The Public Sector Pension Investment Board (PSP) is heading to the UK.
The $112 billion Canadian pension fund is in the process of opening a European office in London, the fund’s spokesman confirmed. The move, he said, is part of a larger plan to expand PSP’s global reach through long-term presence in key foreign markets.
PSP is the second North American pension fund to reveal a move to London this month. Last week, the Teacher Retirement System of Texas (TRS) announced it had also secured office space in the UK capital.
PSP and TRS will be joining several other North American pension funds with London establishments, including the Canadian Pension Plan Investment Board, the Ontario Teachers’ Pension Plan, and Ontario Municipal Employees Retirement System’s private equity program.
The $75 billion Alberta Investment Management Corporation also opened a London office last year, to focus primarily on managing private European assets.
Simon Marc, a former principal at investment firm Permira, has been hired to set up PSP’s London office. As managing director of European private equity at PSP, he will be responsible for setting up the London office, as well as expanding the fund’s network of partners and opportunities in Europe, the spokesman said.
Before working at Permira, Marc held director roles at private equity firms Candover and Apax Partners. He holds a finance degree from the HEC School of Management.
Related: Texas Teachers Targets Co-Investments with London Office