
Market Moves
CPP Investments Taps Secondaries Market in $860M Sale
The Canada Pension Plan Investment Board announced the sale of 25 private equity fund interests to Ares and CVC.
The C$648.8 billion pension giant will own a 90% stake, while real estate firm Kennedy Wilson will take a 10% interest and manage the operation.
Public and private assets helped the pension fund swing from a loss one year earlier to raise its asset value to $471.5 billion.
But allocators point to opportunities they find when investing with smaller, newer firms.
Despite seven fewer transactions than one year earlier, total deal value rose 158%.
Priti Singh, the fund’s capital markets factor investing head, has been promoted to CRO, while Heather Tobin succeeds her.