Canada's Largest Pension Fund Plans to Double Hedge Fund Investments to $160 Billion

Canada Pension Plan Investment Board plans to roughly double its hedge fund investments to about $160 billion over the next five to seven years. According to Sina Finance, citing people familiar with the discussions, CPPIB is particularly interested in hedge fund firms it does not currently invest with, including Millennium Management, run by Izzy Englander; the sources requested anonymity because the discussions are internal. The C$866 billion ($608 billion) pension fund currently has about $80 billion invested in hedge funds and expects its total assets to roughly double over the next seven years. Hedge fund investments helped CPPIB outperform its internal benchmark in the last fiscal year. Its annual report showed that the capital markets and factor investing department recorded net gains of $3.4 billion in the 12 months through March this year, mainly attributed to external hedge fund investments. A CPPIB representative declined to comment.