CPP Investments, the world’s biggest investor in private equity according to the GI 100, was both a buyer and seller on the secondaries market in the most recent quarter.
The Toronto-headquartered pension’s largest disclosed sale in the three months to end-September involved the divestment of stakes in 12 North American energy funds, from which it grossed approximately $860 million through a structured liquidity transaction, according to its second quarter fiscal 2024 update published Thursday.
CPP Investments also generated €96 million in net proceeds from the sale of its 2016 commitment in STAR Capital Partners III. Star III invests across a wide range of sectors, including biotech, life science, healthcare, technology and media, according to PEI data.
Other secondaries deals during the quarter include the acquisition of a $100 million stake in Oak Hill Capital Partners V, a US-focused buyout fund investing in industrials, media and communications, and business services, according to the update. The fund closed in 2020 with a total committed capital of $3.91 billion, PEI data shows.
CPP Investments also purchased secondhand stakes in two fund of funds vehicles for $206 million in the past quarter, according to the update. It did not disclose the names of these vehicles.
Net assets managed by CPP Investments increased from C$575 billion ($416 billion; €390 billion) to C$576 billion ($417 billion; €391 billion) in the past quarter, according to the update.
The Canadian pension giant has been active on the secondaries market as of late. On Tuesday, it confirmed the close of an LP portfolio sale to Ardian, which included 20 LP fund interests mostly in North America and European buyout funds. The sale generated approximately C$2 billion ($1.45 billion; €1.36 billion) in net proceeds.
In August, affiliate title Buyouts had reported that Ardian had stepped up to buy a funds portfolio from CPP Investments and was granted the flexibility to select its preferred assets from the available pool. One of the 20 fund interests was BC European Capital X, according to UK regulatory filings in October.
A spokesperson for CPP Investments declined to provide details on the transactions disclosed in its latest update.
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