Given the number of funds that returned to market in 2022, it’s perhaps unsurprising that LPs seemed busier than ever on the commitment front.
At face value, the figures appear to support that impression. According to Private Equity International data, the 10 most active investors by number of publicly disclosed commitments made at least 333 commitments between them over the course of the year. By comparison, the 10 busiest LPs in prior years made 180 commitments in 2021, 240 in 2020 and 168 in 2019.
There is a caveat to this jump. PEI‘s database upgrade this year enabled us to also track commitments made in 2022 to 2020 and 2021-vintages, rather than only funds launched the same year as the commitment was made.
Still, there’s no denying that investors had a massive number of funds to consider last year – an ongoing dynamic that has caused headaches for those grappling with the denominator effect. In this context, the list of most-active LPs may not necessarily reflect those most bullish on the asset class, but instead those with the greatest capacity to back the opportunities hitting their desks.
The State of Wisconsin Investment Board was the most active of the lot in 2022, making 59 commitments. SWIB also made the top 10 in 2021, albeit in fifth place. The most active LP of 2021, Texas County and District Retirement System, was second in 2022. European Investment Fund, which has been ubiquitous since PEI started producing this list in 2019, did not make the grade in this latest ranking.
Though not one of the top 10 most active LPs, Abu Dhabi Investment Authority had the honour of making both this year’s first and second-largest fund commitments. It committed $4 billion to Ardian Secondary Fund IX and an additional $2 billion to Ardian Secondary Fund IX Co-Investment.