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.
Purpose-Driven Canadian Model
- The Canadian model is an active, global, multi-asset investor that mixes internal teams and external partnerships to maximize net returns.
- CPP Investments deliberately chooses where to be active or passive and where to internalize versus outsource based on a two-by-two matrix.
Use A Two-By-Two Decision Matrix
- Use a two-by-two matrix (active vs passive, internal vs external) to decide where to allocate people and capital.
- Be deliberate and avoid defaulting to always internal or always active strategies.