The Canada Pension Plan Investment Board (CPPIB) finished the third quarter of fiscal year 2016, which ended 31 December, with C$59.3 billion ($47.3 billion; €38 billion) in private equity assets, up C$3.5 billion, or 6.3 percent, from the previous quarter.
CPPIB’s private equity assets rose faster than its overall net assets, which grew 3.6 percent in the third quarter.
As of 31 December, private equity accounted for 21 percent of its total portfolio, up from 20.5 percent as of 30 September.
During the quarter, CPPIB co-invested in CVC Capital Partners’ acquisition of Petco Animal Supplies for about $4.6 billion. It also entered an agreement with Ontario Municipal Employees Retirement System and Ontario Teachers’ Pension Plan to acquire Skyway Concession Company for about $2.8 billion. The transaction will result in 33.33 percent ownership of Skyway for each of the three pension funds.
In the same period, CPPIB committed to fund about 30 percent of equity in Altice’s proposed acquisition of Cablevision Systems Corporation with BC Partners, BC European Capital IX and co-investors, and signed an agreement through Crestone Peak Resources to acquire Encana Oil & Gas’ Denver Julesburg Basin oil and gas assets in Colorado for about US$900 million. CPPIB owns a 95 percent interest in Crestone and the deal is expected to close in the second quarter of calendar year 2016, it said.