CPPIB hires Goldman’s Mark Machin as Asia president
Canada Pension Plan Investment Board (CPPIB) has appointed former Goldman Sachs executive Mark Machin as Asia president. He will be based in Hong Kong and take responsibility for the pension fund’s investment strategy and programs throughout Asia Pacific.
Machin spent 20 years at Goldman Sachs, occupying senior positions in London, Hong Kong and Beijing. Most recently he served as vice chairman for Asia ex-Japan and headed up the bank's regional investment banking business.
"We are extremely pleased to have Mark join our senior executive team. His appointment represents an important addition to CPPIB's capabilities as a global investment organization," said David Denison, president and CEO of CPPIB, in a statement. "There are compelling long-term growth opportunities in Asia, and Mark's appointment demonstrates CPPIB's commitment to investment in this geography."
At end of 2011, CPPIB had total assets under management of C$152.8 billion ($153.4 billion), of which C$13.1 billion was committed to public equity, real estate and private investments in Asia. Its regional operations are run out of Hong Kong, where it has 20 investment professionals.
CPPIB is an LP in funds launched by Baring Private Equity Asia, CDH Investments, CITIC Capital Partners, Hony Capital, FountainVest Partners, Multiples Private Equity and MBK Partners. It has also made commitments to KKR and TPG Capital's Asia-focused vehicles.
In addition, CPPIB has started investing in assets directly. The pension fund bought Australia's Intoll Group in 2010 and has made real estate acquisitions in Hong Kong and Australia as part of its relationship with Goodman Group. This week it announced the purchase of a 45% stake in a portfolio of 12 US malls from Australian shopping mall owner Westfield Group for around $1.85 billion.
CPPIB also announced that it has retained VSG Capital Advisors, an investment bank recently set up by former Credit Suisse executive Vikram Gandhi, as its India-based consultant. VSG will provide strategic advice and develop and facilitate investment opportunities for the pension fund in the Indian sub-continent.
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