Canada Pension Plan Investment Board (CPPIB) is a public pension fund based in Toronto, Canada. Established in 1997, the fund is a professional investment management organization that invests funds of Canada Pension Plan (CPP) on behalf of Canadian contributors and beneficiaries. The CPPIB emerged out of the realization in the 1990s that the CPP fund was unsustainable primarily because changing demographics were leading to fewer workers supporting a growing number of retirees. Federal and provincial finance ministers acted boldly in creating the CPP Investment Board and in making other changes to the CPP. The fund invests in public equity, private equity, real estate, infrastructure, natural resources, and fixed income instruments. It also seeks funds, secondaries, and co-investments with a focus on large- and middle-market buyout and growth equity funds in North America, Europe, and Latin America. CPPIB additionally operates through its offices in Hong Kong, London, New York City and Sao Paulo. The assets of the pension fund are managed by the board of directors, who are assisted by the investment committee.