Canada Pension Fund co-invests around $204 million in India in June quarter

CPPIB made investments in chemical firm Sajjan India, insurtech Unicorn Acko and non-bank lender Kogta Financial (India) Ltd.

CVC Capital acquired Sajjan India’s agrochemical business in February for $700 million, of which CPPIB paid $120 million to pick up a 17% stake, it said in its quarterly report on Thursday. CPPIB’s investment in Sajjan India had not yet been publicly reported.

As part of a transaction led by Multiples Private Equity, the pension fund acquired a 5% stake in Acko for $50 million and a 9% stake in Kogta Financial (India) for $34 million. CPPIB is a general partner in a number of funds managed by Multiple. It also invested $333 million as a limited partner in Sequoia Capital’s Asia Pacific fundraising, which includes funds for China, India and Southeast Asia. However, it did not provide country-wise division. The pension fund also supported Baring Private Equity Asia with a $100 million credit investment for an $800 million buyout of IGT Solutions.

In June, Sequoia said it had raised $2.85 billion, of which $2 billion was for investments in India and $800 million for startups in Southeast Asia. Bloomberg reported last week that Sequoia Capital has raised $9 billion from four funds to invest in China. The CPPIB has also invested $150 million in NewQuest Capital’s latest fund. Secondary investor NewQuest Capital is owned by the TPG Group, and typically invests a third of its corpus in companies and private equity funds in India.

Meanwhile, the CPPIB reported a net loss of $23 billion in the first quarter and a negative 4.2% to fund return.

“Financial markets experienced some of the most challenging first six months of the year in the past half century, and the fund’s first fiscal quarter was not immune to widespread declines. However, our proactive management strategy – diversified across asset classes and geographies – helped the fund controlled impact, preserved investment value,” John Graham, president and chief executive officer, said in a statement.

“The precarious business and investment conditions we saw in the last quarter continue, and we expect this to continue throughout the fiscal year. Our resilient portfolio is designed to create value over the very long term as demonstrated by our consistently strong 10-year net returns, even as we continue to experience double-digit percentage losses. Let’s hope. ,

The results were driven by losses in public equity strategies, led by a broader decline in equity markets, it added.

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