In the fourth of Unquote's Lockdown series, Delaney Brown, managing director and head of PE funds at Canada Pension Plan Investment Board (CPPIB), discusses improved GP/LP relations since lockdown began and how there are no plans to scale back on direct or co-investments
CPPIB takes a long-term view in private equity and has the ongoing belief in patient capital to deliver strong risk adjusted returns over cycles, says Brown, adding that, of its C$95bn asset base in private equity, 50% is made up of direct investments in Asia, Europe and North America.
Brown also discusses the recent €400m injection into HotelBeds due to short-term liquidity constraints caused by a drop in demand and cessation of travel, as well as finding new areas to invest in, such as venture.
Transaction also financed with a €10m senior debt from LCL, BNP Paribas, Bred Banque Populaire and CIC
GP acquires a 49% stake in the company for €1.06bn, while the reminder is retained by current owner Atlantia
LDC invested £20m in Mitrefinch in 2016 for a minority stake and has supported the company in doubling revenues
Omega managing director Claudio Nessi and principal Francesco Draetta will join the company's board