TORONTO, June 8 (Reuters) - The Canada Pension Plan
Investment Board said on Wednesday it will invest $450 million
(C$570 million) in LongPoint Minerals, a company that invests in
oil and gas mineral and royalty interests in the United States.
CPPIB, which is Canada's biggest public pension fund, said
the investment will be deployed over two to three years and will
give it a majority stake in Denver-based LongPoint.
LongPoint will acquire oil and natural gas mineral royalty
interests in the lower 48 U.S. states, CPPIB said.
Royalty investments see investors provide the initial
funding for projects in return for a portion of future revenues.
"In owning royalty interests, we are able to participate in
production revenues without the burden of associated capital or
operating costs," said Adam Vigna, managing director and head of
principal credit investments at CPPIB.