CPPIB commits $330m to separate account with Northleaf

The separate account will opportunistically invest in Canadian secondaries funds.

The Canada Pension Plan Investment Board has committed $330 million to a separate account with Toronto-based Northleaf Capital Partners, according to a statement.

The separate account is a Canadian fund of funds programme that commits to small and mid-market buyout and growth equity funds with targets of $1 billion or less.

The programme has an allocation to secondaries funds, but a spokesperson from Northleaf declined to disclose the exact amount. She added the fund of funds had previously committed to secondaries funds and will do so on an opportunistic basis in the future.

“We remain confident in Northleaf’s capabilities, expertise and proven track record in continuing to manage this program,” CPPIB managing director Jim Fasano said in the statement.

Since 2005 CPPIB has invested $1.2 billion through its partnership with Northleaf. Most recently, it committed $70 million to Northleaf’s Venture Catalyst Fund.

Northleaf is an active secondaries buyer on its own, having closed its debut secondaries fund on $255 million, last year. The fund is currently 30 percent deployed, according to the spokesperson.