The Canada Pension Plan Investment Board (CPP Investments) has announced that its India portfolio has reached approximately $21.6 billion (C$30 billion) in net assets by the end of fiscal year 2025, on March 31, 2025. This milestone underscores CPP Investments' long-term commitment to the Indian market and highlights the growing significance of Asia in its global investment strategy.
CPP Investments has been strategically diversifying its portfolio across various asset classes in India, including real estate, infrastructure, public and private equities, funds and co-investments, and credit. This diversified approach enables the fund to capitalize on the diverse opportunities present in India's dynamic economy.
Several key investment activities contributed to the growth of the India portfolio in fiscal year 2025. CPP Investments completed a follow-on investment of approximately C$346 million in National Highways Infra Trust (NHIT), an Infrastructure Investment Trust sponsored by the National Highways Authority of India (NHAI). This increased their total commitment to NHIT to C$960 million since 2021. This investment is part of NHIT's capital raise by way of an institutional placement. Following the investment, CPP Investments continues to hold 25% of the units in NHIT. NHIT's total portfolio spans over 2,300 kilometers across 12 Indian states: Andhra Pradesh, Assam, Chhattisgarh, Gujarat, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan, Uttarakhand, Uttar Pradesh, Telangana, and West Bengal.
CPP Investments also partnered with pan-Asian private equity major PAG to invest $100 million for a 14% stake in the merged entity of Manjushree Technopack and Pravesha, creating a market-leading rigid plastic packaging company in India. Additionally, the pension fund pledged C$185 million in a rupee-denominated debt facility to US-based Enfinity Global to construct 1.2 gigawatts of solar and wind projects across India, supporting the expansion of renewable energy infrastructure.
During the fiscal year, CPP Investments also strategically exited its nearly 6% stake in logistics firm Delhivery, netting C$298 million. The fund had initially invested in Delhivery in 2019. A partial exit from the National Stock Exchange Ltd. was also executed during the financial year.
As of March 31, 2025, investments in the Asia Pacific region represented 17% of CPP Investments’ total assets of C$714.4 billion, demonstrating the fund’s increasing presence in the region. While the United States continues to dominate the portfolio with a 47% share, followed by Europe at 19%, Canada at 12%, and Latin America at 5%, the strategic importance of Asia, and particularly India, is evident in CPP Investments' long-term investment strategy.
Overall, CPP Investments ended its fiscal year 2025 with net assets of C$714.4 billion, up from C$632.3 billion a year earlier. The C$82.1 billion increase included C$59.8 billion in net income and C$22.3 billion in net CPP contributions. The fund posted a 9.3% net return for the fiscal year and a 14.2% return on a calendar-year basis, supported by strong performance in global equities. It also reported a 10-year annualized net return of 8.3%, reflecting the fund's long-term focus.
