David Scudellari, a former Barclays Capital executive, is leading Public Sector Pension Investment Board’s new C$37.3 billion ($27.5 billion) platform for private equity and credit investing, Buyouts has learned.
The fresh responsibilities came with Scudellari’s June promotion to senior vice president and global head of credit and private equity investments. A spokesperson with PSP Investments confirmed the appointment but declined to provide comment.
The platform brings together two of PSP’s fastest-growing asset classes. Last year, the PE group deployed a record C$6.8 billion in the global market, half of it directly, bringing portfolio assets to C$24 billion. The outlay, reported in PSP’s fiscal 2020 report, is the result of a ramp-up of a greatly amplified strategy begun five years ago.
Scudellari was recruited by PSP in 2015 to run a New York-based leverage credit business. Earning an 11.8 percent return since, the group focuses on direct non-investment-grade primary and secondary credit investments, as well as rescue financing and distressed debt opportunities.
Scudellari effectively built the credit group from scratch. Last year, it accounted for C$7.2 billion in acquisitions globally, also a record amount, increasing portfolio assets to C$13.3 billion, the fiscal 2020 report shows. Assets are targeted to reach C$20 billion in the next few years.
Private Debt Investor last year ranked PSP 11th among the world’s 30 largest institutional private debt investors.
In the new job, Scudellari will oversee a combined PE-credit team of more than 80 investment professionals operating from offices in Montreal, New York, London and Hong Kong.
PSP also last month appointed Guthrie Stewart to the newly created position of vice chair, investment committee. Stewart was previously global head of private investments and spearheaded the ramp-up of the PE and infrastructure strategies.
Simon Marc and Patrick Samson will continue to be responsible for operational management of the PE and infrastructure groups, respectively, PSP confirmed. Marc was last month promoted to senior managing director and global head of private equity, while Samson was earlier this year promoted to senior managing director and global head of infrastructure.
Prior to joining PSP, Scudellari held several senior roles at Barclays, including managing director and global head of finance and risk, Canada. He was hired by Barclays in 2006 after working as an executive with Goldman Sachs.
PSP is Canada’s fourth-largest pension system. It manages the retirement savings of federal public employees, including defense forces and the Royal Canadian Mounted Police. At the end of March, it oversaw net assets of nearly C$170 billion.
Action item: Reach PSP Investments at its Montreal headquarters here: 514-937-2772