PSP Investments, one of Canada's largest pension investment managers, has appointed Sohail Lalani as a senior director in its private equity team, replacing the departed senior director Mark Giuliani.
Lalani joins from Abu Dhabi Investment Authority where he spent 10 years, most recently as portfolio manager of principal investments in the private equity team.
Giuliani was with PSP for more than seven years. A spokesperson for the firm confirmed that he “no longer works at PSP Investments”, but declined to comment on his next move or the circumstances surrounding his departure. Lalani’s hire by PSP was reported this week by PE Hub.
According to his LinkedIn profile, Lalani will be responsible for sourcing, executing and monitoring direct private equity investments in the Americas for PSP. The spokesperson said he will also be responsible for co-investments. Prior to ADIA, Lalani was with JP Morgan's mergers and acquisitions team for two years.
PSP Investments currently allocates about 9 percent of its portfolio to private equity, but has a target allocation of 14 percent, according to PEI data.
PSP Investments has C$112.9 billion ($84.5 billion; €79.4 billion) in assets under management and manages assets for four national pension funds: the Canada federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force.
In November last year the firm was part of a consortium of investors which acquired a significant minority stake in advisory firm Alix Partners from CVC Capital Partners in a deal valuing the adviser at $2.5 billion.