Capital Allocators – Inside the Institutional Investment Industry John Graham – Evolution of the Canadian Model at CPPIB (EP.465)
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Oct 13, 2025 John Graham, President and CEO of CPP Investments, leads a $730 billion Canadian pension fund. He discusses the evolution of the Canadian investment model and how it adapts to globalization. Graham shares insights on leadership, the balance of active vs. passive investing, and the significance of partnerships. He emphasizes the importance of a holistic approach in portfolio management and touches on climate investing as a financial responsibility. Additionally, Graham reflects on building a resilient organization for future challenges.
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From Scientist To Pension CEO
- John transitioned from a PhD physical chemist and Xerox researcher into CPP Investments after their headhunter reached out.
- He joined a small Toronto office and saw the potential to build a global-caliber institution.
Co-Investment Partnership Example
- CPP partners with top GPs and then co-invests and co-underwrites to capture both access and scale advantages.
- John emphasizes being a reliable, quick partner that can write large checks as a competitive edge.
Align Pricing To Move Capital
- Price risks comparably across asset classes to enable capital fluidity between them.
- Coordinate CIO, department heads, and PMs so capital can move to higher relative value areas.