CPP Investments names new private equity head, earns 1% return
Canada Pension Plan Investment Board promoted Caitlin Gubbels to lead its global private equity group, replacing Suyi Kim, who’s leaving the fund manager after 17 years.
Gubbels, who has worked for CPPIB since 2010, is its head of private equity fund partnerships. She’s a former investment banker from Canadian Imperial Bank of Commerce.
“Caitlin’s proven ability to build relationships and generate returns across private equity opportunities makes her ideally suited to take on this expanded leadership role,” chief executive John Graham said in a statement. She will take on the new role on Oct. 15.
Kim has been in charge of the pension fund’s private equity division for about three years. The firm said only that she plans to “take on new global investment leadership opportunities.”
CPPIB, the country’s largest pension manager, earned a one per cent return in the fiscal quarter ended June 30. Assets grew to $646.8 billion.
The private equity team takes stakes in businesses worldwide and, at $137 billion, its investments make up about 21 per cent of CPPIB’s total net assets. That’s down 12 per cent from $156 billion at the end of its last fiscal year.
Gubbels’ new role will include oversight of the fund’s private equity team in Asia, which has long been a significant focus. While the pension manager is still investing in China despite geopolitical tensions, it has shifted its emerging-markets strategy in recent months and is prioritizing markets such as India, Graham told Bloomberg in June.
Bloomberg.com
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