CPP Investment Board sets up "Principle Investing" team

Principle Investing? You can blame Frank Stronach for this.

I was wandering around Drudge Report this morning, and wound up reading a news article in Indiana that featured a Monster Job advert for our very own CPP Investment Board. “Analyst” was the title. Given the interest that our own Analyst search churned up out there in the blogosphere (see prior post “If you’re an Analyst, we’re hiring” Dec 7-09), I thought I’d pass it along. They are managing OUR money, after all.

If you have at least one year of experience in a similar role, this may well be the job for you. Whatever power you have now, this sounds far more exciting that doing trading comps at a local investment bank — not that there’s anything wrong with that. The fact that you’re moving to a whale client means that the Head of Investment Banking will pat you on the back when you leave; something he wouldn’t do if you were going across the street.

When I read the ad a bit more closely, the job sounded plenty more interesting than the title normally suggests:

The global recruitment team is continuously seeking top talent to join CPP Investment Board. We are currently recruiting for a number of 2 year analysts for all groups within the Private Investments Department. These positions are located in our Toronto and London offices. The successful candidates will play a key role in making and managing private equity investments employed within one of the following groups: Principle Investing, Funds & Secondaries, Private Debt, or Infrastructure. Reporting to the Vice President of the respective group, the analyst assists Associates, Principals, and Senior Principals in evaluating potential private equity investment opportunities, conducting research, developing investment recommendations, and participating in the execution, monitoring, and management of investments.

Principle Investing — now that is news. Poor spelling you say? Can’t be. Elsewhere in the blurb, the ad writer got “Principal” correct in the context of the traditional job title. The fact that “Principle” was used in the context of “Principle Investing” may well suggest that the CPPIB’s fight against the Magna buyout of Mr. Stronach’s super-voting shares isn’t the only time CPPIB expects to make a moral statement about the local stock market.

Could CPPIB be making plans to take on all dual-class voting structures?

The Analyst will play a “key role in making and managing investments” should you wind up in the Funds & Secondaries group. Whatever brokerage Analyst job you have right now, I assume you aren’t playing a key role in making investments in KKR, Blackstone or TPG. With C$29.7 billion committed to private equity funds, you’ll have lots to do (see prior post “As C$ strengthens, CPPIB’s PE commitment shrinks” June 5-10).

Go for it.

MRM