Canada Pension Plan Investment Board (CPP Investments) is increasing its commitment to Canada’s private-company ecosystem, pledging an additional C$750 million to its Canadian mid-market private equity program managed by Northleaf Capital Partners. The new capital brings CPP Investments’ cumulative commitments to Northleaf to more than C$3 billion since the program’s inception.
The expanded mandate is designed to maximize net returns through a diversified approach centered on Canadian opportunities. The strategy includes primary commitments to small and mid-market Canadian buyout funds, secondary investments, and direct co-investments in domestic companies.
CPP Investments said the enlarged program builds on a partnership with Northleaf that spans roughly two decades and is intended to provide efficient access to high-quality private equity managers and investments across Canada’s middle market. The pension fund described the model as a scalable way to deploy long-term capital into “homegrown businesses,” while complementing CPP Investments’ global portfolio.
Northleaf said the expanded commitment reflects a shared view that Canada’s mid-market offers attractive opportunities for growth, innovation, and value creation. The firm noted that it and CPP Investments have built a customized, scalable program to match CPP Investments’ objectives.
The relationship dates to 2006, and the two organizations said the program has become one of the most active Canadian middle-market private equity platforms. Over time, the partnership has invested in more than 100 Canadian buyout, venture, and growth funds, providing exposure to approximately 900 Canadian companies.
Separately, CPP Investments recently completed a global secondary transaction with Northleaf, investing about C$160 million to gain exposure to a diversified portfolio of mid-market funds and companies across Northleaf’s global private equity program. CPP Investments said the purchase broadens access to mid-market buyout opportunities across geographies that complement its wider private equity portfolio.
CPP Investments manages the Canada Pension Plan Fund on behalf of more than 22 million contributors and beneficiaries and reported total fund size of C$777.5 billion as of September 30, 2025. Northleaf is a global private markets investment firm that said it has raised more than US$30 billion in private equity, private credit, and infrastructure commitments to date from more than 375 institutional and family office investors, supported by a team of roughly 300 people across multiple offices globally.
KEY QUOTES:
“There are compelling investment opportunities in the Canadian market, and our two-decade long partnership with Northleaf has proven to be an effective and scalable way to invest in homegrown businesses with patient, long-term capital. Through Northleaf, CPP Investments can efficiently access high-quality managers and support the growth of private Canadian companies, complementing our broader global portfolio. Growing the program allows us to deepen this exposure in a disciplined way, in service of the long-term interests of CPP contributors and beneficiaries.”
Bruce Hogg, Managing Director, Head of Integrated Strategies, CPP Investments
“The expansion of Northleaf’s longstanding partnership with CPP Investments demonstrates our shared conviction in the attractive opportunities to support growth, innovation and value creation in the Canadian mid-market. We have worked together to build a scalable, diversified program to meet CPP Investments’ specific objectives. We appreciate the confidence CPP Investments has placed in the Northleaf team and track record, and we look forward to expanding and extending this highly productive partnership.”
Stuart Waugh, Managing Partner, Northleaf
