CPP Investments Announces Major Deals With India's NIIF, Ares and Permira
Mumbai, INDIA (August 31, 2026) — Canada Pension Plan Investment Board (CPP Investments) today announced a commitment of up to INR 20.7 billion (US$215 million) to NIIF Infrastructure Fund II (Fund II), the second India-focused infrastructure fund managed by the National Investment and Infrastructure Fund Limited (NIIF), India’s sovereign-anchored alternative asset manager.
Building on the success of NIIF’s inaugural infrastructure fund, Fund II will invest in infrastructure assets and platforms across India, with a focus on sectors benefiting from long-term structural trends including urbanization, digitalization and energy transition.
NIIF was established in 2015 as a platform to attract private institutional capital to support the country’s infrastructure growth. CPP Investments and NIIF have a longstanding strategic relationship, with CPP Investments having committed to NIIF’s first infrastructure fund and invested directly in NIIF’s investment management platform. The Fund II commitment further deepens CPP Investments’ partnership with NIIF and establishes a pathway for collaboration across infrastructure opportunities in India.
James Bryce, Managing Director, Head of Infrastructure, CPP Investments, said: “This commitment builds on our existing partnership with NIIF and reflects our confidence in the platform’s ability to originate, build and scale high-quality infrastructure assets. Through Fund II, we see an attractive opportunity to deploy long-term capital alongside a trusted partner while generating solid risk-adjusted returns for CPP contributors and beneficiaries.”
Sanjiv Aggarwal, Managing Director & CEO, NIIF, said: “We are delighted to continue our partnership with CPP Investments through Infrastructure Fund II. Their continued commitment reflects the strength of our relationship and shared conviction in India’s long-term infrastructure opportunity. We look forward to building on this partnership to deploy capital at scale and create high-quality infrastructure businesses that support India’s next phase of growth.”
About CPP Investments
Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Canada Pension Plan Fund in the best interest of the more than 22 million contributors and beneficiaries. In order to build diversified portfolios of assets, we make investments around the world in public equities, private equities, real estate, infrastructure, fixed income and alternative strategies including in partnership with funds. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At June 30, 2026, the Fund totalled C$863.6 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.About National Investment and Infrastructure Fund (NIIF)
NIIF is India’s sovereign-anchored alternative asset manager, catalysing global capital into sectors and asset classes that play an important role in India’s growth journey. Anchored by the Government of India in partnership with leading global investors, NIIF manages USD 7+ billion in equity capital commitments across four strategies: Infrastructure, Private Markets, Growth Equity and Climate Investments. For more information, please visit www.niifindia.in.
Today, CPP Investments announced Ares closed its fifth Japan logistics real estate development fund at ¥612 billion (US$4 billion), hitting the hard cap:
NEW YORK & TOKYO — (September 1, 2026) — Ares Management Corporation (NYSE: ARES) (“Ares”), a leading global alternative investment manager, announced today the final close of Japan Logistics Development Partners V LP (“JDP V” or the “Fund”), the latest vintage in its Japan-focused logistics real estate development fund series. Raising ¥612 billion (approximately US$4 billion1), including LP equity commitments and GP commitment, JDP V closed at its hard cap and is nearly 50% larger than its predecessor 2021-vintage JDP IV.
The Fund attracted commitments from a diversified global investor base comprising pension funds, sovereign wealth funds, insurance companies, financial institutions and other institutional investors across North America, Asia-Pacific, Europe and the Middle East. Canada Pension Plan Investment Board (“CPP Investments”) is a cornerstone investor in JDP V and has made an equity commitment of ¥150 billion (approximately US$968 million). CPP Investments is a founding investor in the JDP fund series and has participated in every vintage since its inception in 2011.
The fundraise follows Ares’ acquisition of GCP International in March 2025, exceeds the ¥412 billion raised by JDP IV in 2021 and represents Ares Real Estate’s largest closed-end institutional fundraise to date, underscoring the strength of the strategy, the scale of the Japan platform and the benefits of Ares’ integrated global business.
Consistent with its predecessor funds, JDP V will primarily invest in the development of institutional-quality modern logistics facilities across Japan’s key metropolitan markets, including Greater Tokyo, Greater Osaka and Nagoya. With ¥1.7 trillion (approximately US$11 billion) of total investment capacity, the Fund is well positioned to capitalize on the structural tailwinds driving Japan’s logistics market. The Fund’s investments will be developed and operated by Marq Logistics, Ares’ vertically integrated global logistics real estate platform, which manages approximately 120 million square feet in Japan and over 655 million square feet globally, as of June 30, 2026. JDP V has already committed to projects representing approximately ¥450 billion in total investment, alongside a robust proprietary pipeline.
“We are grateful for the strong support from both longstanding and new investors in JDP V,” said Julie Solomon, Partner and Head of Ares Real Estate. “The successful close of our largest closed-end real estate fund to date reflects the strength of the team’s track record, the compelling opportunity set in Japan and the benefits of Ares’ scaled real estate platform. We look forward to continuing to create value for our investors through disciplined execution, local market expertise and global data and insights.”
“Japan remains one of the most attractive logistics markets globally, supported by long-term structural demand for modern supply-chain infrastructure,” said Yoshiyuki Chosa, Partner and Head of Japan Real Estate at Ares. “JDP V’s successful close reflects the confidence investors have placed in our platform and the enduring relationships we have built with customers and local stakeholders over many years. We believe the Fund is well positioned to capitalize on the next phase of logistics development opportunities across Japan.”
“For more than a decade, we have invested in Japan’s logistics sector as part of our global strategy to deploy long-term capital in high-conviction markets and sectors,” said Gilles Chow, Managing Director, Head of Real Estate Asia Pacific, CPP Investments. “We continue to see value in modern logistics infrastructure supported by resilient demand, evolving supply chains and a positive outlook for rental growth. JDP V provides compelling exposure to these themes and aligns with our disciplined approach to building a diversified portfolio that can deliver sustainable, attractive risk-adjusted returns for CPP contributors and beneficiaries.”
Ares Real Estate is one of the most scaled and diversified vertically integrated real estate managers globally, managing approximately US$121 billion in assets as of June 30, 2026. With over 700 total professionals across 38 offices and markets in the Americas, Europe and Asia-Pacific, the team executes equity and debt strategies across property types and spanning the breadth of the risk-return spectrum.
About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to advance our stakeholders’ long-term goals by providing flexible capital that supports businesses and creates value for our investors and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of June 30, 2026, Ares Management Corporation’s global platform had over $671 billion of assets under management, with operations across North America, South America, Europe, Asia Pacific and the Middle East. For more information, please visit www.ares.com.
Also today, CPP Investments also confirmed its investment in JTC following successful shareholder and regulatory approvals:
London, U.K. (September 01, 2026) – Canada Pension Plan Investment Board (“CPP Investments”) alongside global private equity firm Permira, today announced the completion of their previously announced offer to acquire JTC plc (“JTC” or “the Company”), a leading provider of fund, corporate, and private capital administration services headquartered in Jersey.
The acquisition follows the successful shareholder vote at the JTC Court and General Meetings, at which shareholders approved the recommended cash offer and related Scheme of Arrangement. All regulatory approvals have now been received.
JTC is a global provider of high-quality outsourced administration services to fund managers, corporates, and private clients. The Company has delivered over a decade of consistent double-digit organic growth supported by strong client retention, diversified service lines, and a global operating footprint.
“JTC is a high-quality, mission-critical platform operating at the heart of global capital flows. Its consistent organic growth, long-tenured client relationships, and strategic positioning across fund, corporate, and private client services make it an exceptional fit for our long-term investment approach,” said Sam Blaichman, Managing Director and Head of Direct Private Equity at CPP Investments. “We are pleased that shareholders have supported the transaction, and we look forward to partnering with Permira and the JTC management team to support the Company’s next phase of growth while delivering attractive risk-adjusted returns for CPP contributors and beneficiaries.”
CPP Investments’ investment in JTC provides exposure to a resilient and fast-growing sector driven by increasing complexity in financial and regulatory environments; sustained growth in alternative asset classes; and strong secular demand for specialist outsourced administration, particularly in the private trust and fund administration markets.
CPP Investments will invest approximately GBP350 million / C$660 million for an ownership stake of approximately 20%, partnering alongside Permira, which will assume majority control.
About CPP Investments
Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Canada Pension Plan Fund in the best interest of the more than 22 million contributors and beneficiaries. In order to build diversified portfolios of assets, we make investments around the world in public equities, private equities, real estate, infrastructure, fixed income and alternative strategies including in partnership with funds. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At June 30, 2026, the Fund totalled C$863.6 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.
Alright, three big investments announced and we haven't reached hump day yet.
Clearly the folks at CPP Investments are busy putting massive capital to work, building on their strategic relationships with top funds or in the case of India, the NIIF.
I'll be brief with my thoughts. India remains a country of interest for CPP Investments and all of Canada's large pension funds because the structural case for growth remains intact.
The best way to play that growth right now is investing in toll roads and other infrastructure projects that need to get done.
India's NIIF invests in India’s growth story, focusing on commercially attractive opportunities in sectors and asset classes that play an important role in shaping a sustainable future. It basically bridges internal and external capital to opportunities, and I'd invite you to read more about this fund here.
Next, Japan logistics, where CPP Investments is taking up almost a fourth (US$968 million) of Ares' US$4 billion Japan Logistics Development Partners V LP (JDP V). That massive commitment makes CPP Investments an anchor investor in this fund, allowing it to capitalize on opportunities in the explosive growth of Japanese logistics properties.
Interestingly, BigGo Finance reports Ares Japan logistics fund closes at ¥612 billion, setting a record for closed-end funds:
- Ares Management's real estate arm has completed fundraising for its fifth Japan logistics development fund, raising ¥612 billion (approximately $3.8 billion), setting the largest fundraising record for a closed-end institutional fund within the division. The fund size represents a nearly 50% increase over the previous vintage launched in 2021, and will target modern logistics facilities in core metropolitan areas including Tokyo, Osaka, and Nagoya. The Canada Pension Plan Investment Board committed ¥150 billion (approximately $938.6 million) as a cornerstone investor. Including leverage, total investment capacity reaches ¥1.7 trillion (approximately $10.6 billion), with assets to be developed and operated by Marq Logistics. CBRE projects that rents for large multi-tenant logistics facilities in Japan's four major metropolitan areas still have room to rise through the end of 2027.
U.S. investment firm Ares Management (NYSE: ARES) announced Tuesday that its real estate division has completed fundraising for its fifth Japan logistics development fund, raising a total of ¥612 billion (approximately $3.8 billion), setting a new record for the largest closed-end institutional fund within the division.
The fund, named Japan Logistics Development Partners V LP, closed at its hard cap target, with a size approximately 50% larger than the previous fund established in 2021. Ares said the capital will be primarily deployed toward the development of modern logistics facilities in Japan's core metropolitan areas, including Tokyo, Osaka, and Nagoya.
Real estate services firm CBRE projected in a report that, driven by sustained growth in demand for modern logistics space across Japan, rents for large multi-tenant logistics facilities in the four major metropolitan areas still have room to rise through the end of 2027.
Fund investors include pension funds, sovereign wealth funds, insurance companies, and financial institutions from North America, Asia-Pacific, Europe, and the Middle East. Among them, the Canada Pension Plan Investment Board (CPP Investments), which has participated in every Ares Japan logistics fund since 2011, once again committed ¥150 billion (approximately $938.6 million) as a cornerstone investor.
Gilles Chow, Head of Asia-Pacific Real Estate at CPP Investments, said: "We continue to see value in modern logistics infrastructure, supported by resilient demand, evolving supply chains, and a positive outlook for rental growth."
Ares noted that the fund's total investment capacity, including leverage, reaches ¥1.7 trillion (approximately $10.6 billion), with approximately ¥450 billion (approximately $2.8 billion) in projects already committed. Assets will be developed and operated by Marq Logistics, Ares's global logistics real estate platform.As of the end of June, Marq Logistics managed approximately 11 million square meters of logistics assets in Japan, with over 60.85 million square meters under management globally.
At the group level, Ares Management had more than $671 billion in assets under management as of June 30, with Ares Real Estate managing approximately $121 billion in assets.
Japan's logistics real estate market has continued to attract international capital in recent years. Rising e-commerce penetration, warehouse demand driven by supply chain restructuring, and limited logistics land supply in major metropolitan areas have kept vacancy rates low in core markets such as Tokyo and Osaka, with rents showing a structural upward trend.
The significant increase in Ares's fundraising size reflects that institutional investors' appetite for Japanese logistics assets remains robust. Compared with the previous fund, this vintage grew by nearly 50%, underscoring that logistics real estate—with its stable cash flow characteristics—continues to be favored by long-term capital amid ongoing uncertainty in the global interest rate environment.
For Japan's logistics market, the ¥1.7 trillion (approximately $10.6 billion) in total investment capacity means substantial development momentum will be injected into core areas such as Tokyo, Osaka, and Nagoya over the coming years, potentially further intensifying competition for prime logistics assets and driving up asset prices.
This is a huge deal, and again underscores the strategic partnership model that has served CPP Investments so well.
Ares's global logistics platform, Marq Logistics, is one of the best in the world, and that, along with the strong fundamentals in Japan, is why CPP Investments is a major anchor investor in the Ares Japan Logistics Development Partners V LP (JDP V).
Lastly, the acquisition of JTC plc, a Jersey-based fund and corporate administration services group listed on the London Stock Exchange, by Permira and CPP Investments was finalized two weeks ago, from what I read.
In its press release, CPP Investments states the "acquisition follows the successful shareholder vote at the JTC Court and General Meetings, at which shareholders approved the recommended cash offer and related Scheme of Arrangement. All regulatory approvals have now been received."
CPP Investments will invest approximately GBP350 million / C$660 million for an ownership stake of approximately 20%, partnering alongside Permira, which will assume majority control.
Again, this is a great co-investment alongside a top PE fund, Permira, to acquire a company that is growing fast.
“JTC is a high-quality, mission-critical platform operating at the heart of global capital flows. Its consistent organic growth, long-tenured client relationships, and strategic positioning across fund, corporate, and private client services make it an exceptional fit for our long-term investment approach,” said Sam Blaichman, Managing Director and Head of Direct Private Equity at CPP Investments.
Below, Ajay Chaudhary, Chief Executive Officer, NIIF Infrastructure Finance Limited, shares how infrastructure debt funds, long-term refinancing and asset monetisation are helping create a more efficient capital cycle for India’s infrastructure sector.
Next, Ares Co-Head of Real Estate Julie Solomon joins Bloomberg’s Dani Burger and Matthew Miller for a conversation on market trends across the sector and the launch of Marq Logistics, Ares’ new global logistics platform (December, 2025).
Lastly, JTC is a publicly listed, award-winning provider of fund, corporate and private wealth services to institutional and private clients. Find out how Comnexa worked with JTC to deliver an innovative CRM solution on the Salesforce platform (seven years ago).
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