Canada Pension Plan Investment Board, Toronto, reported a large number of investments and commitments it made in the first and second quarters of fiscal 2023.
CPP Investments, which manages the assets of the $406.1bn Canada Pension Plan, said in the fiscal first quarter it closed a C$230m investment in the term loans of Legal Search, a provider of property and corporate-related search services in Australia, the U.K., and the U.S., committed $160m to Lumina Strategic Solutions Fund, a Brazil-focused special situations credit fund, and invested $100m in a unitranche loan for IGT Solutions, a business process outsourcing company specializing in airlines, online ticket agencies and hospitality, with operations mostly in India and the Philippines.
Within private equity, CPP said it committed $409m to buyout fund EQT X and $100m to Trustar Capital V. “Trustar Capital Partners is the private equity affiliate of CITIC Capital focused on control-oriented buyouts in Greater China,” CPP said in the release. It also closed on a $50m commitment to Radical Fund III, after formerly committing to Fund II as an anchor investor. Radical Ventures is a Toronto-based early-stage manager focused on artificial intelligence opportunities in Canada and the U.S., the release said.
The pension manager also invested $50m in a co-investment alongside private equity firm Silver Lake for a 4% stake in Entrata, a developer of property management software that focuses on multifamily residential apartments.
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