Canada Pension Plan Investment Board and Teachers' Private Capital, both in Toronto, will invest €75 million ($97.6 million) each in Actera Partners, a private equity fund that will invest exclusively in Turkey. The CPP Investment Board oversees assets of the C$103.3 billion Canada Pension Plan; Teachers' Private Capital is the private equity arm of the C$100 billion Ontario Teachers Pension Plan.
This is the first time Ontario Teachers has invested in Turkey, spokeswoman Deborah Allan said. "We are always on the lookout for promising new markets, and Turkey had the economy and the market that we're seeking."
Turkey has the potential to enter the European Union and is modernizing its economic and regulatory infrastructure, which makes it attractive, CPP spokeswoman May Chong said.
Actera Partners expects to raise €250 million by the middle of this year.