CPPIB Commits $400 Million
The pension board committed $400 million to a mid-market Canadian fund-of-funds program managed by Northleaf Capital Partners.
February 3, 2010
Canada Pension Plan Investment Board committed $400 million to a fund-of-funds program focused on Canadian buyout and venture capital firms.
Northleaf Capital Partners, formerly known as TD Capital Private Equity Investors, will manage the capital for the pension board. The firm, headquartered in Toronto, Ontario, was the private equity fund of funds and co-investment arm of TD Bank Financial Group, a, Toronto-headquartered commercial bank.
In recent years, the pension board has utilized a direct investing strategy similar to Toronto-based Teachers' Private Capital. The direct investment strategy has come under scrutiny as losses mounted last year. The $400 million commitment could signal efforts to diversify its investments and reduce the portfolio volatility.
Northleaf Capital also has secondary offices in London, UK and Menlo Park, California. Calls placed to CPPIB and Northleaf Capital were not returned by press time.
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