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Private Equity International's Interactive and Downloadable Review of the Private Equity Investor Environment

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Private Equity International's Interactive and Downloadable Review of the Private Equity Investor Environment INVESTOR REPORT Q3 2020 Private Equity International's interactive and downloadable review of the private equity investor environment Download data Nicole Douglas Jesse Koppi Head of Investor Research Senior Research Associate [email protected] [email protected] Largest known private equity fund commitments made in Q3 2020 Institution Fund Manager Commitment Region Strategies ($m) Canada Pension Plan Investment Board CVC Capital Partners VIII CVC Capital Partners 586.2 Multi- Buyout / $4.97bn raised by top 15 regional Corporate PE New York State Common Retirement CVC Capital Partners VIII CVC Capital Partners 586.2 Multi- Buyout / largest commitments Fund regional Corporate PE Washington State Investment Board TPG Growth V TPG 400.0 Multi- Venture Capital / regional Growth Equity Fundraising for the year to date has matched New York State Common Retirement EQT IX EQT 351.7 Europe Buyout / Fund Corporate PE previous years as appetite for private equity Massachusetts Pension Reserves CVC Capital Partners VIII CVC Capital Partners 322.4 Multi- Buyout / remains strong, despite travel bans and Investment Management Board regional Corporate PE New York State Common Retirement KKR Asian Fund IV KKR 300.0 Asia- Buyout / global lockdowns. Fund Pacific Corporate PE New York State Common Retirement Stellex Capital Multi- Buyout / Stellex Capital Partners II 300.0 This appetite is strongest among investors Fund Management regional Corporate PE New York State Teachers' Retirement Silver Lake Partners VI Silver Lake 300.0 Multi- Buyout / committing capital to funds with a multi- System regional Corporate PE Virginia Retirement System Oaktree Opportunities Fund Oaktree Capital 300.0 Multi- Mezzanine / Debt regional focus. Of the top 15 largest fund XI Management regional commitments by private equity LPs, over half Tikehau Capital Ace Aéro Partenaires ACE Management 269.7 Europe Buyout / Corporate PE were to multi-regional funds. Korean Teachers' Credit Union (KTCU) M&A Loan Fund (including Hana Alternative Asset 257.8 Asia- Mezzanine / Debt co-investment) Management Pacific New York State Common Retirement Fund Florida Retirement System Trust Fund Blue Torch Credit Blue Torch Capital 250.0 North Mezzanine / Debt Opportunities SBAF Fund America has recently shown notable investment New York State Common Retirement NYSCRF Pioneer Co- Farol Asset 250.0 North Fund of Funds / activity. In Q3 2020 it made sizeable Fund Investment Fund II Management America Co-Investment North Dakota Retirement and Investment Sixth Street Fundamental Sixth Street Partners 250.0 North Mezzanine / Debt commitments to CVC Capital Partners VIII, Office Strategies Partners America Oregon Public Employees' Retirement Francisco Partners VI Francisco Partners 250.0 Multi- Buyout / EQT IX, and KKR Asian Fund IV. Fund regional Corporate PE To view Private Equity INVESTOR REPORT International’s Q3 Download data fundraising report Q3 2020 PE commitment activity Top 10 most active investors based on known PE fund commitments made in 2020 YTD remains strong Of the top 10 most active investors in private Institution Regional HQ Number of 2020 commitments Regional appetite European Investment Fund Western Europe 24 Central/Eastern equity, the majority are agnostic when it Europe, Western Europe comes to regional appetite. The two Cathay Life Insurance Asia-Pacific 19 Asia-Pacific, North America, Western Europe investors that have appetite for a shorter list State of Wisconsin Investment Board North America 19 All regions considered of regions, European Investment Fund and San Francisco Employees' Retirement System North America 18 All regions considered Cathay Life Insurance, also happen to be the California State Teachers' Retirement System North America 17 All regions considered New York State Common Retirement Fund North America 17 All regions considered two most active when committing to PE Texas County and District Retirement System North America 17 All regions considered funds. Combined, the top 10 most active New York State Teachers' Retirement System North America 13 All regions considered investors made 168 fund commitments to Los Angeles Fire & Police Pension System North America 12 All regions considered 2020-vintage funds YTD. Maryland State Retirement and Pension System North America 12 All regions considered To view Private Equity International’s database of fund commitments made by Download data INVESTOR REPORT institutional investors Q3 2020 Historic private equity allocation by institution type 12 PE represents 7.5% of the average investor portfolio 10 Private equity continues to represent a major 8 ) % proportion of institutional investor portfolios, ( n io and is often the alternative asset class to t ca o l l 6 which investors allocate the most capital. a y it u q On average, private equity constituted 7.49% e e t a iv of an LP's investment portfolio in Q3. r 4 P Foundations and endowments dedicate an above-average proportion: 11.02%. 2 Since 2018, the average allocation to private equity has increased from 6.69%, indicating continued appetite for, and confidence in, 0 the asset class. Q3 2016 Q3 2017 Q3 2018 Q3 2019 Q3 2020 Corporate Foundation / Endowment Government Related Investment Organisation Insurance Company Private Pension Fund Public Pension Fund To view the 100 largest LPs globally INVESTOR REPORT and their private Download data equity allocation Q3 2020 Investors want a larger Percentage of institutions increasing, maintaining or decreasing private equity allocations from Q3 2019 to Q3 2020 Foundations and piece of PE pie endowments, which allocate As mentioned on the previous slide, the Investor type Increased allocation Maintained allocation Decreased allocation 11% of their average allocation to private equity has Foundation / Endowment 49% 34% 17% portfolio to PE Insurance Company 31% 56% 13% and are one of the increased in recent years. Our data show that Private Pension 25% 51% 24% institution types Fund globally, 82% of institutional investors that dedicates the Public Pension 38% 42% 20% maintained or shifted more capital into the Fund greatest asset class from Q3 2019 to Q3 2020. All investors 41% 41% 18% proportion of a portfolio to the asset class, are Breaking this down by institution type, also the most foundations and endowments were the most likely to increase likely to increase their allocation to the asset 82% their PE allocation each year class (49%), while 34% maintained their Percentage of investors allocation to PE. globally that have maintained or shifted more capital into private equity To view Private Equity International’s database of INVESTOR REPORT Download data institutional investors Q3 2020 Historical regional appetite of investors globally Appetite is strongest 70 for North America n io g e r In recent years, investor appetite on a t a h 60 t regional level has remained relatively r o f e it consistent, with LPs displaying the greatest t e p appetite for North America- and Western p a h Europe-focused funds. This is unsurprising, it w y 50 l l given that North America-focused funds a b o l continue to lead by capital raised, accounting g s r o t for about one-third of the total as of end- s e v in September. f o 40 % Just over half (54%) of investors have appetite for Asia-Pacific focused funds. As to be expected, Asia-Pacific-focused funds accounted for around 10 percent of overall 30 fundraising as of Q3 2020. 2016 2017 2018 2019 2020 Asia-Pacific Central / Eastern Europe Latin America Middle East / Africa North America Western Europe To view New Jersey Division of Investment's recent commitments to Asia-Pacific and INVESTOR REPORT Download data North America focused funds Q3 2020 Sign up to our Platinum service today, and get... Key contact information and investment preferences for more than 14,700 institutions As well as access to: globally, click the options below to start your search now: LP profiles Market insight GP profiles Institution rankings Placement agent profiles Investment consultant profiles Fundraising reports And granular detail on current and historical funds: Market surveys Funds closed Funds in market Bespoke requests For more information on becoming a If you would like to review your profile on Platinum level subscriber please contact: our database, please contact: Private Equity International subscriptions team Private Equity International research team INVESTOR REPORT [email protected] [email protected] Q3 2020.
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