Brookfield and CPP Investments are putting up to $50B of equity behind a new vehicle designed to pursue some of Canada’s largest and most complicated development and infrastructure opportunities.

The Maple Fund will combine as much as $25B from each organization over five years, targeting critical infrastructure and strategic industries where projects require substantial upfront capital and development expertise.

That mandate could give the fund a significant commercial real estate footprint even though it is not being positioned as a traditional property fund.

Brookfield’s businesses already span real estate, data centres, power and transmission infrastructure, fibre networks and other assets increasingly intertwined with major industrial and digital developments. CPP Investments brings long-term institutional capital and investments across real estate and infrastructure.

The partnership is specifically intended to pursue opportunities too large or complex for conventional investment structures. Other investors can also participate alongside Brookfield and CPP Investments on individual projects, potentially increasing the amount of capital deployed.

CPP Investments CEO John Graham said the structure is intended to help “move ambitious projects from opportunity to investment.”

Brookfield CEO Connor Teskey called it the foundation for a “generational investment program” in Canadian infrastructure, industries and businesses.

The first individual investments have not been identified.