Research

LP Scorecard: CPPIB brings in more than $1.6 bln in six months

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Canada Pension Plan Investment Board, pension plan, private equity,
Goalkeeper James Reimer and Kevin Bieska of Canada save in front of Antoine Roussel of France during the first period of their men's ice hockey World Championship Group A game at Chizhovka Arena in Minsk May 9, 2014. (VASILY FEDOSENKO/Reuters)

In first-half 2016, Canada Pension Plan Investment Board’s private equity portfolio realized more than $1.6 billion in distributions, while adding 17 new fund commitments.

Advent International’s flagship from 2008 brought the most to CPPIB’s bottom line over those six months. Advent International GPE VI generated $91.8 million and boasts one of the highest investment multiples (2.1x) in the portfolio.

Two primary funds from TPG Capital came in second and third. The 2006-vintage TPG Partners V produced $78.1 million, while its successor, 2008-vintage Fund VI cashed out $70.5 billion.

TowerBrook Capital Partners led the way in distribution percentage (cash out divided by cash in). Its Investors Fund IV from 2013 received its first round of profits and turned out a 43.1 percent distribution.

Taking second place was Actera Partners’ debut vehicle. The firm, dedicated to investments in Turkey, saw its inaugural fund generate a 42.7 distribution percentage. Chequers Capital, a Paris shop focused primarily on European buyouts, came in third. Chequers Capital XVI churned out a 38.3 distribution percentage.

The aforementioned fund from Advent appeared on both top-five lists, as did Cinven’s 2006-vintage Fund IV.

All told, Canada Pension Plan Investment Board’s PE portfolio has more than $48.7 billion committed to 198 active funds. Those active funds have combined for about $33 billion drawn down, with $26.7 billion cashed out as of June 30, 2016.

Action Item: Download LP Scorecard table as a spreadsheet: http://bit.ly/2hWh2NM