Welcome to the Global Investor 150 – Private Equity International’s annual list of the largest private equity investors in the world based on the fair market value of their PE investment portfolios.
GLOBAL INVESTOR 150 OVERVIEW
With a number of big-name LPs choosing to tamp down their PE exposure over the last few years, you could be forgiven for assuming the investment landscape must be relatively barren. However, the GI 150 – Private Equity International’s annual ranking of the world’s largest private equity investors – has proven this not to be the case. In fact, to account for how rapidly the investor universe is expanding, the former Global Investor 100 ranking has grown by 50 percent, presenting a wider and more detailed picture of the PE investment universe.
It paints a picture of a market that, despite fundraising hurdles, is still going strong: the top 100 investors on this year’s ranking had allocated $2.3 trillion to the asset class as of December, marking an 8.5 percent increase from a year prior, while the average allocation to PE has also crept up. While investors inevitably remain cautious, it’s clear they are still drawn to what private equity has to offer.
INSIDE THE GLOBAL INVESTOR 150
GLOBAL INVESTOR 150 | TOP 10 BIGGEST PRIVATE EQUITY INVESTORS
| 2024 Rank | Institution Name | Headquarters | Allocation (%) | Allocation ($m) |
|---|---|---|---|---|
| 1 | Temasek Holdings* | Singapore | 52 | 153,428 |
| 2 | CPP Investments | Toronto | 32 | 141,885 |
| 3 | GIC Private Limited* | Singapore | 17 | 130,900 |
| 4 | Mubadala Investment Company | Abu Dhabi | 34 | 101,957 |
| 5 | Abu Dhabi Investment Authority (ADIA) | Abu Dhabi | 10 | 98,400 |
| 6 | California Public Employees’ Retirement System | Sacramento | 14 | 67,882 |
| 7 | China Life Insurance Company | Beijing | 8 | 65,158 |
| 8 | Caisse de dépôt et placement du Québec (CDPQ) | Montreal | 18 | 60,318 |
| 9 | APG Asset Management | Amsterdam | 9 | 57,182 |
| 10 | Hong Kong Monetary Authority | Hong Kong | 10 | 52,749 |
* Data as of date other than 31 December 2023
AN INTERACTIVE LOOK AT THE PEI GI 150
PEI GI 150 | 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 2024 ranking, this is 31 December 2023.
Private Equity International’s Research & Analytics team sought to communicate directly by phone and e-mail with investors to find out the fair 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 150 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. Investments are measured at fair value or NAV.
- Capital invested through the following structures is included:
- Funds and funds of funds managed by a third party (both closed-end and open-end)
- Direct investments (equity invested into private companies)
- Co-investment vehicles
- Separately managed accounts
- Joint ventures
- Non-proprietary capital: This is a ranking of capital allocators; as such, we do not include capital raised or managed on behalf of third-party investors. However, specialist asset managers with full discretionary management of public pension portfolios are considered for the purposes of this ranking.
- Uncalled capital: This ranking excludes any capital that has been committed but not yet called by a fund manager.
- Debt investments: Any direct or indirect investments in the debt of private companies is excluded, including mezzanine or preferred equity strategies.
- Expected commitments: We do not count pending or future commitments, or the uncommitted portion of an institution’s target allocation.
- Public markets investments: Any investments in listed vehicles, or direct investments in listed stocks, is not counted.
- Hedge funds: These primarily target liquid securities or trading strategies.
- Real estate: Investments made either directly or through funds in property.
- Infrastructure: Investments made either directly or indirectly into infrastructure assets.
- Natural resources: Investments made either directly or through funds into natural resources assets.
Where investments are made in what may be termed a ‘grey area’, we reserve the right to make a final judgment based on applicability according to our definition.
PEI GLOBAL INVESTOR RANKING | PREVIOUS YEARS
The Global Investor 100: PE exposure up nearly 20% on last year
This year’s record-breaking $2.12trn in LP private equity portfolios serves as an important reminder: even in times of market confusion, investors will persevere.
Global Investor 100: This year’s top 10
This year’s leading LPs collectively hold $803bn in private equity assets, with an average allocation of 20%.
Global Investor 100 2023: The full ranking
How private equity's biggest investors compare.
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 Ranking, Private Equity International also compiles 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 Investor, Infrastructure Investor and PERE, simply navigate through the sections below:
