The CPP Investment Board has announced three new commitments to foreign, private equity funds.

It has placed US$60 million with Carlyle Venture Partners II, a venture capital fund managed by The Carlyle Group, a global private equity firm based in Washington, DC. The money is to be invested over the next five years in companies providing infrastructure for enterprises and communications networks primarily in the U.S.

Another US$75 million has been invested in MPM BioVentures III, a fund managed by MPM Capital of Boston. It will focus on the life-sciences and healthcare sectors primarily in the U.S. and Europe.

PAI Europe III, a fund managed by PAI Management of Paris, has received million Euros. This fund will focus on leveraged buyouts and management buyouts in Europe.

The CPP Investment Board plans to invest up to 10% of total assets in private equity. To date, $3.0 billion has been committed to 20 limited partnerships managed by 18 private equity firms. The commitments will be drawn down over the next several years.

As of March 31, $458 million, or approximately 3.2% of the CPP Investment Board’s total assets, has been invested in private equity. The remainder of the CPP Investment Board’s assets are primarily invested in funds that replicate stock indexes for Canadian, U.S. and non-North American publicly traded equities. Private equity is expected to produce higher returns than public equity over the long term.