CPPIB reveals how much it backed in the General Atlantic GP-led

The pension giant joined lead buyers Ardian and HarbourVest Partners as well as Partners Group in an Evercore-advised process last month.

CPP Investments, the world’s largest investor in private equity, has revealed the dollar value of its participation in General Atlantic‘s watershed GP-led transaction last month.

The Toronto-headquartered pension invested $330 million in General Atlantic Continuity Fund I, according to a statement detailing its latest fiscal quarter on Friday. The investment helped fund the purchase of four portfolio companies from existing investors: Howden Group Holdings, Argus Media, Sanfer and Red Ventures, the statement noted.

General Atlantic said in July it had closed its first-ever continuation vehicle – the fifth largest by deal value of all time – on more than $3 billion. Up to $1 billion of that capital will be available as follow-on investment to support continued growth.

CPP Investments joined lead buyers Ardian and HarbourVest Partners in an Evercore-advised process. Partners Group also participated, affiliate title Buyouts reported in May.

CPPIB’s secondaries team is led by Dushy Sivanithy in London. In April, the pension hired Jeremy Weisberg from GIC to lead its New York secondaries effort.

Deal volume for GP-led transactions was $29 billion in the first half of this year, according to data from Jefferies. Around 45 percent of this was for single-asset transactions.

CPPIB’s net assets rose almost 5 percent to C$519.6 billion ($413.8 billion; €351.3 billion) at the end of June, compared with C$497.2 billion at the end of March, according to the statement.