CPP Investments (CPPIB) , Canada’s largest pension fund, said on Wednesday that its investments in India has a hit a milestone of Rs 1.3 trillion ($14.8 billion) for the first time. CPPIB said it has seen 11% growth in Indian assets since March 31, 2022.
Investments in Asia Pacific represent 26% of CPP Investments’ total assets as of March 31, 2023. The Canadian pension fund manager ended fiscal year 2023 with net assets of $570 billion, compared to $539 billion at the end of previous fiscal.
In FY23, CPP Investments made a private equity investment of $425 million in VerSe Innovation, a local language artificial intelligence-driven content platform in India. It now holds a 13.8% stake in the company.
It made another private equity investment of $120 million last fiscal alongside CVC Capital in Sajjan India, a specialised agrochemical manufacturer in India. CPP Investments now holds up to 17% stake in the firm.
It also picked up stake in Nykaa and Zomato during FY23. It invested C$110 million ($80.91 million) in Nykaa, an e-commerce company focused on beauty, wellness and fashion products. It also picked up stake worth C$176 million ($129.46 million) in Zomato, an online food delivery company.
CPPIB has also committed C$925 million or $680.40 million, across two transactions in ReNew Energy Global , a renewable energy independent power producer in India.
The Canadian company invested upto C$786 million ($578.15 million) across two transactions IndInfravit Trust, an infrastructure investment trust, which acquires brownfield road concessions in India. CPP Investments committed up to C$700 million ($514.90 million) to fund the acquisition of five road concessionaires and invested C$86 million ($63.26 million) to bring its total stake to 49.9%.
In 2009, CPP Investments made its debut investment in India with sponsorship of Multiples Private Equity fund. In 2015, it opened an office in Mumbai, the fund’s second office in the Asia-Pacific region.
