The table below, which is updated quarterly, provides information on the status of our private equity fund commitments. The left-hand column lists all funds to which we have committed capital. To learn more about each fund manager, or general partner, please click on the fund's name on our Funds and Secondaries Portfolio web page.

The column "Fund Commitment" identifies the amount we have agreed to invest in each fund over a period of time. The general partner draws against our commitment as investments are made, its management fees are earned, and expenses incurred. The amount listed under "Paid in Capital" represents net capital invested and includes amounts for management fees and organizational expenses. The amounts shown under the “Distributions Received” column are returns of capital, gains/losses and income received.

Every quarter, the general partner reports on the value of our invested capital. Because these reports are received up to 90 days after quarter end, the amounts shown in the following table do not reflect investment activity in the most recent quarter. Consequently, the information does not reconcile with the most recent quarterly financial statements issued by the CPP Investment Board.

The reported values reflect a variety of factors. One fund may be in the formative stage, where costs have a larger negative impact on results in the initial years. Another fund may be divesting equity in certain companies and distributing the net proceeds to investors. Reported values are also influenced by the performance cycle of the different industries in which funds are invested, such as technology versus manufacturing. Generally, private equity investments take 5 years or more to realize full value. Consequently, reported values could differ materially from the values realized when portfolio companies are sold. For these reasons, it is inappropriate to compare the reported values plus distributions received relative to capital drawn of one fund with another.

Notes:

1. Paid in Capital is net capital called and includes management fees and organizational expenses.
2. Due to the J-Curve effect, in early years reported value plus distributions will often be less than the paid in capital.
3. Includes co-investment pool.
4. As of December 31, 2011 reporting for this fund was not yet published; therefore figures are as of June 30, 2011. 

Policy on disclosing private equity investments

The CPP Investment Board endeavours to respond to all public and media enquiries about individual private companies in which we invest.

We have interests in portfolios that contain hundreds of private companies in Canada, the United States, Western Europe and around the world. These interests are held in limited partnerships with other institutional investors and experienced private equity fund managers (general partners). The general partners decide on behalf of all participating investors which companies to invest in and when to sell.

Limited partnerships are often bound by confidentiality agreements and, therefore, do not disclose the identity of companies in which they invest. These agreements may be required by certain investors, or by the general partner to maximize returns by protecting a competitive advantage in identifying, analyzing, investing in and nurturing and restructuring businesses that could grow into large and profitable corporations. Compliance with the confidentiality agreement is a condition of investing in private equity funds.

As a result the CPP Investment Board does not know the operational details of all the companies in which we have an interest through our fund investments. This information can only be disclosed by the general partner.