CPP Investment Board – Funds & Secondaries Portfolio

Funds & Secondaries Portfolio

As part of our Funds and Secondaries program through the Private Investments department, the CPP Investment Board’s partners are:

A, B, C, D, E, F, G, H, I, J, K, L, M, N, O, P, Q, R, S, T, U, V, W, X, Y, Z

Actera Group is an Instanbul-based private equity firm. We have committed €75 million to Actera Partners L.P. as a cornerstone limited partner to be drawn down over five years. The fund will focus on investing in growth equity and buyout opportunities in Turkey and selectively in the region surrounding Turkey in partnership with Turkish companies.

Advent International is a global private equity firm with offices in 13 countries. We have committed to four funds: US$100 million to Advent Global Private Equity IV, a US$1.5 billion fund; US$100 million to a vehicle which will co-invest alongside the main fund; €200 million to Advent Global Private Equity V which closed on €2.5 billion in commitments; €375 million to Advent Global Private Equity VI, a €6.6 billion fund; and ¥18 billion to Advent Japan, a ¥60 billion fund focused on investments in Japan. The funds focus on investing in middle market growth equity and buyout opportunities in selected industries in Western Europe, North America and Japan.

AlpInvest Partners N.V. is an Amsterdam (the Netherlands) based private equity asset manager with regional offices in Antwerp, Frankfurt and New York. We have committed €100 million to AlpInvest Partners N.V. Later Stage Co-Investments II to be drawn down over three years. The fund will focus primarily on Western European co-investments opportunities, investing in parallel with top tier lead investors.

Apax Partners is a global private equity firm with offices in London, Munich, Madrid, Tel Aviv, Milan, and Stockholm as well as New York, Menlo Park and Paris. We have committed €200 million to Apax Europe VI and €500 million to Apax EuropeVII, which will focus on Pan-European opportunities across several industries.

Apollo Management is a New York-based private equity firm. We have committed US$150 million to Apollo Investment Fund V; US$400 million to Apollo Investment Fund VI and US$600 million to Apollo Fund VII. Apollo will invest in corporate buyout and restructuring opportunities primarily in the United States.

Ares Management is a Los Angeles based investment firm, managing both private equity and fixed income assets. We have committed US$75 million to the Ares Corporate Opportunities Fund, US$200 million to the Ares Corporate Opportunities Fund II and US$300 million to the Ares Corporate Opportunities Fund III. These funds are focused on providing flexible equity to undercapitalized and overleveraged middle market companies for restructuring or growth.

Baring Private Equity Asia is one of the leading independent private equity firms in Asia. The firm runs a pan-Asian investment program, specializing in mid-market companies requiring capital for expansion, recapitalization or acquisitions. The firm has been investing in Asia since its formation in 1997 with offices in Hong Kong, Shanghai, Beijing, Mumbai, Singapore and Tokyo. We committed US$100 million to Baring Asia Private Equity Fund V, L.P.

BC Partners is a leading private equity firm with offices in London, Paris, Hamburg, Milan and New York. The fund will invest primarily in a diversified portfolio of buyouts in Europe. We have committed €350 million to BCEC IX.

Birch Hill Equity Partners is a Toronto-based private equity firm. We have committed $85 million to be drawn down over five years to Birch Hill Equity Partners III, LP. The $850 million fund will focus on middle-market buyout and expansion capital opportunities primarily in Canada in selected industries, including manufacturing, software, outsourced services, healthcare, energy and entertainment, media and communications.

Blackstone is a leading global private equity and alternative asset manager. We have committed US$200 million to Blackstone Capital Partners IV, US$400M to Blackstone Capital Partners V, and US$500 million to Blackstone Capital Partners VI. These funds will focus on large buyout opportunities in North America, Western Europe and Asia.

Headquartered in Toronto, with corporate offices in New York and London, Brookfield Asset Management is an asset manager, focused on property, power and infrastructure assets. We have committed $150 million to the Tricap Restructuring Fund and $300 million to Tricap Partners II, which invest in underperforming companies requiring financial restructuring, strategic redirection, management changes or operational improvement.

Bridgepoint Capital is a leading provider of private equity to European mid-market companies. We have committed €100 million to Bridgepoint Europe II, LP, €100 million to Bridgepoint Europe III, LP and €300 million to Bridgepoint Europe IV, LP. Bridgepoint Capital Ltd is regulated in the conduct of investment business by the FSA. Services provided by Bridgepoint's Continental European offices are not subject to UK regulation.

Candover is a UK based private equity house investing across Europe. We have committed €100 million to the Candover 2001 Fund, €150 million to the Candover 2005 Fund and €200 million to the Candover 2008 Fund. The funds will focus on mid to large size private firms in the media, technology, engineering, chemicals, financial services, leisure and healthcare industries.

The Carlyle Group is a Washington based, global private equity firm. We have committed US$60 million to Carlyle Venture Partners II, LP to be drawn down over five years. The fund, with commitments of US$600 million, will focus on companies providing infrastructure for enterprises and communications networks.

CCMP Capital Advisors, LLC ("CCMP Capital") focuses exclusively on buyout and growth equity investments primarily in five targeted industry sectors in the U.S. and Europe. We committed US$268 million to CCMP Capital Investors II, L.P. in August 2006 and an additional US$100 million in September 2007. Prior to forming CCMP Capital, the firm’s principals led the buyout and growth equity investment business of J.P. Morgan Partners, LLC, a private equity division of JPMorgan Chase & Co.

Founded in 2002, CDH is a private equity firm focusing on mostly growth investments in China and has offices in Beijing and Hong Kong. We committed US$150 million to CDH China Fund IV, L.P.

Charterhouse is a London based leading private equity investor in large Pan-European buyouts. We have committed €200 million to Charterhouse Capital Partners IX. This fund will focus on management buyouts, corporate restructurings and similar transactions primarily in the UK and France.

Chequers Capital is an independent private equity firm focused on investing in middle market companies primarily in France. Since 1993, the Firm has invested over €800 million in 61 investments. We have committed €75 million to Chequers Capital XVI.

Cinven is a pan-European private equity firm with offices in London, Paris, and Frankfurt. We have committed €250 million to The Fourth Cinven Fund. The fund, which will draw down capital over a five year period, will focus on making control investments in large European buyouts.

CITIC Capital, has offices in Hong Kong, Shanghai, Tokyo and New York. We have committed US$50 million to CITIC Capital China Partners, CITIC's first fund to be committed to investing in buyout and growth opportunities in China.

Clairvest Group Inc. is a Canadian merchant bank that trades on the Toronto Stock Exchange (S&P/TSX: CVG). We have committed $50 million to Clairvest Equity Partners L.P. and an additional $40 million to Clairvest Equity Partners III, L.P. Other investors include Canadian pension funds, as well as insurance and investment companies.

Coller Capital is a London-based investment firm focused on the secondary private equity market in Europe and the US. To date, we have committed US$75 million to Coller International Partners IV and US$150 million to Coller International Partners V. The funds will invest in diversified portfolios of European and U.S. private equity partnership interests purchased in the secondary market.

Credit Suisse First Boston (CSFB) Private Equity, based in New York, is the private equity arm of CSFB. In 2003, we committed US$150 million to CSFB - US$100 million to a "fund of funds" for investment in U.S. mid-market buyout funds and US$50 million to a co-investment program. Additionally, we committed US$300 million in 2007 to a similar fund of funds platform, focusing exclusively on the lower mid-market - defined as funds $500 million in size and below.

CVC is an independent investment advisor operating an integrated network of thirteen established offices including Amsterdam, Brussels, Copenhagen, Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, New York, Paris, Stockholm and Zurich. We have committed €200 million to CVC European Equity Partners IV, €300 million to the CVC European Equity Partners Tandem Fund and €350 million to CVC European Equity Partners V, which are each primarily focused on investing in large buyouts across Western Europe.

Diamond Castle was founded in late 2004 by a group of individuals who departed from CSFB's private equity team, formerly known as DLJ Merchant Banking Partners. We have committed US$150 million to Diamond Castle Partners IV, the firm's first independent fund. The fund will invest in U.S. and Canadian leveraged buyout, growth capital and structured financing transactions, primarily in the Energy & Power, Media & Telecom, Financial Services and Healthcare sectors.

EdgeStone Capital Partners is a Toronto-based private equity firm with over $2.5 billion of funds committed since inception. We have committed $100 million to each of EdgeStone II and III and $30 million to EdgeStone’s mezzanine fund.

EnCap is a Texas-based private equity firm focused on making investments primarily in the US middle market oil and gas sector. We have committed US$239 million to EnCap Fund VIII.

First Reserve Corporation is a private equity firm with offices in Greenwich, Houston and London. We have committed US$300 million to First Reserve Fund XI and US$500 million to First Reserve Fund XII. These funds will focus on equity investments in the energy sector.

FountainVest China Growth Fund is a private equity firm focused on making investments in China. We have committed ¥1,500 million. The fund has offices in Hong Kong and Shanghai and is committed to investing in growth opportunities in China.

Friedman Fleischer & Lowe is a San Francisco based buyout firm focused on buyouts in the U.S. middle market. We have committed US$150 million to FFL III to be drawn down over six years.

Goldman Sachs Private Equity Group is the private equity arm of Goldman, Sachs & Co., making primary, secondary and direct investments, with six offices worldwide. We have committed US$200 million to the Goldman Sachs Vintage Fund IV and US$300 million to Goldman Sachs Vintage Fund V. The Vintage Funds will focus on secondary investments.

Heartland Industrial Partners is a Connecticut based private equity firm. We have committed US$150 million over six years to a fund managed by Heartland to create a portfolio of U.S. industrial companies, with an emphasis on consolidating industrial acquisitions in the auto parts and other manufacturing sectors to create more profitable growth enterprises.

Hellman & Friedman is a San Francisco based private equity firm. We have committed US$75 million to Hellman & Friedman Capital Partners V and US$400 million to Hellman & Friedman Capital Partners VI. These funds will focus on private equity opportunities in media, financial services, professional services and information services industries primarily in the United States with a secondary focus on Western Europe and Australia.

Hony Capital is one of China's first domestic PE firms focusing on State Owned Enterprise buyouts and growth capital investments in China. Hony is sponsored by Legend Holdings, parent of Lenovo. We committed US$75 million to Hony Capital Fund 2008, L.P.

J.P. Morgan Partners, LLC ("JPMP") is a private equity division of JPMorgan Chase & Co. (NYSE: JPM). We committed US$175 million to J.P. Morgan Partners Global Investors Fund in 2001 and have subsequently acquired additional exposure to the fund via two separate secondary transactions. As of August 1, 2006, the investment professionals of JPMP formed entities independent of JPMorgan Chase: CCMP Capital Advisors, LLC, which focuses exclusively on buyout and growth equity investments and Panorama Capital, LLC, which focuses on technology and life sciences investments.

Kensington Capital Partners Limited, established in 1996, is an investment and advisory firm based in Toronto. Kensington manages on our behalf a $40 million fund that co-invests directly in private companies primarily in Canada. The co-investments are sourced from managers of the Canadian buyout funds in the "fund of funds" (now the TD/CFOF Canadian Legacy Buyout Holdings LP).

Kohlberg Kravis Roberts & Co. is a global private equity firm founded in 1976 with offices in New York, Menlo Park,London, Tokyo and Hong Kong. We have committed US$300 million to the KKR Millennium Fund, US$500 million to the KKR 2006 Fund, €200 million to KKR European Fund II, €150 million to KKR European Fund III, and US$350 million to KKR Asia Fund. The Millennium fund and 2006 fund will primarily focus on large scale leveraged buyout investments in North America while the European fund will focus on large scale buyout transactions primarily across Western Europe. The KKR Asia Fund will focus on growth and buyout transactions throughout the Asian region.

CPPIB has committed US$200 million to KRG Capital IV, L.P.. KRG is based in Denver, Colorado and was started in 1996 by Mark King, Bruce Rogers and Charles Gwirtsman. The firm focuses on investing in buy and build strategies in the U.S. middle market.

KSL Capital Partners is a Denver-based private equity firm that makes investments in high-end Travel & Leisure businesses, including the hospitality, recreation, clubs, real estate and travel services sectors. We have committed US$107 million to KSL Capital Partners II and up to US$250 million to KSL Capital Partners III.

Lexington Partners is a US private equity firm focused on secondary market opportunities. We have committed US$75 million over five years to Lexington Capital Partners V. Lexington is the one of largest independent managers of secondary private equity capital. The firm's secondary funds purchase buyout, venture capital and mezzanine limited partnership interests in the global markets.

Lightyear Capital is a New York based private equity investment firm. We have committed US$100 million to Lightyear Fund II, which will be drawn down over five years. The fund will focus on making investments in the financial services industry.

Goldberg Lindsay & Co. LLC is a New York based private equity management firm. We have committed US$150 million to Lindsay Goldberg & Bessemer L.P., US$250 million to Lindsay Goldberg & Bessemer II L.P, and most recently US$400 million to Lindsay Goldberg III, L.P. The funds will focus on private companies in traditional established industries such as basic manufacturing, financial services, commodity-based manufacturing and healthcare, primarily in North America.

Lion Capital is a UK-based private equity investment firm with offices in London and New York. Lion focuses on the consumer sector and seeks to make control investments in mid and large-sized, consumer-oriented businesses in Europe and North America. We have committed €200 million to Lion Capital III.

Lone Star Funds is a global private equity firm with offices in London, Tokyo, Seoul, Taipei, Dallas, Dublin, Brussels, Luxembourg, Frankfurt and Berlin. We have committed US$100 million to Lone Star's Fund V, which will invest in distressed situations principally in Asia and Western Europe.

Magnum Capital is a first-time being raised by Magnum Industrial Partners that will focus on investing in middle market buyouts in Iberia, with offices in Madrid and Lisbon.

Matlin Patterson Asset Management is a private equity firm with more than US$3 billion under management and offices in New York, London and Hong Kong. We have committed US$100 million to Matlin Patterson Global Opportunities Partners, US$150 million to Matlin Patterson Global Opportunities Partners II, and US$250 million to Matlin Patterson Global Opportunities Partners III. The funds pursue a global strategy of gaining corporate control of distressed companies in target sectors such as asset heavy cyclicals, telecom and financial services.

MBK Partners is an independent private equity firm based in Asia with offices in Seoul, Tokyo, Shanghai and Hong Kong. We have committed US$200 million to MBK Partners Fund II, L.P. The fund will focus on investment opportunities in Korea, China and Japan.

MidOcean Partners is a New York and London-based private equity firm. In 2003, we committed US$273 million to MidOcean Partners, L.P., a US$1.8 billion fund that was formed to fund the management buyout of Deutsche Bank AG's later stage private equity portfolio in the US and Europe. In 2004, we committed US$100MM to MidOcean Partners II, L.P., a fund that focuses on late-stage middle market buyout investments in the U.S. and Europe in its targeted industries which include business services, consumer and leisure, financial services, general industrial, and media and communications.

MPM Capital is a Boston-based, life sciences focused venture capital firm. We have committed US$75 million to be drawn down over five years to MPM BioVentures III Fund. The fund has closed on commitments of US$900 million and will focus its investments on biotechnology, biopharmaceutical and medical device opportunities in the United States and abroad.

New Mountain Capital is a US-based private equity firm focused on upper middle market transactions. We have committed $200 million to New Mountain Capital III. New Mountain is a generalist firm with the freedom to pursue attractive risk/reward tradeoffs opportunistically across the full spectrum of industries and styles.

Northleaf Capital Partners (formerly TD Capital Private Equity Investors) is Canada’s largest independent global private equity fund manager and advisor with offices in Toronto, London and Menlo Park. In 2006, we committed C$400 million to a customized mandate investing in Canadian mid-market buyout, growth equity capital and venture capital funds as well as a direct co-investment program to be managed by Northleaf. In 2010, we expanded this program with an additional C$400 million commitment. Northleaf also manages C$670 million in existing CPP Investment Board commitments to Canadian buyout and venture capital funds.

Onex Corporation is a private equity firm (TSE: OCX) with offices in New York and Toronto. We have committed US$150 million and US$400 million to Onex Partners LP and Onex Partners III, LP respectively. Onex’ strategy involves acquiring U.S. and Canadian companies.

PAI is a Paris-based private equity firm with regional offices in Amsterdam, Brussels, London, Madrid and Milan. We have committed €100 million to PAI Europe III, €200 million to PAI Europe IV and €350 million to PAI Europe V. These funds focus on Western European medium to large size buyouts in the consumer product and general industrial sectors.

Partners Group is an alternative asset manager with offices in Zug, New York, Guernsey, London and Singapore. We have committed €80 million to Partners Group Secondary, LP, €150 million to Partners Group Maple Leaf, LP and €150 million to Partners Group Secondary Maple Leaf II. These funds will focus on acquiring secondary interests in private equity partnerships. In addition, we have committed €150 million to Partners Group Maple Leaf Mid-Market Opportunity Fund I, which will focus on middle market investments in Europe.

Paul Capital Partners is private equity firm, with offices in San Francisco, New York, London and Paris. We have committed capital to five funds: US$90 million to Paul Capital Partners VII, US$100 million to Paul Capital Partners VIII and US$100 million to Paul Capital Partners IX, which will focus on the acquisition of U.S. and European limited partnership interests in the secondary markets; US$100 million to Paul Capital Partners Top Tier II and US$160 million to Paul Capital Top Tier III, which are fund-of-funds focused on investing in North American Venture Capital funds. In addition, we invested US$81 million and US$120 million alongside Paul Capital in two individual secondary transactions to acquire portfolios of private equity limited partnership interests.

We are co-investors with three other large pension funds in Performance Co-investment Fund I, L.P. which will co-invest in buyout and venture capital opportunities, principally in the United States. We also committed US$185 million to Performance Venture Capital, L.P., a US venture fund of funds platform.

Permira is a European-based private equity firm with offices in Frankfurt, London, Madrid, Milan, Paris, Stockholm, New York and Tokyo. We have committed €150 million to Permira IV, which will be drawn down over five years. The fund will focus on Pan-European opportunities across several industries.

Providence Equity Partners is a private investment firm with offices in Providence, New York and London. We have committed US$400 million to Providence Equity Partners VI, which will be drawn down over six years. The fund will be focused on making equity investments in communications and media companies.

Quantum Energy Partners is a Houston, TX based provider of private equity to the global energy industry. We have committed US$200M to Quantum Energy Partners V, L.P. The fund will focus on opportunities in energy companies with a primary focus on the Upstream Oil and Gas Exploration and Production (“E&P”) sector and a secondary focus on the Midstream sector.

The Resolute Fund is a private investment fund focused on investing in middle market companies primarily in the United States. The Resolute Fund is managed by The Jordan Company, which is based in New York and has been sponsoring and investing in middle market leveraged buyout transactions for over 20 years. We have committed US$200 million to the Resolute Fund II.

Riverstone is a leading private equity investor in the energy and power sector with offices in New York and London. We have committed US$200 million to Riverstone/Carlyle Global Energy and Power Fund IV. This fund will focus on large buyouts in the energy and power sector opportunities primarily in North America.

Schroder Ventures Life Sciences is a life sciences focused venture capital firm with offices in Boston, London and San Francisco. We have committed US$50 million to be drawn down over five years to International Life Sciences Fund III. The fund has closed on commitments of US$400 million and will focus its investments on the life sciences and healthcare sectors primarily in the United States and Western Europe.

Silver Lake is a private equity investment partnership focused exclusively on technology and related growth industries, with offices in Menlo Park, California and New York City. We have committed US$100 million to Silver Lake Partners II and US$500 million to Silver Lake Partners III.

Standard Life Investments (Private Equity) Ltd, based in Edinburgh, is the private equity arm of Standard Life Investments. We have committed €100 million to a "fund of funds" to be committed over a three-year period for investment in European mid-market buyout funds. Standard Life Investments (Private Equity) Ltd. is responsible for the management of approximately €3.5 billion in private equity assets.

Sterling Group is a US middle market buyout firm specializing in investing operating businesses in the fields of basic manufacturing, industrial services, and distribution. The firm is based in Houston, Texas. We have committed $100 million to be drawn down over five years to Sterling Group Partners III, L.P.

Stone Point Capital is a private equity firm based in Westchester, Connecticut, which makes investments in the financial services industry. We have committed up to US$225 million to Trident V to be drawn down over a six year period.

Tenaya Capital is a venture capital firm based in Menlo Park, CA and Boston, MA. The Firm was founded in 1995 as Lehman Brothers Venture Partners and following a spin out in 2009 became an independent company. We committed US$75 million to Tenaya Capital IV, formerly Lehman Brothers Venture Partners 2003, to be drawn down over five years. The fund has closed on US$300 million in commitments and will focus on mid to later stage venture capital.

Terra Firma is a European private equity firm, with offices in London and Frankfurt. We have committed €150 million to Terra Firma Capital Partners II and an additional €250 million to Terra Firma Capital Partners III These funds will focus on leveraged buyouts in low growth and out of favor sectors primarily in Western Europe.

Texas Pacific Group is a global private investment firm with offices in Fort Worth, San Francisco, Washington D.C. and London, England. We have committed US$100 million to TPG Partners IV, US$500 million to TPG Partners V, US$750 million to TPG VI, and US$350 million to TPG Asia Fund V. TPG Partners IV, V and VI will be focused on buyout opportunities primarily in the U.S. with a secondary focus on Western Europe. TPG Asia Fund V will focus on growth and buyout opportunities throughout Asia.

Thomas H. Lee Partners, L.P. is one of the oldest private equity investment firms in the United States and has raised approximately $20 billion of capital across six buyout funds. The firms is focused on identifying and acquiring substantial ownership positions in growth-oriented companies primarily domiciled in the United States. We have committed US$250 million to Thomas H. Lee Equity Fund VI.

Thomas Weisel Partners is an investment and merchant bank focused on the growth sectors of the U.S. economy. We have committed US$50 million to Thomas Weisel Global Growth Partners II which will invest in venture capital through secondary purchases of limited partnership interests and direct investments.

Triton was founded in 1999 to pursue middle market buyout investments in the Nordic region and German-speaking countries including Germany, Switzerland and Austria. Triton has three offices located in Stockholm, Frankfurt and London. We have committed €175 million to Triton III.

We have committed US$150 million to VSS Communications Partners IV, LP. a fund managed by Veronis Suhler Stevenson, with offices in New York and London. The Fund, with a target of US$1.25 billion is expected to be invested over the next five years in direct investments in mid-market media companies in the US and Europe.

Founded in 1979, New York based Welsh, Carson, Anderson & Stowe is the largest private equity investor in the information & business services and healthcare sectors. We have committed US$200 million to Welsh, Carson, Anderson & Stowe X, L.P and US$300 million to Welsh, Carson, Anderson & Stowe XI, L.P. Both funds make buyout and growth equity investments in WCAS’s targeted industries primarily in North America.