UPDATE 1-CPPIB may make fewer deals as investors overpay-Wiseman

Fri Aug 9, 2013 1:13pm EDT
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* CEO Wiseman says investors may be overconfident in recovery

* Pledges to walk away from deals if prices too high

* Sees opportunities in N.American private equity and Latam, European infrastructure

By Andrea Hopkins

TORONTO, Aug 9 (Reuters) - Private equity probably offers North America's best investment opportunities at present, one of Canada's biggest dealmakers said on Friday, but investors are likely wrong to assume that global markets have returned to normal.

The head of Canada Pension Plan Investment Board said he was prepared to walk away from future deals if pricing gets too aggressive.

"I'm surprised by the degree of stability in markets, and that particularly relates to Europe," Mark Wiseman, CPPIB's Chief Executive, said in an interview with Reuters.

"I would suggest that overall, investors seem to be getting increasingly comfortable with a global return to normalcy. I'm not sure if that comfort is well placed," he said.

The CPPIB as well as Canadian pension fund peers, such as the Ontario Teachers' Pension Plan and Caisse de dépôt et placement du Québec, have been among the world's most active dealmakers in recent years, making major bets in Canada and abroad.   Continued...