CPPIB has nearly $600 billion in assets - and some tips for Australia’s big industry funds as they outgrow domestic capital markets.
As Australia’s swelling industry superannuation funds outgrow domestic capital markets and take their buckets of members’ money abroad, they need to remember two things.
“We spent a lot of time thinking about how do we compete,” he says, on his first trip to Australia since taking the reins. It also has stakes in Asia-based funds that invest in Australia, including Bain Capital Asia Fund IV, which owns IPO candidate Virgin Australia, and KKR Asia Fund III, which holds accounting software company MYOB.
The bad news is that the next 10 years are unlikely to be as fruitful. CPPIB ruled a line under its books on March 31 and could be about to record its first year of negative returns since the global financial crisis. That could make it harder for the Australian super funds, but it’ll be a bigger problem for CPPIB given the volume of members’ money it has to put to work.
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