The Canada Pension Plan Investment Board is opening an office in San Francisco.
The new location is the CPPIB’s second U.S. office, after New York City, and its ninth worldwide.
“One of the pillars of our growth strategy is to place a focus on technology and data and to better understand its impact on our overall portfolio,” said Mark Machin, president and chief executive officer of the CPPIB, in a press release. “Having a team of highly experienced investment professionals in the Bay Area is a significant step towards delivering on this strategy.”
The CPPIB is appointing Monica Adractas as head of venture capital funds at the new office. Most recently, she was the global director for Workplace, a subset of Facebook Inc., which she helped launch in 2016.
Several internal personnel are set to be transferred from the CPPIB’s direct private equity, thematic investing, private equity funds and portfolio value creation departments.
“We are excited about the great talent, both new and existing, who are going to build CPPIB’s presence in San Francisco,” said Machin. “In addition to gaining direct access to a network of investment opportunities and exposure to an innovative community, having people on the ground in San Francisco will also benefit the broader enterprise through the sharing of advanced knowledge and thinking coming out of the world’s largest innovation and tech ecosystem.”
This article originally appeared on CIR’s companion site, Benefitscanada.com. Read the full story here.