Canadian plan sponsors watch as CPPIB taps secondaries to rebalance Asia risk
Canada Pension Plan Investment Board (CPPIB) is testing investor appetite for Asia private equity secondaries as it seeks to sell about US$1.5bn of fund stakes, according to Bloomberg, citing people familiar with the matter.
CPPIB began sounding out advisers earlier this year to help offload some Asia private equity vintages it backed in the mid-2010s.
The stakes on the block include strategies managed by Hillhouse Investment, Bain Capital and PAG, and the process remains ongoing with plans still subject to change.
The pension fund is selling some of its earliest Asia commitments with these managers.
From 2014 to 2016, CPPIB committed about US$1bn to Asia strategies run by Hillhouse, Bain and PAG, according to information on its website cited by Bloomberg.
Representatives for CPPIB, Bain and PAG declined to comment, while Hillhouse did not respond to requests for comment.
CPPIB’s private equity exposure stood at $225.4bn at the end of 2025, accounting for more than a quarter of its $780.8bn in net assets.
Institutional investors have increasingly used secondary deals to generate liquidity and rebalance portfolios, and Bloomberg, citing people familiar with the matter, said Caisse de dépôt et placement du Québec is seeking to sell China private equity fund stakes worth about US$1.5bn.
A relatively slow exit environment globally continues to fuel growth in the secondary market, with supply outpacing available capital, according to a report published this month by investment firm Hamilton Lane and cited by Bloomberg.
