Click a chart or scroll through the slides By allocation By - PowerPoint PPT Presentation

Click a chart or scroll through the slides By allocation By geography By institution type CPPIB's Shane Feeney Public pensions Public pensions (cont.) Asset managers Insurers Foundations Banks, etc 10 most active 10 to watch Sovereign wealth funds

Which LPs are most committed to private equity? The Global Investor 100 includes a “ ranking within a ranking ” , highlighting exposure to the asset class not only by dollar amount but by percentage of investment portfolio. Some at the bottom of the list are arguably more “ committed ” than those at the top Top 15 by allocation % Bottom 15 by allocation % Credit Mutuel (Rank: 97) 89.0% Amundi Group (Rank: 57) 0.3% Samsung Life Insurance AP Fonden 6 (85) 88.0% 1.0% (100) AXA Investment Managers Princeton Universit Investment Co (30) 38.3% 1.1% (31) Manulife Investment The Wellcome Trust (25) 27.7% 1.2% Management (26) Public pension fund Ford Foundation * (89) 25.9% MEAG (73) 1.3% Asset manager/ investment firm American International Stanford Management Co (29) 25.7% 1.6% Sovereign wealth fund Group (59) New York Life Insurance * Foundation/Endowment Canada Pension Plan Investment Board (1) 24.9% 1.9% (71) Insurer International Bank for Reconstruction and 23.6% Assicurazioni Generali (38) 1.9% Development Pension Fund * (75) Bank/financial services Development Bank of Howard Hughes Medical Institute (66) 22.0% 2.0% Japan (91) Private pension fund Oregon Public Employees' Retirement System (17) 21.9% TIAA (45) Corporate 2.7% Yale University (49) 21.5% Allianz Global Investors 2.8% (15) Hover over the pointer to SBI Holdings (88) 21.4% Bayerische discover more about the 3.1% Versorgungskammer … firms in the Global Washington State Investment Board (9) 21.4% Northwestern Mutual (43) 3.1% Investor 100 Harvard Management Company (40) 20.0% CA Indosuez Wealth 3.2% Management (72) Korean Teachers' Credit Union (64) 19.7% National Pension Service 3.3% of Korea (12) * data as of prior 2019 Source: Private Equity International

Most entrants are based in North America While the US has the greatest number of institutions listed in the Global Investor 100, those based in Canada have the highest average allocation to private equity on a US-dollar basis Number of investors by country or region of origin Total regional allocation ($bn)* 450 400 350 9 300 Canada 15 250 Asia-Pacific 4 200 UK 150 100 50 0 United Canada Asia-Paci fi c Europe UK States 20 51 Europe Average regional allocation ($bn)* United States 24 20 16 12 8 1 4 MENA 0 United Canada Asia-Paci fi c Europe UK States Source: Private Equity International * Excluding Abu Dhabi Investment Authority, the only investor from the MENA region to qualify for the ranking

Public pensions dominate the list More than half the entrants in the Global Investor 100 are public pension funds, but they only have the third-highest average allocation to private equity on a US-dollar basis Click on a tab to see more By number of fi rms By total allocation ($bn) By average allocation ($bn) Public pension funds Insurer Asset manager/ Foundation/ Endowment 55 8 Investment fi rm 12 8 Public pension fund Asset manager/ investment firm Sovereign wealth fund SWF or Government- Foundation/Endowment related investment Insurer organisation Bank/Financial Private Bank/financial services 10 services pension 3 Private pension fund fund Corporate 3 Source: Private Equity International

I think the private equity model is pretty tested and has a long history of delivering, in my view, strong performance. Certainly our results would support that Shane Feeney, managing director and global head of private equity, Canada Pension Plan Investment Board Click here to read more on managing the top-ranked PE portfolio

Spotlight on: Public pension funds Canada-based institutions have by far the highest average allocation to private equity on a US-dollar basis, driven in large part by first-place Canada Pension Plan Investment Board ’ s $81bn allocation Number of public pensions by country or region of origin Total public pension allocation ($bn) 300 250 6 200 Canada 6 150 2 Asia-Pacific 100 UK 50 0 United Canada Europe Asia-Paci fi c UK States Average public pension allocation ($bn) 32 28 United States 24 20 16 Hover over the pointer to 12 9 discover more about the 8 Europe firms in the Global 4 Investor 100 0 United Canada Europe Asia-Paci fi c UK States Source: Private Equity International

Canada United States Asia-Paci fi c Europe UK Click on a tab for more on public pension allocations Canada Pension Plan Investment Board (Rank: 1) 80,758.2 The majority of the public pension funds included in the Global Investor 100 are based 30,319.2 Ontario Teachers ’ Pension Plan (6) in the US Public Sector Pension Investment Board (PSP 18,159.9 Investments) (14) BCI (ex-British Columbia Investment Management Corp) 12,729.4 (21) Ontario Municipal Employees Retirement System (23) 11,772.8 6,775.1 Healthcare of Ontario Pension Plan (47) 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 Allocation ($m) * data as of prior 2019 Source: Private Equity International

Spotlight on: Asset managers and investment fi rms The asset managers and investment firms are geographically diverse, with institutions from the US, Canada, Asia-Pacific, Europe and the UK Caisse de dépôt et placement du Québec (Rank: 4) 38,569.9 APG (5) 31,981.3 Allianz Global Investors (15) 17,951.1 Aberdeen Standard Investments (18) 16,053.7 Manulife Investment Management (26) 10,984.8 Temasek Holdings (28) 10,000 AXA Investment Managers (31) 9,903.3 TIAA (45) 7,311.4 5,389 Amundi Group (57) QIC Limited (67) 4,709.8 MEAG (73) 4,334.7 Alberta Investment Management Corporation (86) 3,459.1 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 Allocation ($m) Source: Private Equity International

Spotlight on: Insurers The insurers in the Global Investor 100 have, on average, $5.5bn invested in private equity, just over 5% of their overall portfolios Assicurazioni Generali (Rank: 38) 8,293.4 Northwestern Mutual (43) 7,511 Varma Mutual Pension Insurance Company * (55) 5,876.2 American International Group (59) 5,200 Skandia Mutual Life Insurance Company (60) 5,101.9 Allstate Investments (62) 5,016 Ilmarinen Mutual Pension Insurance Company (69) 4,538.2 Hover over the pointer to discover more about the Samsung Life Insurance (100) 2,402.4 firms in the Global Investor 100 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 Allocation ($m) * includes allocation to unlisted investments Source: Private Equity International

Spotlight on: Foundations and endowments The foundations and endowments on the list have by far the highest average allocation to private equity by percentage of their overall portfolio, at 24.6% The Wellcome Trust (Rank: 25) 11,024 Stanford Management Company (SMC) (29) 9,967 Princeton University Investment Co. (30) 9,965.7 Harvard Management Company (40) 8,180 University of Texas Investment Management Co. (UTIMCO) 7,531.4 Endowment (42) Yale University (49) 6,514.5 Howard Hughes Medical Institute (66) 4,800 Hover over the pointer to discover more about the Ford Foundation * (89) 3,259.9 firms in the Global Investor 100 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 11,000 12,000 Allocation ($m) * data as of prior 2019 Source: Private Equity International

Spotlight on: Sovereign wealth funds and government-related investment organisations Institutions in this category have the highest average allocation to private equity on a US-dollar basis, at $17.8bn GIC Private Limited * (Rank: 2) 43,200 Abu Dhabi Investment Authority (ADIA) ** (3) 41,400 Hong Kong Monetary Authority (7) 29,965.3 Australia Future Fund (16) 17,550.6 State of Michigan Retirement Systems (20) 13,800 Korea Investment Corporation (KIC) (32) 9,700 Alaska Permanent Fund (34) 9,228.7 Minnesota State Board of Investment (51) 6,398 Hover over the pointer to International Finance Corporation (77) 4,186 discover more about the firms in the Global New Mexico State Investment Council (94) 2,927.8 Investor 100 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 Allocation ($m) * includes private credit, distressed debt, and secondary PE; ** allocation is an average of the institution's range to private equity Source: Private Equity International

Spotlight on: Private pension funds, corporate pension funds and banks Despite populating the bottom third of the ranking, Lockheed Martin Corporation (80) these investors allocate an above-average proportion of $4,019m CA Indosuez Wealth their investment portfolios to Management (Rank: 72) PRIVATE PENSION the asset class $4,367.8m BANK/FINANCIAL SERVICES Development Credit Mutuel (97) Bank of Japan (91) $2,498m $3,101m BANK/FINANCIAL BANK/FINANCIAL SERVICES SERVICES AT&T Pension Fund (Rank: 68) $4,544m New York Life Insurance * (71) PRIVATE PENSION Bank/financial services SBI Holdings (88) Private pension fund $4,500m Corporate $4,272.8m PRIVATE PENSION CORPORATE Source: Private Equity International * data as of prior 2019