CPPIB buys more fund stakes off SL Capital – updated

The Canada Pension Plan Investment Board (CCPIB) has purchased more private equity fund stakes from SL Capital Partners, Secondaries Investor has learned.

CPPIB most recently bought a stake in BC European Capital VIII from SL Capital Partners, the private equity arm of Standard Life Insurance. SL had invested in Fund VIII using its ESP II and ESP 2004 funds, according to UK regulatory notices.

Last week, CPPIB also purchased a stake in Apax Europe VII from SLEPET, a listed private equity fund of funds managed by SL.

SL declined to comment on both sales.

BC European Capital VIII launched  in 2005 and raised €5.88 billion, according to PEI data. Fund VIII LPs include CalSTRS, the Columbia University endowment and Liberty Mutual Insurance Company.

The fund had a similar investment strategy to its predecessor and is partially liquidated. Portfolio companies include electronic publisher Bureau Van Dijk, which was exited in 2011, and healthcare cost management company Multiplan, which was sold in February of this year. BC Fund VIII still owns a minority position in UK real estate agent Foxtons.

BC Partners declined to comment.

It is not known why SL decided to divest the BC and Apax funds from its portfolio.

CPPIB has been extremely active in secondaries this year. In July, head of secondaries and co-investments Yann Robard revealed the non-traditional buyer plans to invest $10 billion in the market during the next five years.

“We certainly don’t need to do that, but the mandate is there if the opportunities present themselves. That essentially makes us one of, if not the largest, participants in the secondaries marketplace,” he said.

CPPIB’s recent secondaries transactions including the restructuring of JW Childs’ Fund III and the purchase of stakes in Apax Europe VI from a group of investors including Pomona Capital and Robeco Private Equity.

CPPIB declined to comment.

 This story has been updated to reflect that SL Capital Partners did not invest in BC European Partners VIII using its listed private equity fund of funds and that the Canada Pension Plan Investment Board has not purchased a limited partner interest in BC European Partners VII.