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CPPIB Sees ‘Wall of Money’ Chasing Private Deals in Frothy Times

  • Canada fund ratchets up bet on infrastructure, private assets
  • Blankfein’s words of warning led to a new approach to risk
Mark Machin

Mark Machin

Photographer: Simon Dawson/Bloomberg

Global equity markets are on fire, reaching $100 trillion in value. Low-rated junk bonds have had an epic rally. Tech IPOs are in such hot demand that AirBnb Inc. is worth more than Goldman Sachs Group Inc.

To Mark Machin, the CEO of one of the world’s largest pension funds, Canada Pension Plan Investment Board, the exuberance in public markets is a signal to extend his fund’s already-huge bet on private assets.