CPPIB Loses International Head, Acquires US Marine Terminal

Alain Carrier leaves the Canadian pension giant after 14 years to lead private equity firm Bregal Investments.


Alain Carrier, the Canada Pension Plan Investment Board (CPPIB)’s senior managing director and head of international operations, is leaving the $409.8 billion pension fund after almost 14 years to become global CEO of Bregal Investments, an international private equity firm with €12 billion ($13.9 billion) in assets under management (AUM).

Geoffrey Rubin, CPPIB’s senior managing director and chief investment strategist, will assume oversight for international operations on an interim basis. Oct. 22 will be Carrier’s last day with CPPIB. 

“For nearly 14 years, CPP Investments has benefitted from Alain’s perspective, capability and leadership,” John Graham, president and CEO of CPPIB, said in a statement. “He was a critical driver of our international strategy—which continues to be a priority for the fund—working across the enterprise to build a strong local presence and relationships everywhere we operate.”

CPPIB said it is currently conducting a thorough assessment of potential longer-term leadership candidates in accordance with its ongoing succession process.

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Prior to CPPIB, Carrier worked for more than 10 years on Goldman Sachs’ investment banking team in New York and London, and he began his career as an attorney at Sullivan & Cromwell in New York. At Bregal, Carrier will succeed co-CEOs Steve Black and Quentin Van Doosselaere, who are stepping down at the end of the year. Although his start date is officially Jan. 1, Carrier will join the company in mid-November to help with the transition.

“Bregal has some of the industry’s best investment professionals and I am delighted to join them with a view to further growing the platform and developing complementary strategies,” Carrier said in a statement. “I have always been a firm believer in the fundamental role private equity can play in generating both financial value and positive impact for society and the planet, and I look forward to accelerating that within Bregal.”

In separate news, CPPIB also agreed to acquire 100% of Ports America, North America’s largest marine terminal operator, from funds managed by Oaktree Capital Management. Although financial terms of the deal were not disclosed, the deal values Ports America at more than $4 billion, two sources familiar with the matter told Reuters.

Ports America has 70 locations in 33 ports in the US and handles 13.4 million 20-foot equivalent units, including 10 million tons of general cargo, 2.5 million vehicles, and 1.7 million cruise ship passengers annually. The deal is expected to close in the fourth quarter of this year.

“Ports America represents the opportunity to continue to invest in a high-quality operator that plays an important role in global trade,” Scott Lawrence, managing director, head of infrastructure, CPPIB, said in a statement. “Terminal operators play a crucial role as cargo demand and transportation requirements continue to grow in response to the rapid and dynamic changes in how individuals and businesses are buying and selling products.”

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Austin Pension Fund Seeks New CIO

The $3.4 billion City of Austin Employees’ Retirement System has launched a search to replace David Veal.


Three months after the City of Austin Employees’ Retirement System (COAERS) announced that Chief Investment Officer David Veal was stepping down, the $3.4 billion pension found has launched its search for a new permanent CIO.

According to the job posting on COAERS’ website, some of the CIO’s primary job functions include:

  • Developing, recommending, and implementing the overall investment strategy, including asset allocation, risk management, investment operations, and investment policy guidelines;
  • Providing analysis and ongoing review of the portfolio with respect to diversification, capital market conditions, cash flow demands of the system, and liquidity of the assets;
  • Researching and recommending innovative investment management practices that align with COAERS’ investment beliefs and strategic vision; and
  • Overseeing and reporting on all investment costs, such as manager fees, consultant and custodian costs, and internal investment resource budget.

Some of the qualifications for the job include having direct and relevant public fund experience; a proven investment track record and commitment to excellence; significant understanding of risk management; familiarity with the laws and ethical standards regarding pension fund assets; and experience working with a board of trustees.

And the pension fund’s preferred candidates would be certified Chartered Financial Analysts (CFAs) and/or Chartered Alternative Investment Analysts (CAIAs); have an advanced degree in a related field; and have investment experience with a public pension organization of similar size.

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“The COAERS investment program is a best-in-class fund,” COAERS Executive Director Christopher Hanson, who is leading the nationwide search, said in a statement. “We’re looking for forward-thinking candidates who possess strong investment credentials, embrace innovation in investment management practices that align with COAERS’ investment beliefs and strategic vision, and can navigate the intellectual challenge of guiding the board through complex investment decisions.”  

David Stafford is currently COAERS’ interim CIO. He joined the retirement system’s investment team as a portfolio manager in 2018 and most recently served as the director of investment strategy.

COAERS has had financial troubles in recent years. Moody’s downgraded its AAA credit rating to the city of Austin in 2019 from stable to negative, citing the city’s “inability to manage the growth of liabilities and costs associated with the retiree benefit systems.” Standard & Poor’s maintained a stable outlook, but said the city’s pattern of raising contribution rates significantly “negatively impacts finances, or material deterioration in the long-term health of the plans could affect the rating.”

That prompted Austin’s City Council Audit & Finance Committee to vote unanimously last year to roll out a plan that would help resolve the balance sheets of COAERS and the Austin Police Retirement System (APRS).

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