Another massive Canadian pension is making a move into the U.S. to directly compete with GPs.
The Public Sector Pension Investment Board, with $112 billion under management, formed PSP Investments Holdings USA LLC, a New York-based private debt investment group. The New York office, at 450 Lexington Avenue, is PSP’s first foreign office.
The group is expected to initially focus on private credit and debt, but will eventually include a small team for private investments, PSP said in a statement.
The private debt group is led by David Scudellari, who recently joined PSP’s U.S. affiliate as senior vice president, head of principal debt and credit investments of PSP Investments. Scudellari has held leadership roles at Goldman Sachs and Barclays Capital, where he was global head of finance and risk — Canada for Barclays in New York.
Scudellari is joined by Ziv Ehrenfeld, senior director, principal debt and credit investments. Prior to PSP, Ehrenfeld was a member of the leveraged finance group at Barclays focusing on natural resources.
“The leveraged finance landscape is currently in transition. With traditional capital providers having lost significant market share in the last few years, there is an attractive opportunity for a long-term investor such as PSP Investments to enter this trillion-dollar plus asset class through its U.S. affiliate,” said André Bourbonnais, president and chief executive officer of PSP Investments.