Canada Pension Plan Investment Board (CPP Investments) reported its strongest quarterly investment performance in more than a decade in the first quarter, as real assets, particularly energy, “contributed meaningfully”, while credit delivered “steady gains”.

CPP Investments, which manages the assets of the Canada Pension Plan Fund, ended its first quarter of fiscal 2027 on 30 June 2026 with net assets of C$863.6bn (£459.8bn), up from C$793.3bn at the end of the previous quarter.

Of the C$70.3bn increase in net assets for the quarter, C$60.2bn comprised net income and C$10.1 billion in net transfers from the Canada Pension Plan.

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The fund generated a 10-year annualised net return of 9.4 per cent, while the fund’s net return for the quarter was 7.5 per cent.

CPP Investments highlighted several credit investments made during the first quarter, including a commitment of US$1bn (£737.7m) in financing to Blackstone Private Credit Fund, which is focused on providing senior secured loans to large performing companies, and a commitment of approximately €270m (£231m) to finance a portfolio of European corporate loans originated by an Ares Management fund.

During the quarter, CPP Investments agreed to sell its remaining interests in a European non-performing loan portfolio to a newly-formed joint venture between Arrow Global and Fortress Investment Group, generating approximately C$1bn in net proceeds, having made its original investment in 2017.

Among its real assets transaction highlights for the quarter is an investment of US$1.75bn to support EQT’s strategy to build AI infrastructure, led by global data centre developer and operator EdgeConneX.

CPP Investments also completed the acquisition of a 50 per cent stake in Peru’s largest power generation platform Inkia Energy, at a total enterprise value of US$3.4bn, alongside I Squared Capital.

“Our investment portfolio remains well positioned to benefit from favourable public equity market performance, with meaningful contributions across our globally diversified portfolio,” said John Graham, president and chief executive of CPP Investments. “This led to CPP Investments delivering its strongest quarterly investment performance in more than a decade.” 

He added: “While a strong quarter is welcome, a single quarter isn’t how we measure success. Our focus remains on delivering the long-term investment performance required to help sustain the Canada Pension Plan for generations of contributors and beneficiaries.”

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