CPPIB made investments in chemicals company Sajjan India, insuretech unicorn Acko and non bank lender Kogta Financial (India) Ltd, it said.
CVC Capital acquired agro chemicals business Sajjan India in February 2022 for approximately $700 million. Of this, CPPIB acquired a 17% stake in the business for $120 million, the pension fund said in its quarterly report filed on Thursday. CPPIB’s investment in Sajjan India was previously unreported publicly.
The pension fund said it acquired a 5% stake for $50 million in Acko and a 9% stake in Kogta Financial (India) in transactions led by its general partner Multiples Private Equity. CPPIB is an investor in several funds managed by Multiples Private Equity.
CPPIB also invested $333 million as a limited partner in Sequoia Capital’s Asia Pacific Fundraise, which includes funds raised for China, India and Southeast Asia. CPPIB did not provide a country-wise split.
Sequoia Capital said in June it had raised $2.85 billion, of which $2 billion is for investments in India and $800 million was earmarked towards startups in Southeast Asian countries such as Vietnam, Thailand, the Philippines and Malaysia. Sequoia Capital in China has raised $9 billion across four funds, newswire Bloomberg reported last week.
CPPIB has also invested $150 million in NewQuest Capital’s latest fund. A secondaries investor, NewQuest Capital is owned by the TPG Group, and typically invests at least a third of its corpus in India across companies and private equity funds.
Meanwhile, CPPIB reported a net loss of $23 billion and a negative 4.2% on its fund returns for the first quarter.
“Financial markets experienced the most challenging first six months of the year in the last half century, and the Fund’s first fiscal quarter was not immune to such widespread decline. However, our active management strategy – diversified across asset classes and geographies – moderated the impact on the Fund, preserving investment value," said John Graham, president & CEO, said in a statement.
“The uncertain business and investment conditions we noted in the previous quarter continue, and we expect to see this turbulence persist throughout the fiscal year. Our resilient portfolio was designed to create value over the very long term as demonstrated by our continued strong 10-year net return, even as we expect to experience double-digit percentage losses one year in twenty."
The Fund’s quarterly results were driven by losses in public equity strategies, due to the broad decline in global equity markets, the firm said.
