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People | Purpose | Performance Corporate Profile
2015 ANNUAL REPORT People | Purpose | Performance Corporate Profile Canada Pension Plan Investment Board (CPPIB) is a professional investment management organization with a critical purpose – to help provide a foundation on which Canadians build financial security in retirement. We invest the assets of the Canada Pension Plan (CPP) not currently needed to pay pension, disability and survivor benefits. CPPIB is headquartered in Toronto with offices in Hong Kong, Scale and our long-term commitment make CPPIB a London, Luxembourg, New York and São Paulo. We invest valued business partner, allowing us to participate in some in public equities, private equities, bonds, private debt, real of the world’s largest investment transactions. Scale also estate, infrastructure, agriculture and other investment areas. creates investing efficiencies and provides the capacity Assets currently total $264.6 billion. The Investment Portfolio to build the necessary tools, systems and analytics that consists of 75.9% or $201.0 billion in global investments with support a global investment platform. the remaining 24.1% or $63.8 billion invested in Canada. The certainty of cash inflows from contributions means Our investments have become increasingly international, we can be flexible, patient investors able to take advantage as we diversify risk and seek growth opportunities in of opportunities in volatile markets when others face global markets. liquidity pressures. Our investment strategy ensures ideal Created by an Act of Parliament in 1997, CPPIB is diversification across asset classes, geographies and other accountable to Parliament and to the federal and provincial factors through defined target allocation ranges, and our finance ministers who serve as the CPP’s stewards. -
Final Terms Dated •
MIFID II PRODUCT GOVERNANCE / TARGET MARKET - Solely for the purposes of the manufacturer’s product approval process, the target market assessment in respect of the Notes has led to the conclusion that: (i) the target market for the Notes is eligible counterparties and professional clients only, each as defined in Directive EU 2014/65 (as amended, “MiFID II”); and (ii) all channels for distribution of the Notes to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the Notes (a “distributor”) should take into consideration the manufacturer’s target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or refining the manufacturer’s target market assessment) and determining appropriate distribution channels. PRIIPS REGULATION PROHIBITION OF SALES TO EEA RETAIL INVESTORS - The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area (“EEA”) or in the United Kingdom. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of MiFID II; (ii) a customer within the meaning of Directive (EU) 2016/97 (as amended), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Regulation (EU) 2017/1129 (as amended) (the “Prospectus Regulation”). -
IMS Health Announces Completion of Acquisition by Affiliates of TPG and IMS in the News the CPP Investment Board
United States [Change] Press Room Careers Shareholder Services Customer Portal Contact Us Home Solutions Insights Innovation About IMS PRESS ROOM PRESS RELEASES Press Releases Press Releases IMS Health Announces Completion of Acquisition by Affiliates of TPG and IMS in the News the CPP Investment Board Top-Line Market Data Prescription Data Restriction Laws Contacts: Darcie Peck Investor Relations Share: (203) 845-5237 [email protected] Gary Gatyas Communications (610) 834-5338 [email protected] NORWALK, CT, February 26, 2010 – IMS Health, the world’s leading provider of market intelligence to the pharmaceutical and healthcare industries, today announced the completion of its acquisition by entities created by certain affiliates of TPG Capital, L.P. (“TPG”) and the CPP Investment Board (“CPPIB”). “This transaction has delivered significant value to our shareholders and is a strong endorsement of our business model, our teams and the leadership position we have built,” said IMS Health Chairman and CEO David R. Carlucci. “As a private company, we will continue to innovate for client needs and look forward to working with our new partners as we capitalize on our expanding opportunity in the healthcare market.” “We are delighted to be working with the talented IMS management team to drive growth by expanding the company’s market intelligence offerings, which are crucial to the healthcare industry,” said James Coulter, founding partner, TPG. Mark Wiseman, senior vice-president, Private Investments, CPP Investment Board said, “IMS is a world- class company with a strong management team and excellent growth prospects. We look forward to working with management to position IMS for success over the long term.” Pursuant to the terms of the merger agreement, IMS Health’s stockholders are entitled to receive $22.00 in cash, without interest, less any applicable withholding taxes, for each share of IMS Health common stock owned by them. -
Lessons from Canada's Pension Plan
Risk pooling and the market crash: Lessons from Canada's pension plan Authors: Ashby Monk, Steven A. Sass Persistent link: http://hdl.handle.net/2345/bc-ir:104270 This work is posted on eScholarship@BC, Boston College University Libraries. Chestnut Hill, Mass.: Center for Retirement Research at Boston College, June 2009 These materials are made available for use in research, teaching and private study, pursuant to U.S. Copyright Law. The user must assume full responsibility for any use of the materials, including but not limited to, infringement of copyright and publication rights of reproduced materials. Any materials used for academic research or otherwise should be fully credited with the source. The publisher or original authors may retain copyright to the materials. June 2009, Number 9-12 RISK POOLING AND THE MARKET CRASH: LESSONS FROM CANADA’S PENSION PLAN By Ashby H.B. Monk and Steven A. Sass* Introduction Defined contribution plans are now the nation’s provides reasonably secure and reliable incomes in primary private retirement income program and retirement. One approach would make individual repository of retirement savings. About two thirds of retirement accounts more secure and reliable through the assets held in such plans are invested in equities, the use of mandates, defaults, guarantees, or risk- as is the case in the defined benefit plans they largely sharing arrangements.2 This brief offers a different replaced. Equities can dramatically reduce the cost approach, examining the Canada Pension Plan (CPP) of providing retirement incomes, given their high and how it manages the risk that comes with invest- expected returns. -
Funds Raised in Q2 2016
www.buyoutsnews.com July 11, 2016 | BUYOUTS | 59 FUNDS RAISED IN Q2 2016 The following list represents funds raised by U.S.-based LBO and mezzanine firms in 2016. The list is compiled by Buyouts’ staff from a variety of sources, including news reports, press releases, Securities and Exchange Commission filings, and conversations with general and limited partners. Buyouts attempted to contact firms on the list. The amounts below are the most current figures we could obtain at press time. Funds in black are closed. Funds in red remain open, to our knowledge. If you have any questions or comments about this list, please send them to Paul Centopani, at [email protected]. Sponsor Name of Fund Fund Type Amount Amount Target ($M) Placement Agent Legal Counsel Raised Raised- in 2015 to-Date ($M) ($M) Aberdeen Asset Aberdeen Energy & Resources Acquisitions/Buyouts (Industry 225 Management Partners IV, L.P. Focus: Energy/Power) ACON Investments ACON Equity Partners IV, L.P. Acquisitions/Buyouts 578.2 1,070 Evercore Advent International Advent Global Private Equity VIII Acquisitions/Buyouts 12,100.0 13,000.0 12,000 AE Industrial Partners AE Industrials Partners Fund I, L.P. Growth Equity (Industry Focus: 680.0 680.0 600 Eaton Partners Gibson Dunn & Industrials) (Debut Fund) Crutcher LLP Alliance Consumer Alliance Consumer Growth Fund Growth Equity (Industry Focus: 210.8 210.8 Kramer Levin Growth III LP Consumer Products/Services) Naftalis & Frankel Altaris Capital Partners Altaris Health Partners III LP Acquisitions/Buyouts 425 Alvarez -
DENVER CAPITAL MATRIX Funding Sources for Entrepreneurs and Small Business
DENVER CAPITAL MATRIX Funding sources for entrepreneurs and small business. Introduction The Denver Office of Economic Development is pleased to release this fifth annual edition of the Denver Capital Matrix. This publication is designed as a tool to assist business owners and entrepreneurs with discovering the myriad of capital sources in and around the Mile High City. As a strategic initiative of the Denver Office of Economic Development’s JumpStart strategic plan, the Denver Capital Matrix provides a comprehensive directory of financing Definitions sources, from traditional bank lending, to venture capital firms, private Venture Capital – Venture capital is capital provided by investors to small businesses and start-up firms that demonstrate possible high- equity firms, angel investors, mezzanine sources and more. growth opportunities. Venture capital investments have a potential for considerable loss or profit and are generally designated for new and Small businesses provide the greatest opportunity for job creation speculative enterprises that seek to generate a return through a potential today. Yet, a lack of needed financing often prevents businesses from initial public offering or sale of the company. implementing expansion plans and adding payroll. Through this updated resource, we’re striving to help connect businesses to start-up Angel Investor – An angel investor is a high net worth individual active in and expansion capital so that they can thrive in Denver. venture financing, typically participating at an early stage of growth. Private Equity – Private equity is an individual or consortium of investors and funds that make investments directly into private companies or initiate buyouts of public companies. Private equity is ownership in private companies that is not listed or traded on public exchanges. -
People Purpose Performance
ANNUAL REPORT 2013 People Purpose Performance Toronto London Hong Kong Corporate Profile Canada Pension Plan Investment Board (CPPIB) is a professional investment management organization with a critical purpose – to help provide a foundation on which Canadians build financial security in retirement. We invest the assets of the Canada Pension Plan (CPP) not currently needed to pay pension, disability and survivor benefits. — CPPIB is headquartered in Toronto with offices in London and Hong Kong. We invest in public equities, private equities, bonds, private debt, real estate, infrastructure and other areas. Assets currently total $183.3 billion. Of this total, 36.7% or $67.4 billion is invested in Canada and the rest globally at 63.3% or $116.1 billion of the portfolio. Our investments have become increasingly international as we diversify risk and seek growth opportunities in growing global markets. Created by an Act of Parliament in 1997, CPPIB is accountable to Parliament and to the federal and provincial finance ministers who serve as the CPP’s stewards. However, we are governed and managed independently from the CPP, operating at arm’s length from governments with a singular objective: to maximize returns without undue risk of loss. The funds that we invest belong to the 18 million Canadians who are current and future CPP beneficiaries. We adhere to high standards of transparency and accountability. The CPP Fund ranks among the world’s 10 largest retirement funds. In managing the Fund, CPPIB pursues a diverse set of investment programs that contribute to the long-term sustainability of the CPP. The most recent triennial report by the Chief Actuary of Canada indicated that the CPP is sustainable over a 75-year projection period, and that contributions to the Fund will exceed benefits paid until 2021. -
Climate Change
FROM THE 2019 REPORT ON SUSTAINABLE INVESTING Available at www.cppib.com/2019SIReport CLIMATE CHANGE CLIMATE CHANGE PROGRAM to provide CPPIB with a differentiated understanding of the CPPIB seeks to be a leader among asset owners and managers impact of climate change on our business. Goals include in understanding the investment risks and opportunities enhanced capital allocation, deeper investment acumen related presented by climate change. This aligns with our legislative to climate change and strengthened external communications mandate, recognizing we must act in the best interests of and transparency – which is critical to fostering and promoting current and future beneficiaries. Investments and assets must stakeholder confidence. be properly priced to reflect risks and offer sufficiently attractive The Program builds on CPPIB’s years of work on this issue. potential returns. This is important for a sophisticated investor Climate change has been a focus of our engagement activities with a long investment time horizon. with companies for more than a decade. We apply insight and expertise and monitor developments as CPPIB’s Climate Change Steering Committee (CCSC) we construct our long-term portfolio, rather than setting targets includes both the Chief Financial and Risk Officer and Chief or timelines that could compel us to sell or buy assets at a Investment Strategist as well as senior representatives from suboptimal time. This helps protect our holdings against risks, the following departments: Active Equities, Public Affairs and ranging from potential losses to overpaying for investments Communications, Real Assets and the Office of the CEO. This during the global energy transition. committee, chaired by the Global Head of Active Equities, Launched in 2018, CPPIB’s Climate Change Program is a cross- oversees CPPIB’s Climate Change Program Management Office departmental, multi-year initiative designed to help us achieve and Climate Change Management Committee, which in turn that objective. -
An Analysis of the Canada Pension Plan Investment Board and Its Market-Based Investment Strategy
THE RISK-LADEN APPROACH TO INVESTING CANADIANS’ PENSIONS: AN ANALYSIS OF THE CANADA PENSION PLAN INVESTMENT BOARD AND ITS MARKET-BASED INVESTMENT STRATEGY by Kyall E. Glennie Bachelor of Arts Honours, University of Regina 2005 M.A. PROJECT SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF ARTS In the Political Science Department © Kyall E. Glennie 2009 SIMON FRASER UNIVERSITY Spring 2009 All rights reserved. However, in accordance with the Copyright Act of Canada, this work may be reproduced, without authorization, under the conditions for Fair Dealing. Therefore, limited reproduction of this work for the purposes of private study, research, criticism, review and news reporting is likely to be in accordance with the law, particularly if cited appropriately. Glennie Approval Name: Kyall E. Glennie Degree: Master of Arts, Department of Political Science Title of Project: The risk-laden approach to investing Canadians’ pensions: An analysis of the Canada Pension Plan Investment Board and its market- based investment strategy Examining Committee: Chair: Dr. Lynda Erickson, Professor Department of Political Science, Simon Fraser University ________________________________________ Dr. Marjorie Griffin Cohen, Professor Department of Political Science, Simon Fraser University Senior Supervisor ________________________________________ Dr. Patrick Smith, Professor Department of Political Science, Simon Fraser University Supervisor ________________________________________ Dr. Stephen McBride Department of Political -
John Markland Is a Partner in Dechert’S London Office
John D. Markland Partner London | 160 Queen Victoria Street, London, UK EC4V 4QQ T +44 20 7184 7887 | F +44 20 7184 7001 [email protected] Services Banking and Financial Institutions > Corporate Finance and Capital Markets > Global Finance > Leveraged Finance > Private Equity > John Markland is a partner in Dechert’s London office. He is co-head of the firm’s global leveraged finance practice and is consistently recognized as one of Europe’s most “highly experienced finance practitioner[s]” Chambers UK (2017). According to The Legal 500 (2018) he is "a true and rare rock star of leveraged finance". In the 2021 edition of Chambers UK, Mr. Markland is described by clients as being “an excellent partner who is very knowledgeable. He is a formidable negotiator and provides invaluable advice around complex mechanics in contractual agreements," as well as being “extremely commercial and pragmatic." He is also ranked and listed as a ‘leading individual’ for acquisition finance in The Legal 500 UK, 2021. Mr. Markland recently won a special commendation in The Legal Business Corporate Team of the Year Awards 2019 for his role in advising South Korea's SK hynix Inc., the single largest investor in the Bain Capital consortium's US$18 billion takeover of Toshiba's memory chip business unit last year, which is still the largest private equity-backed acquisition globally since 2015 (Thomson Reuters). Prior to joining Dechert in November 2016, Mr. Markland was a partner at Kirkland & Ellis for over 12 years. At Kirkland, Mr. Markland founded and led the European debt finance practice, which won the Dow Jones Private Equity News “Finance Team of the Year” Award for Excellence in Advisory Services in Europe and was consistently top-ranked in Chambers. -
Icapital KKR Private Markets Fund
iCapital KKR Private Markets Fund Q2 2021 Executive Summary • Collaboration between iCapital and KKR to offer accredited investors access to a diversified portfolio of private equity investments sponsored or advised by KKR or an affiliate of KKR via the iCapital KKR Private Markets Fund (“iKF”) • iKF seeks to allocate to secondaries and co-investments, as well as primaries – with diversification across geographies, sectors, and vintage years o iKF‘s current portfolio also provides diversification across 20 GPs, 63 investment interests, and 404 underlying investments • iKF aims to deliver attractive returns with less volatility than public equities1 o iKF has delivered strong risk-adjusted returns since inception • Established in 1976, KKR is a global investment firm with industry-leading investment experience and $252 billion in AUM o At least 80% of iKF’s assets are expected to be allocated to private equity investments sponsored or advised by KKR or an affiliate of KKR • iKF currently expects to focus on 4 key themes: Digital Age, Health & Wellness, Rise of the Global Millennial & Middle Class, and Corporate Carve-outs • Structural benefits of iKF include: o $25,000 investment minimum o A single investment (no capital calls) that provides immediate exposure to private equity o Continuous offering with monthly subscriptions o Enhanced liquidity relative to typical private equity funds o Monthly NAV pricing o 1099 tax reporting 1 Standard deviation is a statistical measure of how consistent returns are over time; a lower standard deviation indicates historically less volatility. Comparisons to the standard deviation of public equity indices may not be relevant because iKF's underlying investments are illiquid and may not receive a market price until the GP sells them, which could require multiple years. -
Icapital KKR Private Markets Fund Executive Summary
iCapital KKR Private Markets Fund Executive Summary • Collaboration between iCapital and KKR to offer accredited investors innovative access to a diversified portfolio of private equity investments sponsored or advised by KKR or an affiliate of KKR via the iCapital KKR Private Markets Fund (“iKF”) • iKF seeks to allocate to secondary and co-investment opportunities, as well as primary fund commitments – with diversification across geographies, sectors, and vintage years o iKF‘s current portfolio also provides diversification across 19 underlying GPs, 62 underlying funds, and 394 underlying investments • iKF aims to deliver attractive returns with less volatility than public equities o iKF has delivered strong risk-adjusted returns since inception • Established in 1976, KKR is a global investment firm with industry-leading investment experience and $252 billion in AUM o At least 80% of iKF’s assets are expected to be invested in private equity investments sponsored or advised by KKR or an affiliate of KKR • iKF currently expects to focus on 4 key investment themes: Digital Age, Health & Wellness, Rise of the Global Millennial & Middle Class, and Corporate Carve-outs • Structural benefits of iKF include: o $25,000 investment minimum o A single investment (no capital calls) that provides immediate exposure to private equity o Continuous offering with monthly subscriptions o Enhanced liquidity relative to direct private equity funds o Monthly NAV pricing o 1099 tax reporting Diversification does not ensure profit or protect against loss in a positive or declining market. There is no guarantee that any investment will achieve its objectives, generate profits or avoid losses. Past performance is no guarantee of future results.