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Funds & Secondaries

With a diverse and well-established portfolio of private equity managers, the PE Funds team uses a three-pronged investment approach:

  • Making multi-year commitments to established large- and middle-market buyout and growth equity funds in North America and Europe. The team targets fund size in excess of C$1 billion in developed markets, with a minimum commitment size of C$100 million;
  • Selectively backing first- or second-time funds with limited realized track records or institutional history (emerging managers), with a minimum fund size of C$500 million; and
  • Making minority direct investments, up to C$100M, alongside our private equity fund partners.

 

 

 

The Secondaries team participates in the private equity secondary market through various strategies including:

  • Acquiring interests in existing funds (LP Secondaries);
  • Providing fund liquidity solutions to existing funds (GP Led Secondaries); and
  • Providing structured financing to owners of private equity assets (Structured Secondaries); and
  • Selling portfolios of Funds and Co-Investment positions to rebalance the PE portfolio.

Our Secondaries business leverages CPP Investment’s scale, the GP relationships established by our Funds business and strong execution capabilities. We are sector agnostic, with a focus on investment opportunities in North America, Europe, Asia and Latin America. Target investment size ranges from C$25 million to in excess of C$1 billion.

The Funds and Secondaries team comprises over 30 investment professionals in Toronto, London and San Francisco.

Our Team

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The Funds and Secondaries team comprises over 30 investment professionals in Toronto, London and San Francisco. Here is a listing of all our senior team members, categorized and searchable by city.

The Funds and Secondaries team comprises over 30 investment professionals in Toronto, London and San Francisco. Here is a listing of all our senior team members, categorized and searchable by city.

The Funds and Secondaries team comprises over 30 investment professionals in Toronto, London and San Francisco. Here is a listing of all our senior team members, categorized and searchable by city.

Caitlin Gubbels

Managing Director, Head of Funds

Caitlin Gubbels leads the private equity funds business at CPPIB. She is responsible for overseeing and leading private equity fund investments in North America and Europe, with a focus on buyout and growth equity strategies.

Prior to joining CPPIB in 2010, Caitlin worked at CIBC World Markets in Investment Banking, based in Toronto. During her time at CIBC, Caitlin focused primarily on executing M&A transactions and public market offerings for clients in the Diversified Industries group. Caitlin holds a Bachelor of Commerce from Dalhousie University.

Sonal Doshi

Senior Principal, Funds & Secondaries

Sonal is responsible for leading and managing private equity fund investments and co-investments in North American and Europe.

Prior to joining CPP Investments in 2016, Sonal was a Managing Director at RBC Capital Markets in investment banking, focused on Financial Sponsors. During her 13 years there, she advised private equity and infrastructure clients on M&A, IPO and leveraged finance transactions. She started her career as a civil engineer, spending six years on global infrastructure projects.

Sonal holds a BSc in Civil Engineering (Hons) from Queen’s University in Kingston, Ont., and an MBA from the Ivey Business School at Western University. She is a designated Professional Engineer.

Sonal is on the boards of the Institutional Limited Partners Association, as a member of the governance committee, and the Association for Corporate Growth Toronto. She also serves on the executive committee of Canadian Women in Private Equity.

Afsaneh Lebel

Senior Principal, Funds & Secondaries

Afsaneh is responsible for executing and managing private equity fund investments in North America and Europe.

Prior to joining CPP Investments in 2009, Afsaneh was an investment banker at UBS Securities Canada, where she worked on a variety of M&A and restructuring mandates across different sectors in the U.S. and Canada.

Afsaneh holds a BComm from McGill University. She is a CFA charterholder.

Megan Lindhe

Senior Principal, Funds & Secondaries

Megan focuses on primary fund investment and passive syndicated co-investment opportunities across North America and Europe. During her tenure at CPP Investments, Megan spent four years in our London office within the Funds & Secondaries team.

Prior to joining CPP Investments in 2010, she worked at BMO Capital Markets in the Mergers & Acquisitions team in Toronto.

Megan holds a BA and MA in Economics from Boston University and a Master of Financial Economics from the University of Toronto. She is also a CFA Charterholder.

Delaney Brown

Managing Director, Head of Funds & Secondaries

Delaney leads a team of over 40 professionals, across three offices in Toronto, London and San Francisco, responsible for investing in Funds & Secondaries in North America and Europe. The group pursues strategies ranging from mega buyouts to early stage venture capital, as well as both LP- and GP-led secondaries. The strategy also includes investing in passive co-investments alongside existing partners.

Prior to joining CPP Investments in 2013, he spent eight years at Hermes GPE LLP (formerly Hermes Private Equity) as Head of the Americas, focused on both private equity fund investment and co-investment. Before that, he was an Associate Director with Almeida Capital in London for five years and a Research Scientist for GlaxoSmithKline in the U.K.

He currently chairs the BVCA’s LP Committee.

Delaney holds a BSc (First Class Hons) in Biochemistry from the University of Leeds.

Dushy Sivanithy

Managing Director, Head of Secondaries

Dushy leads our private equity secondaries team, based in London and Toronto, which undertakes a wide range of secondary transactions and liquidity solutions for both GPs and LPs.

Prior to joining CPP Investments in 2018, Dushy was Head of Origination for Rede Partners. Prior to that he was an LP for 15 years, primarily with Pantheon, where he sat on the investment committees for Europe and Emerging Markets. He began his career at Morgan Stanley in Investment Banking.

Dushy holds a BSc in Biochemistry from King’s College London.

Louis Choy

Senior Principal, Funds & Secondaries

Louis is responsible for executing on CPP Investments’ Secondaries activities globally. He focuses on LP Secondaries, GP-led Secondaries, Portfolio-level Preferred Equity and GP-level Financings.

Louis has over 10 years experience in Secondaries. Prior to joining CPP Investments, he worked on the investment team at Pantheon in London and TD Securities in New York.

Louis holds a BBA/BMath (Double Degree) from Wilfrid Laurier University and the University of Waterloo.

Our Private Equity Investments

We are invested globally in funds, secondaries and directly in private equity.

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