CPPIB approves $943m in commitments

The Toronto-based public pension has backed seven private equity vehicles.

Institution: CPP Investments
Headquarters: Toronto, Canada
AUM: CA$550.4 billion ($431.4 billion; €381.9 billion)
Allocation to alternatives: 64%

CPP Investments has approved $943 million worth of private equity commitments across seven vehicles in Q3 of fiscal 2022, according to a press release from the Canadian public pension.

These commitments (USD) are comprised of:

Long-Z Capital launched its USD vehicle in 2021 and focuses on venture/growth stage investments in China, mainly within the consumer food and beverage/new economy sectors. It also opportunistically invests in the SaaS/advanced technology sectors.

BGH Capital is an Oceania-focused private equity manager active in the mid-to-large cap buyout space. Its second buyout vehicle launched in November 2021, targeting A$3 ($2.1billion; €1.9 billion) in investor capital.

A91 Partners is an Indian venture/growth investor focused on minority investments in technology-enabled companies. EF II held a final close on its target of $550 million in August 2021.

Genesis Capital focuses on venture/growth-stage technology investments in China. Genesis Capital III launched in May 2021 with a target of $1.2 billion, and follows the successful closing of Genesis Capital II in June 2019.

DCP Capital Partners focuses on large buyout and significant minority transactions across Greater China. Its second buyout vehicle launched in May 2020 and has raised more than $2 billion in investor capital across two interim closes.

LYFE Capital invests primarily in growth-stage healthcare companies in Greater China and selectively in the US across therapeutics, medical devices and diagnostics. Fund IV launched in January and will invest across the healthcare and TMT sectors.

Hillhouse Capital Group focuses on buyouts and growth investments in Asia regions, as well as selective investments in North America and Europe. Fund VI launched in January 2022 and focuses on venture opportunities in China across four core sectors of consumer, healthcare, business services and climate technology.

With a target of 21 percent, CPP Investments allocates 30 percent of its total investment portfolio to private equity, which encompasses CA$165.1 billion in value.

As illustrated below, CPP Investments’ recent private equity commitments have tended towards North American or APAC-focused vehicles that invest under the venture or buyout platforms.

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