In this Re-Up podcast episode, Host Katie Fasken is joined by CPP Investments' Head of Secondaries to discuss the pension's secondaries strategy, CV alignment, and where the market is heading.
The direct infrastructure secondary increases Transurban's ownership across three major Sydney transport networks.
Hamilton Lane and Lead Edge are reportedly leading the continuation fund, with CPP Investments committing $50 million to the vehicle.
The single-asset CV was executed alongside the sale of a 50% stake in the Peruvian power generation company to CPP Investments.
The secondary sales of China-focused PE fund interests were reportedly put on hold after buyer valuations failed to meet expectations.
The single-asset vehicle is centered on Consumer Cellular, a US mobile virtual network operator that GTCR initially backed in 2020.
The massive sale delivered C$4 billion in net proceeds and comes on the heels of the pension unloading its remaining European NPL portfolio.
The portfolio sale to a JV between Arrow Global and Fortress Investment Group is expected to generate roughly C$1 billion in net proceeds to the pension.
The pension plan is reportedly looking to scale back legacy exposure to Asian private equity investments from the mid-2010s.
The single-asset vehicle extends the infrastructure specialist's hold on a Peruvian private power generation company.
