The Canada Pension Plan Investment Board has renewed and expanded its partnership with Affirm, committing $1.7B over two years to buy the buy-now-pay-later lender's installment loans, with the option to raise that to $2.2B. The deal deepens a relationship that has seen CPP Investments buy nearly $14B in Affirm assets since 2019 through forward-flow agreements and asset-backed securitizations. Paras Vira, the fund's head of Americas structured credit, said Affirm “has consistently produced the kind of credit performance” the fund looks for in a long-term partner. CPP Investments invests the money the Canada Pension Plan doesn't need for current benefits.
