Asset Allocation
CPP Investments Ramps Up Data Center Investments
The Canadian pension giant’s latest investment in server farms comes through a nearly $1 billion strategic partnership in India.
Reported by Michael Katz
The Canada Pension Plan Investment Board continues to add data center assets to its portfolio, with the latest in the form of a C$1.4 billion ($985 million) investment as part of a strategic partnership deal with Indian data center operator CtrlS Datacenters Ltd.
The agreement involves CPP Investments acquiring an 8.2% stake in CtrlS Datacenters for C$1 billion ($700 million), as well as contributing C$441 million for a 48% stake in a joint venture with CtrlS. The joint venture, which will be 52% controlled by CtrlS, aims to accelerate the development of hyperscale data center campuses in India. According to the companies, the campuses are needed to satisfy the demand from hyperscalers, cloud services, artificial intelligence applications and India’s digital economy.
“As one of the world’s fastest growing digital markets, India represents an important pillar of our global data center strategy,” Max Biagosch, CPP Investments’ global head of real assets, said in a statement. “Demand for data center infrastructure in India continues to accelerate, driven by hyperscale expansion, strong domestic cloud growth and emerging AI-led demand. This partnership with CtrlS positions us to scale high‑quality infrastructure and deliver long‑term value for CPP contributors and beneficiaries.”
The C$793.3 billion pension giant has been investing in data centers since 2017, and the CtrlS deal comes on the heels of data center asset acquisitions made during fiscal 2026, which ended March 31.
In February, CPP Investments committed approximately US$1.6 billion to buy a 60% controlling interest in Icelandic data center services provider atNorth from private equity firm Partners Group.
In July 2025, the pension fund made a C$225 million investment in a loan to cover 50% of the construction costs for a hyperscale expansion to a data center in Cambridge, Ontario, with Deutsche Bank funding the other 50%.
In June 2025, CPP Investments committed 192.5 billion yen (C$1.7 billion) in the Japan DC Partners I fund, a data center development partnership managed by Ares Management intended to support the buildout of three large-scale campuses in greater Tokyo.