Canada Pension Plan Investment Board, Toronto, disclosed about $1.9 billion in commitments it made during the quarter ended Dec. 31, the third quarter of its fiscal year, said a news release issued on Feb. 12.
Within the credit portfolio, CPPIB committed 473.1 billion South Korean won ($323 million) to a separately managed account managed by TPG Angelo Gordon, targeting real estate credit opportunities in South Korea.
Within the private equity portfolio, CPPIB committed $700 million to BPEA Private Equity Fund IX, which is managed by EQT and is a large-cap buyout fund focused on the Asia-Pacific region; 437.5 billion South Korean won to a separately managed account managed by Asia-Pacific real asset manager ESR, targeting credit investments for logistics assets in South Korea; and $200 million total to CVC Growth Partners III and co-investment vehicles managed by CVC Capital Partners, which will invest in middle-market growth-oriented software and technology-enabled business services companies in the U.S. and Europe.
Also under private equity, CPPIB committed €167 million ($172 million) to AXA IM Prime Genesis PE Secondaries Fund managed by AXA Investment Managers, which will acquire indirect exposure to 12 buyout funds and provide primary capital for new fund investments focused on buyout transactions in North America and Europe; $100 million to AKKR Strategic Capital managed by Accel-KKR, which will invest primarily in the software industry on the secondary market; and ¥11.5 billion ($76 million) to Polaris Capital Fund VI, an upper-middle-market buyout fund, managed by Polaris Capital Group.
Separately, CPPIB said it recorded a net return of 3.8% for its fiscal third quarter, which ended Dec. 31. The pension fund returned an annualized net 9.2% for the 10 years ended Dec. 31.
CPPIB, which manages the assets of the Canada Pension Plan, said the pension fund's net assets increased to C$699.6 billion ($486.3 billion) as of Dec. 31, up from C$675.1 billion as of Sept. 30.
The fiscal third-quarter return was driven by “returns in most asset classes, particularly investments in private equity and credit,” CPPIB said in the news release, but added that “these gains were offset by losses in fixed-income assets, which were impacted by increasing yields in U.S. Treasuries.”
