Click a chart or scroll through the slides

By allocation By geography By institution type CPPIB's Shane Feeney

Public pensions Public pensions (cont.) Asset managers Insurers Foundations

Sovereign wealth funds Banks, etc 10 most active 10 to watch

Which LPs are most committed to private equity?

The Global Investor 100 includes a “ranking within a ranking”, highlighting exposure to the asset class not only by dollar amount b ut by percentage of investment portfolio. Some at the bottom of the list are arguably more “committed” than those at the top

Top 15 by allocation % Bottom 15 by allocation %

Credit Mutuel (Rank: 97) 89.0% Group (Rank: 57) 0.3%

Samsung Life Insurance AP Fonden 6 (85) 88.0% 1.0% (100)

Princeton Universit Investment Co (30) 38.3% Investment Managers (31) 1.1%

The Wellcome Trust (25) 27.7% Investment 1.2% Management (26) Public pension fund Ford Foundation * (89) 25.9% MEAG (73) 1.3% Asset manager/ investment firm Stanford Management Co (29) 25.7% American International Group (59) 1.6% Sovereign wealth fund

Canada Pension Plan Investment Board (1) 24.9% New York Life Insurance * 1.9% Foundation/Endowment (71) Insurer International Bank for Reconstruction and 23.6% Development Pension Fund * (75) (38) 1.9% Bank/ Development Bank of Howard Hughes Medical Institute (66) 22.0% 2.0% Japan (91) Private pension fund 21.9% Oregon Public Employees' Retirement System (17) TIAA (45) 2.7% Corporate

Yale University (49) 21.5% Global Investors 2.8% (15) Hover over the pointer to SBI Holdings (88) 21.4% Bayerische 3.1% discover more about the Versorgungskammer… firms in the Global Washington State Investment Board (9) 21.4% Northwestern Mutual (43) 3.1% Investor 100 Harvard Management Company (40) 20.0% CA Indosuez Wealth 3.2% Management (72) Korean Teachers' Credit Union (64) 19.7% National Pension Service of Korea (12) 3.3%

Source: Private Equity International * data as of prior 2019 Most entrants are based in North America

While the US has the greatest number of institutions listed in the Global Investor 100, those based in Canada have the highest average allocation to private equity on a US-dollar basis Number of investors by country or region of origin Total regional allocation ($bn)* 4 50 400 9 350 Canada 15 300 250 Asia-Pacific 4 200 UK 150 100 50 0 United Canada Asia-Pacific Europe UK 20 States 51 Europe Average regional allocation ($bn)* United States 24

20

16

12 1 8 MENA 4 0 United Canada Asia-Pacific Europe UK States

Source: Private Equity International * Excluding Abu Dhabi Investment Authority, the only investor from the MENA region to qualify for the ranking Public pensions dominate the list

More than half the entrants in the Global Investor 100 are public pension funds, but they only have the third-highest average allocation to private equity on a US-dollar basis

Click on a tab to see more

By number of firms By total allocation ($bn) By average allocation ($bn)

Public pension funds Asset manager/ Insurer Foundation/ 55 8 Investment firm Endowment 12 8

Public pension fund Asset manager/ investment firm Sovereign wealth fund SWF or Government- Foundation/Endowment related investment Insurer organisation Bank/Financial 10 Private Bank/financial services services 3 pension Private pension fund fund Corporate 3

Source: Private Equity International I think the private equity model is pretty tested and has a long history of delivering, in my view, strong performance. Certainly our results would support that

Shane Feeney, managing director and global head of private equity, Canada Pension Plan Investment Board

Click here to read more on managing the top-ranked PE portfolio Spotlight on: Public pension funds

Canada-based institutions have by far the highest average allocation to private equity on a US-dollar basis, driven in large part by first-place Canada Pension Plan Investment Board’s $81bn allocation

Number of public pensions by country or region of origin Total public pension allocation ($bn) 3 00 6 250 Canada 200 2 6 150 Asia-Pacific UK 100 50

0 United Canada Europe Asia-Pacific UK States 32 Average public pension allocation ($bn) United States 2 8 24 20 16 Hover over the pointer to 12 9 discover more about the 8 Europe firms in the Global 4 Investor 100 0 United Canada Europe Asia-Pacific UK States

Source: Private Equity International Click on a tab for more Canada United States Asia-Pacific Europe UK on public pension allocations

The majority of the Canada Pension Plan Investment Board (Rank: 1) 80,758.2 public pension funds included in the Global Investor 100 are based in the US Ontario Teachers’ Pension Plan (6) 30,319.2

Public Sector Pension Investment Board (PSP 18,159.9 Investments) (14)

BCI (ex-British Columbia Corp) 12,729.4 (21)

Ontario Municipal Employees Retirement System (23) 11,772.8

Healthcare of Ontario Pension Plan (47) 6,775.1

0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 Allocation ($m)

Source: Private Equity International * data as of prior 2019 Spotlight on: Asset managers and investment firms

The asset managers and investment firms are geographically diverse, with institutions from the US, Canada, Asia-Pacific, Europe and the UK

Caisse de dépôt et placement du Québec (Rank: 4) 38,569.9

APG (5) 31,981.3

Allianz Global Investors (15) 17,951.1

Aberdeen Standard Investments (18) 16,053.7

Manulife Investment Management (26) 10,984.8

Temasek Holdings (28) 10,000

AXA Investment Managers (31) 9,903.3

TIAA (45) 7,311.4

Amundi Group (57) 5,389

QIC Limited (67) 4,709.8

MEAG (73) 4,334.7

Alberta Investment Management Corporation (86) 3,459.1

0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 Allocation ($m)

Source: Private Equity International Spotlight on: Insurers

The insurers in the Global Investor 100 have, on average, $5.5bn invested in private equity, just over 5% of their overall portfolios

Assicurazioni Generali (Rank: 38) 8,293.4

Northwestern Mutual (43) 7,511

Varma Mutual Pension Insurance Company * (55) 5,876.2

American International Group (59) 5,200

Skandia Mutual Life Insurance Company (60) 5,101.9

Allstate Investments (62) 5,016

Ilmarinen Mutual Pension Insurance Company (69) 4,538.2 Hover over the pointer to discover more about the Samsung Life Insurance (100) 2,402.4 firms in the Global Investor 100 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 Allocation ($m)

Source: Private Equity International * includes allocation to unlisted investments Spotlight on: Foundations and endowments

The foundations and endowments on the list have by far the highest average allocation to private equity by percentage of their overall portfolio, at 24.6%

The Wellcome Trust (Rank: 25) 11,024

Stanford Management Company (SMC) (29) 9,967

Princeton University Investment Co. (30) 9,965.7

Harvard Management Company (40) 8,180

University of Texas Investment Management Co. (UTIMCO) 7,531.4 Endowment (42)

Yale University (49) 6,514.5

Howard Hughes Medical Institute (66) 4,800 Hover over the pointer to discover more about the Ford Foundation * (89) 3,259.9 firms in the Global Investor 100 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 11,000 12,000 Allocation ($m)

Source: Private Equity International * data as of prior 2019 Spotlight on: Sovereign wealth funds and government-related investment organisations

Institutions in this category have the highest average allocation to private equity on a US-dollar basis, at $17.8bn

GIC Private Limited * (Rank: 2) 43,200

Abu Dhabi Investment Authority (ADIA) ** (3) 41,400

Hong Kong Monetary Authority (7) 29,965.3

Australia Future Fund (16) 17,550.6

State of Michigan Retirement Systems (20) 13,800

Korea Investment Corporation (KIC) (32) 9,700

Alaska Permanent Fund (34) 9,228.7

Minnesota State Board of Investment (51) 6,398

International Finance Corporation (77) 4,186 Hover over the pointer to discover more about the New Mexico State Investment Council (94) 2,927.8 firms in the Global Investor 100 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 Allocation ($m)

Source: Private Equity International * includes private credit, distressed debt, and secondary PE; ** allocation is an average of the institution's range to private equity Spotlight on: Private pension funds, corporate pension funds and banks

Despite populating the bottom third of the ranking, Lockheed Martin Corporation (80) these investors allocate an above-average proportion of $4,019m CA Indosuez Wealth their investment portfolios to Management (Rank: 72) PRIVATE PENSION the asset class $4,367.8m

BANK/FINANCIAL SERVICES Development Credit Mutuel (97) Bank of Japan (91) $2,498m $3,101m BANK/FINANCIAL SERVICES BANK/FINANCIAL SERVICES

AT&T Pension Fund (Rank: 68) $4,544m New York Life Insurance * (71) PRIVATE PENSION Bank/financial services $4,500m SBI Holdings (88) Private pension fund Corporate PRIVATE PENSION $4,272.8m CORPORATE

Source: Private Equity International * data as of prior 2019 Who are the most active fund investors?

The US investors have been the most active when it comes to making fund commitments over the last five years

Click on a tab to see number of commitments by vintage year

Fund vintage: 2014 2015 2016 2017 2018 2019

New York State Common Retirement Fund (Rank: 13) 31

Alaska Permanent Fund (34) 34

Florida Retirement System Pension Plan (22) 28

Texas County and District Retirement System (58) 30

State of Michigan Retirement Systems (20) 28

California State Teachers' Retirement System (10) 25

State of Wisconsin Investment Board (41) 23

New York State Teachers' Retirement System (33) 17

Teacher Retirement System of Texas (11) 21

Maryland State Retirement and Pension System (44) 19

0 5 10 15 20 25 30 35 40 No of commitments

Source: Private Equity International Ten to watch

These 10 institutions narrowly missed out on being included in this year’s Global Investor 100. Keep an eye on these investors over the next 12 months – they could by in 2021’s iteration

Maine Public Employees Retirement System 2,402.4

OPTrust 2,158.6

BT Pension Scheme 2,145.4

South Carolina Retirement System 2,077.2

Velliv 2,036.1

Public pension fund Principal Life Insurance Company 1,923.0 Asset manager/ investment firm University of California Regents Endowment Fund 1,900.0 Sovereign wealth fund

Foundation/Endowment PensionDanmark 1,878.1 Insurer

Bank/financial services L’Établissement de Retraite Additionnelle de la Fonction 1,763.2 Publique (ERAFP) Private pension fund

AP Fonden 1 (The First Swedish National Pension Fund) 1,762.2 Corporate

0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 Allocation ($m)

Source: Private Equity International The Global Investor 100 is compiled from data collected by PEI Media's research and analytics department. For more information, contact Nicole Douglas Head of Investor Research [email protected]

Production: Mike Simlett

Design: Miriam Vysna