Canada Pension Plan Investment Board (CPP Investments) expanded its footprint in India’s logistics sector and committed fresh capital to Japan’s hospitality market during its Q3 fiscal 2026, according to an announcement.
The move underscores the global pension fund’s continued push into Asia as it reported net assets of C$780.7 billion (about $580 billion) during the period, compared with C$777.5 billion at the end of the previous quarter.
During the quarter ended December 31, CPP Investments acquired six industrial and logistics parks in India through its IndoSpace Core joint venture, a transaction valued at about $334 million (Rs 3,000 crore).
The fund committed $154.6 million (Rs 1,400 crore) for the acquisition and holds a 93% stake in the venture, which focuses on core warehouse and supply-chain assets in one of the world’s fastest-growing logistics markets.
The acquired assets span 380 acres and offer a combined leasable area of around nine million square feet.
These fully developed, income-generating parks strengthen IndoSpace Core’s portfolio and are located in major logistics hubs, including Bengaluru, Chennai, Delhi, Mumbai, and Pune, the statement said.
After the quarter, the fund also agreed to invest up to ¥25.4 billion (about $18.6 million) in a Japan hospitality strategy managed by Singapore-based SC Capital Partners, targeting opportunities in the country’s tourism and accommodation sector.
The Asia investments came as CPP Investments reported a modest quarterly net return of 0.5%, reflecting what Chief Executive John Graham described as a “volatile quarter” marked by slowing global growth and rising geopolitical tensions.
“To meet obligations to current and future CPP beneficiaries, we must hold to our long-horizon perspective and let fundamentals drive our conviction and decisions,” Graham said.
The fund’s net assets rose by C$3.2 billion from the previous quarter, supported by C$4.0 billion in net income, partially offset by C$0.8 billion in net pension outflows.
Over the past decade, the fund has delivered an annualised net return of 8.4%, per the announcement.
Public equities were the main contributor to returns, though gains moderated as market optimism softened.
Private investments, including infrastructure, credit, and private equity, also contributed positively, while a stronger Canadian dollar reduced the value of foreign holdings in local currency terms.
For the nine-month fiscal year-to-date period, the fund increased by C$66.3 billion, consisting of C$51.3 billion in net income, plus C$15.0 billion in net transfers from the CPP. For the period, the fund’s net return was 7.0%.
The fund said the Office of the Chief Actuary of Canada recently reaffirmed that it remains financially sustainable over the long term, with investment performance exceeding expectations by more than C$75 billion over the past three years.
“The fund remained resilient, and we stayed focused and disciplined as a patient investor,” Graham said.
Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, San Francisco, Sao Paulo, and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan. At December 31, 2025, the fund totalled C$780.7 billion.
