Canada Pension Plan Investment Board will explore secondaries sales to reduce exposure to older private equity funds, according to its global head of private equity. Caitlin Gubbels revealed the strategy during the PEI Group's NEXUS 2026 conference in Orlando, Florida, positioning the move as a way to create capacity for new investments.

CPP Investments, ranked as the world's third-largest private equity investor by PEI's Global Investor 150, manages C$780 billion in assets. The pension fund plans to invest approximately C$20 billion in private equity this year while targeting similar returns. This deployment strategy reflects the fund's active portfolio management approach in the current market environment.

The decision to trim older exposure through secondaries markets demonstrates CPP's proactive approach to portfolio optimization. By monetizing legacy positions, the fund aims to redeploy capital into newer opportunities while maintaining its position as a major global private equity investor. This strategy aligns with broader industry trends of institutional investors reassessing their private market allocations.