The CPP Investment Board today announced plans to invest $400 million in the Canadian private equity and venture capital market.

The board, which oversees the $91.7 billion Canada Pension Plan reserve fund, said $250 million will go into a small- and middle-market buyout fund of funds. The remaining $150 million will go into a venture capital fund of funds.

TD Capital Private Equity Investors will manage both funds for the board.

“We are continuing to grow and diversify the private equity portion of the CPP reserve fund, and increasing our commitment to the Canadian buyout and venture capital industries is part of this process,” said Mark Wiseman, vp of private investments at the CPP Investment Board, in a release.

The board has commitments to private equity totalling roughly $10 billion, of which nearly $2 billion is in Canadian private equity and venture capital.

The CPP reserve fund is made up of assets not needed to pay current CPP benefits.