Canada Pension Plan Investment Board, Toronto, completed the sale of a diversified portfolio of 25 limited partnership fund interests in North American and European buyout funds to Ares Management’s private equity secondaries funds and CVC Secondary Partners, the secondaries business of CVC Partners.
The transaction closed on March 31, according to an April 17 release.
The portfolio of interests represented various primary commitments and secondary purchases made by CPP Investments in funds over 10 years old.
CPP Investments’ net proceeds from the transaction, after certain costs and adjustments, were approximately C$1.2 billion ($863 million).
“This transaction was undertaken as part of our active portfolio management activities,” said Dushy Sivanithy, managing director and head of secondaries at CPP Investments, in the release. “As a systematic buyer and seller in the secondaries market, we see this sale as an attractive opportunity to optimize the construction of our portfolio. Ongoing management of our private equity commitments continues to realize strong returns for the CPP fund.”
Ares, a global alternative investment manager offering primary and secondary investment solutions across asset classes, has more than $525 billion of assets under management; while CVC, a global private markets manager focused on private equity, secondaries, credit and infrastructure, had €200 billion ($227 billion) of assets under management.
CPP Investments’ net investments in private equity totaled C$151.2 billion as of Dec. 31. CPP Investments has total assets of C$699.6 billion as of Dec. 31.
