expected to reach C$700 billion in assets five years sooner than the 2000 projections made by the Office of the Chief Actuary of Canada and projections of CPP assets from the plan’s 30th actuarial report, published in 2018.

CPP Investments, the largest pension fund in Canada, counts as beneficiaries about 22 million out of the country’s more than 40 million people.