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The CPPIB dates back to 1997 when an Act of Parliament created the organization to manage and invest the CPP Fund to help ensure the long-term sustainability of the Canada Pension Plan.

The CPPIB emerged out of the realization in the 1990s that the CPP fund was unsustainable primarily because Canada Pension Plan benefit payments were exceeding contributions and changing demographics were leading to fewer workers supporting a growing number of retirees. Federal and provincial finance ministers, who act as stewards of the CPP, took bold action, including creating the CPP Investment Board and making other changes to the CPP. This new organization, operating at arm’s length from governments, would invest the funds of the CPP to help ensure its long-term sustainability. 

2014

Value of fund at end of fiscal 2014: $219.1 billion

March

February

Fund surpasses $200 billion milestone. 

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Investment office opened in São Paulo Brazil

February

January

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Investment office opened in New York.

2013

Chief Actuary reported that the CPP is sustainable over the next 75 years and that contributions would exceed benefits paid until 2022.

December

November

Announced strategic alliance with Shapoorji Pallonji Group, CPPIB’s first real estate investment in India, with initial commitment of US$200 million.

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Announced the acquisition of iconic U.S. retailer Neiman Marcus alongside Ares Management for a total of US$6.0 billion.

September

July

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Announced the acquisition of 27.6% interest in Aliansce Shopping Centers for US$480 million

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Announced a joint initiative with McKinsey & Co.  aimed at  promoting long-termism

May

March

Value of fund at end of fiscal 2013: $183.3 billion

2012

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Signed a debt agreement with Formula One Group to finance US$400 million of a US$1.0 billion high yield loan. 

October

Completed a $250 million investment in TMX Group alongside other financial institutions.

September

July

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Mark Wiseman becomes President & CEO following retirement of David Denison after seven and a half years as CEO.

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Agreed to a joint venture to develop the Barangaroo project, two waterfront office towers in Sydney, Australia for $1 billion.

July

Value of fund at end of Fiscal 2012: $161.6 billion

March

Named Mark Machin first President, CPPIB Asia Inc. to lead the development of CPPIB’s investment strategy in the Asia Pacific region.

2011

Announced partnership with Oxford Properties to develop RBC WaterPark Place, a 30-storey class AAA LEED Gold office tower in downtown Toronto.

October

March

Value of fund at end of Fiscal 2011: $148.2 billion

2010

November

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Committed $468 million to acquire a 25% interest in Westfield Stratford City, a prime retail and entertainment centre under development adjacent to the 2012 London Olympics site for £871.5 million

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Acquired significant interest in 407 Express Toll Route through the Intoll and Cintra Infraestructuras acquisitions. $4.1 billion investment represents CPPIB’s largest direct investment in a private asset to date.

October

September

Completed $5.0 billion acquisition of Tomkins plc, alongside Onex Corp, the largest global private equity transaction in calendar 2010.

Made first real estate investment in New York City, acquiring significant interests in two Manhattan office towers representing gross investment of nearly $700 million.

May

Value of fund at end of Fiscal 2010: $127.6 billion

March

Completed three of the five largest private equity transactions in the world for the year: $2.1 billion acquisition of Macquarie Communications Infrastructure Group; $5.2 billion acquisition of IMS Health alongside TPG Capital; and acquisition of majority stake in Skype with Silver Lake Partners and other investors.

February

Made first public market Relationship Investments transaction involving a $350 million private placement in Progress Energy Resources, a leading natural gas exploration and development company based in Calgary.

2009

Chief Actuary’s report states that the plan is sustainable over the next 75 years; and that contributions will exceed benefits paid until 2021.

December

August

Made first real estate investment in Brazil, a joint venture with Cyrela Commercial Properties to develop, acquire and manage commercial real estate properties primarily in São Paulo and Rio de Janeiro.

Value of fund at end of fiscal 2009: $105.5 billion

March

2008

Robert Astley named as Chair of Board of Directors, replacing Gail Cook-Bennett who retires after her 10-year term as the inaugural Chair. 

October

May

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Opened second international office in London, U.K.

Value of fund at end of fiscal 2008: $122.7 billion

March

February

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Opened first international office in Hong Kong.

2007

Value of fund at end of fiscal 2007: $116.6 billion

March

Signed on to the Extractive Industries Transparency Initiative.

2006

June

CPP Fund surpasses the $100 billion mark.

Launched active management strategy to broadly diversify investments by asset class and geography.

April

Signed global set of Principles for Responsible Investing, published by the U.N. Environment Programme Finance Initiative.

Value of fund at end of fiscal 2006: $98.0 billion

March

Became first Canadian member of Enhanced Analytics Initiative.

Joined Carbon Disclosure Project

February

2005

June

Frank Iacobucci is appointed Conduct Review Advisor.

Regulation 9 of the CPPIB Regulations is repealed enabling the organization to expand investments to other fixed income instruments beyond non-marketable government bonds.

May

March

Value of fund at end of fiscal 2005: $81.3 billion

The Foreign Property Rule is eliminated allowing Canadian investors like CPPIB to hold more than 30% of foreign holdings in their portfolios.  

February

January

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David Denison becomes President and Chief Executive Officer following retirement of John MacNaughton.

2004

Value of fund at end of fiscal 2004: $70.5 billion

March

2003

Purdy Crawford appointed first Conduct Review Advisor.

December

First commitment to an infrastructure fund made as $100 million committed to Macquarie Essential Assets Partnership.

Canadian parliament passed legislation to transfer CPP cash and bonds to CPPIB.

April

March

Value of fund at end of fiscal 2003: $55.6 billion

Board approved policy on Proxy Voting Principles and Guidelines to encourage companies to adopt policies and practices that enhance shareholder value. 

February

January

First commercial real estate investment made, a $200 million investment in five Canadian shopping centres, with joint venture partner Osmington Inc. 

2002

The World Bank praised CPPIB as a model of a public pension investment body that is independent of government and operates in the best interest of contributors and beneficiaries.

August

June

Legislation introduced to transfer CPP assets from the Department of Finance to CPPIB.

Value of fund at end of fiscal 2002: $53.6 billion

March

2001

First private market investments commitments of $1.8 billion approved. 

June

May

Board approved first allocation to private market investments.

Value of fund at end of fiscal 2001: $49.2 billion

March

January

First bi-annual public meetings are held in each of the nine participating provinces.

2000

March

Value of fund at end of fiscal 2000: $44.5 billion

1999

Regulation 10, an early regulation that restricted all of CPPIB’s domestic equity exposure to be passively indexed in Canada, is removed

December

September

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John MacNaughton became first President and Chief Executive Officer. 

First funds received from CPP: $12.1 million invested in capital markets.

March

1998

October

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Gail Cook-Bennett appointed as inaugural Chair of the Board of Directors. 12-member Board of Directors appointed.

1997

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CPPIB created by an Act of Parliament.

December