On February 20, 2003, the Canada Pension Plan Investment Board (CPPIB) completed a $359 million investment to fund part of a $2.4 billion secondary acquisition of a global private equity portfolio from Deutsche Bank AG. In addition, it has committed up to $51 million for follow-on investments in the portfolio. The portfolio consists of equity interests in more than 80 private companies in a wide range of industries in the U.S. and in Europe.
The portfolio has been acquired and will be managed through a new limited partnership, MidOcean Partners, L.P., which has been established by the former senior management of DB Capital Partners, the private equity arm of Deutsche Bank. Other investors in the syndicate include Ontario Teachers’ Merchant Bank, Paul Capital Partners and NIB Capital Private Equity.
Torys LLP acted for CPPIB as a member of the syndicate, with a team that included Peter Ballantyne, John Unger, Tim Rorabeck and Janet Howard in Toronto and Peter Keenan in New York. Debevoise & Plimpton in New York represented the investor syndicate generally, with a team that included Kevin Schmidt.