Canadian public pension fund CPP Investments was the first state-owned investor to accelerate out of the starting blocks with a US$200 million commitment to a US$1 billion logistics real estate joint venture in Indonesia. The US$341 billion investor is working with LOGOS to "develop a diversified portfolio of facilities targeted at third party logistics (3PL), data centre and industrial tenants." It is not CPP Investments' first partnership with LOGOS, which is part-owned by Canada's second biggest PPF, Québec's CDPQ. In 2017, it teamed up with the Asia-focused logistics developer in two partnerships focusing on Indonesia and Singapore with the fund allocating more than US$140 million to the ventures - asset data is available in Global SWF's database.
The move indicates a strong thrust into Asian emerging markets by Canadian PPFs, which have become. CDPQ has signalled it is looking to increase allocations to Southeast Asia from 2% of AUM. Anita George, deputy head of CDPQ Global, the fund’s international investment division, told AsianInvestor: “We kind of wet our feet, get to know the countries, try to understand the landscape by investing in listed and liquid markets, such as sovereign bonds, both directly and via external managers. And then we start to invest directly [in private assets].”
Ontario Teachers’ Pension Plan opened an office in Singapore in September to help target investments in that region - more information is available in Global SWF's personnel database.
The Qatar Investment Authority (QIA) has also sprung into action and co-led a US$270 million fundraising round by Paycor, a leading provider of SaaS Payroll and Human Capital Management (HCM) software. QIA has been relatively conservative in tech private equity and the move could signal the beginning of a concerted effort to increase its risk exposure to increase yield and offset disappointing performance in real estate - see Global SWF's asset database for more details on QIA's tech investments.