The president of Canada Pension Plan Investment Board, one of the world's biggest investors, explains why he's skeptical about private equity's buzzy 'do good' strategy

Private equity firms are trying to sell big investors on the idea of doing good and making money - but one major investor isn't convinced.

Some of the firms' biggest peers are rumored to be considering similar strategies as capital flows to the space. In 2018, the Global Impact Investing Network counted $228 billion in impact investing assets, double the amount a year prior. Mark Machin oversees the C$368.5 billion pension, which has long invested in TPG and KKR's private equity funds. He's fully focused on performance and considers environmental, social, and governance factors in terms of the effect on CPPIB's risk-adjusted returns, not the good that ESG does for the world.

Any ESG policy decisions for the fund must come out of rigorous analysis, Machin said. He cited CPPIB's board voting policy enacted in December that pushes for more women on boards as one example: The policy came only after internal research on 3,800 stocks and a meta-analysis of external studies that concluded that board diversity increases returns.

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