a Does CPPIB have a clear investment strategy? How would you characterize it? How similar or different is it from the strategy Yale uses? a To what extent is CPPIB saving money by investing directly? If it were instead to invest in traditional private partnerships through funrlsoffunds, how much better would the private equity partnerships need to be to justify their fees? Compare CPPIB's approach with the alternative of investing through a fundoffunds. Try to be as quantitatively precise as possible Imagine that if CPPIB allocates $13 to direct investment , it will face a stafng cost of $15M but it can make the investment in a single year. - Imagine that if it allocates $113 to a fund of funds , the money is called in three equal tranches. The Fo-F takes 1/10 on top of the 2f20 that the underlying fund is charging. Assume that through direct investing, CPPIB can earn 2X on invested capital in five years. How much better does a FoF have to perform to offer similar net of fee performance? a If you were another LP in a fund with CPPIB and you saw CPPIB coinvesting alongside the GP, how would you react? o What risks and challenges does lCPPIB's strategy pose? How might it backre ? People are an essential part of private investing. How does CPP recruit and retain its investment staff ? What challenges does it faoe