Including the top alternative asset manager rankings · 2020-07-07 · The evolving real estate landscape Real estate markets have continuedto perform stronglydriven by investors’desire

July 2016

Global Alternatives Survey 2016

© 2016 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.

Including the top alternative asset manager rankings

Survey statistics

FoHF* Direct Hedge Funds*

Private Equity FoF*

Direct Private Equity Funds*

Direct Real Estate Funds

Direct Commodities

Funds

Direct Infrastructure

Funds

Real Assets

Illiquid Credit

Insurance Linked

InvestmentsTotal

USD billion

Top 100 total assets 222.2 754.6 419.7 640.2 1,241.9 - 167.1 - 169.1 - 3,614.4 3%

Top 100 Pension Fund assets 107.3 149.5 295.4 127.5 604.6 - 126.8 7.4 66.8 7.4 1,492.8 5%

Top 25 Insurance Company assets 13.0 - 26.8 10.3 174.4 - 16.0 - 64.0 - 304.4 1%

Top 25 Sovereign Wealth Fund assets 26.2 29.8 6.5 40.8 52.6 - 12.5 4.6 - - 173.1 8%

Top 25 Endowment & Foundation assets 12.0 26.9 9.9 25.5 10.8 - - - 2.1 - 87.1 8%

Top 25 Fund of Funds assets - 36.7 - 48.0 2.0 - - - 2.2 - 88.8 10%

Top 25 Wealth Manager assets 74.6 99.9 31.3 33.5 207.9 - 28.4 - - - 475.6 4%

Top 25 Bank assets 22.2 8.2 9.2 5.8 36.9 - 7.3 - 10.7 - 100.0 10%

§ 602 entries are included in the survey. The majority of the data (556 entries) comes directly from investment managers with the remainder coming from publicly available sources. This includes the Global Billion Dollar Club list, published by HedgeFund Intelligence.

InvestorType

ManagerType

* Figures for some of these managers were obtained from publicly available sources and using data derived from the Global Billion Dollar Club, published by HedgeFund Intelligence

© 2016 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only. 2

Sections

§ Hedge Funds

§ Private Equity

§ Real Estate

§ Infrastructure

§ Commodities

§ Real Assets

§ Illiquid Credit

§ Insurance-Linked Investments


Asset Class Trends

Section ISection I

§ The top 100 alternative asset managers globally by total assets under management (AuM)

Top 100 alternative asset managers by AuM

Section IISection II

Sections

§ Top 100 alternative asset managers by Pension Fund assets

§ Top 25 alternative asset managers by Insurance Company assets

§ Top 25 alternative asset managers by Sovereign Wealth Fund assets

§ Top 25 alternative asset managers by Endowment & Foundation assets

§ Top 25 alternative asset managers by Fund of Funds assets

§ Top 25 alternative asset managers by Wealth Manager assets

§ Top 25 alternative asset managers by Bank assets


Analysis of top alternative asset managers by investor type

Section IIISection III

§ Analysis of all asset managers

§ Complete ranking of all asset managersTotal universe

Section IVSection IV

Asset Class TrendsSection 1


Hedge Funds - Key Trends


Asset Class Trends

The evolving HF landscapeRecent returns have been disappointing leading to some redemption pressure, but overall we believe this is healthy for the industry.The focus by investors on diversity and value for the money will continue to dominate, and facilitating this effort is the recognition that“hedge funds” are not an asset class. There are diversifying return drivers that are best sourced outside of the traditional hedge fundstructure and for fees that are much less – commonly referred to as alternative beta strategies and include strategies such asreinsurance, carry, value, and merger arbitrage.However, given the rapid growth in this emerging space, there is some risk of crowding, and investors who don’t fully understand therisks of investing here should work with an advisor or outsource. This is especially important among the quantitative and factor-basedstrategies, many of which carry left tail risks and are managed using an antiquated or less differentiated approach.Further, while they are called alternative “beta” strategies, there usually is some element of manager skill necessary despite themechanical approach to implementation – for instance in screening, sourcing, modelling, risk management and execution. In termsof alpha seeking managers - that bar is high but there are definitely good opportunities for skillful managers; managers must be ableto prove they can add both diversity and incremental returns. Importantly, investors and consultants need to recognize the importanceof alpha diversity when building portfolios now more than ever; if not done correctly they can indirectly be making outsized “bets” onfactors such as style, sector, capitalization – which for instance hurt a number of investors and equity long/short managers in 1Q2016.Future outlookWhile there have been performance headwinds for hedge funds, the need for diversity away from traditional equities is the strongestit has been in several years in our opinion. Hedge funds and alternative beta strategies, which can be broadly categorized as liquidalternatives, are uniquely equipped to deliver returns while helping investors mitigate downside risks.While we anticipate that some capital will be withdrawn from the industry, especially the hedge fund of funds industry given the highfees traditionally charged by these organizations, overall we continue to see value to be had if done correctly, and we are advisingour clients to increase their allocations generally. Industry wide, we anticipate continued growth in alternative beta strategies andassets, perhaps offsetting any redemptions from alpha seeking managers who have struggled to perform.

Private Equity - Key Trends


The evolving private equity landscapeFundraising in private equity is buoyant off the heels of three years of very strong distributions and with investors looking for alphaafter other asset classes of late have not delivered on generating excess returns. The market had been somewhat bifurcated withthose managers boasting exceptional short- and long-term track records raising capital particularly quickly while others took longer tosecure capital. However, this trend has been less prevalent recently with the fund-raising tailwind meaning most institutional qualitymanagers have been able to raise capital, especially in the larger end of the market.With all this influx of capital and cheap financing with little to no covenants, pricing both in the US and Europe are at or near all-timehighs though deal flow for both markets have cooled given the pricing. Meticulous selectivity with managers who have provendiscipline in prior cycles and have a range of skills to bring to bear on their portfolio companies will become critical in the next phaseof the cycle.The secondary market continues to mature and grow in prominence, increasing the liquidity of the asset class though pricing hascome down a bit since the highs of last year. This has been due more towards public market sentiment rather than a drastic changein supply and demand.Future outlookLast year we noted that the pressure on fees will be volatile and tends to be inversely correlated with positive market sentiment andindeed that has been the case with some managers getting terms that were very manager friendly. However, we expect continueddownward pressure on fees over the long term. Part of that pressure will be from the on-going dis-intermediation story in privateequity with large asset owners doing deals themselves or at the very least investing in fund directly without the need of a fund offunds. For fund of fund managers, they have been moving more towards separate accounts and away from commingled funds.Going forward, we would expect to see more development in customized portfolios for investors, especially from the larger managerswho have created asset management business instead of pure play private equity ones. For private equity managers in the small andmid-market space, we expect more of the same with those managers providing exposure through commingled funds with some co-investment opportunities.

Asset Class Trends

Real Estate - Key Trends


Asset Class Trends

The evolving real estate landscapeReal estate markets have continued to perform strongly driven by investors’ desire for attractive yields in a low (or in some cases negative)bond yield environment and, in many markets, healthy rental growth. In many ways it feels like 2007. Double digit returns, transactionvolumes at multi-year highs, yields reaching multi-year lows, debt costs at ever lower levels on higher loan-to-value terms, regional (non-gateway) locations seeing increased investor interest, speculative development starting to re-emerge and fund raising breaking records interms of speed and size. We have also seen a growing trend of private real estate funds acquiring listed property companies, a trend whichwe last saw emerge at the previous peak in markets. This being said, unlike 2007, the property yield spread relative to long termgovernment bonds shows a healthy spread, which provides some investor comfort. Further, much of continental Europe hasn’t seen asmuch of the rally in recent years and appears some way from peak cycle behaviours.Listed property companies in aggregate are trading at higher relative valuations to long run averages. However, there are some notableexceptions such as the UK, where the listed market appears to be more pessimistic relative to the unlisted market around Brexit fears, andthe Hong Kong market where stock market pricing appears to be taking a more negative view of a Chinese slowdown compared to unlistedmarkets.Long lease property strategies in Europe have continued to see interest from de-risking pension funds given the expected return differentialrelative to bonds. In many regions around the world we are seeing growing interest in alternative property sectors such as healthcare,storage, student assets or the Private Rented Sector (PRS) in the UK. Strategically, the addition of these alternative sectors generally helpsdiversify against the cyclicality of offices which can often be a disproportional contributor to risk in portfolios.

Future outlookDespite real estate in many regions looking attractive relative to bonds, we believe investors should be more patient and selective wheninvesting new real estate allocations at the current time. We believe US and UK markets are at higher points in their real estate cycles,meaning one needs to be increasingly cautious of higher risk property strategies, particularly those using high levels of debt. TheContinental European market appears further away from peak cycle. Despite its economic issues, with low (or negative) interest ratesproperty looks reasonably supported as long as prolonged deflation can be avoided. Emerging market property markets have been weakand although near term catalysts remain uncertain, there could be attractive entry points for long term investments in certain sectors.We believe future demand for long lease property strategy is likely to persist as long as bond yields remain low. The ability to sourceattractive assets however is becoming more difficult and so subscription queues for such strategies may well increase.We expect greater defensiveness from certain property sectors more aligned with thematic tailwinds such as like student assets (growingemerging market wealth), property healthcare (demographics), logistics (e-commerce) and residential/storage (urbanization).

Infrastructure - Key Trends


Asset Class Trends

The evolving infrastructure landscapeDeployment by institutional investors into the infrastructure asset class has increased again. As can be seen elsewhere in the investment universe, there is a trend for the more successful funds to increase in size, sometimes quite substantially. On the other hand, a significant number of funds who were among the early closed-ended fund offerings are reaching the end of their lives and are finding that the future looks uncertain. This is driving activity around extensions, stapled offerings, etc. As the industry has matured, better discipline can be seen by the manager universe regarding deal selection and pricing as well as asset management. It is in the area of fund size and terms where there is a lot more work to be done although progress here can also be identified. The trend of large institutional investors seeking to access deals directly continues in the infrastructure space which makes sense given the size of assets which are available in this asset class. We are also seeing governments becoming more vocal and active in attempting to encourage institutional investors to invest in infrastructure in their jurisdictions.

Future outlookThe increased institutional investor interest in infrastructure investments has both cyclical and structural aspects. Cyclically investorsare facing an uncertain economic outlook and are seeking opportunities to diversify risks and return drivers. Structurally almost allinstitutions are either not yet invested in infrastructure or are below their target allocation. Despite the headlines which suggest thatinvestor demand is outpacing supply and therefore driving up asset prices, the reality is that the requirement for private investment ininfrastructure is immense in all geographic regions.We will continue to see managers develop in order to capture these opportunities through more engagement with stakeholders(governments, regulators, communities), possibly more specialisation and definitely a higher appreciation of the asset managementskills required to manage the risks inherent in an infrastructure portfolio. We will also continue to see the range of implementationoptions for investors increase beyond the traditional private equity-like pooled fund model and the in-house direct investment model.

Commodities - Key Trends


Asset Class Trends

The evolving real assets landscapeIncreased volatility and a weakening in some of the major commodity markets – led by the energy sector in particular – reduced investor confidence in 2015. A general trend of net outflows has persisted in the industry, while performance has struggled since 2011. Recent years have also seen several big managers exit the space. Although investors do still seek commodity exposure within their diversifying portfolios, the asset class has been de-emphasised relative to its heightened popularity in the early 2000s when strong performance attracted investors into the space. While we do not encourage investors to chase returns, it remains that commodities face an uncertain outlook over the coming years and this is being reflected in investor preference.

Future outlookOur medium-term view on commodities remains neutral. Our outlook is primarily driven by energy, due to its high weighting in themajor commodities indices, DJ UBS and S&P GSC. Whilst oil markets have begun the process of rebalancing, political decisions,Iran’s re-entrance into the oil market and declining costs of extraction have factored into our market outlook. These conditions arecurrently offsetting moderate demand increases and we predict that oversupply conditions will persist at least until the end of 2016.Over the medium term we believe the forward curve represents a reasonable outlook for medium term oil prices.In the other extractive resources, whilst there are idiosyncratic factors, the shift in China’s economy from a resource driven,investment led economy towards consumer based economic growth has led to a downward pressure on prices for many industrialmetals. Copper and aluminium prices bottomed at the beginning of the year, but are yet to undergo a durable recovery (in anabsolute sense), we remain cautious over the medium term outlook for these metals.

Real Assets - Key Trends


Asset Class Trends

The evolving real assets landscapeReal assets are experiencing increased investor interest for their diversification benefits in a world where the economic outlook is mostly uninspiring. New managers and strategies continue to appear on a regular basis. In agriculture, substantial allocations have been made by a range of institutional investors. Managers are beginning to look beyond land-only strategies to also focus on how supply chain initiatives can help boost returns and dampen volatility. We have also seen the appearance of a few water strategies which is a popular theme with investors. The timberland market seems to have flattened somewhat which may not be surprising given that it is the most mature area of real assets. And finally, there are a large number of managers seeking to exploit the opportunity in the mining sector caused by the lack of access to traditional sources of finance, banks and the public equity markets.Future outlookInvestments by institutional investors in real assets is still at a very nascent stage despite the ever increasing amount of interest. Asthe asset class matures, we expect it to follow the trajectories of the real estate and infrastructure sectors. We are seeing a widerrange of strategies, vehicles and alignment structures being introduced into the market. This is a natural part of the development ofthe asset class and should enable more institutions to find implementation routes which suit them.In the key agricultural markets of the US and Brazil, dampening prices and a more attractive entry level from a currency perspectivecould drive an uptick in interest in those two regions respectively. However, in the short team the pressure on US farmland pricesseems to be causing a certain amount of nervousness in the market. Timberland managers will continue to develop their capabilitiesoutside of the US which will enable investors to access an opportunity set which is at a more interesting stage of development thanthe one in the US. We are likely to continue to see new strategies emerge which are related to water and other environmental orsustainability themes.

Illiquid Credit - Key Trends


The evolving illiquid credit landscapeThe illiquid credit category is inclusive of all closed-end funds with a predominant focus on credit, with the most common beingprivate debt (e.g. direct lending, commercial real estate debt, mezzanine, etc.) and distressed debt.The key trend has been the continued growth of the institutional lending landscape, with numerous new funds being raised globally, and increasing interest in private debt strategies by investors globally. We expect this trend to continue.Investor appetite also continues apace as investors consider taking on both greater illiquidity and risk in their credit portfolios to compensate for lower yields in public markets. Additionally, investors appear ever more comfortable allocating to specialist strategies, recognizing that the private debt space is becoming a much more varied marketplace today.There are some concerns that as competition has increased in some markets that yields are not always offering sufficient compensation for the illiquidity and risk being assumed, so we would urge caution when reviewing private debt strategies today.Talking to distressed debt, volatility in commodity markets in 2015 and continuing into 2016 has seen a resumption of interest in that asset class, with defaults predicted to rise. Whether this remains specific to metals, mining, oil and gas or is the start of a broader pick up in defaults remains to be seen.

Future outlookWe expect that demand for private debt strategies will remain high, particularly for those asset classes offering floating rate yields.Some asset classes will, however, become less attractive as ever more institutional capital flows into the asset class. We would alsoexpect that more specialist strategies will attract greater interest.

Asset Class Trends

Insurance-Linked Investments - Key Trends


Asset Class Trends

The evolving insurance-linked investments landscapeInstitutional investors continue to allocate to Insurance-Linked Investments (ILI) in order to build diversity into portfolios. The greater acceptance of ILI by pension funds in particular has led to increasing inflows into the asset class, which in turn has led some industry observers commenting that the flow of pension investments are only temporary and that the funds will flow back out following a large natural catastrophe loss or an increase in interest rates. We believe that most of the institutional allocations in recent years were made for strategic reasons and that the institutional demand for ILI is here to stay.

Future outlookThe premiums for catastrophe reinsurance have been coming down in recent years. This has been a result of not just the inflow ofinstitutional capital, but moreover as a result of the limited natural catastrophe losses in recent years which has led to reinsurancecompanies having stronger balance sheets and having less need to transfer certain risks as a result. That said, we have seenpremiums stabilise in recent renewal seasons and expect this to continue over the next 12 months. ILI funds targeting higher returns,have seen increased competition and capacity constraints as a result of the broader “chase for yield”.On the flip side, the ILI funds targeting more remote and lower risk events are likely to continue to generate an attractive risk-rewardratio, as competition in this segment of the market is less given the high return requirements of the traditional reinsurance companies(who have a higher cost of capital). Further the larger and well-managed funds are expected to outperform their smaller rivals, byusing their economies of scale to cut out costs and source the most attractive deals. We expect managers that have been sellingoverpriced ILI beta to come under pressure, with the more innovative and well-resourced managers continuing the flourish.

Willis Towers Watson / Financial Times Top 100 Alternative Asset Managers by Total AuM

Section 2

How to read this sectionThis section shows the top 100 managers ranked by total AuM. Each manager is counted separately in each individual asset class, so they may appear multiple times if their AuM are large in more than one asset class. These top 100 are analysed in relation to the regions they invest in and in relation to assets managed by investor type.


Top 100 Alternative Asset ManagersExecutive summary


§ The top 100 alternative asset managers, ranked by total AuM, managed USD 3,614.7 bn on behalf of their investors in 2015 compared to USD 3,501.1 bn in 2014.

§ The largest block of alternative assets is managed in Direct Real Estate Funds followed by Direct Hedge Funds, Direct Private Equity Funds, Private Equity Fund of Funds, Funds of Hedge Funds, Illiquid Credit and Direct Infrastructure Funds. There were no Real Assets, Direct Commodities or Insurance-Linked Investments Fund managers among the top 100 ranking by total AuM.

§ Pension Funds are the largest investors in alternative assets (34%) among the top 100 alternative asset managers, followed by Wealth Managers, Insurance Companies, Sovereign Wealth Funds, Endowments and Foundations, Fund of Funds and Banks.

§ In terms of where the assets are invested, North America (50%) accounts for the largest amount of alternative assets, followed by Europe (37%) and Asia Pacific (8%).

Top 100 Alternative Asset Managers



6% 21% 12% 18% 34% 5% 5%

Funds of Hedge Funds Direct Hedge Funds Private Equity FoFDirect Private Equity Funds Direct Real Estate Funds Direct Infrastructure FundsIlliquid Credit

Asset classTotal AuM Average Smallest Largest Number of

managersUSD million

Funds of Hedge Funds* 222,241.0 31,748.7 19,432.0 67,528.06 7

Direct Hedge Funds* 754,552.2 31,439.7 19,180.8 88,001.10 24

Private Equity FoF* 419,736.8 29,981.2 21,371.9 44,534.60 14

Direct Private Equity Funds* 640,168.8 42,677.9 18,400.0 94,300.00 15

Direct Real Estate Funds 1,241,852.8 42,822.5 21,294.2 93,900.00 29

Direct Infrastructure Funds 167,087.9 41,772.0 22,017.9 95,041.05 4

Illiquid Credit 169,107.6 24,158.2 18,514.0 33,128.00 7

Total 3,614,747.1 36,147.5 18,400.0 95,041.05 100


* Figures for some of these managers were obtained from publicly available sources and using data derived from the Global Billion Dollar Club, published by HedgeFund Intelligence** Proportions might not sum up to 100% due to rounding

Distribution by Investor Type



Asset classTotal assets Average Smallest Largest Number of

managersUSD million

Pension Fund 1,240,918.0 16,115.8 47.0 60,840.1 77

Insurance Company 344,241.2 4,989.0 71.7 37,582.8 69

Sovereign Wealth Fund 211,330.1 3,302.0 1.0 16,966.5 64

Endowment and Foundation 89,573.3 1,279.6 2.0 7,750.8 70

Fund of Funds 77,107.3 1,977.1 26.3 8,660.0 39

Wealth Manager 677,264.1 9,815.4 176.4 31,260.3 69

Bank 74,387.7 1,518.1 21.6 7,498.2 49

* The category “Other” has been included for assets that could not be allocated into the survey’s categories, it has not been analysed in detail.** Proportions might not sum up to 100% due to rounding

34% 10% 6%

2% 2%

19%

2%

25%

Pension Fund Insurance Company Sovereign Wealth FundEndowment and Foundation Fund of Funds Wealth ManagerBank Other

Distribution by Region and Asset Class


37%

53%

40%

44%

31%

26%

25%

15%

8%

<1%

20%

6%

15%

8%

8%

15%

50%

47%

39%

48%

50%

60%

47%

62%

5%

<1%

1%

3%

4%

6%

20%

7%

Total

Illiquid Credit

Direct Infrastructure Funds


Direct Private Equity Funds

Private Equity FoF

Direct Hedge Funds

Funds of Hedge Funds

Europe Asia Pacific North America Other

* Proportions may not sum up to100% due to rounding


Asset managers were requested to state where their assets are invested.Asset managers were requested to state where their assets are invested.

Comparison 2014 – 2015


Includes only managers who participated in both years

§ Total assets for the top 100 alternative asset managers increased from USD 3,328.4 bn in 2014 to USD 3,522.0 in 2015 (6%)

§ The split by asset class is broadly similar to last year with a slight increase in Direct Hedge Funds at the expense of Direct Real Estate Funds.

§ There are 96 managers in the top 100 that also participated in 2014.

6%

6%

20%

21%

12%

12%

17%

17%

35%

34%

5%

5%

4%

4%

2014

2015

Funds of Hedge Funds Direct Hedge Funds Private Equity FoF

Direct Private Equity Funds Direct Real Estate Funds Direct Infrastructure Funds

Illiquid Credit


* Proportions might not sum up to 100% due to rounding




§ Funds of Hedge Funds assets account for 6% of all assets managed by the top 100 managers.§ There are 7 Funds of Hedge Funds managers in the top 100 ranking


§ There are 22 Direct Hedge Fund managers in the top 100 ranking.§ The proportion of Direct Hedge Fund assets in the top 100 decreased from 21% to 20% in

2015.Direct Hedge Funds

§ The proportion of Private Equity FoF AuM remained steady at 12%.§ The are 14 Private Equity FoF managers in the top 100 ranking.Private Equity FoF

§ There are 14 Direct Private Equity managers in the top 100 ranking.§ Direct Private Equity assets increased by 6% from 2014 to 2015 but its proportion remained

steady at 17%.


§ There are 29 Direct Real Estate Funds managers in the top 100 ranking, more than any other asset class.

§ Direct Real Estate remains the largest asset class having 35% of all assets managed by the top 100 asset managers.


§ There are 4 Direct Infrastructure managers in the top 100 ranking.§ Assets proportion in the top 100 remained unchanged at 5%


§ There are 6 Illiquid Credit managers in the top 100 ranking.§ Assets increased by 15% from 2014 to 2015.Illiquid Credit


Top 100 ranking ranked by Total AuM


Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class

1 Macquarie Group Australia 95,041.05 Direct Infrastructure Funds

2 Blackstone United States 94,300.00 Direct Private Equity Funds

3 Blackstone United States 93,900.00 Direct Real Estate Funds

4 Bridgewater Associates United States 88,001.10 Direct Hedge Funds

5 CBRE Global Investors United States 79,800.00 Direct Real Estate Funds

6 UBS Asset Management Switzerland 72,953.00 Direct Real Estate Funds

7 TIAA United States 72,043.00 Direct Real Estate Funds

8 TPG Capital** United States 70,000.00 Direct Private Equity Funds

9 Blackstone United States 67,528.06 Funds of Hedge Funds

10 The Carlyle Group** United States 63,144.00 Direct Private Equity Funds

11 J.P. Morgan Asset Management United States 57,130.40 Direct Real Estate Funds

12 Kohlberg Kravis Roberts & Co. United States 55,352.39 Direct Private Equity Funds

13 LaSalle Investment Management United States 55,081.00 Direct Real Estate Funds

14 Principal Global Investors United States 53,486.65 Direct Real Estate Funds

15 AXA Investment Managers France 52,846.98 Direct Real Estate Funds

16 Man Group United Kingdom 51,419.00 Direct Hedge Funds

17 AQR Capital Management United States 50,996.06 Direct Hedge Funds

18 Brookfield Asset Management Canada 49,807.00 Direct Real Estate Funds

19 J. P. Morgan Asset Management* United States 49,200.00 Direct Hedge Funds

20 Hines United States 47,548.47 Direct Real Estate Funds

21 Aviva Investors United Kingdom 45,759.00 Direct Real Estate Funds

22 Deutsche Asset Management Germany 45,381.44 Direct Real Estate Funds

23 Cornerstone Real Estate Advisers United States 45,093.40 Direct Real Estate Funds

24 Providence Equity Partners** United States 45,000.00 Direct Private Equity Funds

25 Och-Ziff Capital Management Group United States 44,600.00 Direct Hedge Funds


* Data derived from the Global Bill ion Dollar Club, published by HedgeFund Intelligence** Figures show total assets under management, obtained from publicly available sources




26 Goldman Sachs Asset Management United States 44,534.60 Private Equity FoF

27 Credit Suisse Asset Management Switzerland 43,296.29 Direct Real Estate Funds

28 Warburg Pincus United States 42,993.00 Direct Private Equity Funds

29 AEW Capital Management (1) United States 42,442.00 Direct Real Estate Funds

30 AlpInvest Partners Netherlands 42,328.80 Private Equity FoF

31 Prudential Real Estate Investors United States 42,251.60 Direct Real Estate Funds

32 HarbourVest Partners United States 39,205.00 Private Equity FoF

33 Riverstone Holdings United States 38,494.00 Direct Private Equity Funds

34 Bain Capital United States 37,900.00 Direct Private Equity Funds

35 Advent International United Kingdom 37,485.15 Direct Private Equity Funds

36 Ardian France 36,016.00 Private Equity FoF

37 UBS Asset Management Switzerland 35,920.00 Funds of Hedge Funds

38 M&G Investments United Kingdom 34,445.00 Direct Real Estate Funds

39 Hamilton Lane Advisors United States 33,983.90 Private Equity FoF

40 Millennium Management United States 33,210.00 Direct Hedge Funds

41 M&G Investments United Kingdom 33,128.00 Illiquid Credit

42 Adams Street Partners United States 32,394.60 Private Equity FoF

43 CVC Capital Partners Luxembourg 31,861.42 Direct Private Equity Funds

44 Blackrock United States 31,050.50 Direct Hedge Funds

45 Goldman Sachs United States 30,800.00 Direct Private Equity Funds

46 Renaissance Technologies United States 30,302.70 Direct Hedge Funds

47 Union Investment Germany 30,112.00 Direct Real Estate Funds

48 Pantheon United Kingdom 29,838.00 Private Equity FoF

49 Goldman Sachs Asset Management United States 28,896.05 Funds of Hedge Funds

50 Aberdeen Asset Management United Kingdom 28,520.70 Direct Real Estate Funds


(1) AEW Capital Management is an affi liated investment management firm of Natixis Global Asset Management, thus contributing to the il lustration of Natixis' overall capabilities in global alternative offerings





51 Baupost Group* United States 28,500.00 Direct Hedge Funds

52 Prologis United States 28,425.00 Direct Real Estate Funds

53 Brookfield Asset Management Canada 27,643.00 Direct Infrastructure Funds

54 Alcentra United Kingdom 27,505.00 Illiquid Credit

55 Heitman United States 27,497.00 Direct Real Estate Funds

56 Adage Capital Management* United States 27,470.00 Direct Hedge Funds

57 D. E. Shaw Group United States 27,418.00 Direct Hedge Funds

58 Grosvenor Capital Management United States 26,774.57 Funds of Hedge Funds

59 Elliot Management* United States 26,500.00 Direct Hedge Funds

60 Invesco United States 26,154.00 Direct Real Estate Funds

61 Legal & General Investment Management United Kingdom 26,104.00 Direct Real Estate Funds

62 Permira United Kingdom 25,626.86 Direct Private Equity Funds

63 Davidson Kempner Capital Management* United States 25,260.00 Direct Hedge Funds

64 Clarion Partners United States 25,094.60 Direct Real Estate Funds

65 Standard Life Investments United Kingdom 25,009.20 Direct Real Estate Funds

66 Babson Capital United States 24,911.00 Illiquid Credit

67 BNP Paribas REIM France 24,814.00 Direct Real Estate Funds

68 Hellman & Friedman** United States 24,812.00 Direct Private Equity Funds

69 Two Sigma Investments United States 24,800.00 Direct Hedge Funds

70 Citadel United States 24,600.00 Direct Hedge Funds

71 LGT Capital Partners Switzerland 24,465.10 Private Equity FoF

72 Lexington Partners** United States 24,453.94 Private Equity FoF

73 Silver Lake** United States 24,000.00 Direct Private Equity Funds

74 Brevan Howard Capital Management United Kingdom 23,677.00 Direct Hedge Funds

75 Goldman Sachs United States 23,600.00 Illiquid Credit






76 Morgan Stanley Investment Management United States 23,588.10 Direct Real Estate Funds

77 J.P. Morgan Asset Management – Private Equity United States 23,562.00 Private Equity FoF

78 GAM United Kingdom 23,057.00 Direct Hedge Funds

79 Partners Group Switzerland 22,743.80 Private Equity FoF

80 Grosvenor Capital Management United States 22,669.14 Private Equity FoF

81 Mashall Wace* United Kingdom 22,410.00 Direct Hedge Funds

82 IFM Investors Australia 22,386.00 Direct Infrastructure Funds

83 Morgan Stanley Investment Management United States 22,356.00 Funds of Hedge Funds

84 York Capital Management* United States 22,300.00 Direct Hedge Funds

85 Neuberger Berman United States 22,170.00 Private Equity FoF

86 Deutsche Asset Management Germany 22,017.88 Direct Infrastructure Funds

87 Blackrock United States 21,974.80 Direct Real Estate Funds

88 AXA Investment Managers France 21,849.59 Illiquid Credit

89 Viking Global Investors* United States 21,500.00 Direct Hedge Funds

90 Blackrock United States 21,371.90 Private Equity FoF

91 Blackrock United States 21,334.30 Funds of Hedge Funds

92 Starwood Capital Group United States 21,294.18 Direct Real Estate Funds

93 Hillhouse* China 20,000.00 Direct Hedge Funds

94 King Street Capital Management United States 19,600.00 Direct Hedge Funds

95 GSO Capital Partners United States 19,600.00 Illiquid Credit

96 Farallon Capital Management* United States 19,500.00 Direct Hedge Funds

97 The Permal Group United States 19,432.00 Funds of Hedge Funds

98 Credit Suisse Asset Management Switzerland 19,180.85 Direct Hedge Funds

99 Oak Hill Advisors United States 18,514.00 Illiquid Credit

100 Apollo Global Management United States 18,400.00 Direct Private Equity Funds

Total 3,614,747.14



Top 100 Alternative Asset Managers by Pension Fund Assets

Section 3.A


Executive summary



§ Pension fund assets managed by the top 100 alternative asset managers in the sector amount to USD 1,492.8 bn in 2015. This represents 53% of their total AuM (USD 2,801.2 bn).

§ Direct Real Estate Funds remain the most popular alternative asset for Pension Funds (40% of assets) with five such managers in the top ten. They are followed in popularity by Private Equity FoF, Direct Hedge Funds, Direct Private Equity Funds, Direct Infrastructure Funds, Funds of Hedge Funds and Illiquid Credit.

§ Real Assets and Insurance-Linked Investments have smaller allocations relative to the other asset classes, while there are no Direct Commodities among the top 100 ranking.


Top 100Average Smallest Largest

USD million

Pension fund assets 14,928.3 6,220.2 60,840.1

Total assets 28,012.0 7,360.6 95,041.1

Overall Ranking Average Total AuM No. of Managers

Pension fund assets 4,221.9 2,106,749.3 499

7% 10% 20% 9% 40% 8%

<1%

4%

<1%

Funds of Hedge Funds Direct Hedge Funds Private Equity FoFDirect Private Equity Funds Direct Real Estate Funds Direct Infrastructure FundsReal Assets Illiquid Credit Insurance-Linked Investments


Distribution by Asset Class



27


managersUSD million

Funds of Hedge Funds 107,322.8 10,732.3 6,947.3 28,478.9 10

Direct Hedge Funds 149,533.7 14,953.4 7,208.0 53,053.2 10

Private Equity FoF 295,434.6 15,549.2 6,265.3 41,283.1 19

Direct Private Equity Funds 127,486.1 12,748.6 7,336.3 20,335.5 10

Direct Real Estate Funds 604,563.6 16,793.4 6,220.2 45,900.0 36


Real Assets 7,432.4 7,432.4 7,432.4 7,432.4 1

Illiquid Credit 66,813.4 13,362.7 7,330.0 23,600.0 5

Insurance-Linked Investments 7,421.9 7,421.9 7,421.9 7,421.9 1

Total 1,492,834.9 14,928.3 6,220.2 60,840.1 100




§ Total Pension Fund assets of managers participating in 2014 and 2015 increased from USD 1,300.5 bn in 2014 to 1,435.0 USD bn in 2015 (10%).

§ Pension fund asset allocation to alternatives remained broadly similar to the previous year. Direct Real Estate Funds showed the largest increase at the expense of Direct Hedge Funds and Direct Private Equity Funds.



7%

7%

11%

10%

21%

21%

8%

7%

39%

41%

9%

9%

1%

1%

3%

4%

2014

2015

Funds of Hedge Funds Direct Hedge Funds Private Equity FoF Direct Private Equity Funds

Direct Real Estate Funds Direct Infrastructure Funds Real Assets Illiquid Credit




Includes only managers who participated in both years § Pension Fund assets have increased by 13% from 2014 to 2015 but the proportion remained

broadly unchanged. § There are 10 managers in the top 100 that also participated in 2014.


§ Account for over 10% of Pension Fund assets in this ranking, down from 11% in 2014 § There are 10 managers in the top 100 that also participated in 2014.

Direct Hedge Funds

§ Private Equity FoF managers have the second largest amount of Pension Fund assets in the survey with a steady 21% in 2015

§ 19 managers in the top 100 also participated in 2014 Private Equity FoF

§ There are 8 managers in the top 100 which participated in both years.§ The proportion of Pension Fund assets slightly decreased from 8% in 2014 to 7% in 2015.


§ Account for over 41% of Pension Fund assets in this ranking, up from 39% in 2014. § Direct Real Estate Funds have the greatest number of funds (34) in the top 100 participating in

both years.


§ Account for almost 9% of the total Top 100, remaining flat compared to 2014.§ There are 8 managers participating in both 2014 and 2015.


§ There are 4 managers who participated in both 2014 and 2015§ Pension Fund assets have increased by 27% from 2014 to 2015, while the proportion slightly

increased to 4%, up from 3% in 2014.Illiquid Credit

Note: All data in this section refers to the Total Assets for the Top 100 Alternative Asset Managers by Pension Fund assets


§ There is only one manager which participated in both years whose proportion of Pension Fund assets remained steady at 1%.Real Assets

Top 100 Alternative Asset Managers ranked by Total Pension Fund Assets



Position Name of parent organisation Main country of domicile Pension AUM (USD million)

Total AuM(USD million) Asset Class

1 Macquarie Group Australia 60,840.14 95,041.05 Direct Infrastructure Funds

2 Bridgewater Associates United States 53,053.20 88,001.10 Direct Hedge Funds

3 CBRE Global Investors United States 45,900.00 79,800.00 Direct Real Estate Funds

4 TIAA United States 44,957.00 72,043.00 Direct Real Estate Funds

5 J.P. Morgan Asset Management United States 43,478.30 57,130.40 Direct Real Estate Funds

6 AlpInvest Partners Netherlands 41,283.10 42,328.80 Private Equity FoF

7 UBS Asset Management Switzerland 36,238.00 72,953.00 Direct Real Estate Funds

8 Prudential Real Estate Investors United States 34,812.50 42,251.60 Direct Real Estate Funds

9 HarbourVest Partners United States 30,173.00 39,205.00 Private Equity FoF

10 Adams Street Partners United States 28,535.40 32,394.60 Private Equity FoF

11 Blackstone United States 28,478.88 67,528.06 Funds of Hedge Funds

12 Principal Global Investors United States 27,983.12 53,486.65 Direct Real Estate Funds

13 LaSalle Investment Management United States 26,812.00 55,081.00 Direct Real Estate Funds

14 Goldman Sachs United States 23,600.00 23,600.00 Illiquid Credit

15 Hamilton Lane Advisors United States 22,515.30 33,983.90 Private Equity FoF

16 IFM Investors Australia 20,965.00 22,386.00 Direct Infrastructure Funds

17 Pantheon United Kingdom 20,794.00 29,838.00 Private Equity FoF

18 Aviva Investors United Kingdom 20,738.00 45,759.00 Direct Real Estate Funds

19 Kohlberg Kravis Roberts & Co. United States 20,335.49 55,352.39 Direct Private Equity Funds

20 AEW Capital Management United States 20,303.00 42,442.00 Direct Real Estate Funds

21 Grosvenor Capital Management United States 19,370.73 22,669.14 Private Equity FoF

22 Credit Suisse Asset Management Switzerland 19,315.39 43,296.29 Direct Real Estate Funds

23 Deutsche Asset Management Germany 19,185.39 45,381.44 Direct Real Estate Funds

24 Warburg Pincus United States 18,917.00 42,993.00 Direct Private Equity Funds

25 Invesco United States 18,745.00 26,154.00 Direct Real Estate Funds(1) AEW Capital Management is an affi liated investment management firm of Natixis Global Asset Management, thus contributing to the il lustration of Natixis' overall capabilities in global alternative offerings






26 Heitman United States 17,722.00 27,497.00 Direct Real Estate Funds

27 AQR Capital Management United States 17,224.23 50,996.06 Direct Hedge Funds

28 Clarion Partners United States 16,749.20 25,094.60 Direct Real Estate Funds

29 Bentall Kennedy Canada 16,617.00 18,236.00 Direct Real Estate Funds

30 Advent International United Kingdom 15,940.41 37,485.15 Direct Private Equity Funds

31 Man Group United Kingdom 15,692.00 51,419.00 Direct Hedge Funds

32 LGT Capital Partners Switzerland 15,657.60 24,465.10 Private Equity FoF

33 M&G Investments United Kingdom 15,491.94 33,128.00 Illiquid Credit

34 Blackrock United States 15,032.20 21,974.80 Direct Real Estate Funds

35 Legal & General Investment Management United Kingdom 14,464.00 26,104.00 Direct Real Estate Funds

36 J.P. Morgan Asset Management – Private Equity United States 14,291.00 23,562.00 Private Equity FoF

37 Brookfield Asset Management Canada 13,967.00 49,807.00 Direct Real Estate Funds

38 Riverstone Holdings United States 13,775.00 38,494.00 Direct Private Equity Funds

39 Goldman Sachs Asset Management United States 13,274.35 44,534.60 Private Equity FoF

40 CVC Capital Partners Luxembourg 13,125.36 31,861.42 Direct Private Equity Funds

41 Grosvenor Capital Management United States 13,063.98 26,774.57 Funds of Hedge Funds

42 Ardian France 13,024.00 36,016.00 Private Equity FoF

43 Standard Life Investments United Kingdom 12,903.60 25,009.20 Direct Real Estate Funds

44 Och-Ziff Capital Management Group United States 12,544.00 44,600.00 Direct Hedge Funds

45 Aberdeen Asset Management United Kingdom 11,795.06 28,520.70 Direct Real Estate Funds

46 Portfolio Advisors United States 11,682.83 14,678.61 Private Equity FoF

47 EnTrust Capital United States 11,670.20 11,820.10 Funds of Hedge Funds

48 Partners Group Switzerland 11,391.70 22,743.80 Private Equity FoF

49 Morgan Stanley Investment Management United States 11,294.70 23,588.10 Direct Real Estate Funds

50 Oak Hill Advisors United States 10,982.50 18,514.00 Illiquid Credit






51 AMP Capital Australia 10,713.01 17,862.30 Direct Real Estate Funds

52 Hermes Investment Management United Kingdom 10,607.50 10,829.10 Direct Real Estate Funds

53 Ares Management United States 10,537.00 14,026.00 Direct Private Equity Funds

54 Permira United Kingdom 10,506.52 25,626.86 Direct Private Equity Funds

55 PIMCO United States 10,326.00 15,826.00 Direct Hedge Funds

56 Brevan Howard Capital Management United Kingdom 10,295.00 23,677.00 Direct Hedge Funds

57 Alcentra United Kingdom 9,409.00 27,505.00 Illiquid Credit

58 Neuberger Berman United States 9,379.00 22,170.00 Private Equity FoF

59 Brookfield Asset Management Canada 8,866.00 27,643.00 Direct Infrastructure Funds

60 Apollo Global Management United States 8,648.00 18,400.00 Direct Private Equity Funds

61 Coller Capital United Kingdom 8,530.00 16,167.00 Private Equity FoF

62 Greystone Managed Investments Canada 8,385.00 8,430.00 Direct Real Estate Funds

63 Bridgepoint United Kingdom 8,365.00 13,965.00 Direct Private Equity Funds

64 Mesirow Financial Holdings United States 8,354.60 12,947.40 Funds of Hedge Funds

65 Brigade Capital Management United States 8,315.00 12,184.00 Direct Hedge Funds

66 The Permal Group United States 8,271.00 19,432.00 Funds of Hedge Funds

67 Alinda Capital Partners United States 8,231.15 9,440.55 Direct Infrastructure Funds

68 Bouwinvest REIM Netherlands 8,160.00 8,171.00 Direct Real Estate Funds

69 The Rock Creek Group United States 8,100.00 10,710.00 Funds of Hedge Funds

70 Starwood Capital Group United States 8,074.93 21,294.18 Direct Real Estate Funds

71 Hines United States 7,937.71 47,548.47 Direct Real Estate Funds

72 SL Capital Partners United Kingdom 7,937.00 9,989.00 Private Equity FoF

73 Aberdeen Asset Management United Kingdom 7,930.61 11,948.83 Funds of Hedge Funds

74 Blackrock United States 7,617.30 21,371.90 Private Equity FoF

75 Blackrock United States 7,532.50 31,050.50 Direct Hedge Funds






76 Lendlease Australia 7,480.00 11,020.00 Direct Real Estate Funds

77 DTZ Investors United Kingdom 7,465.00 11,516.00 Direct Real Estate Funds

78 PAAMCO United States 7,434.20 9,026.70 Funds of Hedge Funds

79 TIAA United States 7,432.40 7,507.50 Real Assets

80 TA Realty United States 7,425.00 12,375.00 Direct Real Estate Funds

81 Nephila Capital Bermuda 7,421.86 9,316.96 Insurance-Linked Investments

82 Colonial First State Global Asset Management Australia 7,363.05 9,934.66 Direct Infrastructure Funds

83 Credit Suisse Asset Management Switzerland 7,343.79 19,180.85 Direct Hedge Funds

84 GE Asset Management United States 7,336.30 7,360.60 Direct Private Equity Funds

85 Intermediate Capital Group United Kingdom 7,330.00 15,250.00 Illiquid Credit

86 Pathway Capital Management United States 7,258.00 7,801.00 Private Equity FoF

87 D. E. Shaw Group United States 7,208.00 27,418.00 Direct Hedge Funds

88 Goldman Sachs United States 7,151.00 12,500.00 Direct Infrastructure Funds

89 Partners Group Switzerland 7,138.53 11,104.91 Direct Real Estate Funds

90 UBS Asset Management Switzerland 7,072.00 35,920.00 Funds of Hedge Funds

91 Blackrock United States 6,947.30 21,334.30 Funds of Hedge Funds

92 J.P. Morgan Asset Management United States 6,732.50 9,867.10 Direct Infrastructure Funds

93 Charter Hall Australia 6,718.36 12,071.45 Direct Real Estate Funds

94 Hastings Funds Management Australia 6,677.60 9,048.40 Direct Infrastructure Funds

95 Columbia Threadneedle Investments United States 6,659.00 11,580.00 Direct Real Estate Funds

96 Abbott Capital United States 6,455.00 7,369.00 Private Equity FoF

97 QIC Australia 6,342.97 9,890.95 Direct Real Estate Funds

98 Siguler Guff & Company United States 6,265.30 9,651.70 Private Equity FoF

99 Cornerstone Real Estate Advisers United States 6,223.90 45,093.40 Direct Real Estate Funds

100 Schroders Investment Management United Kingdom 6,220.21 11,828.06 Direct Real Estate Funds

Total 1,492,834.90 2,801,204.87

0.00

20.00

40.00

60.00

80.00

100.00

120.00

140.00

160.00

Dec-11 Dec-12 Dec-13 Dec-14 Dec-15

Inde

x D

ec 2

011

= 10

0*

Funds of Hedge Funds Private Equity FoFDirect Real Estate Funds Direct Commodities FundsDirect Infrastructure Funds Direct Hedge FundsDirect Private Equity Funds

Managers that have participated for the past five yearsFive-year comparison


§ Pension fund assets managed by the 36 Fund of Hedge Funds managers that participated in the last five years rose by 11% in 2015. Average annual growth since 2011 has been 6%.

§ Growth in pension fund assets managed by the 34 PEFoFthat participated in the last five years slowed somewhat in 2014-2015, with a rise in assets of 8%. This followed a period of steady growth between 2011 and 2013.

§ Pension fund assets managed by the 52 Direct Real Estate managers that participated in the last five years kept growing in 2015, rising 17% on assets managed compared to 2014. This followed three years of modest decline between 2011 and 2013.

§ Pension fund assets managed by the 16 Direct Commodities Fund Managers that participated in the last five years decreased further over the past year, falling 28% compared to 2014

§ Pension fund assets managed by the 35 Direct Infrastructure Fund Managers that participated in the last five years rose by 5% in 2015 and have been growing steadily since 2011.

§ Pension fund assets managed by the 39 Direct Hedge Fund Managers that have participated in the last five years have grown steadily since 2011 at an average rate of 6% despite a slight fall in the past year.

§ Pension fund assets managed by the 26 Direct Private Equity Fund Managers that have participated in the last five years remained steady in 2015 following a period of steady growth between 2011 and 2013.

Total Universe – Pension Fund Assets

AuM VariationAuM Variation

Top 25 Alternative Asset Managers by Insurance Company Assets

Section 3.B


Executive summary




§ Insurance company assets managed by the top 25 managers in the sector amounted to USD 304.4 bn in 2015.

§ Direct Real Estate Funds represent the largest block of alternative assets for Insurance companies (nearly 57%) followed by Illiquid Credit, Private Equity FoF, Direct Infrastructure Funds, Funds of Hedge Funds and Direct Private Equity Funds.

§ In this dataset, there were no investments in Direct Commodities Funds, Real Assets, Direct Hedge Funds and Insurance-Linked Investments by Insurance companies.


USD million

Insurance Company assets 12,175.1 4,505.0 37,582.8

Total assets 34,556.6 5,588.0 95,041.1


Insurance Company assets 1,399.3 530,350.6 379


37

4% 9% 3% 57% 5% 21%

Funds of Hedge Funds Private Equity FoF Direct Private Equity Funds

Direct Real Estate Funds Direct Infrastructure Funds Illiquid Credit



Asset class

Insurance Company

assetsAverage Smallest Largest Number of

managers

USD million






Illiquid Credit 63,970.8 12,794.2 4,607.6 21,181.0 5

Total 304,378.3 12,175.1 4,505.0 37,582.8 25


Top 25 comparison 2014-2015



§ Insurance company assets from managers participating in 2014 and 2015 increased from USD 289.6 bn in 2014 to USD 299.7 bn in 2015 (3%).

§ Insurance companies have tended to invest in Direct Real Estate and that trend has remained broadly unchanged, with proportions decreasing from 62% to 58%.


5%

4%

9%

9%

1%

3%

62%

58%

3%

4%

20%

21%

2014

2015

Funds of Hedge Funds Private Equity FoF Direct Private Equity FundsDirect Real Estate Funds Direct Infrastructure Funds Illiquid Credit



Top 25 Alternative Asset Managers ranked by Insurance Company Assets




Position Name of parent organisation Main country of domicile Insurance AUM (USD million)

Total AUM (USD million) Asset Class

1 AXA Investment Managers France 37,582.80 52,846.98 Direct Real Estate Funds

2 Cornerstone Real Estate Advisers United States 35,218.00 45,093.40 Direct Real Estate Funds

3 Aviva Investors United Kingdom 24,754.00 45,759.00 Direct Real Estate Funds

4 M&G Investments United Kingdom 23,988.72 34,445.00 Direct Real Estate Funds

5 Babson Capital United States 21,181.00 24,911.00 Illiquid Credit

6 AXA Investment Managers France 17,390.50 21,849.59 Illiquid Credit

7 M&G Investments United Kingdom 15,814.34 33,128.00 Illiquid Credit

8 Principal Global Investors United States 13,954.30 53,486.65 Direct Real Estate Funds



11 AEW Capital Management United States 10,456.00 42,442.00 Direct Real Estate Funds

12 Aberdeen Asset Management United Kingdom 8,435.93 28,520.70 Direct Real Estate Funds

13 Blackrock United States 7,493.50 21,371.90 Private Equity FoF

14 AXA Investment Managers France 6,733.75 8,873.91 Funds of Hedge Funds



17 HarbourVest Partners United States 6,129.00 39,205.00 Private Equity FoF


19 EQT United Kingdom 5,108.00 16,330.00 Direct Private Equity Funds

20 Amundi France 4,977.30 5,588.00 Illiquid Credit

21 Blackrock United States 4,849.30 7,601.30 Direct Infrastructure Funds

22 Allianz Global Investors Germany 4,672.00 5,776.00 Direct Infrastructure Funds


24 Highbridge Capital Management United States 4,607.64 14,597.40 Illiquid Credit

25 La Française France 4,505.00 15,702.00 Direct Real Estate Funds

Total 304,378.31 863,915.13

Top 25 Alternative Asset Managers by Sovereign Wealth Fund Assets

Section 3.C


Executive summary



§ Sovereign Wealth Fund assets managed by the top 25 alternative asset managers amounted to USD 173.1 bn in 2015.

§ Direct Real Estate Funds and Direct Private Equity Funds have the largest share of Sovereign Wealth Fund assets with 30% and 24% respectively, followed by Direct Hedge Funds, Funds of Hedge Funds, Direct Infrastructure Funds, Private Equity Fund of Funds and Real Assets.

§ Sovereign Wealth Funds continued to shun Direct Commodities Funds, Illiquid Credit and Insurance-Linked Investments in our sample.



USD million

Sovereign Wealth Fund assets 6,922.5 4,104.0 16,966.5

Total assets 42,150.4 5,100.0 95,041.1


Sovereign Wealth Fund assets 1,266.8 343,312.9 271



15% 17% 4% 24% 30% 7% 3%

Funds of Hedge Funds Direct Hedge Funds Private Equity FoFDirect Private Equity Funds Direct Real Estate Funds Direct Infrastructure FundsReal Assets



Asset class

Sovereign Wealth Fund

assets

Average Smallest Largest Number of managers

USD million



Private Equity Fund of Funds 6,511.0 6,511.0 6,511.0 6,511.0 1




Real Assets 4,600.0 4,600.0 4,600.0 4,600.0 1

Total 173,062.6 6,922.5 4,104.0 16,966.5 25




§ Sovereign Wealth Fund assets of managers participating in 2014 and 2015 surveys increased from USD 136.8 bn in 2014 to USD 161.4 bn in 2015 (18%).

§ Direct Real Estate Funds continued to attract the largest proportion of Sovereign Wealth Fund assets in 2015 with 33%, up 2% compared to 2014.

§ In 2015, allocations by Sovereign Wealth Funds to Direct Private Equity decreased by 1% (to 21%), Direct Hedge Funds by 1% (to 18%), Funds of Hedge Funds by 3% (to 16%) while allocations to Direct Infrastructure Funds increased by 3% (to 8%).

§ There are 23 managers in the top 25 that also participated in the previous survey.

19%

16%

19%

18%

4%

4%

22%

21%

31%

33%

6%

8%

2014

2015

Funds of Hedge Funds Direct Hedge Funds Private Equity FoFDirect Private Equity Funds Direct Real Estate Funds



Top 25 Alternative Asset Managers ranked by Sovereign Wealth Fund Assets



Position Name of parent organisation Main country of domicile Sovereign AUM (USD million)






5 Blackrock United States 7,598.50 21,334.30 Funds of Hedge Funds

6 Prologis United States 7,581.80 28,425.00 Direct Real Estate Funds






12 AXA Investment Managers France 5,864.41 52,846.98 Direct Real Estate Funds

13 Apollo Global Management United States 5,704.00 18,400.00 Direct Private Equity Funds

14 Brookfield Asset Management Canada 5,514.00 27,643.00 Direct Infrastructure Funds

15 Starwood Capital Group United States 5,484.25 21,294.18 Direct Real Estate Funds





20 Bain Capital United States 5,000.00 37,900.00 Direct Private Equity Funds

21 Clarion Partners United States 4,695.40 25,094.60 Direct Real Estate Funds

22 QIC Australia 4,600.00 5,100.00 Real Assets


24 Trian Fund Management United States 4,497.90 12,519.42 Direct Hedge Funds


Total 173,062.63 1,053,759.70

Top 25 Alternative Asset Managers by Endowment and Foundation Assets

Section 3.D


Executive summary



§ Endowment and Foundation assets managed by the top 25 managers amounted to USD 87.1 bn in 2015.

§ Of the alternative asset classes surveyed, Endowment and Foundation assets are the most evenly distributed: Direct Hedge Funds have the largest allocation, followed closely by Direct Private Equity Funds. Next in order are Funds of Hedge Funds, Direct Real Estate and Private Equity FoF.

§ Illiquid credit have the lowest allocation from Endowments and Foundations, and there are no allocations to Direct Commodities Funds, Direct Infrastructure Funds, Real Assets or Insurance-Linked Investments in this sample.



USD million

Endowment & Foundation assets 3,485.5 2,112.1 7,750.8

Total assets 28,880.0 5,237.0 88,001.1


Endowment & Foundation assets 543.8 201,201.4 370

Distribution by asset class


14% 31% 11% 29% 12%

2%


Direct Private Equity Funds Direct Real Estate Funds Illiquid Credit



Asset class

Endowment and

Foundation assets


USD million






Illiquid Credit 2,112.1 2,112.1 2,112.1 2,112.1 1

Total 87,138.6 3,485.5 2,112.1 7,750.8 25




§ Endowment and Foundation assets for managers in the top 25 participating in 2014 and 2015 increased from USD 67.2 bn in 2014 to USD 77.8 bn in 2015 (16%).§ There were no notable changes in asset allocation among the top 25 managers of E&F assets during

2015.§ There are 22 Endowment and Foundation managers that also participated in 2014.

16%

15%

31%

30%

12%

13%

34%

33%

8%

9%

2014

2015


Direct Private Equity Funds Direct Real Estate Funds



Top 25 Alternative Asset Managers ranked by Endowment and Foundation Assets



Position Name of parent organisation Main country of domicile E&F AUM (USD million)





4 Clayton, Dubilier & Rice United States 5,270.00 15,500.00 Direct Private Equity Funds

5 TA Realty United States 3,960.00 12,375.00 Direct Real Estate Funds

6 Adams Street Partners United States 3,859.20 32,394.60 Private Equity FoF


8 Fir Tree Partners United States 3,400.00 11,000.00 Direct Hedge Funds

9 Neuberger Berman United States 3,338.00 22,170.00 Private Equity FoF

10 Cevian Capital United Kingdom 3,288.00 11,433.00 Direct Hedge Funds

11 AEW Capital Management (1) United States 3,220.00 42,442.00 Direct Real Estate Funds

12 Evanston Capital Management United States 3,195.00 5,237.00 Funds of Hedge Funds


14 AQR Capital Management United States 2,964.49 50,996.06 Direct Hedge Funds


16 LGT Capital Partners Switzerland 2,691.20 24,465.10 Private Equity FoF


18 Wellington Management United States 2,483.00 12,594.00 Direct Hedge Funds

19 Lansdowne Partners United Kingdom 2,417.00 14,654.00 Direct Hedge Funds

20 LGT Capital Partners Switzerland 2,399.01 8,625.59 Funds of Hedge Funds

21 Two Sigma Investments United States 2,370.00 24,800.00 Direct Hedge Funds

22 The Energy & Minerals Group United States 2,334.07 13,692.31 Direct Private Equity Funds

23 Millennium Management United States 2,260.00 33,210.00 Direct Hedge Funds

24 Energy Capital Partners United States 2,200.00 12,200.00 Direct Private Equity Funds

25 Oak Hill Advisors United States 2,112.10 18,514.00 Illiquid Credit

Total 87,138.56 722,000.25(1) AEW Capital Management is an affi liated investment management firm of Natixis Global Asset Management, thus contributing to the il lustration of Natixis' overall capabilities in global alternative offerings

Top 25 Alternative Asset Managers by Fund of Funds Assets

Section 3.E


Executive summary



§ Fund of Funds assets managed by the top 25 fund managers amounted to USD 88.8 bn in 2015.§ Direct Private Equity Funds and Direct Hedge Funds made up the majority of Fund of Funds assets.

Fund of Funds also allocated to Illiquid Credit and Direct Real Estate Funds in smaller amounts.§ There were no allocations to Direct Commodities Funds, Direct Infrastructure Funds, Real Assets and

Insurance-Linked Investments in this sample.



USD million

Fund of Funds assets 3,553.0 1,677.4 8,660.0

Total assets 24,862.6 6,157.0 88,001.1


Fund of Funds assets 689.0 179,130.8 260





41% 54%

2%

3%

Direct Hedge Funds Direct Private Equity Funds Direct Real Estate Funds Illiquid Credit

Asset class

Fund of Funds assets


USD million




Illiquid Credit 2,171.6 2,171.6 2,171.6 2,171.6 1

Total 88,824.5 3,553.0 1,677.4 8,660,0 25




§ Fund of Funds assets for the top 25 managers participating in both 2014 and 2015 slightly increased from USD 74.1 bn in 2014 to 79.1 bn in 2015 (7%).

§ Direct Hedge Funds’ proportion increased from 43% to 44% in 2015 at the expense of Direct Private Equity Funds which decreased from 52% to 51%.



43%

44%

52%

51%

2%

2%

3%

3%

2014

2015

Direct Hedge Funds Direct Private Equity Funds Direct Real Estate Funds Illiquid Credit


Top 25 Alternative Asset Managers ranked by Fund of Funds Assets



Position Name of parent organisation Main country of domicile Fund of Funds AUM (USD million)


1 Two Sigma Investments United States 8,660.00 24,800.00 Direct Hedge Funds






7 D. E. Shaw Group United States 5,056.00 27,418.00 Direct Hedge Funds

8 Permira United Kingdom 3,737.07 25,626.86 Direct Private Equity Funds


10 Credit Suisse Asset Management Switzerland 3,451.03 19,180.85 Direct Hedge Funds

11 EQT United Kingdom 3,249.00 16,330.00 Direct Private Equity Funds


13 CDH Investment Singapore 2,852.00 10,524.00 Direct Private Equity Funds

14 Clayton, Dubilier & Rice United States 2,480.00 15,500.00 Direct Private Equity Funds

15 Capital Fund Management France 2,298.43 6,156.95 Direct Hedge Funds

16 CarVal Investors United States 2,171.55 12,200.74 Illiquid Credit

17 The Energy & Minerals Group United States 2,164.73 13,692.31 Direct Private Equity Funds

18 Nordic Capital United Kingdom 2,161.00 12,164.00 Direct Private Equity Funds

19 Trian Fund Management United States 2,052.58 12,519.42 Direct Hedge Funds

20 Legal & General Investment Management United Kingdom 1,975.00 26,104.00 Direct Real Estate Funds

21 Balyasny Asset Management United States 1,807.23 11,439.26 Direct Hedge Funds

22 Allianz Global Investors Germany 1,770.08 8,706.73 Direct Hedge Funds


24 CCMP Capital Advisors United States 1,686.00 6,300.00 Direct Private Equity Funds

25 Terra Firma Capital Partners United Kingdom 1,677.40 7,604.30 Direct Private Equity Funds

Total 88,824.49 621,564.49

Top 25 Alternative Asset Managers by Wealth Manager Assets

Section 3.F


Executive summary



§ Wealth Management assets managed by the top 25 fund managers amounted to USD 475.6 bn in 2015.

§ Direct Real Estate Funds are the most popular alternative assets for Wealth Management firms followed by Direct Hedge Funds, Funds of Hedge Funds, Direct Private Equity Funds, Private Equity FoF and Direct Infrastructure Funds.

§ There were no Wealth Manager investments in Real Assets, Direct Commodities Funds, Illiquid Credit and Insurance-Linked Investments in this sample.



USD million

Wealth Manager assets 19,024.2 11,800.0 31,260.3

Total assets 43,706.4 13,606.4 95,041.1


Wealth Manager assets 2,650.0 1,152,734.9 435


16% 21% 7% 7% 44% 6%

Funds of Hedge Funds Direct Hedge Funds Direct Private Equity Funds

Direct Real Estate Funds Direct Infrastructure Funds




Asset class

Wealth Manager

assetsAverage Smallest Largest Number of

managers

USD million







Total 475,604.7 19,024.2 11,800.0 31,260.3 25




§ Wealth Manager assets for the top 25 managers participating in both 2014 and 2015 increased from USD 393.7 bn in 2014 to USD 408.7 bn in 2015 (4%).

§ Direct Real Estate Funds attracted the largest amount of Wealth Manager assets in 2014 and 2015, with allocations in the top 25 decreasing from 53% to 51%.

§ Proportions remained broadly unchanged for the remaining asset classes with a slight increase in Funds of Hedge Funds at the expense of Direct Infrastructure Funds.


11%

13%

20%

21%

7%

8%

53%

51%

9%

7%

2014

2015

Funds of Hedge Funds Direct Hedge Funds Direct Private Equity Funds

Direct Real Estate Funds Direct Infrastructure Funds



Top 25 Alternative Asset Managers ranked by Wealth Manager Assets



Position Name of parent organisation Main country of domicile Wealth Managers AUM (USD million)


1 Goldman Sachs Asset Management United States 31,260.25 44,534.60 Private Equity FoF




5 Union Investment Germany 25,732.00 30,112.00 Direct Real Estate Funds

6 Renaissance Technologies United States 25,568.50 30,302.70 Direct Hedge Funds

7 TIAA United States 25,018.00 72,043.00 Direct Real Estate Funds

8 Goldman Sachs Asset Management United States 23,277.17 28,896.05 Funds of Hedge Funds



11 Deutsche Asset Management Germany 20,517.07 45,381.44 Direct Real Estate Funds


13 Deutsche Asset Management Germany 15,700.16 22,017.88 Direct Infrastructure Funds




17 Prologis United States 14,722.40 28,425.00 Direct Real Estate Funds

18 Blackrock United States 14,514.90 31,050.50 Direct Hedge Funds

19 Platinum Asset Management Australia 13,700.00 17,560.00 Direct Hedge Funds

20 BNP Paribas REIM France 13,339.00 24,814.00 Direct Real Estate Funds


22 Goldman Sachs Asset Management United States 12,410.40 13,606.41 Direct Hedge Funds

23 Morgan Stanley Investment Management United States 12,352.00 22,356.00 Funds of Hedge Funds



Total 475,604.70 1,092,659.55

Top 25 Alternative Asset Managers by Bank Assets

Section 3.G


Executive summary



§ Bank assets managed by the top 25 managers amounted to USD 100.0 bn in 2015. § Bank assets are mostly allocated to Direct Real Estate Funds and Funds of Hedge Funds, thereafter

followed by Illiquid Credit, Private Equity Fund of Funds, Direct Hedge Funds, Direct Infrastructure Funds and Direct Private Equity Funds

§ There were no Direct Commodities Funds, Real Assets, nor Insurance-Linked Investments managers in this sample.



USD million

Bank assets 4,001.8 1,466.0 8,159.1

Total assets 27,506.2 2,462.0 95,041.1


Bank assets 618.2 163,819.1 265

22% 8% 9% 6% 37% 7% 10%

Funds of Hedge Funds Direct Hedge Funds Private Equity FoF Direct Private Equity Funds

Direct Real Estate Funds Direct Infrastructure Funds Illiquid Credit





Asset classBank

assets Average Smallest Largest Number of managers

USD million







Illiquid Credit 10,417.0 3,472.3 1,593.0 5,498.0 3

Total 100,044.7 4,001.8 1,466.0 8,159.1 25




§ Bank assets for the top 25 managers that also participated in 2015 decreased from USD 96.7 bn in 2014 to USD 88.5 bn in 2015 (9%).

§ Direct Real Estate Funds accounted for highest proportion of Banks’ alternative assets with 42%, up from 37% in 2014, followed by Funds of Hedge Funds with 22%, up from 20% in 2014.

§ Proportions remained broadly unchanged for the remaining asset classes with slight decreases on Private Equity Fund of Funds and Illiquid Credit.


20%

22%

9%

9%

13%

10%

4%

2%

37%

42%

7%

8%

9%

6%

2014

2015

Funds of Hedge Funds Direct Hedge Funds Private Equity FoFDirect Private Equity Funds Direct Real Estate Funds Direct Infrastructure FundsIlliquid Credit



Top 25 Alternative Asset Managers ranked by Bank Assets



Position Name of parent organisation Main country of domicile Banks AUM (USD million)


1 Amundi France 8,159.14 13,727.39 Direct Real Estate Funds

2 Pictet Asset Management Switzerland 8,050.00 10,600.00 Funds of Hedge Funds



5 Pictet Asset Management Switzerland 6,950.00 7,300.00 Private Equity FoF



8 Alcentra United Kingdom 5,498.00 27,505.00 Illiquid Credit



11 Union Investment Germany 4,008.00 30,112.00 Direct Real Estate Funds


13 Ares Management United States 3,326.00 11,811.00 Illiquid Credit

14 Balyasny Asset Management United States 2,679.59 11,439.26 Direct Hedge Funds

15 Man Group United Kingdom 2,556.00 12,260.00 Funds of Hedge Funds

16 Allianz Global Investors Germany 2,449.00 3,018.00 Funds of Hedge Funds

17 The Permal Group United States 2,351.00 19,432.00 Funds of Hedge Funds

18 Aberdeen Asset Management United Kingdom 2,240.66 12,899.10 Private Equity FoF

19 Columbia Threadneedle Investments United States 2,149.00 11,580.00 Direct Real Estate Funds

20 AEW Capital Management (1) United States 1,910.00 42,442.00 Direct Real Estate Funds

21 LGT Capital Partners Switzerland 1,813.13 8,625.59 Funds of Hedge Funds


23 BNP Paribas REIM France 1,631.00 24,814.00 Direct Real Estate Funds

24 Allianz Global Investors Germany 1,593.00 2,462.00 Illiquid Credit


Total 100,044.70 687,654.26


Total UniverseSection 4

How to read this sectionThis section shows the total universe of all survey participants, ranked by total assets under management in each individual alternatives asset class. It also includes regions in which they invest and where the managers are domiciled.


8% 23% 10% 18% 26%

1%

6%

1%

6%

<1%

Funds of Hedge Funds Direct Hedge Funds Private Equity FoF Direct Private Equity FundsDirect Real Estate Funds Direct Commodities Funds Direct Infrastructure Funds Real AssetsIlliquid Credit Insurance-Linked Investments


managersUSD million

Funds of Hedge Funds* 517,747.1 8,926.7 56.6 67,528.1 58

Direct Hedge Funds* 1,399,349.9 10,140.2 72.0 88,001.1 138

Private Equity FoF* 632,845.2 11,719.4 95.1 44,534.6 54

Direct Private Equity Funds* 1,131,692.7 12,860.1 61.6 94,300.0 88

Direct Real Estate Funds 1,619,070.4 17,598.6 56.6 93,900.0 92

Direct Commodities Funds 65,019.6 2,500.8 5.0 14,923.5 26

Direct Infrastructure Funds 375,255.8 6,469.9 65.2 95,041.1 58

Real Assets 45,896.4 2,086.2 30.0 7,507.5 22

Illiquid Credit 348,256.9 6,570.9 118.0 33,128.0 53

Insurance-Linked Investments 30,149.6 2,319.2 50.0 9,317.0 13

Total 6,165,283.64 10,241.3 5.0 95,041.1 602

Total Universe

* Figures for some of these managers were obtained from publicly available sources and using data derived from the Global Billion Dollar Club, published by HedgeFund Intelligence** Proportions might not sum up to 100% due to rounding

Aggregate survey statistics


Aggregate survey statistics by investor type


Total Universe

34% 9% 6% 3% 3% 19% 3% 24%


* The category “Other” has been included for assets that could not be allocated into the survey’s categories, it has not been analysed in detail.


managersUSD million

Pension Fund 2,106,749.3 4,221.9 0.2 60,840.1 499

Insurance Company 530,350.6 1,399.3 0.1 37,582.8 379

Sovereign Wealth Funds 343,312.9 1,266.8 <0.1 16,966.5 271

Endowment and Foundation 201,201.4 543.8 0.5 7,750.8 370

Fund of Funds 179,130.8 689.0 0.3 8,660.0 260

Wealth Manager 1,152,734.9 2,650.0 <0.1 31,260.3 435

Bank 163,819.1 618.2 0.3 8,159.1 265

Aggregate survey statistics by investor type


Top Asset Managers by Investor Type

33%

8%5%3%4%

17%

4%

27%

2014


34%

9%6%3%

3%

19%

3%

24%

2015

Total Universe

59%

49%

23%

45%

14%

44%

36%

27%

28%

21%

17%

2%

21%

18%

3%

9%

14%

8%

9%

12%

22%

48%

46%

32%

72%

44%

44%

58%

50%

53%

2%

1%

10%

4%

10%

3%

6%

7%

13%

13%

Insurance-Linked Investments

Illiquid Credit

Real Assets


Direct Commodities Funds



Private Equity FoF

Direct Hedge Funds


Europe Asia Pacific North America Other* Proportions might not sum 100% due to rounding

Region of investment


§ Asset managers were requested to state where their assets are invested

Region of investment (aggregated) and domicile


§ Around 54% of the managers domiciled in Europe are based in the UK; 19% are in Switzerland and 13% are in France.

§ Around 91% of North America managers are domiciled in the US.§ Asia Pacific is represented by 48 managers from Australia, China, Hong Kong, New Zealand and

Singapore.

Total Universe

37% 10% 47% 6%

* Proportions might not sum 100% due to rounding

Distribution by investmentDistribution by investment

Distribution by domicileDistribution by domicile

30% 5% 65%

Europe Asia Pacific Central/North America Other

<1%

Five-year comparison


§ Year-on-year growth in the total assets managed by the 41 Funds of Hedge Fund managers that participated in the last five years has averaged 5%.

§ Total assets managed by the 37 Private Equity FoFmanagers that participated in the last five years have shown continuous growth over the period, however the 6% growth in 2015 was lower than in previous years.

§ After a modest decline in 2013, total assets managed by the Direct Real Estate Fund managers that participated in the last five years grew significantly in 2015, up 9% on the previous year.

§ Total assets managed by the 16 Direct Commodities Fund Managers that have participated in the last five years remained steady up to 2012, but declined in the last three years. Total assets fell 29% in 2015.

§ Total assets managed by the 35 Direct Infrastructure Fund Managers that have participated in the last five years have been growing steadily since 2011 and increased by 4% in 2015.

§ Total assets managed by the 56 Direct Hedge Fund managers that have participated in the last five years have seen a steady increase, averaging 7% year-on-year growth since 2011.

§ Total assets managed by the 41 Direct Private Equity Fund Managers that participated in the last five years grew by 6% in 2015 after a slight decrease in 2014.

Managers that have participated for the past five years

0

20

40

60

80

100

120

140

160

Dec-11 Dec-12 Dec-13 Dec-14 Dec-15

Inde

x D

ec 2

011

= 10

0

Funds of Hedge Funds Private Equity FoFDirect Real Estate Funds Direct Commodities FundsDirect Infrastructure Funds Direct Hedge FundsDirect Private Equity Funds

AuM VariationAuM Variation

Total Universe

Total assets by asset class

Alternative Asset Managers

* Data derived from the Global Billion Dollar Club, published by HedgeFund Intelligence** Figures show total assets under management, obtained from publicly available sources

Alternative Asset Managers Ranking



1 Macquarie Group Australia 95,041.05 Direct Infrastructure Funds

2 Blackstone United States 94,300.00 Direct Private Equity Funds

3 Blackstone United States 93,900.00 Direct Real Estate Funds

4 Bridgewater Associates United States 88,001.10 Direct Hedge Funds

5 CBRE Global Investors United States 79,800.00 Direct Real Estate Funds

6 UBS Asset Management Switzerland 72,953.00 Direct Real Estate Funds

7 TIAA United States 72,043.00 Direct Real Estate Funds

8 TPG Capital** United States 70,000.00 Direct Private Equity Funds

9 Blackstone United States 67,528.06 Funds of Hedge Funds

10 The Carlyle Group** United States 63,144.00 Direct Private Equity Funds

11 J.P. Morgan Asset Management United States 57,130.40 Direct Real Estate Funds

12 Kohlberg Kravis Roberts & Co. United States 55,352.39 Direct Private Equity Funds

13 LaSalle Investment Management United States 55,081.00 Direct Real Estate Funds

14 Principal Global Investors United States 53,486.65 Direct Real Estate Funds

15 AXA Investment Managers France 52,846.98 Direct Real Estate Funds

16 Man Group United Kingdom 51,419.00 Direct Hedge Funds

17 AQR Capital Management United States 50,996.06 Direct Hedge Funds

18 Brookfield Asset Management Canada 49,807.00 Direct Real Estate Funds

19 J. P. Morgan Asset Management* United States 49,200.00 Direct Hedge Funds

20 Hines United States 47,548.47 Direct Real Estate Funds

21 Aviva Investors United Kingdom 45,759.00 Direct Real Estate Funds

22 Deutsche Asset Management Germany 45,381.44 Direct Real Estate Funds

23 Cornerstone Real Estate Advisers United States 45,093.40 Direct Real Estate Funds

24 Providence Equity Partners** United States 45,000.00 Direct Private Equity Funds

25 Och-Ziff Capital Management Group United States 44,600.00 Direct Hedge Funds








26 Goldman Sachs Asset Management United States 44,534.60 Private Equity FoF

27 Credit Suisse Asset Management Switzerland 43,296.29 Direct Real Estate Funds

28 Warburg Pincus United States 42,993.00 Direct Private Equity Funds

29 AEW Capital Management United States 42,442.00 Direct Real Estate Funds

30 AlpInvest Partners Netherlands 42,328.80 Private Equity FoF

31 Prudential Real Estate Investors United States 42,251.60 Direct Real Estate Funds

32 HarbourVest Partners United States 39,205.00 Private Equity FoF

33 Riverstone Holdings United States 38,494.00 Direct Private Equity Funds

34 Bain Capital United States 37,900.00 Direct Private Equity Funds

35 Advent International United Kingdom 37,485.15 Direct Private Equity Funds

36 Ardian France 36,016.00 Private Equity FoF

37 UBS Asset Management Switzerland 35,920.00 Funds of Hedge Funds

38 M&G Investments United Kingdom 34,445.00 Direct Real Estate Funds

39 Hamilton Lane Advisors United States 33,983.90 Private Equity FoF

40 Millennium Management United States 33,210.00 Direct Hedge Funds

41 M&G Investments United Kingdom 33,128.00 Illiquid Credit

42 Adams Street Partners United States 32,394.60 Private Equity FoF

43 CVC Capital Partners Luxembourg 31,861.42 Direct Private Equity Funds

44 Blackrock United States 31,050.50 Direct Hedge Funds

45 Goldman Sachs United States 30,800.00 Direct Private Equity Funds

46 Renaissance Technologies United States 30,302.70 Direct Hedge Funds

47 Union Investment Germany 30,112.00 Direct Real Estate Funds

48 Pantheon United Kingdom 29,838.00 Private Equity FoF

49 Goldman Sachs Asset Management United States 28,896.05 Funds of Hedge Funds

50 Aberdeen Asset Management United Kingdom 28,520.70 Direct Real Estate Funds






51 Baupost Group* United States 28,500.00 Direct Hedge Funds

52 Prologis United States 28,425.00 Direct Real Estate Funds

53 Brookfield Asset Management Canada 27,643.00 Direct Infrastructure Funds

54 Alcentra United Kingdom 27,505.00 Illiquid Credit

55 Heitman United States 27,497.00 Direct Real Estate Funds

56 Adage Capital Management* United States 27,470.00 Direct Hedge Funds

57 D. E. Shaw Group United States 27,418.00 Direct Hedge Funds

58 Grosvenor Capital Management United States 26,774.57 Funds of Hedge Funds

59 Elliot Management* United States 26,500.00 Direct Hedge Funds

60 Invesco United States 26,154.00 Direct Real Estate Funds

61 Legal & General Investment Management United Kingdom 26,104.00 Direct Real Estate Funds

62 Permira United Kingdom 25,626.86 Direct Private Equity Funds

63 Davidson Kempner Capital Management* United States 25,260.00 Direct Hedge Funds

64 Clarion Partners United States 25,094.60 Direct Real Estate Funds

65 Standard Life Investments United Kingdom 25,009.20 Direct Real Estate Funds

66 Babson Capital United States 24,911.00 Illiquid Credit

67 BNP Paribas REIM France 24,814.00 Direct Real Estate Funds

68 Hellman & Friedman** United States 24,812.00 Direct Private Equity Funds

69 Two Sigma Investments United States 24,800.00 Direct Hedge Funds

70 Citadel United States 24,600.00 Direct Hedge Funds

71 LGT Capital Partners Switzerland 24,465.10 Private Equity FoF

72 Lexington Partners** United States 24,453.94 Private Equity FoF

73 Silver Lake** United States 24,000.00 Direct Private Equity Funds

74 Brevan Howard Capital Management United Kingdom 23,677.00 Direct Hedge Funds

75 Goldman Sachs United States 23,600.00 Illiquid Credit







76 Morgan Stanley Investment Management United States 23,588.10 Direct Real Estate Funds

77 J.P. Morgan Asset Management – Private Equity United States 23,562.00 Private Equity FoF

78 GAM United Kingdom 23,057.00 Direct Hedge Funds

79 Partners Group Switzerland 22,743.80 Private Equity FoF

80 Grosvenor Capital Management United States 22,669.14 Private Equity FoF

81 Mashall Wace* United Kingdom 22,410.00 Direct Hedge Funds

82 IFM Investors Australia 22,386.00 Direct Infrastructure Funds

83 Morgan Stanley Investment Management United States 22,356.00 Funds of Hedge Funds

84 York Capital Management* United States 22,300.00 Direct Hedge Funds

85 Neuberger Berman United States 22,170.00 Private Equity FoF

86 Deutsche Asset Management Germany 22,017.88 Direct Infrastructure Funds

87 Blackrock United States 21,974.80 Direct Real Estate Funds

88 AXA Investment Managers France 21,849.59 Illiquid Credit

89 Viking Global Investors* United States 21,500.00 Direct Hedge Funds

90 Blackrock United States 21,371.90 Private Equity FoF

91 Blackrock United States 21,334.30 Funds of Hedge Funds

92 Starwood Capital Group United States 21,294.18 Direct Real Estate Funds

93 Hillhouse* China 20,000.00 Direct Hedge Funds

94 King Street Capital Management United States 19,600.00 Direct Hedge Funds

95 GSO Capital Partners United States 19,600.00 Illiquid Credit

96 Farallon Capital Management* United States 19,500.00 Direct Hedge Funds

97 The Permal Group United States 19,432.00 Funds of Hedge Funds

98 Credit Suisse Asset Management Switzerland 19,180.85 Direct Hedge Funds

99 Oak Hill Advisors United States 18,514.00 Illiquid Credit

100 Apollo Global Management United States 18,400.00 Direct Private Equity Funds







101 Bentall Kennedy Canada 18,236.00 Direct Real Estate Funds

102 Appaloosa Management* United States 18,000.00 Direct Hedge Funds

103 General Atlantic United States 17,900.00 Direct Private Equity Funds

104 AMP Capital Australia 17,862.30 Direct Real Estate Funds

105 ValueAct Capital Management* United States 17,640.00 Direct Hedge Funds

106 Platinum Asset Management Australia 17,560.00 Direct Hedge Funds

107 Vista Equity Partners** United States 16,905.42 Direct Private Equity Funds

108 EQT United Kingdom 16,330.00 Direct Private Equity Funds

109 Third Point* United States 16,300.00 Direct Hedge Funds

110 Coller Capital United Kingdom 16,167.00 Private Equity FoF

111 Savills Investment Management United Kingdom 15,938.00 Direct Real Estate Funds

112 PIMCO United States 15,826.00 Direct Hedge Funds

113 La Française France 15,702.00 Direct Real Estate Funds

114 Landmark Partners United States 15,501.90 Private Equity FoF

115 Clayton, Dubilier & Rice United States 15,500.00 Direct Private Equity Funds

116 Canyon Partners United States 15,500.00 Direct Hedge Funds

117 Moore Capital Management* United States 15,500.00 Direct Hedge Funds

118 Intermediate Capital Group United Kingdom 15,250.00 Illiquid Credit

119 Blackrock United States 14,923.50 Direct Commodities Funds

120 Portfolio Advisors United States 14,678.61 Private Equity FoF

121 Lansdowne Partners United Kingdom 14,654.00 Direct Hedge Funds

122 Highbridge Capital Management United States 14,597.40 Illiquid Credit

123 BlueMountain Capital Management* United States 14,500.00 Direct Hedge Funds

124 Pershing Square Capital Management* United States 14,410.00 Direct Hedge Funds

125 Grantham. Mayo, Van Otterloo* United States 14,280.00 Direct Hedge Funds







126 Paulson & Co.* United States 14,210.00 Direct Hedge Funds

127 Winton Capital Management United Kingdom 14,135.30 Direct Hedge Funds

128 Leonard Green** United States 14,056.70 Direct Private Equity Funds

129 Ares Management United States 14,026.00 Direct Private Equity Funds

130 Bridgepoint United Kingdom 13,965.00 Direct Private Equity Funds

131 Onex** Canada 13,751.00 Direct Private Equity Funds

132 Amundi France 13,727.39 Direct Real Estate Funds

133 The Energy & Minerals Group United States 13,692.31 Direct Private Equity Funds

134 Insight Venture Partners** United States 13,659.10 Direct Private Equity Funds

135 Goldman Sachs Asset Management United States 13,606.41 Direct Hedge Funds

136 Magnetar Capital United States 13,500.00 Direct Hedge Funds

137 BC Partners** United Kingdom 13,377.36 Direct Private Equity Funds

138 Henderson Global Investors United Kingdom 13,316.00 Direct Hedge Funds

139 Mesirow Financial Holdings United States 12,947.40 Funds of Hedge Funds

140 SkyBridge Capital United States 12,900.00 Funds of Hedge Funds

141 Aberdeen Asset Management United Kingdom 12,899.10 Private Equity FoF

142 Cheyne Capital United Kingdom 12,779.00 Direct Hedge Funds

143 First Reserve** United States 12,707.90 Direct Private Equity Funds

144 Kennedy Wilson United States 12,698.00 Direct Real Estate Funds

145 J.P. Morgan Alternative Asset Management: Hedge Fund Solutions United States 12,653.00 Funds of Hedge Funds

146 Anchorage Capital Group United States 12,630.00 Direct Hedge Funds

147 Kohlberg Kravis Roberts & Co. United States 12,608.91 Illiquid Credit

148 Wellington Management United States 12,594.00 Direct Hedge Funds

149 Trian Fund Management United States 12,519.42 Direct Hedge Funds

150 Goldman Sachs United States 12,500.00 Direct Infrastructure Funds







151 TA Realty United States 12,375.00 Direct Real Estate Funds

152 American Securities** United States 12,327.66 Direct Private Equity Funds

153 Avenue Capital Group United States 12,326.00 Direct Hedge Funds

154 Man Group United Kingdom 12,260.00 Funds of Hedge Funds

155 FRM* United Kingdom 12,260.00 Funds of Hedge Funds

156 CarVal Investors United States 12,200.74 Illiquid Credit

157 Energy Capital Partners United States 12,200.00 Direct Private Equity Funds

158 Brigade Capital Management United States 12,184.00 Direct Hedge Funds

159 Nordic Capital United Kingdom 12,164.00 Direct Private Equity Funds

160 Charter Hall Australia 12,071.45 Direct Real Estate Funds

161 Deutsche Asset Management** Germany 12,000.00 Private Equity FoF

162 Neuberger Berman United Kingdom 11,982.00 Direct Private Equity Funds

163 Aberdeen Asset Management United Kingdom 11,948.83 Funds of Hedge Funds

164 Schroders Investment Management United Kingdom 11,828.06 Direct Real Estate Funds

165 EnTrust Capital United States 11,820.10 Funds of Hedge Funds

166 Ares Management United States 11,811.00 Illiquid Credit

167 Odey Asset Management United Kingdom 11,594.00 Direct Hedge Funds

168 Columbia Threadneedle Investments United States 11,580.00 Direct Real Estate Funds

169 Oaktree Capital Management United States 11,541.00 Direct Private Equity Funds

170 DTZ Investors United Kingdom 11,516.00 Direct Real Estate Funds

171 Cinven United Kingdom 11,507.47 Direct Private Equity Funds

172 New Mountain Capital** United States 11,500.00 Direct Private Equity Funds

173 Balyasny Asset Management United States 11,439.26 Direct Hedge Funds

174 Cevian Capital United Kingdom 11,433.00 Direct Hedge Funds

175 Angelo, Gordon & Co. United States 11,291.00 Direct Hedge Funds







176 Graham Capital Management United States 11,160.47 Direct Hedge Funds

177 Partners Group Switzerland 11,104.91 Direct Real Estate Funds

178 Lendlease Australia 11,020.00 Direct Real Estate Funds

179 Kohlberg Kravis Roberts & Co. United States 11,000.00 Funds of Hedge Funds

180 Apollo Global Management United States 11,000.00 Direct Real Estate Funds

181 Kelso & Company United States 11,000.00 Direct Private Equity Funds

182 Fir Tree Partners United States 11,000.00 Direct Hedge Funds

183 Bain Capital Credit United States 10,998.36 Illiquid Credit

184 Fidelity International Bermuda 10,857.00 Direct Real Estate Funds

185 Hermes Investment Management United Kingdom 10,829.10 Direct Real Estate Funds

186 Stone Point Capital** United States 10,812.50 Direct Private Equity Funds

187 The Rock Creek Group United States 10,710.00 Funds of Hedge Funds

188 Aetos Capital* United States 10,640.00 Funds of Hedge Funds

189 Pictet Asset Management Switzerland 10,600.00 Funds of Hedge Funds

190 Golden Gate Capital** United States 10,588.77 Direct Private Equity Funds

191 CDH Investment Singapore 10,524.00 Direct Private Equity Funds

192 Natural Gas Partners** United States 10,512.67 Direct Private Equity Funds

193 K2 Advisors* United States 10,460.00 Funds of Hedge Funds

194 BMO Real Estate Partners United Kingdom 10,313.00 Direct Real Estate Funds

195 Morgan Stanley Investment Management United States 10,105.00 Private Equity FoF

196 PIMCO United States 10,043.00 Direct Commodities Funds

197 Russian Direct Investment Fund (RDIF)** Russia 10,000.00 Direct Private Equity Funds

198 SL Capital Partners United Kingdom 9,989.00 Private Equity FoF

199 Colonial First State Global Asset Management Australia 9,934.66 Direct Infrastructure Funds

200 QIC Australia 9,890.95 Direct Real Estate Funds







201 J.P. Morgan Asset Management United States 9,867.10 Direct Infrastructure Funds

202 Invesco United States 9,819.00 Direct Private Equity Funds

203 Robeco Group Netherlands 9,737.00 Direct Hedge Funds

204 Aurora Investment Management* United States 9,660.00 Funds of Hedge Funds

205 Siguler Guff & Company United States 9,651.70 Private Equity FoF

206 Partners Group Switzerland 9,477.47 Illiquid Credit

207 Crescent Capital Group United States 9,443.00 Illiquid Credit

208 Alinda Capital Partners United States 9,440.55 Direct Infrastructure Funds

209 HBK Capital Management United States 9,384.00 Direct Hedge Funds

210 Nephila Capital Bermuda 9,316.96 Insurance-Linked Investments

211 The Abraaj Group United Arab Emirates 9,170.03 Direct Private Equity Funds

212 Triton Partners** United Kingdom 9,141.20 Direct Private Equity Funds

213 Partners Group Switzerland 9,128.70 Direct Private Equity Funds

214 PAI Partners France 9,118.71 Direct Private Equity Funds

215 UBS Asset Management Switzerland 9,060.00 Private Equity FoF

216 Hastings Funds Management Australia 9,048.40 Direct Infrastructure Funds

217 PAAMCO United States 9,026.70 Funds of Hedge Funds

218 Ardian France 9,005.00 Direct Private Equity Funds

219 UBP Alternative Investments Switzerland 9,000.00 Funds of Hedge Funds

220 AllianceBernstein* United States 8,970.00 Funds of Hedge Funds

221 AXA Investment Managers France 8,873.91 Funds of Hedge Funds

222 AMP Capital Australia 8,822.50 Direct Infrastructure Funds

223 Allianz Global Investors Germany 8,706.73 Direct Hedge Funds

224 LGT Capital Partners Switzerland 8,625.59 Funds of Hedge Funds

225 Lighthouse Partners* United States 8,560.00 Funds of Hedge Funds







226 Greystone Managed Investments Canada 8,430.00 Direct Real Estate Funds

227 Lyxor Asset Management France 8,359.00 Direct Hedge Funds

228 GTCR** United States 8,251.44 Direct Private Equity Funds

229 MKP Capital Management United States 8,239.00 Direct Hedge Funds

230 Bouwinvest REIM Netherlands 8,171.00 Direct Real Estate Funds

231 KGAL Group Germany 8,064.50 Direct Real Estate Funds

232 Sun Capital Partners United States 8,001.51 Direct Private Equity Funds

233 Gresham Investment Management United States 7,904.00 Direct Commodities Funds

234 Hall Capital Partners* United States 7,890.00 Funds of Hedge Funds

235 Lyxor Asset Management France 7,840.00 Funds of Hedge Funds

236 PIMCO United States 7,840.00 Direct Real Estate Funds

237 Pathway Capital Management United States 7,801.00 Private Equity FoF

238 Goldman Sachs Asset Management United States 7,775.86 Direct Real Estate Funds

239 Orchard Street Investment Management United Kingdom 7,648.00 Direct Real Estate Funds

240 Terra Firma Capital Partners United Kingdom 7,604.30 Direct Private Equity Funds

241 Blackrock United States 7,601.30 Direct Infrastructure Funds

242 TIAA United States 7,507.50 Real Assets

243 Credit Suisse Asset Management Switzerland 7,503.28 Direct Commodities Funds

244 Ares Management United States 7,489.00 Direct Real Estate Funds

245 Oaktree Capital Management United States 7,470.00 Direct Real Estate Funds

246 Abbott Capital United States 7,369.00 Private Equity FoF

247 Gottex Fund Management Switzerland 7,364.00 Funds of Hedge Funds

248 GE Asset Management United States 7,360.60 Direct Private Equity Funds

249 Pictet Asset Management Switzerland 7,300.00 Private Equity FoF

250 Taconic Capital Advisors United States 7,128.77 Direct Hedge Funds







251 Morgan Stanley Investment Management United States 7,060.00 Direct Private Equity Funds

252 Ardian France 7,003.00 Direct Infrastructure Funds

253 Marathon Asset Management United States 6,839.00 Direct Hedge Funds

254 Angelo, Gordon & Co. United States 6,829.00 Illiquid Credit

255 Värde Partners United States 6,809.42 Illiquid Credit

256 InfraRed Capital Partners United Kingdom 6,799.90 Direct Infrastructure Funds

257 CQS United Kingdom 6,654.00 Direct Hedge Funds

258 Beach Point Capital Management United States 6,565.00 Direct Hedge Funds

259 Credit Suisse Asset Management Switzerland 6,501.91 Insurance-Linked Investments

260 Angelo, Gordon & Co. United States 6,455.00 Direct Real Estate Funds

261 RARE Infrastructure Australia 6,447.00 Direct Infrastructure Funds

262 Perry Capital United States 6,425.00 Direct Hedge Funds

263 CCMP Capital Advisors United States 6,300.00 Direct Private Equity Funds

264 Actis United Kingdom 6,241.00 Direct Private Equity Funds

265 Capital Fund Management France 6,156.95 Direct Hedge Funds

266 Henderson Global Investors United Kingdom 6,146.00 Direct Real Estate Funds

267 HQ Capital Private Equity United States 6,035.00 Private Equity FoF

268 Partners Group Switzerland 6,030.55 Direct Infrastructure Funds

269 ASB Real Estate Investments United States 5,989.00 Direct Real Estate Funds

270 Lynx Asset Management Sweden 5,981.00 Direct Hedge Funds

271 The GPT Group Australia 5,968.00 Direct Real Estate Funds

272 Credit Suisse Asset Management Switzerland 5,906.01 Funds of Hedge Funds

273 Adveq Management Switzerland 5,899.80 Private Equity FoF

274 Stonepeak Partners United States 5,828.00 Direct Infrastructure Funds

275 Morgan Stanley Investment Management United States 5,825.00 Direct Infrastructure Funds






276 UBS Asset Management Switzerland 5,784.00 Direct Hedge Funds

277 Audax Group United States 5,778.54 Direct Private Equity Funds

278 Allianz Global Investors Germany 5,776.00 Direct Infrastructure Funds

279 Kohlberg Kravis Roberts & Co. United States 5,768.87 Direct Infrastructure Funds

280 Transtrend Netherlands 5,700.00 Direct Hedge Funds

281 H.R.L. Morrison & Co New Zealand 5,689.90 Direct Infrastructure Funds

282 Amundi France 5,588.00 Illiquid Credit

283 Neuberger Berman United States 5,495.00 Funds of Hedge Funds

284 UBS Asset Management Switzerland 5,439.00 Direct Infrastructure Funds

285 Waterfall Asset Management United States 5,310.00 Direct Hedge Funds

286 Grove Street Advisors United States 5,307.90 Private Equity FoF

287 HgCapital United Kingdom 5,243.00 Direct Private Equity Funds

288 Evanston Capital Management United States 5,237.00 Funds of Hedge Funds

289 Brookfield Asset Management Canada 5,236.00 Direct Private Equity Funds

290 Arrowgrass Capital Partners United Kingdom 5,196.07 Direct Hedge Funds

291 RCP Advisors United States 5,172.04 Private Equity FoF

292 Hermes Investment Management United Kingdom 5,132.50 Direct Infrastructure Funds

293 ABS Investment Management United States 5,123.00 Funds of Hedge Funds

294 TIAA United States 5,110.00 Direct Private Equity Funds

295 QIC Australia 5,100.00 Real Assets

296 Park Square Capital United Kingdom 5,016.00 Illiquid Credit

297 Aspect Capital United Kingdom 4,981.00 Direct Hedge Funds

298 Access Capital Partners France 4,930.00 Private Equity FoF

299 Campbell & Company United States 4,898.00 Direct Hedge Funds

300 Forum Partners United Kingdom 4,880.00 Direct Real Estate Funds






301 QIC Australia 4,854.41 Direct Infrastructure Funds

302 Candriam Investor Group France 4,834.75 Direct Hedge Funds

303 Lion Capital United Kingdom 4,764.30 Direct Private Equity Funds

304 Ares Management United States 4,750.00 Direct Infrastructure Funds

305 Pictet Asset Management Switzerland 4,714.00 Direct Hedge Funds

306 GMT Capital Corp. United States 4,706.00 Direct Hedge Funds

307 GE Asset Management United States 4,703.60 Direct Real Estate Funds

308 PineBridge Investments United States 4,694.90 Private Equity FoF

309 CoreCommodity Management United States 4,610.00 Direct Commodities Funds

310 BlueBay Asset Management United Kingdom 4,604.00 Illiquid Credit

311 Crestline Investors United States 4,429.00 Funds of Hedge Funds

312 Aviva Investors United Kingdom 4,398.00 Direct Infrastructure Funds

313 Wellington Management United States 4,344.00 Direct Commodities Funds

314 Magellan Asset Management Australia 4,280.70 Direct Infrastructure Funds

315 Patron Capital United Kingdom 4,244.00 Direct Real Estate Funds

316 Wellington Management United States 4,205.00 Real Assets

317 Campbell Global United States 4,188.60 Real Assets

318 Macquarie Group Australia 4,177.80 Direct Real Estate Funds

319 Camden Asset Management United States 4,130.00 Direct Hedge Funds

320 Cantab Capital Partners United Kingdom 4,075.00 Direct Hedge Funds

321 Amundi France 4,056.90 Private Equity FoF

322 Danske Bank Denmark 4,000.00 Private Equity FoF

323 LGT Capital Partners Switzerland 3,988.62 Insurance-Linked Investments

324 Magnitude Capital United States 3,957.52 Funds of Hedge Funds

325 Neuberger Berman United States 3,957.00 Direct Hedge Funds






326 GSA Capital United Kingdom 3,945.00 Direct Hedge Funds

327 Tristan Capital Partners United Kingdom 3,923.00 Direct Real Estate Funds

328 GSO Capital Partners United States 3,883.40 Direct Hedge Funds

329 Northleaf Capital Partners Canada 3,844.87 Private Equity FoF

330 Amundi France 3,826.77 Funds of Hedge Funds

331 Hermes Investment Management United Kingdom 3,812.50 Private Equity FoF

332 Macquarie Group Australia 3,811.50 Direct Hedge Funds

333 Greenspring Associates United States 3,800.00 Private Equity FoF

334 Berkshire Group United States 3,741.49 Direct Real Estate Funds

335 Principal Global Investors United States 3,659.80 Direct Hedge Funds

336 Arcus Infrastructure Partners United Kingdom 3,656.00 Direct Infrastructure Funds

337 Mesirow Financial Holdings United States 3,646.53 Private Equity FoF

338 MatlinPatterson United States 3,623.26 Direct Private Equity Funds

339 Capital Dynamics Switzerland 3,529.53 Private Equity FoF

340 Securis Investment Partners United Kingdom 3,529.00 Insurance-Linked Investments

341 Silver Creek Capital Management United States 3,500.48 Funds of Hedge Funds

342 M3 Capital Partners United States 3,500.00 Direct Private Equity Funds

343 Infracapital United Kingdom 3,473.04 Direct Infrastructure Funds

344 III Capital Management United States 3,432.19 Direct Hedge Funds

345 PCCP United States 3,391.77 Direct Real Estate Funds

346 Antin Infrastructure Partners France 3,373.80 Direct Infrastructure Funds

347 Ascend Capital United States 3,362.22 Direct Hedge Funds

348 Equistone Partners Europe United Kingdom 3,346.00 Direct Private Equity Funds

349 QIC Australia 3,288.92 Private Equity FoF

350 Capstone Investment Advisors United States 3,285.00 Direct Hedge Funds






351 Monarch Alternative Capital United States 3,203.52 Direct Hedge Funds

352 BTG Pactual Brazil 3,200.00 Direct Hedge Funds

353 Värde Partners United States 3,196.27 Direct Hedge Funds

354 Ivory Investment Management United States 3,178.00 Direct Hedge Funds

355 Aquila Capital Germany 3,127.00 Real Assets

356 Aberdeen Asset Management United Kingdom 3,120.30 Real Assets

357 Orchard Global Asset Management Singapore 3,112.50 Illiquid Credit

358 Gramercy Funds Management United States 3,103.50 Direct Hedge Funds

359 Marathon Asset Management United States 3,064.00 Illiquid Credit

360 Top Tier Capital Partners United States 3,059.44 Private Equity FoF

361 Aberdeen Asset Management United Kingdom 3,031.81 Direct Infrastructure Funds

362 Allianz Global Investors Germany 3,018.00 Funds of Hedge Funds

363 Abbey Capital Ireland 3,016.00 Funds of Hedge Funds

364 GE Asset Management United States 3,014.90 Direct Hedge Funds

365 Ardian France 3,001.00 Illiquid Credit

366 Tikehau Investment Management France 2,986.63 Illiquid Credit

367 Audax Group United States 2,960.73 Illiquid Credit

368 Whitehelm Capital Australia 2,918.58 Direct Infrastructure Funds

369 Macquarie Group Australia 2,896.00 Illiquid Credit

370 Kohlberg Kravis Roberts & Co. United States 2,823.20 Real Assets

371 Lothbury Investment Management United Kingdom 2,678.00 Direct Real Estate Funds

372 HSBC Alternative Investment Group United Kingdom 2,677.71 Funds of Hedge Funds

373 Europa Capital United Kingdom 2,636.00 Direct Real Estate Funds

374 Amundi France 2,627.90 Direct Hedge Funds

375 Aristeia Capital United States 2,627.00 Direct Hedge Funds






376 Dalmore Capital United Kingdom 2,622.00 Direct Infrastructure Funds

377 Navis Asia Funds Cayman Islands 2,619.00 Direct Private Equity Funds

378 Legal & General Investment Management United Kingdom 2,618.00 Illiquid Credit

379 EQT United Kingdom 2,607.00 Direct Infrastructure Funds

380 Notz, Stucki Europe Luxembourg 2,602.00 Funds of Hedge Funds

381 Pantheon United Kingdom 2,590.00 Real Assets

382 Boussard & Gavaudan United Kingdom 2,589.00 Direct Hedge Funds

383 KGAL Group Germany 2,582.58 Direct Infrastructure Funds

384 RWC Asset Management United Kingdom 2,549.64 Direct Hedge Funds

385 Goldman Sachs Asset Management United States 2,531.63 Direct Commodities Funds

386 IK Investment Partners United Kingdom 2,526.00 Direct Private Equity Funds

387 Highbridge Capital Management United States 2,524.00 Direct Hedge Funds

388 Equitix Investment Management United Kingdom 2,511.00 Direct Infrastructure Funds

389 Silver Creek Capital Management United States 2,501.41 Illiquid Credit

390 Allianz Global Investors Germany 2,462.00 Illiquid Credit

391 Oaktree Capital Management United States 2,444.00 Direct Infrastructure Funds

392 InfraRed Capital Partners United Kingdom 2,407.30 Direct Real Estate Funds

393 Christofferson Robb & Co. United Kingdom 2,400.00 Illiquid Credit

394 AlphaCat Managers Bermuda 2,386.00 Insurance-Linked Investments

395 Robeco Group Netherlands 2,357.00 Private Equity FoF

396 Crestline Investors United States 2,340.00 Direct Private Equity Funds

397 Highland Capital Management United States 2,333.24 Direct Hedge Funds

398 Blackrock United States 2,332.49 Illiquid Credit

399 Capital Dynamics Switzerland 2,331.64 Direct Infrastructure Funds

400 Greystone Managed Investments Canada 2,330.00 Illiquid Credit






401 Optima Fund Management United States 2,289.00 Funds of Hedge Funds

402 Chilton Investment Company United States 2,288.00 Direct Hedge Funds

403 Timbercreek Asset Management Canada 2,284.50 Direct Real Estate Funds

404 Starwood Capital Group United States 2,263.04 Direct Infrastructure Funds

405 JHL Capital Group United States 2,246.00 Direct Hedge Funds

406 P.Schoenfeld Asset Management United States 2,237.62 Direct Hedge Funds

407 Pinnacle Asset Management United States 2,237.00 Funds of Hedge Funds

408 Amber Infrastructure United Kingdom 2,237.00 Direct Infrastructure Funds

409 One William Street Capital Management United States 2,219.00 Direct Hedge Funds

410 SteelRiver Infrastructure Partners United States 2,207.60 Direct Infrastructure Funds

411 Tages (1) United Kingdom 2,200.00 Funds of Hedge Funds

412 Akina Switzerland 2,200.00 Private Equity FoF

413 Fulcrum Asset Management United Kingdom 2,180.00 Direct Hedge Funds

414 TIAA United States 2,142.80 Direct Infrastructure Funds

415 SAIL Advisors Hong Kong 2,141.90 Funds of Hedge Funds

416 Brookfield Asset Management Canada 2,073.00 Real Assets

417 Legal & General Investment Management United Kingdom 2,070.00 Direct Infrastructure Funds

418 Investa Australia 2,066.39 Direct Real Estate Funds

419 KLS Diversified Management United States 2,042.00 Direct Hedge Funds

420 Kohlberg Kravis Roberts & Co. United States 2,014.00 Direct Real Estate Funds

421 Macquarie Group Australia 2,003.00 Real Assets

422 Aurum Fund Management Bermuda 1,922.30 Funds of Hedge Funds

423 UBS Asset Management Switzerland 1,920.00 Direct Commodities Funds

424 SteelRiver Infrastructure Partners United States 1,913.30 Private Equity FoF

425 Vontobel Asset Management Switzerland 1,908.00 Funds of Hedge Funds(1) Since 2014, La Française has a strategic partnership with Tages Capital and hold 40% of Tages Capital






426 Actis United Kingdom 1,902.00 Direct Infrastructure Funds

427 Atalaya Capital United States 1,895.81 Illiquid Credit

428 Stafford Capital Partners Australia 1,885.70 Real Assets

429 The Sentient Group Cayman Islands 1,881.00 Real Assets

430 Protege Partners United States 1,871.50 Funds of Hedge Funds

431 MetLife Investment Advisors United States 1,867.70 Direct Real Estate Funds

432 Tremblant Capital United States 1,835.00 Direct Hedge Funds

433 Mesa West Capital United States 1,786.35 Direct Real Estate Funds

434 Mesa West Capital United States 1,786.35 Illiquid Credit

435 Investcorp United States 1,777.00 Direct Hedge Funds

436 MatlinPatterson United States 1,754.25 Direct Hedge Funds

437 TIAA United States 1,754.00 Direct Commodities Funds

438 Investec Asset Management United Kingdom 1,739.70 Direct Commodities Funds

439 Schroders Investment Management United Kingdom 1,738.73 Direct Commodities Funds

440 Stafford Capital Partners Australia 1,733.70 Private Equity FoF

441 Neuberger Berman United States 1,710.00 Illiquid Credit

442 Spinnaker Capital United Kingdom 1,700.00 Direct Hedge Funds

443 Wellington Management United States 1,695.00 Direct Infrastructure Funds

444 Edesia Asset Management Switzerland 1,690.00 Direct Commodities Funds

445 Anchorage Capital Group United States 1,690.00 Illiquid Credit

446 CVC Capital Partners Luxembourg 1,638.65 Illiquid Credit

447 Deutsche Asset Management Germany 1,621.40 Direct Private Equity Funds

448 Equis Singapore 1,608.02 Direct Private Equity Funds

449 Litespeed Management United States 1,600.00 Direct Hedge Funds

450 Hermes Investment Management United Kingdom 1,591.90 Direct Private Equity Funds






451 Sloane Robinson United Kingdom 1,558.00 Direct Hedge Funds

452 Wolverine Asset Management United States 1,551.00 Direct Hedge Funds

453 Wexford Capital United States 1,545.00 Direct Hedge Funds

454 Palisade Investment Partners Australia 1,532.95 Direct Infrastructure Funds

455 Crestline Investors United States 1,527.00 Illiquid Credit

456 Picton Mahoney Asset Management Canada 1,526.20 Direct Hedge Funds

457 Palmer Capital United Kingdom 1,513.00 Direct Real Estate Funds

458 Lombard Odier Investment Managers Switzerland 1,504.50 Direct Hedge Funds

459 Morgan Stanley Investment Management United States 1,482.00 Illiquid Credit

460 Mirova (1) France 1,473.00 Direct Infrastructure Funds

461 Investcorp United States 1,448.00 Funds of Hedge Funds

462 Pioneer Investments Italy 1,409.00 Funds of Hedge Funds

463 IFM Investors Australia 1,409.00 Private Equity FoF

464 EQT United Kingdom 1,370.00 Illiquid Credit

465 Amplitude Capital International Cayman Islands 1,358.00 Direct Hedge Funds

466 Schroders Investment Management United Kingdom 1,344.74 Insurance-Linked Investments

467 Fore Research & Management United States 1,320.62 Direct Hedge Funds

468 Equilibrium United Kingdom 1,300.00 Real Assets

469 CVC Capital Partners Luxembourg 1,291.60 Direct Hedge Funds

470 Blue Sky Alternative Investments Australia 1,285.00 Direct Private Equity Funds

471 Global Thematic Partners United States 1,271.00 Real Assets

472 Millburn Ridgefield Corporation United States 1,220.00 Direct Hedge Funds

473 Oaktree Capital Management United States 1,211.00 Direct Hedge Funds

474 Northleaf Capital Partners Canada 1,210.62 Direct Infrastructure Funds

475 West Face Capital Canada 1,203.96 Direct Hedge Funds(1) Mirova, a subsidiary of Natixis Asset Management, is an affi liated investment management firm of Natixis Global Asset Management, thus contributing to the illustration of Na tixis Global Asset Management’s overall capabilities in global alternative offerings






476 Meyer Bergman United Kingdom 1,201.84 Direct Real Estate Funds

477 Fondinvest Capital France 1,200.00 Private Equity FoF

478 SC Capital Partners Singapore 1,200.00 Direct Real Estate Funds

479 Clessidra SGR Italy 1,198.93 Direct Private Equity Funds

480 Prologue Capital United States 1,162.00 Direct Hedge Funds

481 First Quadrant United States 1,153.00 Direct Hedge Funds

482 PineBridge Investments United States 1,152.50 Direct Private Equity Funds

483 Monarch Alternative Capital United States 1,151.02 Direct Private Equity Funds

484 Amundi France 1,147.41 Direct Infrastructure Funds

485 Franklin Templeton United States 1,137.80 Direct Infrastructure Funds

486 Brookfield Asset Management Canada 1,129.00 Direct Hedge Funds

487 3i Debt Management United Kingdom 1,127.59 Illiquid Credit

488 Morgan Creek Capital Management United States 1,116.00 Private Equity FoF

489 Twelve Capital Switzerland 1,096.06 Insurance-Linked Investments

490 Amundi France 1,094.93 Direct Private Equity Funds

491 Lombard Odier Investment Managers Switzerland 1,094.70 Private Equity FoF

492 Colliers Capital United Kingdom 1,086.00 Direct Real Estate Funds

493 Invesco United States 1,073.00 Direct Commodities Funds

494 Mesirow Financial Holdings United States 1,052.20 Direct Real Estate Funds

495 Moon Capital Management United States 1,051.00 Direct Hedge Funds

496 Axium Infrastructure Canada 1,047.00 Direct Infrastructure Funds

497 Vontobel Asset Management Switzerland 1,044.00 Illiquid Credit

498 KGAL Group Germany 1,035.55 Direct Private Equity Funds

499 PineBridge Investments United States 1,014.80 Illiquid Credit

500 Presima Canada 1,001.67 Direct Real Estate Funds






501 BMO Global Asset Management United Kingdom 1,000.00 Private Equity FoF

502 Pradera United Kingdom 985.40 Direct Real Estate Funds

503 Investec Asset Management United Kingdom 966.00 Direct Real Estate Funds

504 Silver Creek Capital Management United States 953.33 Real Assets

505 Wellington Management United States 953.00 Direct Private Equity Funds

506 Siguler Guff & Company United States 946.60 Direct Private Equity Funds

507 BlueBay Asset Management United Kingdom 925.00 Direct Hedge Funds

508 Greylock Capital Management United States 915.00 Direct Hedge Funds

509 QIC Australia 910.68 Direct Hedge Funds

510 Optima Fund Management United States 908.00 Direct Hedge Funds

511 Fengate Capital Management Canada 887.00 Direct Real Estate Funds

512 Beach Point Capital Management United States 872.00 Illiquid Credit

513 AMP Capital Australia 848.70 Private Equity FoF

514 Ethos Private Equity South Africa 830.67 Direct Private Equity Funds

515 Permira United Kingdom 830.00 Illiquid Credit

516 Kempen Capital Management Netherlands 822.30 Funds of Hedge Funds

517 Fengate Capital Management Canada 822.00 Direct Infrastructure Funds

518 Infrastructure Capital Group Australia 802.00 Direct Infrastructure Funds

519 Actis United Kingdom 797.40 Direct Real Estate Funds

520 AXA Investment Managers France 771.27 Insurance-Linked Investments

521 Aalto Invest United Kingdom 764.00 Illiquid Credit

522 Blue Sky Alternative Investments Australia 756.00 Direct Real Estate Funds

523 CarVal Investors United States 755.85 Direct Real Estate Funds

524 Wexford Capital United States 755.00 Direct Private Equity Funds

525 Lombard Odier Investment Managers Switzerland 742.70 Direct Infrastructure Funds






526 Loomis, Sayles & Co. United States 741.00 Direct Hedge Funds

527 Lombard Odier Investment Managers Switzerland 677.40 Funds of Hedge Funds

528 Visio Capital Management South Africa 670.00 Direct Hedge Funds

529 Blue Capital Bermuda 670.00 Insurance-Linked Investments

530 D. E. Shaw Group United States 641.00 Illiquid Credit

531 Angelo, Gordon & Co. United States 608.00 Direct Private Equity Funds

532 Henderson Global Investors United Kingdom 607.20 Real Assets

533 Deutsche Asset Management Germany 603.15 Direct Commodities Funds

534 QIC Australia 596.79 Direct Private Equity Funds

535 BMO Global Asset Management United Kingdom 587.00 Direct Hedge Funds

536 Tikehau Investment Management France 582.71 Direct Real Estate Funds

537 Allianz Global Investors Germany 579.00 Real Assets

538 Aalto Invest United Kingdom 567.00 Direct Real Estate Funds

539 Kaiser Trading Group Australia 560.00 Direct Hedge Funds

540 Franklin Templeton United States 549.12 Direct Private Equity Funds

541 CenterSquare Investment Management United States 529.16 Direct Real Estate Funds

542 Henderson Global Investors United Kingdom 524.10 Direct Commodities Funds

543 Meridian Capital Partners United States 523.00 Funds of Hedge Funds

544 Twelve Capital Switzerland 514.00 Illiquid Credit

545 Orchard Global Asset Management Singapore 508.61 Direct Hedge Funds

546 Impax Asset Management United Kingdom 484.31 Direct Infrastructure Funds

547 Aquila Capital Germany 460.00 Direct Hedge Funds

548 Senrigan Capital Group Hong Kong 456.10 Direct Hedge Funds

549 KanAm Grund Group Germany 436.60 Real Assets

550 Vontobel Asset Management Switzerland 436.00 Direct Commodities Funds






551 Candriam Investor Group France 431.12 Funds of Hedge Funds

552 West Face Capital Canada 428.03 Illiquid Credit

553 QIC Australia 417.00 Direct Commodities Funds

554 ZAIS Group United States 416.64 Direct Hedge Funds

555 Investec Asset Management United Kingdom 396.10 Direct Private Equity Funds

556 Columbia Threadneedle Investments United States 393.70 Direct Commodities Funds

557 KGAL Group Germany 391.35 Private Equity FoF

558 Kohlberg Kravis Roberts & Co. United States 386.10 Direct Hedge Funds

559 Bronson Point Management United States 386.00 Direct Hedge Funds

560 Morgan Creek Capital Management United States 355.00 Funds of Hedge Funds

561 Riverstone Holdings United States 339.00 Illiquid Credit

562 Wellington Management United States 334.00 Direct Real Estate Funds

563 Pictet Asset Management Switzerland 315.74 Direct Commodities Funds

564 OFI Global Asset Management United States 304.20 Insurance-Linked Investments

565 D. E. Shaw Group United States 290.00 Direct Private Equity Funds

566 BMO Global Asset Management United Kingdom 265.00 Funds of Hedge Funds

567 Credit Suisse Asset Management Switzerland 251.66 Direct Private Equity Funds

568 Capital Dynamics Switzerland 243.29 Direct Private Equity Funds

569 Spinnaker Capital United Kingdom 239.00 Illiquid Credit

570 Highland Capital Management United States 237.50 Direct Private Equity Funds

571 PIMCO United States 220.00 Illiquid Credit

572 Credit Suisse Asset Management Switzerland 215.65 Direct Infrastructure Funds

573 CZ Capital United Kingdom 215.60 Direct Hedge Funds

574 IFM Investors Australia 185.00 Direct Private Equity Funds

575 Millburn Ridgefield Corporation United States 151.00 Funds of Hedge Funds






576 Intermediate Capital Group United Kingdom 149.00 Private Equity FoF

577 Whitehelm Capital Australia 148.39 Direct Real Estate Funds

578 Neuberger Berman United States 142.00 Direct Commodities Funds

579 Aalto Invest United Kingdom 141.00 Direct Hedge Funds

580 DDJ Capital Management United States 118.00 Illiquid Credit

581 Lombard Odier Investment Managers Switzerland 107.10 Direct Commodities Funds

582 Union Investment Germany 104.00 Direct Infrastructure Funds

583 Deutsche Asset Management United Kingdom 100.00 Insurance-Linked Investments

584 First Quadrant United States 97.00 Direct Commodities Funds

585 Whitehelm Capital Australia 95.05 Private Equity FoF

586 Millburn Ridgefield Corporation United States 95.00 Direct Commodities Funds

587 Pioneer Investments Italy 90.88 Insurance-Linked Investments

588 Blue Sky Alternative Investments Australia 89.00 Real Assets

589 Greystone Managed Investments Canada 77.00 Direct Infrastructure Funds

590 Gunn Agri Partners Australia 75.00 Real Assets

591 Intermediate Capital Group United Kingdom 72.00 Direct Hedge Funds

592 Schroders Investment Management United Kingdom 65.18 Direct Infrastructure Funds

593 Henderson Global Investors United Kingdom 61.80 Direct Private Equity Funds

594 Whitehelm Capital Australia 61.60 Direct Private Equity Funds

595 Fulcrum Asset Management United Kingdom 60.00 Direct Commodities Funds

596 Henderson Global Investors United Kingdom 56.60 Funds of Hedge Funds

597 Impax Asset Management United Kingdom 56.55 Direct Real Estate Funds

598 BMO Global Asset Management United Kingdom 51.00 Real Assets

599 Tages (1) United Kingdom 50.00 Insurance-Linked Investments

600 Allianz Global Investors Germany 49.00 Direct Commodities Funds(1) Since 2014, La Française has a strategic partnership with Tages Capital and hold 40% of Tages Capital





601 Loomis, Sayles & Co. United States 30.00 Real Assets

602 Loomis, Sayles & Co. United States 5.00 Direct Commodities Funds

Total 6,165,283.64


Survey statistics


§ Manager participation varies from year to year, and one data point from a large asset manager may significantly affect the survey results.

§ We have not accounted for the potential overlap between Fund of Funds and Direct Funds, particularly for the Hedge Funds and Private Equity categories, which may affect AuM figures.

Glossary


Funds of Hedge Funds: A Hedge Fund of Funds is an investment structure that pools capital from investors within a commingled vehicle that allocates it to Hedge Funds, instead of investing directly into opportunities.

Direct Hedge Funds: Hedge Funds are private, offshore domiciled investment vehicles seeking to generate absolute returns regardless of the performance of overall markets. To achieve that, hedge funds can take advantage of a broad spectrum of tools including leverage and short selling and they are typically not subject to any formal investment restrictions. Hedge Funds are usually at the more liquid end of the investment spectrum.

Private Equity FoF: A Private Equity Fund of Funds is an investment structure that pools capital from investors and commits it to direct private equity funds, this includes secondary managers.

Direct Private Equity Funds: Private Equity is equity capital that is not quoted on a public exchange. It consists of investors and funds that make investments directly into private companies or conduct buyouts of public companies that result in a delisting of public equity.

Direct Real Estate Funds: Real estate strategies are those substantially investing directly or indirectly in buildings or land, largely without any operational business exposure attached (aside from hotels). This would include both listed and unlisted securities, and equity and debt investments in real estate. We would exclude securities debt from our definition (e.g. RMBS or CMBS).

Direct Commodities Funds: Commodities are a distinct asset used in the production of good and services. Price is determined by supply and demand dynamicsrather than future cash flows, which implies that traditional valuation methods do not apply. Participants in this market include commodity producers and speculators. Producers trade mostly physical assets, but use derivatives to hedge against price movement, whilst speculators trade mostly derivatives given the costs associated with storage. Some examples of commodities include coffee, oil and gold.

Direct Infrastructure Funds: Infrastructure assets are the facilities and structures essential for the orderly operations of an economy. Infrastructure assets generally also demonstrate monopolistic characteristics and high barriers to entry for competitors. Examples of infrastructure assets include transportation networks, health and education facilities, communications networks, water and energy distribution systems provide essential services to communities.

Real Assets (eg agriculture, timber, water): Real assets strategies include a wide range of investment opportunities, ie in agriculture/farmland, timberland, water (including water rights), natural resources, etc. The distinctive characteristic of real asset is tangible underlying asset and its connection to food and resource scarcity theme. The strategies may be focused either on delivering cash yield to investors (limited exposure to operational business) or on capital appreciation (significant exposure to operational business).

Illiquid Credit: Illiquid credit strategies encompass private debt opportunities, for example real estate debt, direct lending, mezzanine etc., and other private equity style funds with a predominant focus on distressed debt-biased strategies (for example non-performing loans) where there is not expected to be equity control.

Insurance-Linked Investments: An Insurance-Linked Investment product is an investment fund that offers investors exposure to insurance-related premium, predominantly related to P&C risk (mainly property catastrophe risk).

Pension funds: Includes public pension funds, private sector pension funds and superannuation schemes.

Wealth managers: Includes high net worth individuals, family offices, asset managers, corporate investors, private companies and investment companies.

Andrew Middlemass+44 (0) 20 7170 2930

[email protected]

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Limitations of reliance – Towers Watson

Towers Watson has prepared this material for general information purposes only and it should not be considered a substitute for specific professional advice. In particular, its contents are not intended by Towers Watson to be construed as the provision of investment, legal, accounting, tax or other professional advice or recommendations of any kind, or to form the basis of any decision to do or to refrain from doing anything. As such, this material should not be relied upon for investment or other financial decisions and no such decisions should be taken on the basis of its contents without seeking specific advice.

This material is based on information available to Towers Watson at the date of this material and takes no account of subsequent developments after that date. Additionally, material developments may occur subsequent to this presentation rendering it incomplete and inaccurate. Towers Watson assumes no obligation to advise you of any such developments or to update the presentation to reflect such developments. In preparing this material we may have relied upon data supplied to us by third parties. In such cases, whilst reasonable care has been taken to gauge the reliability of this data, we provide no guarantee as to the accuracy or completeness of this data and Towers Watson and its affiliates and their respective directors, officers and employees accept no responsibility and will not be liable for any errors or misrepresentations in the data made by any third party.

The assumptions used in this material have been derived by Towers Watson using a blend of economic theory, historical analysis and opinions provided by investment managers. They inevitably contain an element of subjective judgement. Any opinions or return forecasts on asset classes contained in this material are not intended to imply, nor should they be interpreted as conveying, any form of guarantee or assurance by Towers Watson of the future performance of the asset classes in question. The Towers Watson Investment Model is designed to illustrate the likely future range of long-term returns from different asset classes and their inter-relationship. No economic model can be expected to capture perfectly future uncertainty, particularly the risk of extreme events.

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