CPPIB Ekes Out 1% Gain in Q1, Promotes Caitlin Gubbels to Head of Private Equity

The Canada Pension Plan Investment Board eked out a 1% investment return during the first quarter of fiscal 2025 (ending June 30), which raised its asset value to C$646.8 billion (US$472 billion) from C$632.4 billion the previous quarter. The pension fund also promoted Caitlin Gubbels to global head of private equity.

The pension giant registered five- and 10-year annualized net returns of 7.8% and 9.1%, respectively, while the C$14.4 billion quarterly increase in assets was comprised of C$8.1 billion of net transfers from the Canada Pension Plan and C$6.3 billion in net income.

The CPPIB attributed the slight investment gain, which swung from a loss the prior-year quarter, mainly to investments in the public equity and private asset classes, particularly in credit and U.S.-dollar denominated holdings. The U.S. investments, according to the CPPIB, benefited from the U.S. dollar strengthening against the Canadian currency. However, the gains were mostly offset by government bond investments, whose prices were hurt by lowered expectations for central bank interest rates due to stubborn inflation.

“Our diversified portfolio is performing as designed with gains across most asset classes,” said CPPIB President and CEO John Graham in a statement. “We continue to prudently manage the fund to deliver value to CPP contributors and beneficiaries over the very long term.”

Never miss a story — sign up for CIO newsletters to stay up-to-date on the latest institutional investment industry news. 

The CPPIB also promoted Gubbels, its managing director and head of private equity funds, to senior managing director and global head of private equity, effective October 15. Gubbels will also join the pension fund’s senior management team, succeeding Suyi Kim, who has decided to leave CPPIB after 17 years for new global investment leadership opportunities, according to the announcement.

“Suyi leaves with our deep gratitude, having contributed significantly to the organization’s success during her 17-year tenure,” said Graham in a statement. “She opened our Hong Kong office in 2008, establishing our presence in the Asia Pacific region, and most recently led our private equity business globally out of Toronto and New York.”

Gubbels will lead the pension fund’s global private equity program and will oversee the investment teams dedicated to seeking out investments in direct private equity (done without using an outside fund), PE in Asia and private equity funds and secondaries.

“Since joining CPP Investments 14 years ago, Caitlin has played an important role in the growth and success of our private equity investments,” said Graham. “Caitlin’s proven ability to build relationships and generate returns across private equity opportunities makes her ideally suited to take on this expanded leadership role.”