CP2 ‘seeking to quadruple’ its funds by 2012

The Australian fund manager is reported to be aiming to raise its funds under management over the next two years from A$2bn to $A8bn.

According to an interview with Bloomberg, CP2 managing director Peter Doherty has said the firm is looking to increase its funds under management from around A$2 billion (€1.4 billion; $1.7 billion) to about A$8 billion over the next two years. It is reported that the Sydney-based firm will be aiming to attract investment from sovereign wealth funds and government pensions in order to help it achieve this.

Doherty told Bloomberg that CP2 was currently on the lookout for distressed assets around the world and was seeing opportunities in Europe.

He also compared the firm’s approach to that of legendary investor Warren Buffett: “We’re very firmly focused on long-term, boring assets. We’re not a slash-and-burn, we’re a build. We’re more Buffett-like than private equity.” 

CP2 recently said it would be keeping its stake in Australian toll road operator Transurban after a combined A$7.2 billion bid alongside two Canadian pensions – Canada Pension Plan Investment Board and the Ontario Teachers’ Pension Plan – was rejected. The consortium jointly owned a 42.4 percent stake in Transurban.

Doherty said CP2 “haven’t even considered exiting” Transurban and that it would now push for boardroom changes at the firm. Doherty alleged that Transurban suffered from “ineffective and inappropriate governance”.

CP2 was founded by Doherty and wife Sally Holloway in 1997 to provide investment advice to mutual and pension funds. The firm became an investment manager in 2005 with a global discretionary mandate from the New Zealand Superannuation fund. Today, it invests in transport infrastructure assets in Australia, the US, the UK and Switzerland.