Canada Pension Plan Investment Board topped our inaugural Global Investor 100 ranking with a private equity allocation of almost $81 billion. Read our full profile of CPPIB and interview with global head of private equity Shane Feeney.
Below are the firms that round out our top 10.
Private equity allocation: $43.2bn
Allocation as percentage of AUM: 12.0%
GIC Private Limited was established in 1981 to manage Singapore’s foreign reserves. GIC invests internationally in equities, fixed income, money market instruments, real estate and special investments including private equity. GIC’s PE universe includes buyouts, minority growth, pre-IPOs, venture capital, private credit and special situations, such as distressed debt, and secondary PE. It invests in companies directly and has built up a network of more than 100 active PE fund managers.
HQ: Abu Dhabi
Private equity allocation: $41.4bn
Allocation as percentage of AUM: 5.0%
Established in 1976, Abu Dhabi Investment Authority is the largest sovereign wealth fund in the Middle East. ADIA has invested in private equity since 1989 and invests alongside other limited partners and through externally managed primary and secondary funds. ADIA, which has around $828 billion of assets, makes direct investments across five industry sub‑sectors including financial services, healthcare and industrials.
Private equity allocation: $38.6bn
Allocation as percentage of AUM: 14.7%
Caisse de dépôt et placement du Québec was established in 1965 and manages more than C$340 billion on behalf of public and para-public pension and insurance plans. It is one of the largest pension funds in Canada and invests in financial markets, private equity, infrastructure, real estate and private debt. Direct investments make up more than 75 percent of its PE portfolio. Investments in the industrials sector made up close to 30 percent of its PE portfolio, followed by IT and communications, financials and consumer products.
Private equity allocation: $32.0bn
Allocation as percentage of AUM: 5.2%
APG is the biggest pension administrator in the Netherlands with €538 billion in client assets under management. Its asset management team invests in equities and bonds, as well as infrastructure and real estate. Its more than 800 investment specialists in Heerlen, Amsterdam, New York and Hong Kong manage 72 percent of the assets; the rest is invested by external fund managers. It plans to double its Asia-Pacific allocation from roughly 5 percent of global private equity commitments to around 10-15 percent over the next five years.
Private equity allocation: $30.3bn
Allocation as percentage of AUM: 19.3%
The Ontario Teachers’ Pension Plan Board is the administrator of Canada’s largest single-profession pension plan, with more than C$207.4 billion in net assets. It holds a diverse global portfolio of assets, with approximately 80 percent of its assets managed in-house. OTPP’s private capital team invests directly in private companies, either on its own or with partners, and indirectly through private equity funds.
HQ: Hong Kong
Private equity allocation: $30.0bn
Allocation as percentage of AUM: 5.5%
The Hong Kong Monetary Authority maintains a sovereign wealth fund called the Hong Kong Monetary Authority Investment Portfolio and manages the Exchange Fund, the city-state’s official reserves. The Exchange Fund started investing in private equity and overseas real estate under the Long-Term Growth Portfolio.
Private equity allocation: $26.1bn
Allocation as percentage of AUM: 6.6%
The California Public Employees’ Retirement System manages retirement and health plans for state and public employees of California, as well as retirees and their families. Direct and co-investments with its existing GPs, direct secondary investments and fund of funds commitments make up its PE portfolio. The pension giant has an 8 percent target allocation to private equity and is considering how to ramp up this figure through more co-investments, expanding its manager roster, or going direct.
Private equity allocation: $24.5bn
Allocation as percentage of AUM: 21.4%
The Washington State Investment Board manages 17 state retirement and public funds on behalf of teachers, law enforcement officers, fire fighters and judges. In addition, WSIB manages 18 funds that provide benefit and support to industrial insurance, colleges and universities, developmental disabilities programmes and wildlife protection. The board, which started investing in PE in 1981, has one of the highest percentage allocations to private equity among state pension funds. It does not invest in secondaries funds but acquires LP stakes on its own.
Private equity allocation: $23.6bn
Allocation as percentage of AUM: 9.3%
The California State Teachers’ Retirement System provides retirement, disability and survivor benefits for California’s 950,000 prekindergarten through community college educators and their families. CalSTRS, with more than $250 billion in assets, is the second largest pension fund in the US and is the largest teacher-only pension fund in the world. CalSTRS’ long-term target allocation for private equity is 13 percent; it plans to increase its private equity co-investments over the next three to four years.
Click the image to see the infographic in more detail