The Canada Pension Plan Investment Board announced Wednesday the sale of a portfolio of 33 limited partnership fund interests to Blackstone Inc. and alternative investment manager Ardian Inc.
The pension fund netted C$4 billion ($2.91 billion) from the fund sales to Blackstone Strategic Partners, the manager’s dedicated $100 billion secondaries business, and Ardian, which manages and advises on $200 billion in assets.
“This transaction was undertaken as part of our active portfolio management activities,” said Tom Kapsimalis, CPP Investments’ head of secondaries, in a statement. “As a systematic buyer and seller in the secondaries market, this sale provided an attractive opportunity to optimize our exposure and supports disciplined capital allocation across our portfolio as we manage the CPP Fund in the best interest of CPP contributors and beneficiaries.”
The secondaries sale includes various investments that CPP Investments made over the course of 20 years, according to the fund. It has been an active buyer and seller in the secondaries market, as public pension funds have increasingly tapped the market as a portfolio management tool. Earlier this month, CPP Investments announced it netted C$1 billion from selling its remaining interests in a portfolio of non-performing European loans to Arrow Global Group and Fortress Investment Group.
CPP Investments was shopping $3 billion in fund interests as early as March in a sale named Project Ember, according to a report from Secondaries Investor. The fund, in 2025, also sold 25 fund investments to Ares and CVC.
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Tags: CPP Investments, secondaries