OTPP loses head of Asia fund investments

The change comes as OTPP prepares for the formal launch of its Hong Kong office, which will act as a platform for coordinating the pension fund's investment activities across the region. Nankivell had been tipped to lead these efforts.

Nankivell joined OTPP in November 2012, having previously spent more than a decade with Export Development Canada, which included two stints in China.

Her new position at BDC is vice president of the Venture Capital Action Plan, a government-backed program intended to support innovative companies and job creation in Canada. Over the next 7-10 years, C$400 million ($381 million) will be used to set up a new private sector-led national fund-of-funds, recapitalize existing fund-of-funds and seed venture capital funds.

OTPP had total assets of $129.5 billion at the end of 2012. Of this, $12 billion is controlled by the group's private equity and direct investment arm, Teachers' Private Capital (TPC). TPC saw $5 billion in gross realizations and $3 billion in re-investments over the course of the year.

The pension fund announced plans to set up an office in Hong Kong - only its third outside of Toronto - last autumn. In May it was awarded the securities and asset management licenses to operate in the city. Approximately six investment professionals are expected to be put in place to begin with - from the equities and infrastructure teams as well as from Teachers' Private Capital.

OTPP has expressed its desire to pursue direct and co-investments in both word and deed. In the past 12 months, the fund invested in Sydney Desalination Plant alongside Hastings Fund Management; bought stakes in South Korea's Kyobo Life Insurance and Hong Kong-listed Paul Y. Engineering; and participated in a $700 million round for Chinese online retailer 360Buy.

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