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Global-Investor-100-Presentation.Pdf 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% Amundi Group (Rank: 57) 0.3% Samsung Life Insurance AP Fonden 6 (85) 88.0% 1.0% (100) Princeton Universit Investment Co (30) 38.3% AXA Investment Managers (31) 1.1% The Wellcome Trust (25) 27.7% Manulife 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) Assicurazioni Generali (38) 1.9% Bank/financial services 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% Allianz 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 ($bn) United States 2 8 24 20 16 Hover over the pointer to 12 9 discover more about the 8 Europe firms in the Global 4 Investor 100 0 United Canada Europe Asia-Pacific UK States Source: Private Equity International Click on a tab for more Canada United States Asia-Pacific Europe UK on public pension allocations The majority of the Canada Pension Plan Investment Board (Rank: 1) 80,758.2 public pension funds included in the Global Investor 100 are based in the US Ontario Teachers’ Pension Plan (6) 30,319.2 Public Sector Pension Investment Board (PSP 18,159.9 Investments) (14) BCI (ex-British Columbia Investment Management Corp) 12,729.4 (21) Ontario Municipal Employees Retirement System (23) 11,772.8 Healthcare of Ontario Pension Plan (47) 6,775.1 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 Allocation ($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.
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