Over the past month we have seen a number of senior investment professional moves among Canadian institutional investors.
CDP Capital – Private Equity Group recently announced two separate moves within the last two weeks; Normand Provost, Executive Vice President for Private Equity, has announced that he plans to retire, and Rashad Kaldany being appointed as CDP’s new Executive Vice President, Emerging Markets. Provost had served for CDP in his position for the last 33 years. Kaldany, previously the COO at International Finance Corporation, will be responsible for building out a group focused on emerging markets to advise and support the investment teams at CDP.
It was also recently been reported that Jennifer Morais of CPP Investment Board (CPPIB) would be stepping down from her position as Senior Principal of Funds and Secondaries at the end of July 2013, having worked in the position since 2005. Morais had been responsible for more than CAD 5bn of capital exposure.
Elsewhere, Glen Silvestri, Head of Telecom, Media and Technology at Ontario Teachers’ Pension Plan (OTPP) has left his position. Bogdan Cenanovic, who joined the pension plan in 2009 as part of the direct private equity investments arm, has stepped into the position on an interim basis.
Among the above LPs, CPP Investment Board is one of the largest North America-based LPs investing in private equity. Preqin’s Investor Intelligence shows CPPIB as the third largest North America-based, and the largest Canada-based, investor in terms of current allocation to private equity. As for CDC – Private Equity Group, it is the second largest private equity investor in Canada after CPPIB in terms of current allocation to private equity.
Investors based within Canada also represent a significant source of capital within the private equity industry. Preqin’s Investor Intelligence currently tracks 138 LPs that are based in Canada, which manage an aggregate $5.7tn in total assets. Canada-based investors (excluding fund of funds managers) have an average current allocation to private equity of 12.8% of total assets, with an average target allocation of 11.1%.