CPP Investments for real estate joint venture with California-based IRA Capital

Signage is seen in the reception of CPP Investments' Toronto offices. THE CANADIAN PRESS/Chris Young

TORONTO — The Canada Pension Plan Investment Board has signed a deal to form a joint venture with California-based private equity firm IRA Capital to invest in medical outpatient buildings.

CPP Investments has allocated an initial US$143 million of equity capital to the joint venture.

It will hold a 47.5 per cent stake.

The partners have agreed to acquire an initial portfolio of 24 properties across 11 U.S. states to start.

Sophie van Oosterom, managing director and head of real estate at CPP Investments, says the venture will target modern outpatient care facilities in growing U.S. communities.

Founded in 2010, IRA Capital specializes in real estate investments with a focus on commercial real estate assets in the U.S.

This report by The Canadian Press was first published Jan. 22, 2026.

The Canadian Press