The Canada Pension Plan Investment Board has confirmed the departure of Frank Su as managing director and head of Asian private equity, effective immediately.
In an emailed statement to Benefits Canada, a CPPIB spokesperson said the investment organization has “a strong team in Asia who will continue to build on the important portfolio in the region.”
Read: Expert Panel: CPPIB taking steps to face shifting investment landscape in China
According to a report from Bloomberg, Su is leaving to join the Abu Dhabi Pension Fund as global head of private equity. The move is part of a trend of various Hong Kong-based investment executives leaving the area amid a slowdown period for transactions, the report noted. As of March 31, 2024, the investment organization holds about five per cent of assets in China, down from 10 per cent in 2022.
In its most recent annual report, the CPPIB indicated its Asia-Pacific investments had a net return of just 0.1 per cent, citing ongoing geopolitical tensions in China.
Read more People Watch news.