CPP Investments: AUM Increased 11.0% to $793.3 Billion

What we found

The numbers

As of March 31, 2026, CPP Investments reported assets under management of $793.3 billion USD. This figure represents an increase of +11.0% compared to the $714.4 billion USD recorded as of March 31, 2025. The fund’s composition includes base CPP net assets of $712.9 billion and additional CPP net assets of $80.4 billion, both measured as of March 31, 2026. In terms of performance, the fund achieved a total net return of 7.8% for Fiscal 2026. This result was 5.4 points below the benchmark return of 13.2% for the same period. The additional CPP component recorded a five-year net return of 4.5% as of Fiscal 2026. Historical data indicates that assets under management were $863.6 billion CAD in 2008, with a return of 7.8% that year. In 1997, assets under management stood at $539B USD. The Asia-Pacific region accounted for 26% of the portfolio as of 2008. [3] [4] [5] [6]

What the plan says it wants

CPP Investments states its intent to support long-term growth, an objective that aligns with its broader long-term investment strategy. The plan describes its approach as consistent with this stated intent to grow. In terms of specific asset allocation, the organization has outlined strategy figures of 8.8% and 7.8% as of 2008, and 9.9% without a specified date. More recent data from 2023 indicates a strategy figure of 8.1%, while the 2024 figure stands at 10.0%. Regarding real estate, the plan mentions further diversifying investments across multiple U.S. markets. On the matter of risk, CPP Investments establishes a level of market risk that optimizes the combination of positive and adverse adjustments to the CPP. This framework includes a base plan market risk equivalence of 85% and 15%, alongside an additional plan market risk equivalence of 55%. The organization views benchmarks as essential tools for attribution, discipline, and accountability. However, under the Total Portfolio Approach, these benchmarks serve as diagnostic inputs rather than singular verdicts on success or failure. [1] [3] [7] [11] [12] [13] [15]

What it realized

CPP Investments has realized various outcomes across its portfolio and commitments. Regarding portfolio exits, reported figures vary by source and timeframe. One source indicates a 50% exit rate as of 2025, while another cites 25% without a specific date. A third source reports a 10.5% exit rate, and a fourth notes 25% as of 2026. Additionally, exit rates of 75% and 60.5% have been reported by the same source. In terms of new initiatives, CPP Investments participated in a joint launch with an amount of $50 billion. This initiative, known as the Maple Fund, is aimed at critical infrastructure as of 2026. The organization’s investment philosophy is described as a long-term investing mindset with a focus on transformational growth at scale, as of 2025. Historical commitments include US$1.4 billion as of August 11, 2025, CAD 5 billion as of 2023, and CAD 50 billion also as of 2023. An earlier commitment of €500 million was recorded as of 2008. Performance metrics show an annualized return of 8.3% over ten years, as of 2031. However, the total fund underperformed its benchmark by -5.4 points in Fiscal 2026. [1] [3] [6] [8] [14] [15] [16] [17] [18]

The people

As of 2026, the team consists of 134 members. The organization serves a total of 22 million contributors and beneficiaries. [1] [2]

What the fund says

CPP Investments reports net assets of $793.3 Billion USD as of March 31, 2026. The fund also lists net assets of $712.9 Billion USD and $80.4 Billion USD for the same period. Performance metrics as of March 31, 2026, show a 1-Year Annualized Net Return of 7.8%, a 5-Year Annualized Net Return of 6.6%, and a 10-Year Annualized Net Return of 8.8%. Other data indicates a net return of 6.8% for the fiscal year. Total assets are reported at $539 billion, while previous quarter total assets were $550 billion. Historical data from 2008 lists assets under management at CA$ 863.6 Billion. The fund states that positive absolute returns are to be generated across a range of market conditions. This outlook is set against a backdrop of considerable macroeconomic and geopolitical uncertainty. [3] [4] [10]

What the press says

The press reports that CPP Investments plans to spend up to $430 million on a luxurious new Toronto office. This project, located at CIBC Square, is expected to be completed within the next two to three years as of 2024. The reporting notes a previous reference to 2013 in the context of the office development. Additionally, Canada’s largest pension manager posted a 7.8% net return in fiscal 2026. In related news, CPP-backed Wolf Midstream has greenlit a $500 million expansion for Alberta NGL operations. These reports highlight the organization's significant capital allocation and investment performance. [9]

Where the sources disagree

• The reported exit rate is inconsistent, with one source citing 10.5 per cent and another citing 75 per cent, a discrepancy of 614 per cent. [1]
• The reported asset under management figure of $714.4 billion is not independently verified, as it appears only on secondary hosts like Wikipedia and a blog, with no primary source or data publisher confirmation. [3] [6]
• The reported exit rate of 25 per cent lacks independent verification, appearing only on secondary hosts such as Renx and CB Insights, without confirmation from a primary source or data publisher. [1] [8]
• The reported return of 7.8 per cent is not independently verified, as it is repeated across three hosts including Wikipedia, a blog, and the investor's own site, but none are primary sources or data publishers. [3] [4] [6]

Analysis

CPP Investments reported an AUM increase of +11.0 between March 31, 2025, and March 31, 2026, indicating a significant expansion in the capital base available for new allocations. This growth suggests the investor has increased capacity to deploy capital, which may influence the size and timing of their upcoming commitments to GPs. [4] [6]

The total fund underperformed its benchmark by 5.4 points in Fiscal 2026 (7.8% vs 13.2%), a gap that may trigger stricter performance scrutiny or reallocation decisions at the next policy review. For a GP, this implies that demonstrating superior risk-adjusted returns or clear value-add relative to benchmarks will be critical to securing or retaining capital. (c:benchmark_gap:total_fund:Fiscal 2026) [6]

The reported return figure of 7.8% is repeated across multiple non-primary sources without independent verification, meaning the data's reliability is limited. GPs should treat this headline number with caution and seek direct confirmation from CPP Investments or audited reports before basing investment decisions on it. [3] [4] [6]

There is a significant discrepancy in reported exit figures, with sources citing values as far apart as 10.5% and 75%, indicating a lack of consensus on this metric. This conflict suggests that exit data is not reliably standardized or independently verified, so GPs should avoid relying on these specific percentages for performance comparisons. [1]

The AUM change of +11.0 is derived from the subject's own reporting and is repeated across hosts without independent primary source verification. This limits the certainty of the growth figure, so GPs should confirm the exact AUM levels directly with CPP Investments to ensure accurate capacity assessments. [4] [6]

Pros and cons for a GP raising capital from this investor

Pros

• Change in aum from March 31, 2025 to March 31, 2026: +11.0%. [4] [6]
• CPP Investments achieved a 10-year annualized net return of 8.8%, demonstrating long-term value creation that aligns with its stated focus on transformational growth at scale. [4] [15]
• The fund maintains a substantial asset base of $793.3 billion in net assets, providing the financial capacity to execute large-scale infrastructure and real estate strategies. [4]
• CPP Investments has completed 75% of its portfolio exits, indicating effective capital recycling and liquidity management that can support new investment opportunities. [1]

Cons

• Total fund (Fiscal 2026): 7.8% vs 13.2 per cent, -5.4 points against its benchmark. [6]
• The Additional CPP plan generated a 5-year annualized net return of only 4.5%, a figure significantly lower than the total fund's 6.6% 5-year return, suggesting weaker performance in the newer, higher-risk portion of the portfolio. [4]
• Total assets fell from $550 billion in the previous quarter to $539 billion, a decline that reflects market volatility or outflows, posing a liquidity and valuation risk for investors relying on stable asset growth. [10]
• The fund’s 1-year annualized net return of 7.8% is lower than its 10-year annualized net return of 8.8%, indicating a recent deceleration in performance that may affect short-term capital deployment confidence. [4]
• With 22 million contributors and beneficiaries, the fund faces significant scale-related operational risks, where any misstep in managing such a large participant base can have amplified financial and reputational consequences. [2]