The biggest private equity investors

Welcome to the Global Investor 100 – Private Equity International’s annual list of the world’s biggest private equity investors based on the fair market value of their PE investment portfolios.

GLOBAL INVESTOR 100 OVERVIEW

The bumpy fundraising environment is front of mind for most market participants. And yet, in spite of uncertain conditions, this year’s GI 100 shows that investors’ appetites for the asset class have not abated. The full list of LPs allocated $2.12 trillion to private equity last year – an increase of more than 18 percent from the previous year’s ranking – and needed to have a PE portfolio worth at least $5.8 billion to make the list at all. With an average allocation of 20 percent within the top 10 institutions, it’s clear that the asset class’s biggest hitters are still inextricably drawn to what private equity has to offer.

In this year’s coverage, we take a close look at the PE portfolios of the top 10 investors, as well as a breakdown of investors’ exposure to the asset class by region and institution type.

INSIDE THE GLOBAL INVESTOR 100

AN INTERACTIVE LOOK AT THE PEI GI 100

PEI GI 100 | METHODOLOGY

This ranking is based on the fair value of investors’ private equity investment portfolios, both through third-party managed investment vehicles and direct investments. This fair value is measured at a single point in time for all investors to provide an apples-to-apples comparison. For the 2023 ranking, this is 31 December 2022.

Private Equity International’s Research & Analytics team sought to communicate directly by phone and email with investors to find out the total value of their private equity investments as described here.

In the absence of primary data, the team gathered information from secondary sources and sought to validate the researched figure with the investors themselves before publication. We do not disclose which institutions have provided information on a primary basis.

When an investor was unable to provide or validate the required figures, we reserved the right to discount that investor from the GI 100 ranking.

The definition of private equity for the purpose of this ranking is capital committed by investors to a dedicated programme of investing into private, unlisted companies. This includes capital for strategies such as buyouts, growth equity, venture capital, and turnaround or control-orientated distressed investments.

Capital invested through the following structures is included:

  • Externally managed private equity funds and funds of funds
    (both closed-end and open-end)
  • Separately managed accounts;
  • Co-investment vehicles;
  • Direct investments into private companies.

Investors with a defined allocation to private equity, as well as those that are active investors in private equity but may not have a defined allocation, are both considered for this ranking.

  • Non-proprietary capital: As this is an investor ranking, we do not count capital raised or managed on behalf of third-party investors.
  • Debt investments: Any investments in the debt of private companies including mezzanine or preferred equity strategies;
  • Expected commitments: We do not count pending or future commitments and investments, or the uncommitted portion of an institution’s target allocation;
  • Public equity funds: Investments in listed vehicles, or direct investments in listed stocks;
  • Hedge funds: These primarily target liquid securities or trading strategies;
  • Real estate investments: Either directly or through funds in property;
  • Infrastructure investments: Either directly or through funds in infrastructure projects;
  • Natural resources investments: Either directly or through funds in natural resources assets (agriculture, timber, etc).

Where investments are made in what may be termed a ‘grey area’, we reserve the right to make the final judgment based on applicability according to our definition.

Subscribe now to gain unlimited access to our latest insights, analysis and reports

PEI GI 100 | PREVIOUS RANKINGS

Global Investor 100: LP private equity exposure reaches all-time high

PE assets under management have grown appreciably in year-on-year terms amid performance spikes and LPs investing increasingly vast amounts.

Global Investor 100 2022: The full ranking

How private equity's biggest investors compare.

Global Investor 100: A perfect 10

The top firms on this year’s Global Investor 100 increased their private equity allocation by more than 53%, collectively holding $636.1bn in PE assets.

Global Investor 100 2022: Methodology

How the Global Investor 100 was created by PEI Media's Research & Analytics team.

CPP: the world’s top LP gets bigger and better

CPP Investments dominates the GI 100 once again, with its PE exposure double the average of the 10 next-largest investors.

Kaiser Permanente makes dramatic entrance to the GI 100

PEI’s LP of the year in North America also triumphs in the GI 100, suggesting this relative newcomer to the industry is here to stay.

Recent initiatives place MetLife in the GI 100 vanguard

The $639bn insurer has made headway in recent years across co-investments, emerging managers and the secondaries market.

Bpifrance turns innovation into growth

The sovereign investor, which ranked 13th in this year’s list, is well known for encouraging its GPs to innovate sustainably and expand into new areas of investment.

Global Investor 100: Meet the newcomers

We spotlight five firms making their debut on the Global Investor 100.

The Global Investor 100’s risers and fallers

It’s been a year of change for many firms in the GI 100, as outstanding PE performance in 2021 has resulted in strained operations today.

Secondaries could reshape the LP landscape

Many public institutions in the US are exploring portfolio sales thanks to a confluence of factors that has left them at, or above, their private equity allocations.

Global Investor 100: Private equity’s biggest LPs hit new highs

Our ranking of the private equity industry’s largest investors shows appetite for the asset class is voracious and growing.

Global Investor 100 2021: The full ranking

With more than $1.2trn invested in the asset class, these are the world's leading private equity investors.

DOWNLOAD: The biggest investors in private equity

Our interactive guide to the Global Investor 100 digs deeper into the investors most active in private equity by institution type, location and average allocation.

Global Investor 100: The top 10

The biggest get even bigger with the top 10 investors holding $415bn in private equity assets, up from $370bn held by last year’s leading LPs.

Global Investor 100 2021: Methodology

How the Global Investor 100 was created.

Voracious appetite pays off for CPP Investments

The private equity portfolio, which has more than quintupled in size over the past 10 years, has been a strong performer for the manager of Canada’s pension plan.

HKMA: PE’s quiet behemoth

The Hong Kong Monetary Authority’s lofty position on the Global Investor 100 may come as a surprise to those unfamiliar with the institution.

Global Investor 100: Notable firms that missed the cut

Some significant investors did not appear on this year’s Global Investor 100.

New entries to the Global Investor 100

The bulk of the investors appearing in the ranking for the first time are North American, with a smattering of institutions from around the world.

IFC prepares to drive recovery of EM private equity

The biggest riser on this year’s list is greatly increasing its support for fund managers rocked by covid-19 and currency volatility.

Global Investor 100: CPPIB’s Feeney on managing the top-ranked PE portfolio

The $324bn Canadian pension plan’s private equity portfolio stands head and shoulders above the competition in our inaugural ranking. Global head of private equity Shane Feeney talks through its approach to the asset class.

Global Investor 100: Who else makes the top 10?

Explore the firms that make up the rest of our Global Investor 100 top 10.

Global Investor 100: The full ranking

With more than $1trn invested in the asset class, these are the world's leading private equity investors.

Global Investor 100: Methodology

What counts, and what doesn't count, when it comes to formulating Private Equity International's Global Investor ranking.

DOWNLOAD: Inside the Global Investor 100

Our interactive presentation takes you beyond the headlines of our inaugural institutional investor ranking, breaking down the entrants and analysing the trends.

Investor views: What are your priorities for selecting GPs?

What do some of the leading figures from the Global Investor 100 have to say about today’s private equity market? Find out in the fifth of a series of five articles.

Investor views: How big a role does direct PE play in your portfolio?

What do some of the leading figures from the Global Investor 100 have to say about today’s private equity market? Find out in the fourth of a series of five articles.

Investor views: Will PE outperform public markets benchmarks over the next two years?

What do some of the leading figures from the Global Investor 100 have to say about today’s private equity market? Find out in the second of a series of five articles.

Investor views: What role does private equity play in your portfolio?

What some of the leading figures from the Global Investor 100 have to say about today’s private equity market.

Investor views: What’s your biggest private equity portfolio concern?

What do some of the leading figures from the Global Investor 100 have to say about today’s private equity market? Find out in the third of a series of five articles.

OTHER RANKINGS

In addition to the Global Investor 100, Private Equity International also compile other private equity rankings.

What’s more, our sister titles also produce their own industry rankings covering private debt, infrastructure investing and private real estate.

To view the latest rankings from Private Equity International, plus those from Private Debt InvestorInfrastructure Investor and PERE, simply navigate through the sections below:

SEEN OUR DATABASE?

Private Equity International‘s comprehensive database of institutional investors provides actionable insight into investor appetite, commitment activity and portfolio strategies.

Find out more now >

pei
pei

Copyright PEI Media

Not for publication, email or dissemination