The Great White North is putting more of its green outside of Canada. The CPP Investment Board (CPPIB) announced May 6 that is it committing an additional $1.05 billion to five private equity funds, bringing its total commitment to the asset class to $6.7 billion.
* The Toronto-based pension fund committed $257 million to Paris-based PAI Partners’ new fund PAI Europe IV. The fund has a target of $3.5 billion and PAI plans to invest the fund in industrial and consumer goods and service sector companies in Western Europe. CPPIB committed $129 million to the $1.8 billion PAI Europe III in 2002.
* CPPIB agreed to invest $257 million in Advent International Global Private Equity V, a middle market buyout fund managed by Advent International. Advent has targeted the fund at $2.3 billion and plans to invest in North America and Western Europe. The investment board committed $200 million to the Boston-based firm’s Advent International Global Private Equity IV in 2001.
* The board also returned to San Francisco-based Paul Capital Partners with a commitment of up to $180 million for Paul Capital Top Tier Investments III. The new fund has a target of $500 million and will invest as a limited partner in venture capital funds. CPPIB was in Paul’s last such fund, Paul Capital Top Tier Investments II, committing $100 million in 2001.
CPPIB also teamed up with the firm last year with a $120 million commitment to CPP Investment Board-Paul Capital Holdings II, a $310 million limited partnership that will be managed by Paul Capital Partners and acquire private equity on the secondary market.
* CPPIB committed $257 million to Apax Partners European group’s Apax Europe VI. The fund has a target of $5.1 billion for investment in late stage venture and buyouts in Europe and Israel. Apax Partners European group is based in London.
* Dallas’ Lone Star Funds picked up a $100 million CPPIB commitment to Lone Star Fund V. The fund has raised $5 billion and plans to invest in debt, real estate and other deals.
The CPP Investment Board was founded in 1997 and $6.7 billion committed to 57 limited partnerships in 43 private equity firms. Secondary firms comprise nearly 18% of CPPIB’s private equity portfolio.