230 Views

Costello rejoins AlpInvest Partners

Neal Costello has rejoined AlpInvest Partners as a Managing Director on its Secondary Investments team. Costello is now a member of AlpInvest’s Investment Committee. Costello previously worked for AlpInvest from 2003 to 2013. He was most recently a Senior Principal at the Canada Pension Plan Investment Board. AlpInvest is backed by the Carlyle Group.

477 Views

GE to sell private equity lending unit to CPPIB in $12 bln deal

GE said Tuesday that it has agreed to sell its U.S. Sponsor Finance business plus a $3 billion loan portfolio to Canada Pension Plan Investment Board (CPPIB). The transaction is valued at $12 billion. The deal includes Antares Capital, GE Capital’s lending business to private equity-backed middle market companies. Antares will operate as a stand-alone business led by managing partners David Brackett and John Martin. J.P. Morgan Securities LLC and Citigroup Global Markets Inc. provided financial advice.

495 Views

BC Partners, CPPIB to sell 70% of Suddenlink to Altice

BC Partners, Canada Pension Plan Investment Board and other co-investors have agreed to sell a 70 percent stake in Suddenlink Communications to Altice S.A. The transaction implies a total enterprise value of about $9.1 billion for Suddenlink. Once the deal closes, BC Partners and CPPIB will each receive $960 million in proceeds and a vendor note of about $200 million. CPPIB and BC Partners will each retain a 12 percent stake in the company. St. Louis-based Suddenlink is the seventh-largest cable system operator in the United States. LionTree Advisors acted as financial advisor to Suddenlink.

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GIC, CPPIB to buy D-Cube Retail Mall for $263 mln

GIC and Canada Pension Plan Investment Board said Monday they have entered into a joint venture to buy acquire the D-Cube Retail Mall in Seoul, South Korea for $263 million. Daesung Industries is the seller. GIC and CPPIB will each own a 50 percent stake in the D-Cube Retail Mall.

CPPIB, Hermes Infrastructure to invest $2.4 bln in Associates British Ports

Canada Pension Plan Investment Board and Hermes Infrastructure said Tuesday they have agreed to invest about 1.6 billion pounds (US$2.4 billion) for a minimum stake of 30 percent of Associated British Ports. The investors may buy a further 3.33 percent subject to pre-emption rights. The sellers are GS Infrastructure Partners and Infracapital, while Borealis Infrastructure and Government of Singapore Investment Corporation (GIC) remain as ABP shareholders. ABP is the U.K.’s leading ports group; it owns and operates 21 ports in England, Scotland, and Wales.

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AWAS to sell aircraft portfolio to Macquarie Group for $4 bln

AWAS, which is backed by Terra Firma and Canada Pension Plan Investment Board (CPPIB), has agreed to sell a portfolio of 90 aircraft to Macquarie Group Limited. The purchase price is $4 billion. The portfolio being sold comprises a fleet of 90 young, predominantly narrow-body aircraft. Dublin-based AWAS, one of the biggest aircraft lessors, is 75 percent owned by Terra Firma and 25 percent by CPPIB. Goldman Sachs and Deutsche Bank acted as financial advisors to AWAS.

bourbonnais
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Canadian pension PSP gets major LP for CEO

Public Sector Pension Investment Board (PSP Investments) has named André Bourbonnais, the private equity chief at Canada Pension Plan Investment Board, as its new president and CEO, effective March 30, 2015.

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Hony Capital and Goldman Sachs to back two Neusoft subsidiaries

Hony Capital and Goldman Sachs have agreed to invest in two of Neusoft Corp‘s healthcare subsidiaries Neusoft Medical Systems and Neusoft Xikang. According to terms of the agreement, Hony Capital, Goldman Sachs, Neusoft Holdings, Canada Pension Plan Investment Board, Frontline BioVentures and other investors will provide 1.6 billion RMB to Neusoft Medical Systems. They will also pay 1.13 billion RMB to buy part of Neusoft Corp’s equity stake in Neusoft Medical Systems. And, Hony Capital, Goldman Sachs, Neusoft Holdings and other investors will provide $170 million in financing to Neusoft Xikang. Following the closing of these deals, Neusoft Corp. will hold a 33.35 percent equity stake in Neusoft Medical Systems and a 32.81 percent equity stake in Neusoft Xikang.

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JW Childs bags $596 mln from CPPIB

JW Childs has received $477 million from CPPIB for its third fund. Also, CPPIB has agreed to invest $119 million in JW Childs’ fourth fund, which targets $450 million. JW Childs focuses mostly on mid-market companies in the consumer products, specialty retail and healthcare services sectors in North America.

Insurance
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Canada pension board buys insurer Wilton Re for $1.8 bln

The Canada Pension Plan Investment Board (CPPIB) has agreed to buy U.S. life insurance and reinsurance provider Wilton Re Holdings Ltd for $1.8 billion from a group of private equity firms, the first foray by the global deal-maker into the U.S. insurance business.

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