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(Bloomberg) — Canada Pension Plan Investment Board, the country’s largest such money pool, named insider David Colla as global head of credit investments, elevating a private-debt specialist after the strategy posted returns in the teens last fiscal year.
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Colla, who joined CPPIB in 2010 and most recently led its capital solutions group, will assume the role April 1 and join the senior management team, the pension manager said Tuesday. He succeeds Andrew Edgell, who led the credit platform for five years and nearly doubled its size. Edgell will move to a senior adviser position.
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Chief Executive Officer John Graham said Colla’s experience across leveraged finance and structured credit will help the unit for its “next phase,” as private debt takes on a larger role within the portfolio.
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CPPIB returned 14.4% in the credit asset class in the fiscal year ended March 31, 2025.
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Colla previously oversaw growth in leveraged finance and structured credit and has been closely involved in CPPIB’s relationship with Antares Capital, where he serves on the board. The Chicago-based firm, which was acquired by the pension fund in 2015, is an alternative credit manager that had more than $85 billion of assets as of last June.
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Previously, Colla worked at Oaktree Capital and JPMorgan Chase & Co., according to his LinkedIn page.
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Private credit has drawn rising allocations from global pensions as banks pull back from riskier lending. Higher interest rates have also boosted yields on senior secured loans, making the asset class attractive for long-term investors seeking income and downside protection.
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CPPIB has maintained an active deployment pace. In the quarter ended Dec. 31, it committed or invested more than $800 million across credit transactions, including loans to automotive software company OEConnection and real estate restoration firm Servpro.
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