Canada Pension Plan Investment Board (CPPIB), Singapore’s GIC and Chicago-based The Scion Group LLC have announced that their student housing joint venture, Scion Student Communities LP, has acquired three student housing portfolios in the United States for approximately US$1.6 billion. CPPIB and GIC each own a 45% interest in the three portfolios and Scion owns the remaining 10%. Toronto-based CPPIB invests the funds of the Canada Pension Plan on behalf of its 19 million Canadian contributors and beneficiaries. GIC is a sovereign wealth fund established to manage Singapore's foreign reserves. The Scion Group LLC focuses on the ownership, operation and advisory services for student housing. Since its inception in January 2016, Scion Student Communities LP has completed US$2.9 billion of investments.