Canada Pension Plan Investment Board

So you're talking about 0.3 or 0.4 turns of leverage.

And I can say that the first time I gave this talk, Don Raymond, the chief strategist at Canada Pension Plan Investment Board, CPPIB, was in the audience and he came up and said, We've done the analysis and the right amount for the leverage is 0.3 or 0.4. And now it's 26 years later.

And I'm like, yeah, Don was right.

I used to think it was higher, but I think Don's right.

How does CPPIB evaluate Canada relative to other investment opportunities around the world? And what role can Canadian assets play in strengthening diversification? Joining us here today to unpack and discuss all of these things and more is Jeffrey Rubin.

He is Senior Managing Director and Chief Investment Strategist at CPP Investments.

A warm welcome to you, Jeff.

Thank you.

And you'll see good, excellent pension funds like the CPPIB, the investment side of things, coming in with... good, but nothing like market returns.

What do we make of that? Just sort of remind everyone of what we're supposed to do with that, because it looks not as good as the market.

So on the one hand, the returns that we need to generate within the CPP investments organization in order to support the Canada pension plan, we significantly outperformed those requirements over the last five years.

And if you think over the last 10 years, for example, we delivered 9% or so returns.

EQT recently announced an agreement to acquire QIAGEN in a transaction valued at approximately €10.8 billion in enterprise value.

The proposed acquisition involves investment capital associated with the Abu Dhabi Investment Authority and CPP Investments, which manages assets for Canada's national pension system.

QIAGEN provides diagnostic and laboratory technologies serving healthcare, research, and other commercial markets.

Sovereign investors are not exclusively financing speculative computing capacity.

And now, we leave airport updates and head directly to Abu Dhabi to track sovereign capital taking major public corporations private.

The Abu Dhabi Investment Authority, through its subsidiary Luxinva, joined Canadian pension fund CPP Investments in an EQT-led consortium to acquire Netherlands-based molecular diagnostics firm Kiergen for €10.8 billion.

The all-cash offer of €46.50 per share represents a 40.3% premium over undisturbed market prices, securing unanimous support from Kiergen's supervisory and managing boards.

QIAGEN develops instruments, sample kits and software for analysing DNA, RNA and proteins, serving over 500,000 customers with a global team of 5,400 employees.

The investment is being led by EQT Private Equity.

The other participating investors include an affiliate of the Abu Dhabi Investment Authority and an affiliate of CPP Investments, which manages assets for the Canada Pension Plan.

This is an important example of international institutional capital participating in the acquisition of an operating business with substantial technology and intellectual property.

QIAGEN develops diagnostic and laboratory technologies used in healthcare, research, and related applications.

The London Stock Exchange Group is purchasing proprietary credit intelligence and contractual information to strengthen its position in financial data.

Vornado, Ken Griffin, and Rudin have completed a major construction financing supported by a substantial anchor lease and defined ownership structure.

EQT, the Abu Dhabi Investment Authority, and CPP Investments are participating in the acquisition of an established operating technology business.

Meanwhile, France's sovereign borrowing costs are increasing as investors demand additional compensation for fiscal and political uncertainty.