CPP Investments‘ portion of the transaction run on behalf of British Columbia Investment Management Corporation last year has been disclosed in the Canadian pension’s latest earnings report.
Toronto-headquartered CPPIB invested €398 million to acquire stakes in three funds managed by Hayfin Capital Management, it said in a third quarter fiscal 2024 statement. The portfolio represented European mid-market, single- company secondaries investments, direct co-investments and funds.
Secondaries Investor reported in December that the Canadian pension giant had teamed up with Lexington Partners to lead the transaction, structured as a strip sale. The portfolio involved a Hayfin-managed portfolio for bcIMC and the transaction was worth just under €1 billion.
Hayfin would continue to manage the assets and PJT Partners was the adviser in the deal, Secondaries Investor reported at the time.
Strip sales accounted for 1 percent of the total $114 billion that traded on the secondaries market last year, according to research by Evercore. This suggests that the Hayfin sale accounted for the bulk of strip sale transactions in 2023.
CPPIB also disclosed that it committed $90 million to purchase interests in a portfolio of 25 private equity funds and that it sole a bundle of 20 limited partnership stales in mostly North American and European buyout funds, with net proceeds of the latter being approximately C$2 billion ($1.48 billion; €1.38 billion).
Affiliate title Buyouts had reported in August that CPPIB had sold a portion of a sale it brought to market earlier in the year to Ardian in a Jefferies-advised process.
Separately, CPP Investments said in its earnings statement that it has decided to close its Luxembourg office in fiscal 2025, citing a review of its European business activities that “best serve our global operations”.
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