The Canada Pension Plan Investment Board (CPPIB) has promoted two private investment executives, after André Bourbonnais’ decision to step down as senior managing director and head of private investments, according to a statement.
Bourbonnais will leave CPPIB on 30 March to become chief executive officer of the Public Sector Pension Investment Board in Montreal. Mark Jenkins has been promoted to replace him.
Jenkins was previously a managing director and head of principal investments. He will also become a senior managing director, responsible for direct private equity, infrastructure, credit investments, natural resources and portfolio value creation. He joined CPPIB in 2008 from Barclays Capital.
Pierre Lavallée has also been promoted to senior managing director and global head of investment partnerships. He will lead the new department by focusing on relationships with CPPIB’s external managers in private and public funds, secondaries and co-investments, and strive to expand the institution’s direct private equity investments in Asia.
“I look forward to working closely with Mark, Pierre and the rest of the CPPIB team through a seamless transition,” president and chief executive officer Mark Wiseman said in the statement.
Lavallée joined CPPIB in 2012 as a vice-president and head of funds and secondaries. He then became chief talent officer and will continue his role until a successor is appointed.
CPPIB was one of the most active non-traditional buyers in the secondaries market last year. The institution plans to invest $10 billion in secondaries in the next five years – split evenly between purchasing limited partner interests and direct secondaries, head of secondaries Yann Robard told Secondaries Investor.
Most recently CPPIB built up its position in Apax Europe VII, buying stakes from Michigan-based grant making organisation the Stewart Mott Foundation and the Standard Life European Private Equity Trust.
Last year it also invested $596 million in the restructuring of JW Childs’ Fund III. It paid $477 million to roll investments from the fund into a new vehicle and committed $119 million to JW Childs’ Fund IV, which launched with a $450 million target.