CPPIB Elevates Veteran Insider to Lead Global Credit Division
The Canada Pension Plan Investment Board (CPPIB), which manages the country's largest pension fund, has announced the appointment of David Colla as its new global head of credit investments. This strategic promotion places a seasoned private-debt specialist at the helm of a division that delivered impressive returns exceeding 14% in the previous fiscal year.
Extensive Experience Across Financial Sectors
David Colla brings substantial expertise to his new role, having joined CPPIB in 2010 and most recently leading its capital solutions group. His background includes significant experience in leveraged finance and structured credit, areas that have become increasingly important as private debt assumes a larger role within the pension fund's portfolio.
Prior to his tenure at CPPIB, Colla worked at prominent financial institutions including Oaktree Capital and JPMorgan Chase & Co., according to his professional profile. His appointment becomes effective April 1, at which point he will join the organization's senior management team.
Transition in Leadership Structure
Colla succeeds Andrew Edgell, who led the credit platform for five years and oversaw its near doubling in size during his tenure. Edgell will transition to a senior adviser position within the organization, ensuring continuity and institutional knowledge retention during this leadership change.
Chief executive John Graham emphasized that Colla's comprehensive experience across various credit sectors positions him well to guide the unit through its "next phase" of development and growth.
Strong Performance and Strategic Relationships
The credit asset class at CPPIB returned 14.4% in the fiscal year ended March 31, 2025, demonstrating the strength of the fund's credit investment strategy. Colla has been instrumental in fostering CPPIB's relationship with Antares Capital, where he serves on the board of the Chicago-based alternative credit manager.
CPPIB acquired Antares Capital in 2015, and the firm had more than US$85 billion in assets as of last June. This relationship exemplifies the pension fund's strategic approach to credit investments through partnerships with specialized managers.
Growing Importance of Private Credit
Private credit has attracted increasing allocations from global pension funds as traditional banks reduce their exposure to riskier lending opportunities. Higher interest rates have enhanced yields on senior secured loans, making this asset class particularly appealing to long-term investors seeking both income generation and downside protection.
CPPIB has maintained an active deployment pace in credit transactions, committing or investing more than US$800 million across various deals in the quarter ended December 31. Notable investments included loans to automotive software company OEConnection and real estate restoration firm Servpro.
The appointment reflects CPPIB's commitment to strengthening its credit investment capabilities as private debt continues to play an expanding role in pension fund portfolios worldwide.
