The divested portfolio comprised of fund commitments accumulated over two decades, says the fund
The Canada Pension Plan Investment Board (CPP Investments) has divested a portfolio of 33 limited partnership interests in private equity funds, generating net proceeds of approximately $4 billion, one of Canada's largest pension funds announced Wednesday.
The buyers in the secondaries transaction are Blackstone Strategic Partners and Paris-based private investment firm Ardian. According to CPP Investments, the divested portfolio comprised fund commitments accumulated over roughly two decades.
Tom Kapsimalis, managing director and head of secondaries at CPP Investments, framed the sale as a routine element of how the fund manages its private markets exposure.
"As a systematic buyer and seller in the secondaries market, this sale provided an attractive opportunity to optimize our exposure and supports disciplined capital allocation across our portfolio as we manage the CPP Fund in the best interest of CPP contributors and beneficiaries," Kapsimalis said in a press release.
According to the release, Blackstone Strategic Partners serves as Blackstone's dedicated secondaries arm and ranks among the world's top illiquid fund investors, overseeing US$100 billion in assets across secondaries, co-investments, primary advisory, and GP stakes strategies.
Meanwhile, Ardian, is a global private investment firm with US$200 billion in assets under management or advisement, serving a client base of more than 1,920 investors worldwide through its private equity, real assets, and credit platforms.
