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PSP Hires New CEO, #1 Ranked Public Investor 100 2014

André Bourbonnais

André Bourbonnais

After an extensive half year executive search, Public Sector Pension Investment Board (PSP Investments) has found a replacement for Gordon J. Fyfe who left for bcIMC in June 2014. PSP Investments has selected André Bourbonnais to be CEO effective March 30. André Bourbonnais is senior managing director and global head of private investments at CPPIB. Bourbonnais has been at the helm for CPPIB’s overseas push into private markets.

André Bourbonnais was ranked #1 for the Public Investor 100 – 2014, an annual ranking of significant and impactful public investor executives.

The CPPIB announced Mark Jenkins will take on the position being vacated by Bourbonnais. Mark Jenkins, a former Goldman Sachs banker, oversees CPPIB’s natural resources investment program and direct private equity investments. PSP Investments COO and CFO John Valentini had taken the role of interim CEO after Fyfe’s departure.

Excerpt from Public Investor 100
Analytically-driven, André Bourbonnais is the global head of private investments at the Canadian Pension Plan Investment Board (CPPIB), a powerful job and fraught with many responsibilities. If his team gets it wrong, it could negatively affect Canada’s well-being. Bourbonnais oversees private equity, private debt and infrastructure, having to outperform comparable passive public alternatives. As of March 31, 2014, CPPIB’s private investments stand at US$ 60.3 billion, larger than many pensions and sovereign wealth funds.

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Concerns Raised at Potential BlackRock Takeover of CalPERS’ Private Equity

The California Public Employees’ Retirement System (CalPERS) has been analyzing options on what to do with its massive US$ 26 billion private equity program. The pension system has embraced the mantra of reducing cost, reducing complexity and reducing risk, the hallmark of its program called “INVO 2020”. CalPERS also wants less, but more strategic relationships with external money managers. At one point, CalPERS was contemplating increasing its direct investment staff to model Canadian pension funds such as Canada Pension Plan Investment Board (CPPIB), OMERS and the Ontario Teachers’ Pension plan. The pendulum has begun to swing the other way as reported earlier by SWFI research staff.

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CDP Signs €1.7 Billion Infrastructure Loan Agreement with Atlantia Group

Cassa depositi e prestiti S.p.A. (CDP) and Atlantia Group’s Autostrade per l’Italia (ASPI) have signed a €1.7 billion loan contract dedicated to upgrading motorways in Italy under concession to ASPI. €1.1 billion will come in the form of a term loan with a 10-year tenure, with the remaining €600 million wrapped up in a five-year revolving loan.

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Sovereign Funds Commit to Integrating Climate-Related Risks at One Planet Summit

Representatives from a number of sovereign wealth funds who collectively govern over US$ 2 trillion in assets came together at the One Planet Summit at the Élysée Palace in Paris in order to discuss what public asset owners can do to incorporate climate change-related risks and opportunities into investment considerations.

The newly formed committee – called the One Planet Sovereign Wealth Fund Working Group – includes as its founding members the Abu Dhabi Investment Authority (ADIA), Kuwait Investment Authority (KIA), Qatar Investment Authority (QIA), Norges Bank Investment Management (manager of Norway’s Government Pension Fund Global), Saudi Arabia’s Public Investment Fund (PIF), and the New Zealand Superannuation Fund.

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