CPPIB circles restructuring targets

The Canadian Pension Plan Investment Board has identified more than 75 private equity funds in need of restructuring after completing a review of 750 funds last year.

“The 75 figure was correct as of last year, but as each year goes by there will be more candidates who will be relevant for this selection,” Yann Robard, CPPIB’s head of secondaries, told Secondaries Investor.

Last week CPPIB confirmed some of the details of its role in restructuring JW Childs’ third fund.

CPPIB led the deal, which included a number of LPs in Fund III and was worth a total of $1.3 billion, according to multiple sources with knowledge of the situation.

“In light of the J W Childs deal we see the portfolio liquidity solution as a win-win-win for LPs, GPs and new investors,” said Robard.

CPPIB was created in 1997 by the Canadian government as an independent investment corporation, and has $167.44 billion in assets under management, with $43.73 billion in private investments.