Canada’s largest public pension fund is in the green during the second quarter.

The Canada Pension Plan Investment Board (CPPIB) reported gains of 2.2% during the second quarter. On Thursday, the nation’s largest public pension fund reported how it delivered the return.

The CPPIB, which manages pension monies for 20 million Canadians, diversified its portfolio. It is now one of the world’s largest investors in real estate, private equity, and infrastructure. The fund has largely shunned public equities and government bonds.

CPPIB Active in Alternative Investments

The CPPIB increased its exposure to private equity to 24.2%, according to Q2 numbers. That figure is up from the 21.8% exposure it had in the same period last year. Meanwhile, it dropped its stake in public equities from 36.7% in Q2 2018 to 31.9% in Q2 2019.

The fund continues to build its private equity stake. In October, the fund announced plans to invest $551 million into a holding firm run by KKR & Co. That firm has conducted a public tender for the stock of German publishing giant Axel Springer. In November, the Canadian fund purchased renewable energy giant Pattern Energy Group for $2.63 billion. This purchase is part of a growing effort to invest in renewable energy projects.

Canada Pension Plan Investment Board and Renewables

As we reported on Monday, CPPIB has more than doubled its renewable energy investments in the last year. As of June 30, the CPPIB revealed it had $3.02 billion invested in renewable energy businesses. This amount is twice what it was last year.

It’s also more than 100 times the amount it invested in the renewables space in 2016.

Meanwhile, the Canadian pension fund announced this week that it is divesting from U.S. prison companies. The decision comes after an internal review of its passive portfolio. The fund faced public backlash as well after it invested $5.9 million into the two largest private prison firms in America.