TORONTO – Canada Pension Plan Investment Board has committed US$450 million to LongPoint Minerals, a Denver-based company that focuses on investments in the U.S. oil and gas sector.
The Toronto-based pension fund manager says it will end up with a significant majority stake in LongPoint within two to three years.
LongPoint’s strategy is to acquire mineral and royalty interests in three key oil and gas production areas in the U.S.
CPPIB manages a fund worth C$278.9 billion as of March 31 on behalf of the Canada Pension Plan.