The Canada Pension Plan Investment Board has hired Mark Corbidge as a senior principal in its direct private equity department.
Corbidge was previously the co-head of private equity at Doughty Hanson, which he left in September 2012 after roughly eight years. He is based in CPPIB’s London office, but will reportedly relocate to Canada in 2014. CPPIB declined to comment on whether Corbidge would relocate next year.
As a direct investor, CPPIB participated in one of the largest buyouts of 2013, acquiring luxury retailer Neiman Marcus alongside Ares Management for about $6 billion in September.
CPPIB was also the most active fund investor in private equity during the 12-month period ending 31 March, committing $3.99 billion to funds, according to Private Equity International’s Research and Analytics division. That included $654 million to Behrman Capital’s $1 billion fund, a further $650 million to CVC Capital Partners’ €10.5 billion European fund, $295 million to FountainVest’s second ‘China Growth Fund’ and $300 million to Korea's MBK Partners’ third vehicle.
CPPIB recorded a 16.8 percent return on its private equity investments in foreign developed markets for the fiscal year ending March 2013. One of its most significant developments in recent years has been a push into secondaries. Since 2007, CPPIB has deployed $4.5 billion in over 24 secondaries transactions, establishing itself as one of the largest direct secondary market participants.
The C$192.8 billion (€132.5 billion; $181.1 billion) pension system is seeking to deploy an additional $10 billion in secondaries over the coming five years.