Canada Pension Plan Investment Board

is looking to reduce some Asia

private equity

exposure by selling fund stakes, according to people familiar with the matter.

The country’s largest pension fund began looking for advisers earlier this year to help it offload some of the vintages it invested in during the mid-2010s, the people said, asking not to be identified because the conversations are private.

The stakes for sale amount to about US$1.5 billion, according to the people. They include strategies managed by Hillhouse Investment, Bain Capital and PAG, the people said. The process is ongoing and the plans might change.

CPPIB is selling some of the earliest Asia investments it committed with these managers. From 2014 to 2016, CPPIB gave about US$1 billion to Asia strategies managed by Hillhouse, Bain and PAG, according to its website.

Representatives for CPPIB, Bain and PAG declined to comment. Hillhouse didn’t respond to requests for comment.

The pension fund’s private equity exposure stood at $225.4 billion at the end of 2025, accounting for more than a quarter of its $780.8 billion in net assets.

Institutional investors have been increasingly turning to so-called secondary deals to generate liquidity and rebalance their portfolios. Another Canadian pension,

Caisse de Depot et Placement du Quebec

, is seeking to sell China private equity fund stakes worth about US$1.5 billion, people familiar with the matter said in February.

Globally, a relatively slow exit environment is continuing to fuel growth in the secondary market, with supply outpacing capital, according to a report published by investment firm Hamilton Lane this month.

Bloomberg.com

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