CPP Investments
John Graham, President & CEO
Overview
Notable Funds
Insurance Entities (1)
Wilton Re
BERMUDABermuda-headquartered life reinsurer. Reinsured $11B GUL block from Prudential. Backed by Canadian pension fund capital (CPPIB, Ontario Teachers'). Part of the pension-to-reinsurance-to-private-credit pipeline. Invested $100M into Nassau Financial Group.
Description
Canada Pension Plan Investment Board. C$632B AUM. One of the largest and most sophisticated pension fund PE investors globally. Pioneered the 'Canadian Model' of direct PE investing — bypassing fund-of-funds and doing direct deals. PE allocation ~25% ($150B+). Direct investments in Petco, Merlin Entertainments, BioAtla. The Canadian pension model is what PE firms fear most: LPs who don't need them. CPPIB's direct deal team competes with the PE firms it invests in.
Related Deals (10)
| Company | Sector | Year | Multiple | Leverage | Status |
|---|---|---|---|---|---|
| Informatica | Software | 2015 | 10x | 5x | exited |
| Neiman Marcus | Retail | 2013 | 12x | 8x | bankrupt |
| Crestwood Equity Partners (fka Inergy) | Energy / Midstream | 2013 | 10x | 5.5x | exited |
| Petco Health & Wellness | Retail | 2016 | 9x | 6x | active |
| Qualtrics | Software | 2023 | 10x | 5x | active |
| Merlin Entertainments (LEGOLAND/Madame Tussauds) | Hospitality / Entertainment | 2019 | 12x | 5x | active |
| Wilton Re | Insurance / Reinsurance | 2014 | 5x | 3x | active |
| Puget Energy / Puget Sound Energy | Infrastructure / Utility | 2009 | 8x | 6x | active |
| Merlin Entertainments (LEGOLAND/Madame Tussauds) | Entertainment (UK) | 2019 | 15x | 4x | active |
| Petco (additional context — serial PE) | Retail | 2006 | 8x | 6x | exited |