Managers

Board member Nilza Serrano questioned the system's commitment to the new fund amid concerns about worker conditions at some Sonic locations.

Abry launched the structured equity strategy roughly a decade ago to make minority investments in firm-sponsored or external companies in North America.

The $17bn pension created its private debt allocation last year.

The firm is one of numerous established GPs able to raise more than target, and in some cases, raise their caps, in a fundraising market that is heavily focused on incumbents.

As markets have opened, and fundraising bulls forward as crowded as ever, LPs are getting more comfortable exploring potential new relationships, including with newer GPs.

CDPQ's global operating team is led by AJ Rubado, formerly with Reservoir Capital and KKR, and Lorenzo Levi, formerly with Terra Firma Capital Partners and Apollo Global Management.

In formalizing the GP-led strategy, Kline Hill joins several other firms like TPG, Blackstone Group and Partners Group that are building separate teams, and funds, to pursue such deals.

The $22.4bn pension's CIO said changes to the policy were in the works last year after one board member expressed criticism.

The markets deliver a covid counterpunch as GPs break hard-caps, launch new products, change workflow and smash records.