Canada Pension Plan Investment Board (CPP Investments) and Brookfield Asset Management Ltd. are joining forces on a new $50-billion investment fund aimed at financing major projects across Canada.
CPP Investments chief executive John Graham said the country is entering a period of renewed ambition, with a focus on advancing major projects and building for the future. That environment, he said, is creating compelling investment opportunities across the country.
The announcement comes as Prime Minister Mark Carney hosts an investment summit in Toronto, seeking to attract $1 trillion in new investment over the next five years.
Canada’s major banks have also unveiled plans in recent days to provide billions of dollars in financing to support Canadian companies and projects.
Under the new partnership, CPP Investments and Brookfield will structure their investments on a 50-50 basis. Each organization will provide up to $25 billion in equity capital over an initial five-year investment horizon, bringing the potential total commitment to $50 billion.
Connor Teskey, CEO of Brookfield Asset Management, said the fund has the potential to help drive a generational investment program focused on critical infrastructure, industries and businesses.
The initiative is intended to support the expansion of globally competitive Canadian businesses while directing significant capital toward projects considered important to the country’s future growth.
