Viking Cruises, the privately owned ocean and river cruise operator, said it will receive an equity investment totaling at about $500 million from TPG Capital and Canada Pension Plan Investment Board (CPP Investments), the cruise company said in a statement.

Both companies are already minority shareholders in Viking Holdings Ltd, the parent company of Viking Cruises, which will also receive the fresh funding..

“We are very appreciative that our shareholders from the prestigious institutions of TPG and CPP Investments are aligned with our vision for Viking’s future, which is bright. Over 40 years in the cruise industry have taught me that challenging times – such as these – are often also times of great innovation and opportunity. This infusion of equity capital will prepare us for future opportunities to continue developing our business,” said Torstein Hagen, Chairman of Viking.

“While the pandemic has posed many challenges, we have strong conviction that Viking’s unique global offering in the cruise industry will continue to be sought out by many guests well into the future. CPP Investments, alongside TPG, is looking forward to supporting Viking and its management team as they return to delivering high-quality, comfortable journeys around the world and build long-term value in the business in the time to come,” said Bill MacKenzie, Managing Director and Head of Active Fundamental Equities, CPP Investments.