Canada Pension Plan Investment Board and Brookfield Asset Management Ltd. have announced a new $50-billion fund for large-scale investments in Canada.
CPP Investments chief executive John Graham says Canada is entering a period of new ambition to advance major projects and build for the future, creating compelling investment opportunities across the country.
The new fund comes as Prime Minister Mark Carney holds an investment summit in Toronto with an aim to attract a trillion dollars in new investment over the next five years.
The country’s big banks have announced plans for billions in financing to support Canadian companies and projects in recent days.
CPP Investments and Brookfield say they will structure investments on a 50-50 basis, with up to $25 billion in equity capital from each organization over an initial five-year time horizon.
Connor Teskey, CEO of Brookfield Asset Management, says the fund can help drive a generational investment program to invest in critical infrastructure, industries and businesses that will support the growth of globally competitive Canadian businesses.