Canada Pension Plan Investment Board is a professional investment management organization that invests the funds not needed by the Canada Pension Plan (CPP) to pay current benefits for 20 million contributors and beneficiaries. In order to build diversified portfolios of assets, CPP Investments invests in public equities, private equities, real estate, infrastructure and fixed income instruments. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, San Francisco, São Paulo and Sydney, it is governed and managed independently from the Canada Pension Plan. At 31 December 2019, the CPP Fund totalled C$420.4 billion.