Canadian Pension Plan Investment Board Global Head of Private Equity Caitlin Gubbels is shifting the board's focus away from direct buyout strategies and instead allocating capital through external managers and co-investments, an article from Pension Pulse reports.

Gubbels noted in the interview that investors saw a "lack of discipline" in 2020 and 2021 when it came to making deals. A rapid increase in interest rates negatively impacted how much businesses were worth, making it harder to allocate cash. As a result, Gubbels stated that private equity portfolios have been "treading water" for the past five years.

Adding in increased tariffs set forth by President Donald Trump last year, there was a downturn in the market. Luckily, artificial intelligence tools rose in popularity, bringing on new opportunities. At the same time, retail investors found the private markets an attractive spot to allocate their capital.

"If 2025 has taught us anything, it's that nothing is certain anymore," Gubbels said. For private-equity investors, ...