Canada Pension Plan Investment Board, Toronto, committed C$400 million (US$377 million) to Northleaf Capital Partners, a Canadian venture capital and private equity fund of funds, according to a news release from the C$123.8 billion fund.
Northleaf also runs $400 million in smaller venture capital and private equity firms in Canada for the board.
The additional investment will focus on Canadian small and midmarket buyout, venture capital and growth equity funds that aim to raise C$750 million or less in capital commitments, according to the news release.
“Expanding our investment in a Canadian fund-of-funds is a highly effective way for us to access small to middle-market Canadian private equity transactions and top Canadian venture capital managers. We believe that these investments will generate attractive risk-adjusted returns over time,” Mark Wiseman, senior vice president of private investments for the CPP Investment Board, said in the release.
CPPIB spokeswoman May Chong could not be reached for comment.