Canada's largest pension fund will further boost its investments in India, where it has tripled assets under management over the last five years to about $22 billion, its top executive said.
The Toronto-based fund would focus on “real assets such as energy, infrastructure and real estate, where there is opportunity to invest at scale,” Canada Pension Plan Investment Board Chief Executive Officer John Graham said in a media briefing in Mumbai on Wednesday. The firm's net assets in India stood at around C$30 billion ($22 billion) as of the end of June, up from C$10 billion in 2020.
Graham said India's economic growth rate and strong public markets are some of the “positive factors” going well for the country now. Global asset managers from KKR & Co. to Blackstone Inc. are ramping up investments in India, reflecting a big reordering of capital flows as investors look beyond China.
CPP Investments has nearly C$732 billion of net assets globally, according to information available on its website. Globally, the pension fund expects to invest in the artificial intelligence sector through investments in energy generation and transmission, and data centers, Graham said.
In March, the pension fund added to its infrastructure portfolio in India by topping up an investment in the National Highways Infrastructure Trust. It also committed money to funds managed by Kedaara Capital and Accel Partners in India and formed a joint venture with property developer RMZ Corp. for an office park project in 2024. In July, it exited a real estate platform with Phoenix Mills Ltd. for 54.5 billion rupees, the firm said.
The CPPIB returned 1% in the fiscal quarter ended June 30 as the weak US dollar largely offset gains in stocks and energy assets.
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