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Private Equity International’s 2022 Investor Report provides a snapshot of how LPs are operating in the market, including the largest known commitments, historical allocation by investor type and future appetite for PE strategies.
The 20 largest known commitments to 2022-vintage funds amounted to $11.2 billion, a slight increase from the $10.8 billion of commitments made in the previous year. The single largest commitment – a whopping $4 billion – was made by Abu Dhabi Investment Authority to Ardian Secondary Fund IX. This is more than five times greater than the second-largest known commitment, California Public Employees’ Retirement System’s $750 million commitment to Advent International GPE X. ADIA is also top ranked by the total sum of known commitments, at $6 billion.
At least 313 billion publicly disclosed commitments were made by the most active PE investors in 2022, most of whom are North America-headquartered. These include Texas County and District Retirement System, Teachers’ Retirement System of the State of Illinois and State of Wisconsin Investment Board. Taiwan Life Insurance and Cathay Life Insurance are the only two Asian LPs that made the list of busiest LPs, with at least 19 fund commitments between them last year.
Insurers were the most active investors in the asset class last year by average value, with roughly $4 billion of their portfolios committed to PE. They were followed by public pension funds and private pensions.
Private equity remains a significant part of institutional portfolios, with 79 percent of investors planning to maintain or build their exposure to the asset class in 2023, according to our latest LP Perspectives survey.
Check out our interactive report above for the full breakdown of investor activity in 2022.