May 6, 2005
The CPP Investment Board today announced commitments to two new private equity partners.
• €200 million to Apax Europe VI, LP, a fund advised by Apax Partners in Europe which has offices in London, Munich, Madrid, Tel Aviv, Milan, and Stockholm. The fund, with a target commitment of €4 billion, is expected to be invested over the next six years and will provide diversified exposure to late-stage venture, growth capital and buyout transactions across Europe and Israel.
• US$100 million to Lone Star Fund V, L.P. a fund managed by Lone Star Funds with offices in Dallas, London, Dublin, Brussels, Luxembourg, Frankfurt, Berlin, Tokyo, Seoul and Taipei. The fund, with commitments of US$5 billion is expected to be invested over the next three years in secured and corporate unsecured debt instruments, real estate related assets and select corporate opportunities.
These newest commitments, at the equivalent of $450 million, bring the CPP Investment Board’s private equity commitments to a total of $8.3 billion. The CPP Investment Board has committed to 57 limited partnerships managed by 43 private equity firms. The value of the Canada Pension Plan reserve fund as at December 31, 2004, was $77.2 billion. Amounts are in Canadian dollars unless otherwise specified.
CPP Investment Board
The CPP Investment Board invests in capital markets the funds not needed by the Canada Pension Plan to pay current pensions. Cash flows are currently invested in equities, real estate and infrastructure to balance the cash and bonds owned by the Canada Pension Plan. By increasing the long-term value of funds, the CPP Investment Board will help the Canada Pension Plan to keep its pension promise to 16-million Canadians. With a mandate from the federal and provincial governments, the CPP Investment Board is accountable to Parliament and to the federal and provincial finance ministers who serve as the stewards of the CPP. Based in Toronto, CPP Investment Board is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. Its fiscal year is from April 1 to March 31. For more information about the CPP Investment Board, visit www.cppib.ca.
For further information contact:
John Cappelletti Manager – Communications 416-868-0308 email@example.com