Ex-CPPIB CEO joins board of Singapore investment firm
Mark Machin, formerly CEO of Canada Pension Plan Investment Board (CPPIB), has agreed to join Serendipity Capital, a Singapore-based investor specializing in financial services, as a non-executive director.
Prior to relocating to Toronto in 2016 to take the top job at CPPIB, Machin (pictured) spent much of his career in Asia. Most of his 20-year career at Goldman Sachs focused on the region, latterly as head of Asia investment banking and vice chairman of Asia ex-Japan. This was followed by a four-year stint as head of international and Asia president of CPPIB in Hong Kong.
Machin was reportedly planning to step down from the pension plan this year, but the exit was accelerated and controversial. He resigned in February after it emerged that he traveled to the United Arab Emirates in a personal capacity to receive a COVID-19 vaccination.
While noting that CPPIB is an independent organization, Canada’s Ministry of Finance described the development as “very troubling” given government guidance that residents should not travel abroad.
During Machin’s tenure as CEO, CPPIB’s assets increased from C$278.9 billion ($226 billion) to C$497.2 billion as of March, while the annual average return exceeded 11%. The pension plan had C$125.1 billion in private equity, up from C$53.8 billion in 2016, while Asia specifically rose from C$10.8 billion to C$16.3 billion.
Serendipity is a principal investment firm that deploys from a pool of permanent capital. Its IRR since inception is 29.3%. The firm maintains a concentrated global portfolio of 10-15 investments. Current exposure spans quantum computing for cybersecurity, digital payments, boutique asset management, and digital banking.
“Mark and I have got to know each other over the last few years. I have enjoyed and benefited from our conversations on global markets and the future of finance,” said Rob Jesudason, CEO and founding partner of Serendipity, in a statement.
“Mark’s investment experience, industry network and sector knowledge will greatly benefit Serendipity Capital as we look to continue growing the firm in the coming years. I look forward to working with him.”
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