CPP Investments, the world’s biggest investor in private equity according to the GI 100, is losing its head of funds and secondaries, Private Equity International has learned.
Delaney Brown, a managing director, is stepping down from his role, according to two sources with knowledge of the matter.
It is unclear where he is headed next or when his last day is at the pension manager.
A spokesperson for the CPP Investments declined to comment.
Brown leads a team of over 40 professionals across Toronto, London and San Francisco, according to his profile on the investor’s website. He and his team are responsible for investing in funds and secondaries in North America and Europe. Strategies include mega-buyouts, early-stage venture capital, LP and GP-led secondaries and co-investments.
He joined CPP Investments in 2013 after eight years at Hermes GPE, where was head of the Americas.
Caitlin Gubbels has been running the private equity funds team and Dushy Sivanithy, the secondaries team since last year, it is understood.
CPP Investments has topped Private Equity International‘s GI 100 of the biggest PE investors since the ranking’s inception. It had $130.5 billion in exposure to the asset class as of the end of 2021, accounting for 30 percent of its total portfolio.
Speaking at the British Private Equity & Venture Capital Association Summit in London in 2021, Brown highlighted investor concerns around the rising trend of GPs adding multiple strategies to their offerings.
“Economic alignment is a question we ask ourselves at investment committee,” said Brown. “If you went back and there was a buyout fund and there was a monoline strategy, you could clearly argue that the largest part of economic incentives came from carried interest.”
As private equity firms have grown in size, the value of their management companies has increased and fee streams coming from multiple products have diversified, he added.
“As we run the models, it becomes harder and harder for us to look at certain GPs and say carry through the flagship fund is the primary wealth generator for the individuals at the firm,” he said.
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