The Canada Pension Plan Investment Board (CPPIB) has named Suyi Kim, the pension fund’s top executive in Asia, to run its $100 billion private equity division.
Kim will lead a department that’s an active player in buyouts globally, both in direct investments and through funds run by Apollo Global Management, KKR and other private equity firms. The CPPIB’s private equity assets have grown more than fivefold in the past decade.
The appointment marks a key step in the reshaping of the team around Chief Executive Officer (CEO) John Graham, who was given the top job in February of this year when former CEO Mark Machin resigned after flying to United Arab Emirates to receive a COVID-19 vaccine in defiance of government guidelines to avoid international travel.
Kim is already one of the most powerful women at the $497.2-billion Canadian pension fund, alongside Deborah Orida, its global head of real assets.
Kim joined CPPIB in 2007 after working for the Ontario Teachers’ Pension Plan and Carlyle Group and opened the pension fund’s Hong Kong office in 2008. She was head of CPPIB’s private-equity operations in Asia for more than eight years.
CPPIB has been increasingly investing in private assets amid stretched valuations for stocks and bonds. It’s part of the consortium led by Fortress Investment Group that’s making an $8.8 billion bid for Wm Morrison Supermarkets.
The Canadian pension fund’s private-equity investments returned 36.6% in the fiscal year ended March 31, generating a net income of $34 billion, according to its annual report.
Kim, who starts in the role on September 15, replaces Shane Feeney, who accepted an executive role at Toronto-based Northleaf Capital Partners.