The CPP Investment Board today announced commitments to three new partners, including its first commitment to an infrastructure fund.
The CPPIB has committed $100 million to Macquarie Essential Assets Partnership, a fund managed by a wholly owned subsidiary of the Macquarie Group. The fund will invest in North American infrastructure assets, including pipelines, electricity transmission and distribution networks, located primarily in Canada with a secondary focus on the U.S.
It has committed US$150 million to Onex Partners LP, a fund managed by Onex Corp. The fund, with a target of US$1.6 billion, is to be invested over the next six years in private equity opportunities. The fund will focus on control investments in mid market North American companies.
The third commitment is US$100 million to TPG Partners IV, a fund managed by Texas Pacific Group. The fund, with a target of US$5 billion, is to be invested over the next five years in private equity opportunities. The fund will focus on buyout opportunities primarily in the U.S. with a secondary focus on western Europe.
The commitments to the Onex and TPG funds bring the CPPIB’s private equity commitments to a total of $5.5 billion committed to 41 limited partnerships managed by 36 private equity firms. The $100 million commitment to Macquarie represents the CPPIB’s first commitment to an infrastructure fund.
“Private market investments remain an important part of our long-term investment strategy and these new commitments continue our program of diversifying the total CPP portfolio,” said John MacNaughton, president and CEO, CPPIB.
The total Canada Pension Plan portfolio, which includes contributions to the Canada Pension Plan net of benefits paid, is $64.4 billion. The CPP Investment Board plans to invest up to 10% of the total portfolio in private equity and up to 5% each in infrastructure and real estate.
CPP Investment Board commits to three new partners
Private equity commitments rise to $5.5 billion
- By: IE Staff
- December 17, 2003 December 17, 2003
- 10:16