Canada Pension Plan Investment Board (CPP Investments) has completed the sale of a diversified portfolio of 20 limited partnership private equity fund interests in mostly North American and European buyout funds to private investment firm Ardian for around CAD2.1bn.
CPP Investments’ net proceeds from the transaction, after certain costs and adjustments, was approximately CAD2bn.
The portfolio comprised of various commitments made by CPP Investments over the course of approximately 20 years.
“This transaction was undertaken as part of our active portfolio management activities,” said Suyi Kim, Senior Managing Director & Global Head of Private Equity, CPP Investments. “As a systematic buyer and seller in the secondaries market, we see this sale as an attractive opportunity to optimise the construction of our portfolio and to allow us to further support future investments”.
Ardian is a France-based private investment firm that manages or advises on $156bn of assets.