Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG  COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229 -91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels, 14.12.2022  
C(2022 ) 9644 final  
PUBLIC VERSION  
Canada Pension Plan Investment 
Board  
40 Portman Square , 2nd Floor   
WIH 6LT  London  
United Kingdom  
 
Montagu Private Equity LLP  
Junghofstraße 22/24   
60311  Frankfurt am Main  
Germany  
Subject : Case M.10940  – CPPIB / MONTAGU / UNIVERSAL INVESTMENT / JV  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No 139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 22 November  2022 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger Regulation , by which Montagu 
Private Equity LLP (‘Montagu’, Unit ed Kingdom) , and Canada  Pension Plan 
Investment Board (‘ CPPIB ’, Canada),  will acquire within the meaning of Article 
3(1)(b)  and 3(4)  of the Merger Regulation joint  control over the whole of the 
Universal Investment GmbH (‘Universal Investment’, Germany),   by way of purchase 
of shares  in its parent company Alpha LuxCo 2 SARL ( Luxembourg ).3 
2. The business activities of the undertakings concerned  are the following : 
 Montagu  is a private equity firm, headquartered in the United Kingdom. It 
focuses on arrangements  and investments in buyouts of companies, particularly in 
Northern  Europe,  
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect  from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘Community ’ by ‘Union ’ and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used through out this decision.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 454, 30.11.2022 , p. 117. 

2  CPPIB is a professional investment management organisation, CPPIB invests the 
funds transferred to it by the Canada Pension Plan (‘CPP’) that are not needed by 
the CPP to pay curren t benefits on behalf of 21 million contributors and 
beneficiaries,  
 Universal Investment  is a service provider to the investment fund industry 
headquartered in Frankfurt, Germany . 
3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation  and of 
paragraph 5 (c) of the Commission Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No 139/2004 .4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in applicat ion of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5 .