Investors in Canada

Created by an Act of Parliament in 1997, CPP Investments has grown the CPP Fund’s assets to help build a foundation for Canadians’ retirement security. We made our first private market investment in 2001. A year later, CPP Investments’ governance model was recognized by the World Bank as an example for others to follow. The CPP Fund is worth more than $400 billion today and is projected to surpass $1 trillion by 2032. CPP Investments is recognized internationally as a leading example of sound pension plan management. We are independent of the Canada Pension Plan (CPP), operate at arm’s length from federal and provincial governments and are guided by an independent highly qualified, professional Board of Directors. Our Investment Programs We pursue the best investment opportunities, globally and across asset classes, to achieve maximum returns without taking undue risk. Our Investment Programs We pursue the best investment opportunities, globally and across asset classes, to achieve maximum returns without taking undue risk. Real Assets Invests in commercial real estate, sustainable energies, infrastructure, and portfolio value creation. Active Equities Invests globally in public, and soon-to-be-public, companies, externally managed funds, as well as securities focused on long-horizon structural changes which can include earlier-stage private companies. Active Equities is comprised of seven groups: Active Fundamental Equities, Relationship Investments, Thematic Investing, Fundamental Equities Asia, Direct Equity Investments Latin America, Data Driven Investing as well as Portfolio Strategy and Operations. Learn more Capital Markets & Factor Investing Invests assets globally in public equities, fixed income securities, currencies, commodities and derivatives, and manages the engagement of investment managers and co-investments in public market securities. CMF is also responsible for managing the Fund’s financing and trading needs. Our department consists of External Portfolio Management, Financing, Collateral & Trading, Active Macro, Quantitative Strategies & Risk Premia and the Research and Innovation Group. Credit Investments Provides debt-financing solutions across the entire credit structure for borrowers in all sectors. Credit Investments is comprised of six investment groups: Americas Leveraged Finance, Americas Structured Credit and Financials, APAC Credit, European Credit, Public Credit, and Real Assets Credit. Our Investments We are invested globally across public equities, private equities, bonds, private debt, real estate, infrastructure and other areas. We are committed to disclosing timely information about our investment activities. Learn more How We Invest We pursue the best investing opportunities worldwide to meet our commitment to Canadians. Total Fund Management Ensures the investing activities of the organization collectively produce a total portfolio that maximizes long-term returns without taking undue risk. TFM articulates CPP Investments’ investment objectives, designs the Investment Portfolios, directs the investment activity of active programs, and systematically deploys the balancing programs in order to manage Fund’s exposures, leverage, and liquidity over all horizons. Our overarching purpose is to assist the Canada Pension Plan in meeting its obligations to Canadian contributors and beneficiaries. To enable this, Canadian governments created a unique governance model allowing Canada Pension Plan Investment Board (CPP Investments) to operate as a professional investment organization with a commercial, investment-only mandate. As outlined in the CPPIB Act, the assets of the Fund are managed in the best interest of the Canadian contributors and beneficiaries who participate in the Canada Pension Plan. These assets are strictly segregated from government funds. The CPPIB Act has safeguards against any political interference. CPP Investments operates at arm’s length from federal and provincial governments with the oversight of an independent, highly qualified professional Board of Directors. CPP Investments’ management reports not to governments, but to the CPP Investments’ Board of Directors. The CPP Investments’ Board approves investment policies, determines with management the organization’s strategic direction and makes critical operational decisions. The CPPIB Act holds our Board of Directors and management accountable for their performance under a rigorous public accountability regime which includes accountability to the federal and provincial Finance Ministers who serve as the stewards of the CPP. Learn more: Independence Accountability About the Board Board of Directors Board Committees Legal & Regulatory Policies Our Leadership CPP Investments’ leadership team is comprised of top-tier professionals in their fields. It is united by a sense of responsibility to our mandate and a commitment to the highest standards of integrity and professionalism. We are led by a Senior Management Team that includes the President and CEO, the heads of each of our investment departments, our head of International, our Chief Financial and Risk Officer, our Chief Operating Officer, our Chief Investment Strategist, the leader of our Public Affairs and Communications department, our Chief Talent Officer and our General Counsel & Corporate Secretary. They, along with our full Leadership team are responsible for the overall strategic direction of the organization – and are accountable for developing and implementing our long-term active management strategy and for our overall operations. They are also looked to as anchoring our values-based culture, which views our guiding principles of integrity, partnership and high performance as paramount in how we conduct our business. The selection of our leadership reflects our fundamental belief that talented professionals can leverage our comparative advantages to ultimately add value to the Fund.

We invest in Canada’s next generation of entrepreneurs and supercharge their ambition by showing them what’s possible. We accelerate their trajectory with access to education, mentorship and funding.

Rho Canada Ventures is a venture capital firm that specializes in early-stage investments in innovative companies across various sectors. With a focus on identifying and nurturing high-potential startups, the firm leverages its extensive network and industry expertise to support entrepreneurs in scaling their businesses. Rho Canada Ventures is committed to fostering growth and creating value by providing strategic guidance, operational support, and access to a broad network of resources. The firm's investment philosophy centers on partnering with visionary founders to build market-leading companies that drive positive change and deliver sustainable returns.

Unigrowth Canada Inc. is a venture capital firm specializing in early stage investments. The firm typically invests in India and Canada. It primarily invests in technology, energy, e-learning, healthcare, engineering services, consumer web, and mobile apps sectors. Unigrowth Canada Inc. is based in Mississauga, Canada with an additional office in Noida, India.

At NBC Paris, we believe in the potential of each individual, and that even the smallest gestures can make a big difference. When we help others accomplish their projects, we help empower them and the community at large. We try to make a difference through innovation, but above all, by putting people first. By taking the time to listen and letting our actions speak for themselves. By remaining bold and passionate. By developing lasting relationships as partners and allies. Together we can achieve great things and create a positive impact.

Natural Products Canada is venture capital firm specializing in capital growth, startups and SME’s investment. The firm prefers to invest in technology, services, innovation and naturally derived products such as human health and nutrition, personal care and beauty, animal health and nutrition, agriculture, bioproducts and sustainability, water and waste management. Within human health and nutrition, firm focuses on functional foods and ingredients, replacements and reductions (i.e. gluten-free, reduced sugar, allergen-free, etc.), ‘better for you’ food and beverage, natural health products and supplements, within personal care and beauty, firm focuses on oral care, skin and hair cosmetics, personal care and beauty, within animal health and nutrition, firm focuses on pet food, treats and supplements, veterinary care, livestock and aquaculture feed and ingredients, within agriculture, it focuses on crop and plant health, pest management, soil inputs, within bioproducts and sustainability, it focuses on bioplastics, green chemicals environmental and industrial monitoring, within water and waste management, it focuses on water treatment, waste treatment, waste diversion and conversion. It seeks to invest across the globe, focuses on Canada region. The firm focuses on aligning and optimizing the natural product commercialization ecosystem. The firm prefers to invest debt or equity between $2 million and $2.5 million in equity per transaction in companies with annual revenues starting at $10 million. It prefers to co-invest in high-potential Canadian companies with innovative natural products, technologies or services. Natural Products Canada was founded in 2016 and based in Charlottetown, Canada.

China Canada Angels Alliance is a venture capital firm specializing in early stage investments. The firm seeks to invest in information and communications technology (ICT), healthcare IT, clean tech IT and with preference on mobile/Internet sector. The firm seeks to invest in Canada and China. China Canada Angels Alliance is based in Toronto, Canada.

Development Finance Institute Canada (DFIC) Inc. is a private equity and venture debt firm specializing in emerging growth markets. The firm seeks to invest through growth capital. The firm prefers to invest in green growth (renewable energy, energy infrastructure, energy efficiency, water supply, water management, waste management, wastewater management, bio refinery products, green industrial production, etc.), agribusiness value chain, agriculture and forestry and financial services. The firm has a geographic focus on Latin America, the Caribbean, the Indo-Pacific and Sub-Saharan Africa. Development Finance Institute Canada (DFIC) Inc. was founded in 2018 and is based in Montreal, Canada with an additional office in Montreal, Canada and Singapore, Singapore.

The Western Investment Company of Canada Limited, is a private equity firm specializing in buyout and middle market investments. It seeks investments in retail and distribution, human services, agriculture and related services and special situations. The firm prefers to invest in USA and Canada with a focus in companies which are headquartered in Western Canada like Alberta, British Columbia, Manitoba and Saskatchewan. Through its subsidiaries, operates as an automotive glass service company in Canada. It provides repair and replacement of windshields, side windows, side mirrors, rear windows, and sun roofs; and wholesale of aftermarket glass parts and materials. The company also operates as a specialty retailer, which imports and sells household products through a marketing channel in North America; provides commercial, property, accident and sickness, boiler and machinery, marine, and automobile liability insurance services; and produces and distributes butter and ice cream products, and ice cream cones through grocery retail and food service network in Western Canada, as well as through two distribution facilities in Edmonton and Kelowna. It serves dealerships, auto-body shops, fleet companies, and car rental companies through 10 retail locations, and mobile repair and installation units. The firm seeks to invest in the companies having enterprise value between CAD10 million ($7.88 million) to CAD100 million ($78.84 million). The firm acquires significant ownership positions and seeks to take majority stakes in its portfolio companies. The Western Investment Company of Canada Limited was founded in 2015 and is based in Calgary, Canada.

The CDTI is governed by private law in its relations with third parties. This allows it to offer companies agility and flexibility in their services to support the development of R&D business projects, the international exploitation of technologies developed by the company and the realization of offers for technological-industrial supplies to scientific and technological organizations. Consequently, the CDTI grants the company its own financial aid and facilitates access to that of third parties (Grants from the EU R&D Framework Programme, for example) for the implementation of both national and international research and development projects. It also provides support to the company to develop in international cooperation, for which it offers aid to innovation and technology transfer projects, its external network and multilateral cooperation projects (Eureka and Iberoeka) and bilateral with Canada, Japan, China, South Korea, India and South Africa. Additionally, the CDTI has been empowered as the competent body to issue binding reasoned reports on the projects to which it has granted aid in any of its lines (Royal Decree 2/2007). These documents will provide Spanish companies that have an approved project and with public aid granted by the CDTI greater legal certainty when obtaining tax relief for the expenses incurred in the R&D activities of these projects. Finally, the CDTI manages and supports the achievement, by Spanish companies, of industrial contracts of high technological content generated by different national and European organizations, such as the European Space Agency (ESA), the European Laboratory for Particle Physics (CERN), the European Synchrotron (ESRF), Hispasat and Eumetsat.

FUSE is an early-stage venture capital firm dedicated to investing in emerging software and AI-enabled startups within the Pacific Northwest, including Seattle and western Canada. Founded in 2020, FUSE has rapidly grown its committed capital to over $420 million, comprising an inaugural $170 million fund and a subsequent $250 million oversubscribed fund launched in September 2023. The firm focuses on leading Seed and Series A rounds, with investments ranging from $1 million to $10 million, aiming to support the next generation of B2B technology entrepreneurs in building category-defining businesses of lasting value. FUSE's strategic limited partner base includes current and former executives from leading Pacific Northwest companies such as Microsoft, Amazon, Nike, Starbucks, Costco, T-Mobile, Avalara, DocuSign, Smartsheet, and Icertis, providing portfolio companies with unparalleled access to expertise, customers, and potential future M&A opportunities. The firm's portfolio includes 31 startups to date, spanning vertical software to machine learning applications, including Zuper, which automates field services workflows for businesses, and WellSaid Labs, the enterprise choice for AI-created voice.

N49P is a venture capital firm dedicated to supporting early-stage technology startups. With a focus on innovation and scalability, N49P partners with visionary entrepreneurs to build transformative companies. The firm offers strategic guidance, operational support, and access to a vast network of industry experts to accelerate growth and market penetration. N49P's investment philosophy centers on fostering long-term value creation and sustainable success for its portfolio companies.

Founded in 1984, Onex manages and invests capital on behalf of its shareholders, institutional investors and high net worth clients from around the world. Onex’ platforms include: Onex Partners, private equity funds focused on mid- to large-cap opportunities in North America and Western Europe; ONCAP, private equity funds focused on middle market and smaller opportunities in North America; Onex Credit, which manages primarily non-investment grade debt through tradeable, private and opportunistic credit strategies as well as actively managed public equity and public credit funds; and Gluskin Sheff’s wealth management services. In total, as of June 30, 2021, Onex has approximately $46 billion of assets under management, of which approximately $7.5 billion is its own investing capital. With offices in Toronto, New York, New Jersey, Boston and London, Onex and its experienced management teams are collectively the largest investors across Onex’ platforms. Onex shares trade on the Toronto Stock Exchange under the stock symbol ONEX. For more information on Onex, visit its website at www.onex.com. Onex’ security filings can also be accessed at www.sedar.com.

Focal is a venture capital firm specializing in microcap, pre-seed / seed, Series A, early stage, and startup investments. It prefers to invest in software, platform, and infrastructure sectors. The firm prefers to invest in companies based in the United States and Canada. The firm prefers to invest in companies raising their first round under $2 million, backing founders early with up to $0.75 million, and typically invests between $0.50 million and $1 million for approximately 10% equity. Focal was founded in 2020 and is based in San Francisco, California, with an additional office in Miami, Florida.

The51 is a venture fund and financial platform where current and aspiring investors and entrepreneurs come together to democratize access to capital for women. Founded in Calgary, we are building a new movement to create value, tapping into Canada’s underutilized female wealth and investing it in talented female entrepreneurs and venture funds.Women make up 51 per cent of the population… and women control 30 per cent of the world’s wealth. Forty per cent of us out-earn our male partners and statistically, companies founded by us outperform our male counterparts by 63 per cent. Despite all of this, we make up less than 25 per cent of directors on Canadian boards. Only 15.2 per cent of partners at Canadian venture capital firms are women. As a result, only 10 per cent of Canadian VC investment deals since 2014 went to companies founded by women. How can Canada’s economy reach its true potential if 51 per cent of the population isn’t fully participating?By uniting Canada’s untapped female wealth, we can create a new critical mass of female investors that will drive the next economic wave and make Canada the centre for female-powered capital.With 30 per cent of Alberta’s tech start-ups founded or co-founded by women, our province is well on its way to achieving that critical mass, but our vision is bigger than just Alberta.Female-founded start-ups: By 2030 we want to see the rest of Canada increase the percentage of female-founded start-ups from 13 per cent to Alberta’s 30 per cent.Financing: We want to see Canada increase financing for female-founded start-ups by 30 per cent, year over year.

Affirm Holdings, Inc. is an American financial technology company founded in 2012 by Max Levchin, Nathan Gettings, Jeffrey Kaditz, and Alex Rampell. Headquartered in San Francisco, California, Affirm specializes in providing "buy now, pay later" (BNPL) services, enabling consumers to make purchases and pay over time through installment loans. As of 2024, Affirm reports 21 million users and processes $28 billion in payments annually. The company offers various financial products, including unsecured installment loans, a savings account, and a debit card. Affirm's services are available in the United States, Canada, and the United Kingdom. Notable partnerships include collaborations with major retailers such as Walmart and Amazon, as well as integrations with digital wallets like Apple Pay. Affirm is publicly traded on the NASDAQ under the ticker symbol AFRM.

Aravis SA is a private equity and venture capital firm specializing in investments in seed/startups, early-stage, expansion, growth and development capital, mature, late venture , later stage , buyout, spin-off, and turnaround investments. It seeks to invest in companies needing seed financing up to companies with early and late stage preclinical development. The firm prefers to invest in life sciences, renewable energy, and luxury goods sector. Within energy, the firm seeks to invest in companies that produce renewable energy from wind, solar and water. Within life sciences, it focuses on biopharmaceutical, healthcare technology, medical technology, life sciences tools and services, biotechnology, and on companies developing break-through technologies or working in the therapeutic area of immunology, inflammation, oncology, and CNS. Within the luxury sector it focuses on accessories, including leather goods, shoes, and jewellery. It seeks to invest in Swiss life sciences companies based in Europe, Asia, United States, and Canada and those renewable energy companies based in Europe. In the luxury sector it seeks to invest in emerging and declining mid-size companies in Europe and emerging companies in Asia. It invests in companies based in Caribbean, Central America, and Mexico. The firm typically invests between CHF 0.67 million ($0.7 million) and CHF 10 million ($9.64 million) in companies and an investment size between CHF 7 million ($6.75 million) and CHF 10 million ($9.64 million). It seeks to take an equity stake between 15 percent and 20 percent in its portfolio companies. The firm takes controlling and leading positions and exits its investments within five years through reverse take-overs, IPO’s, listings, and trade sale. Aravis SA was founded in 2001 and is headquartered in Zurich, Switzerland with additional offices in Laax, Switzerland and Menlo Park, California.

Pontaq is a venture capital firm specializes in pre-Series A, Series A stage and growth capital investments. It seeks to invest fintech, agritech, heathtech, edtech, emerging tech, cleantech & climate tech including waste water treatment, and smart cities technology, including energy, waste, water, and transport. It seeks to invest in both software and hardware-based technology firms and predominantly on B2B/ B2B2C opportunities. The firm prefer to invest in UK, India, USA, and Canada. It seeks to invest between $1.25 million and $3.92 million. Pontaq was founded in 2015 and is based in the London, United Kingdom with an additional offices in Chennai, India; Bengaluru, India and Dover, Delaware.

KM Core is an international investment and technology holding that represents a new stage in the development of Kvazar-Micro (originally established in 1990). KM Core's portfolio companies focus on information and communication technology, microelectronics as well as green energy. The group is represented in the CIS, USA, Germany, Israel and Canada. It helps companies to capitalize the historically strong base of intellectual capital found in Ukraine and the CIS countries. KM Core localizes and implements globally competitive innovative technologies.

Laconia Capital Group is a New York-based venture capital firm established in 2014, specializing in investments in pre-seed and seed-stage B2B software companies across the United States and Canada. The firm focuses on sectors such as information technology, marketing technology, e-commerce, financial technology, and SaaS, with a particular interest in companies addressing immediate challenges in marketing, distribution, and workflow within industries like media, sports, and entertainment. Laconia typically invests between $0.25 million and $1 million in funding rounds of $1 million to $3 million, targeting firms that have an established product and revenue stream, along with manageable future capital requirements. In addition to its investment activities, Laconia offers advisory services through Laconia Venture Asset Management, assisting institutions and high-net-worth individuals in developing sustainable venture capital programs.

Penfund is a leading provider of junior capital to middle market companies throughout North America. The firm is owned by its management team and is currently investing its most recently established fund, Penfund Capital Fund VI. Penfund manages funds sourced from pension funds, insurance companies, banks, family offices and high net worth individuals and has invested more than $3 billion in over 225 companies since its establishment in 1979. Assets and capital under management currently total $1.8 billion.

AIP, LLC is a private equity firm specializing in investments in turnarounds; leveraged buyouts; management buyouts; corporate divestitures, PIPES, structured preferred equity investments; recapitalizations; equity bridging transactions; strategic add-on acquisitions; going-private transactions; debt with warrants; carve-outs; international expansion; re-financings; project management and finance; public equity and Canadian income trust offerings in middle-market and mature companies. The firm primarily invests in industrial services and manufacturing companies that are primarily engaged in selling to other businesses and have business-to-business selling relationships. It prefers to invest in industrials, Information Technology, and materials sectors. Within industrials, the firm focuses on commercial services and supplies, automotive, building products, capital goods, machinery, electrical equipment, commercial services and supplies, aerospace and defense, office services and supplies, industrial machinery, heavy electrical equipment, commercial printing, aerospace and defense, office furnishings and equipment, pumps and pumping equipment, industrial heating, industrial technology, logistics, transportation, ventilation, air conditioning, and refrigeration equipment and supplies, power generation equipment, office products, industrial air conditioning and cooling equipment, engines and turbines, air and gas compressors, transmission and distribution equipment, power transformers, and industrial fans and blowers. Within Information Technology sector, it prefers to invest in electronic equipment and instruments, electronic equipment manufacturers, electronic manufacturing services, security, control, surveillance and detection equipment, and electronics manufacturing equipment. Within materials, the firm focuses on chemicals, metals and mining, construction materials, containers and packaging, aluminum, diversified metals and mining, construction materials, fabricated structural metal products. The firm primarily invests in privately or publicly held companies based in North America with a focus on the U.S., Mexico, and Canada, serving domestic and global markets. It makes equity investment between $10 million and $150 million with additional amounts available from investment partners. The firm invests in companies with EBITDA between zero or negative up to $350 million; enterprise values between $50 million and $2000 million; sales greater than $500 million and acquisition values between $50 million and $500 million. The firm prefers control or material governance rights in its portfolio companies. American Industrial Partners was founded in 1989 and is based in New York, New York.

Amorchem is a private equity and venture capital firm specializing in growth capital, seed, and startup financings to later stage mezzanine rounds and private placements in publicly listed companies. The firm typically invests in the genomics industries with a focus on companies involved in gene discovery; functional genomics; bio-informatics; proteomics; gene therapy; biotechnology; developing therapeutics for proliferative diseases including cancer, infectious diseases, inflammation, and diabetes; and developing therapeutics targeting age-related diseases. It primarily invests in Canada, the United States, and Europe. The firm prefers to have a Board seat and invests in the form of common stock, convertible preferred stock, and convertible debentures or notes with warrants. It intends to undertake the role of lead investor where possible. In early stage deals, the firm may be the sole investor but it generally prefers to take part in syndicated deals as lead or follower. Amorchem was founded in 1997 and is based in Montreal, Canada.

Loyal VC is a diversified evergreen venture fund that invests early in founders from the INSEAD and Founder Institute networks. With over 450 investments across 70+ countries, the fund uses a unique staged process to minimize bias and support entrepreneurs through a global network of 1,000+ advisors.

Serafund is an early-stage investment firm focused on blockchain and related technologies. They leverage the combined expertise of their team and resources to help build the companies of tomorrow.