CPP Investments, Canada’s flagship pension fund, closed fiscal 2026 with net assets of C$793.3bn, up from C$714.4bn a year earlier. The Toronto‑based manager earned C$56.9bn in net investment income, signalling robust performance amid global turbulence. Its portfolio now weighs 22% private equity, 36% public equities, 20% real assets, 13% bonds, and 9% credit.

Private equity delivered a 9.1% annualised return over five years, topping all other asset classes. This outperformance helped offset volatility in public markets and currency swings, keeping the fund’s overall net return at 7.8%. The strategy underscores CPP’s shift toward higher‑yield alternatives to sustain long‑term payouts.

John Graham, president and chief executive, highlighted the fund’s resilience amid geopolitical uncertainty, market swings and currency moves. He noted the growth to more than $790 billion as evidence that disciplined asset allocation can weather external shocks. The results reinforce CPP’s reputation as a benchmark for institutional risk management.

The 22% stake in private equity signals a continued push into illiquid markets that promise higher returns in a low‑interest backdrop. With 13% in bonds, the fund balances safety and yield, positioning it to support Canada’s pension obligations. Investors watch closely as CPP redefines asset‑class exposure in a turbulent era.