CPP Investments and Brookfield launch C$50B Maple Fund for mega-projects

TORONTO — CPP Investments and Brookfield Asset Management launched the Maple Fund on Tuesday, a joint framework to put up to C$50 billion of equity into large-scale critical infrastructure and strategic industries across Canada as Prime Minister Mark Carney’s Investment Summit aims to catalyze $1 trillion over five years.

The partners will structure deals 50/50, with up to C$25 billion each over an initial five-year horizon, targeting opportunities with total project equity values greater than C$5 billion. Other investors can join individual transactions. Each deal will be independently assessed and approved by both sides, and the fund is meant to sit on top of their normal investing — not replace it.

“Canada is entering a period of new ambition to advance major projects and build for the future,” CPP Investments President and CEO John Graham said, arguing the partnership pairs CPP’s capital and long horizon with Brookfield’s origination and development strength so projects of “unusual scale and complexity” can move from opportunity to investment when the returns work for the CPP Fund. Brookfield Asset Management CEO Connor Teskey cast it as a generational program for infrastructure, industries and businesses that can compete globally.

Scale equity that can actually close mega-projects is the inflation hinge: without it, Canada’s deal books stay paper; with it, energy, minerals and infrastructure capacity can eventually ease the cost pressure of underbuilding.