The CPP Investment Board has committed $US120 million in a partnership with Paul Capital Markets to invest in a portfolio of private equity partnership interests, primarily consisting of U.S. buyout funds.

“This transaction continues our strategy of leveraging our internal capabilities with our external partners,” John MacNaughton, the board’s president and chief executive, said in a news release. “We continue to take advantage of an active secondary market to provide us with earlier distributions, attractive returns and enhanced diversification.”

The investment brings the CPP Investment Board’s private equity commitment to a total of $6 billion, committed to 42 limited partnerships managed by 36 private equity firms.

The total Canada Pension Plan portfolio, which includes contributions to the Canada Pension Plan net of benefits paid, is $64.4 billion.

The investment board says it plans to invest up to 10% of the total portfolio in private equity.