including the top alternative asset manager rankings · real estate funds direct commodities funds...

© 2015 Towers Watson. All rights reserved.

July 2015

Global Alternatives Survey 2015

Including the top alternative asset manager rankings

towerswatson.com © 2015 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only.

2

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

CreditTotal

USD billion

Top 100 total

assets213.7 791.2 342.2 767.3 1,139.9 - 148.9 - 98.0 3,501.1 7%

Top 100 Pension

Fund assets88.8 166.6 285.7 171.4 518.0 14.3 120.3 6.9 53.1 1,425.3 5%

Top 25 Insurance

Company assets18.2 - 33.1 4.2 183.1 - 6.5 - 43.2 288.3 5%

Top 25 Sovereign

Wealth Fund

assets

24.9 29.2 5.2 36.9 54.1 - 4.9 - - 155.3 1%

Top 25

Endowment &

Foundation assets

9.2 18.2 8.9 26.8 10.9 2.4 - 2.1 2.3 80.7 3%

Top 25 Fund of

Funds assets- 51.8 - 46.3 13.4 3.9 6.6 - - 122.0 23%

Top 25 Wealth

Manager assets37.0 87.8 - 28.2 244.2 - 47.0 - 9.5 453.8 7%

Top 25 Bank

assets15.0 26.1 13.0 17.1 50.6 - 7.0 - 10.6 139.5 12%

623 entries are included in the survey. The majority of the data (547 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.

Investor

Type

Manager

Type

* 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


3

Sections

Section I

Asset Class Trends

• Hedge Funds

• Private Equity

• Real Estate

• Infrastructure

• Commodities

• Real Assets

• Illiquid Credit

Section II

Top 100 alternative

asset managers by

AuM

• The top 100 alternative asset managers globally by

total assets under management (AuM)


4

Sections

Section III

Analysis of top

alternative asset

managers by investor

type

• 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

Section IV

Total universe

• Analysis of all asset managers

• Complete ranking of all asset managers

© 2015 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. towerswatson.com

Section 1

Asset Class Trends


6

Hedge Funds - Key Trends

The evolving HF landscape

Institutional investors continue to use hedge funds to access skill and build diversity into portfolios. This is particularly

true at a time when beta valuations are coming under pressure, and the best way to protect value into the next phase of

the cycle is through manager skill and by constructing portfolios with differentiated strategies. The hedge fund industry

has come under increasing pressure in recent times with accusations of high fees and dispersed returns; and

diminishing skill levels across the industry have led to benchmark returns remaining uninteresting. Notwithstanding, the

top managers in the industry continue to add value and crucial diversity to portfolios. However, during the next stage of

the market cycle it will be critical for hedge funds to prove their worth and diversifying characteristics as volatility picks up

and investors rely more on alternatives to generate returns.

Future outlook

Large institutional investors no longer select managers based purely on talent, although skill remains the most important

criteria. As the industry has evolved, investors are increasingly seeking more than just pooled fund investments from

managers – focusing on partnerships around terms, strategy focus, implementation and idea sharing. In addition,

research from across the industry is increasingly highlighting areas where returns comprise not only investment skill, or

alpha, but also where a portion of the returns generated are often attributable to “beta”. This includes bulk beta such as

equity or credit, or more esoteric, or 'alternative' beta, such as insurance premia, carry, volatility and momentum. The

ability to break down hedge fund returns into its component parts of alpha, beta and alternative beta allows investors to

more efficiently access these returns. Furthermore, this hedge fund return deconstruction process is contributing to an

increased focus by advisors and investors on building their asset allocations from a more granular return-driver

perspective, instead of a traditional asset class approach.

While the 'decompartmentalising' of return and risk drivers and the creation of alternative beta solutions is being seen as

a threat to some hedge fund strategies, moving away from an asset class approach could very well lead to a larger

alternatives allocation than clients held previously, often funded from traditional beta and indeed 'traditional' alpha.

Genuine alpha remains relatively scarce and those who can access it will rightly continue to attract flows; but for those

hedge fund managers who have been selling overpriced beta masked as alpha, the game is likely over.

Asset Class Trends


7

Private Equity - Key Trends

The evolving private equity landscape

Fundraising in private equity is buoyant with rising markets allowing private equity managers to generate significant

distributions back to their investors who in turn are looking to reinvest as the asset class has proven to generate positive

returns in good and bad markets. The market had been somewhat bifurcated with those managers boasting exceptional

short- and long-term track records raising capital particularly quickly while others took longer to secure capital. However,

this trend has been less prevalent recently with the fund-raising tailwind meaning most institutional quality managers

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 is reaching

all-time highs. Meticulous selectivity with managers who have proven discipline in prior cycles and have a range of skills

to bring to bear on their portfolio companies will become critical in the next phase of the cycle.

Future outlook

Whilst the pressure on fees will be volatile and tends to be inversely correlated with positive market sentiment, we expect

continued downward pressure on fees over the long term. Part of that pressure will be from the on-going dis-

intermediation story in private equity. This includes continued limited appetite for traditional fund of funds and increasing

activity from large asset owners buying businesses directly (ie, competing with private equity managers).

The secondary market continues to mature and grow in prominence, increasing the liquidity of the asset class.

Of late, we are seeing some larger managers implement longer dated funds, targeting longer hold periods and charging

lower fees than the traditional 12 year vehicles. In principle, we find this theme compelling, but note that getting the

structure and incentives right whilst finding sufficient high quality businesses to warrant ownership for 10+ years will be

critical. This is all part of the continued theme of evolution of the manager / investor relationship which we expect to

continue to gather momentum as the asset class matures. We expect this trend to change the nature of the private

equity relationship with increased implementation options providing more flexibility for sophisticated investors. Primary

fund investing will become just one tool that large sophisticated investors use to get their private equity exposure. This

will be supplemented with increased co-investing, secondary activity and strategic partnerships for investors with the

scale and governance to successfully execute such strategies.

Asset Class Trends


8

Real Estate - Key Trends

Asset Class Trends

The evolving real estate landscape

Real estate markets have continued to perform strongly driven by investors’ desire for attractive yields in a low bond yield environment

and, in many markets, healthy rental growth in light of stronger economic growth. In many ways it feels like 2007. Double digit returns,

transaction volumes 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 in terms of speed and size. This being said, unlike 2007, the property yield spread relative to long term government

bonds shows a healthy spread, which provides some investor comfort. Further, much of continental Europe has missed much of the rally

in recent years and appears some way from peak cycle behaviors.

Long lease property strategies in Europe have continued to see interest from pension fund clients given the expected return differential

relative to bonds. However, for the first time in several years, long lease property strategies have challenges from a weak supermarket

sector where many funds have large allocations. 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 helps diversify against the cyclicality of offices which can often be a disproportional contributor to risk in

portfolios.

Future outlook

Despite real estate looking attractive relative to bonds, we believe investors should be more patient and selective when investing new

real estate allocations at the current time. We have seen growing interest in co-investments, joint ventures and direct deals as investor

aim to have more control and visibility on both assets and pricing. At higher points in the market cycle this visibility appears valuable. We

expect continued interest in long lease property strategies in Europe – in particular growing interest in Continental European institutional

clients given the launch of several new products in this market and the attractiveness of the yield spread given the very low bond yield

environment. We are starting to see the development of several core open end Asian property funds in recent years. This has been a

difficult market for core products given the divergence in nature of underlying real estate markets and also the fact that institutional asset

lot sizes tend to be quite high. Both of these factors have led to difficulties in core funds reaching a critical mass size. The establishment

of several new entrants could lead to institutions making more direct allocations to Asia in a core vehicle rather than higher risk private

equity like vehicles.

We expect the continued growth in alternative property sectors as investor better diversify their property allocations and take advantage

of the thematic tailwinds associated with many of these subsectors like student assets (growing emerging market wealth), property

healthcare (demographics) and residential/storage (urbanization).


9

Infrastructure - Key Trends

The evolving infrastructure landscape

Over recent periods fund-raising in the asset class has accelerated, although the key winners in this trend have been

established managers with track-records.

While there remains a trend for greater co-investment and direct deals from investors, the very largest investors in the

asset class are actually reversing this trend and starting to again re-engage with traditional asset managers to assist in

asset execution (both origination and asset management). However, this increased interaction has not been through

traditional fund structures, but largely in the form of segregated accounts. These segregated accounts are often focused

on areas where the asset owner would struggle to access without the assistance of professional expertise.

Future outlook

With the (justifiable) perception of higher prices in the larger infrastructure assets, there is increasing marketing effort

from managers positioning themselves as ‘mid-market’ infrastructure investors. While we believe that the best mid-

market managers have a structural advantage over those focusing on larger assets, there are a number of warnings;

Mid-market has the potential to become a more competitive market

Increasingly larger mid-market funds and a desire by many investors for co-investment are intellectually

incoherent, and will lead to either disappointment of the level of co-investment offered to asset owners or asset

managers potentially have to migrate towards larger investment opportunities

Similar to last year, the greatest challenge (together with opportunity) is around the role that institutional investors may

play in funding government - supported infrastructure projects globally. In economies where government budgets are

heavily constrained, it is vital that those governments provide sufficient incentives for private capital to help address

funding gaps. Renewed thinking about regulatory frameworks and risk transfer between the public and private sectors

will significantly impact the amount of capital that ultimately gets invested in infrastructure assets around the world. This

debate has not really moved forward over the past 12 months, and a more joined-up discussion by asset owners would

help push this forward.

Asset Class Trends


10

Commodities - Key Trends

The evolving commodity landscape

Trends in commodity prices have changed significantly since 2000 when average commodity prices have more

than doubled compared to what we have seen in years pre-2000. In 2014 we witnessed weakening in some

commodity markets, particularly the energy markets, and while the situation has somewhat stabilized now there

is still a lot of uncertainty about the future outlook. Over the past 15 years, the average annual volatility of

resource prices has increased significantly as well. This year oil prices have seen the most significant decline, the

third largest since World War II. Similar trend was observed for other commodities which have been gradually

weakening. This sentiment impacts investment decisions made by both institutional investors and asset

managers.

Future outlook

The outlook for commodities markets remains uncertain and we have neutral view on commodities over short-

term. Oil markets undergone many changes and we still see uncertainty around supply and demand dynamic in

the oil market. We expect that US oil production will experience further falls if the number of active rigs continues

to fall. A few oil producers around the globe have suffered from unplanned disruption in 2015 owing to geopolitical

tensions. On the demand side, we anticipate it to remain healthy over the rest of the year as growth conditions in

most developed economies and some emerging economies remain robust.

Asset Class Trends


11

Real Assets - Key Trends

The evolving real asset landscape

One of the key benefits of investing in real assets is their role as a diversifier, in terms of risks and returns in the overall

portfolio. Investing in real assets is also a direct way to access resource scarcity theme and other themes such as

demographic trends, climate change, technology and emerging wealth. These and some other investment characteristics

of real assets continue attracting more interest from institutional investors globally. There is a wider range of strategies

and implementation routes to choose from now compared to several years ago: traditional farmland strategies ranging

from cash-lease to operating farms, private equity investments in agriculture across the whole value chain, investments

in water via either water rights or water infrastructure, club deals formed by large like-minded investors, direct

investments driven by SWFs from Middle East and Asia, investments in pooled funds, etc. This year is also

characterized by growing number of offerings in global timberland, Australian livestock (beef production), aquaculture

strategies and mixed strategies (eg including water rights, private equity agriculture and farming). We see emergence of

relatively new strategies, such as real assets debt, water strategies and real assets strategies focused on sustainability.

ESG remains an important area of focus for both investors and fund managers in real assets space.

Future outlook

In the low return environment investors tend to look for investments which provide strong down-side protection. Real

assets due to their unique investment characteristics and in most cases their resilience to economic shocks, can serve

this role to some extent. We expect that allocation to this asset class will continue to grow over time. We also expect to

see more institutional platforms being built in agriculture (eg a large institutional investor/asset manager partners up with

a local player), more separate accounts being offered to Asian investors in timber and agriculture, more direct

investments from SWFs globally in both direct farmland and also in agriculture-related businesses. We see more interest

from governments in forming partnerships and investing in farmland as a way to hedge against resource and food

scarcity (eg recent agreement by China and Russia to launch a $2 billion investment fund to develop agricultural projects

in the two countries and set up a free-trade zone between their key farming belts). This interest will continue to

strengthen based on current demographic trends and continuously growing demand for food and resources driven by

emerging wealth in developing countries. We anticipate to see further evolution of product and mandate development

and expect improvements in this area going forward.

Asset Class Trends


12

Illiquid Credit - Key Trends

The evolving illiquid credit landscape

The illiquid credit category is inclusive of all closed-end funds with a predominant focus on credit, with the most common

being private debt (e.g. direct lending, commercial real estate debt, mezzanine etc) and distressed debt.

The key trend has been the pace of development of an institutional lending landscape in Europe, with numerous new

funds being raised, and increasing interest in private debt strategies by investors globally. There has been an increasing

trend for US based credit firms to raise funds in Europe and also for existing European mezzanine firms to raise new

senior lending products. 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. 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, with credit availability still strong managers are finding it more challenging to find

opportunities. Those managers that have had more success have been those with a somewhat broader mandate in

distressed debt, for example those focused on purchasing nonperforming loans from banks. European biased strategies

appear to be preferred by investors currently, however there has been increased focus on the US energy sector in

particular.

Future outlook

We 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 also expect that distressed debt strategies will attract greater interest, with commentators talking

to buoyant credit markets as possibly sowing the seed of an elevated default cycle 2-3 years out.

Asset Class Trends


Section 2

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

How to read this section

This 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.


14

Executive summaryTop 100 Alternative Asset Managers

Top 100 Alternative Asset Managers

The top 100 alternative asset managers, ranked by total AuM, managed USD 3,501.1 bn on behalf of their investors in 2014 compared to USD 3,268.2 bn in 2013.

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, Direct Infrastructure Funds and Illiquid Credit. There were no Real Assets nor Direct Commodities Fund managers among the top 100 ranking by total AuM.

Pension Funds are the largest investors in alternative assets (33%), among the top 100 alternative asset managers, followed by Wealth Managers, Insurance Companies, Sovereign Wealth Funds, Banks, Fund of Funds and Endowments and Foundations.

In terms of where the assets are invested, North America (47%) accounts for the largest amount of alternative assets, followed by Europe (36%) and Asia Pacific (9%).


15


6% 23% 10% 22% 33% 4% 3%

Funds of Hedge Funds Direct Hedge Funds Private Equity FoF

Direct Private Equity Funds Direct Real Estate Funds Direct Infrastructure Funds

Illiquid Credit

Asset classTotal AuM Average Smallest Largest

Number of

managers

USD million

Funds of Hedge Funds* 213,689.1 30,527.0 20,819.9 63,009.3 7

Direct Hedge Funds* 791,169.1 30,429.6 19,000.0 89,601.0 26

Private Equity FoF* 342,160.7 31,105.5 18,957.7 46,462.7 11

Direct Private Equity Funds* 767,340.8 38,367.0 19,391.0 67,000.0 20

Direct Real Estate Funds 1,139,892.4 39,306.6 21,585.0 82,100.0 29

Direct Infrastructure Funds 148,884.5 49,628.2 27,081.0 92,337.8 3

Illiquid Credit 97,995.6 24,498.9 19,402.0 33,260.5 4

Total 3,501,132.2 35,011.3 18,957.7 92,337.8 100


* 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


16

Distribution by Investor Type

33% 8% 5% 2% 3% 19% 4% 26%

Pension Fund Insurance Company Sovereign Wealth Fund

Endowment and Foundation Fund of Funds Wealth Manager

Bank Other

Asset class

Total

assetsAverage Smallest Largest

Number of

managers

USD million

Pension Fund 1,138,715.0 14,788.5 86.9 59,329.2 77

Insurance Company 296,113.7 4,170.6 69.0 39,138.3 71

Sovereign Wealth Fund 191,990.2 3,254.1 6.0 16,622.9 59

Endowment and Foundation 84,301.5 1,258.2 0.3 7,700.0 67

Fund of Funds 116,113.9 2,700.3 31.1 21,237.8 43

Wealth Manager 652,092.7 9,315.6 11.2 15,563.0 70

Bank 127,601.3 2,407.6 265.5 41,118.0 53

* 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



17

Distribution by Region and Asset Class• Asset managers were requested to state where their assets are invested.

36%

53%

40%

44%

23%

26%

35%

14%

9%

3%

20%

7%

9%

8%

11%

17%

47%

20%

37%

47%

44%

60%

45%

59%

8%

24%

2%

3%

24%

7%

10%

10%

Total

Illiquid Credit

Direct Infrastructure Funds

Direct Real Estate Funds

Direct Private Equity Funds

Private Equity FoF

Direct Hedge Funds

Funds of Hedge Funds

Europe Asia Pacific North America Other* Direct Commodities Fund and Real Asset managers did not present a regional breakdown

** Proportions may not sum up to100% due to rounding



18

Comparison 2013 – 2014Includes only managers who participated in both years

6%

6%

22%

22%

10%

10%

24%

22%

32%

34%

4%

4%

2%

2%

2013

2014



Illiquid Credit

• Total assets for the top 100 alternative asset managers increased from USD 3,126.8 bn

in 2013 to USD 3,392.6 in 2014 (9%)

• The split by asset class is broadly similar to last year with an increase in Direct Real

Estate Funds at the expense of a decrease in Direct Private Equity Funds.

• There are 95 managers in the top 100 that also participated in 2013.


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


19

Funds of Hedge Funds• 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.

Direct Hedge Funds• There are 24 Direct Hedge Fund managers in the top 100 ranking.

• Direct Hedge Fund assets increased by 9%.

Private Equity FoF• The proportion of Private Equity FoF AuM remained steady at 10%.

• The are 10 Private Equity FoF managers in the top 100 ranking.

Direct Private Equity Funds• Direct Private Equity assets proportion in the top 100 decreased from 24% to 22% in 2014.

• There are 19 Direct Private Equity managers in the top 100 ranking.


• 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 34% of all assets managed by the top

100 asset managers.

Direct Infrastructure Funds• There are 3 Direct Infrastructure managers in the top 100 ranking.

• Assets increased by 8% from 2013 to 2014.

Illiquid Credit• There are 3 Illiquid Credit managers in the top 100 ranking.

• Assets increased by 5% from 2013 to 2014.




20

Top 100 ranking ranked by Total AuM

Position Name of parent organisationMain country of

domicile

Total AuM

(USD million)Asset Class

1 Macquarie Group Australia 92,337.83 Direct Infrastructure Funds

2 Bridgewater Associates United States 89,600.99 Direct Hedge Funds

3 CBRE Global Investors United States 82,100.00 Direct Real Estate Funds

4 Blackstone United States 80,863.00 Direct Real Estate Funds

5 TPG Capital*** United States 67,000.00 Direct Private Equity Funds

6 The Carlyle Group*** United States 64,668.00 Direct Private Equity Funds

7 TIAA-CREF United States 63,186.00 Direct Real Estate Funds

8 Blackstone United States 63,009.30 Funds of Hedge Funds

9 CVC Capital Partners** Luxembourg 60,450.00 Direct Private Equity Funds

10 UBS Global Asset Management Switzerland 60,069.50 Direct Real Estate Funds

11 J. P. Morgan Asset Management* United States 59,300.00 Direct Hedge Funds

12 AXA Investment Managers France 55,449.26 Direct Real Estate Funds

13 LaSalle Investment Management United States 55,350.00 Direct Real Estate Funds

14 Kohlberg Kravis Roberts & Co. United States 53,411.50 Direct Private Equity Funds

15 Hines United States 50,747.70 Direct Real Estate Funds

16 Principal Global Investors United States 48,135.85 Direct Real Estate Funds

17 Carlyle Investment Solutions United States 46,462.74 Private Equity FoF

18 Och-Ziff Capital Management Group United States 46,000.00 Direct Hedge Funds

19 Blackstone United States 44,326.20 Direct Private Equity Funds

20 J.P. Morgan Asset Management United States 44,085.60 Direct Real Estate Funds

21 Man Group United Kingdom 43,597.00 Direct Hedge Funds

22 Cornerstone Real Estate Advisers United States 42,906.00 Direct Real Estate Funds

23 Credit Suisse Asset Management United States 42,844.23 Direct Real Estate Funds

24 Goldman Sachs Asset Management United States 42,269.00 Private Equity FoF

25 Apollo Global Management United States 41,000.00 Direct Private Equity Funds


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


21



domicile

Total AuM


26 Bain Capital United States 40,700.00 Direct Private Equity Funds

27 Brookfield Asset Management Canada 40,575.00 Direct Real Estate Funds

28 Providence Equity Partners*** United States 40,000.00 Direct Private Equity Funds

29 AQR Capital Management United States 39,127.00 Direct Hedge Funds

30 Prudential Real Estate Investors United States 38,890.50 Direct Real Estate Funds

31 HarbourVest Partners United States 37,980.00 Private Equity FoF

32 Apax Partners** United Kingdom 37,400.00 Direct Private Equity Funds

33 Deutsche Asset & Wealth Management Germany 37,298.39 Direct Real Estate Funds

34 Advent International United States 37,270.80 Direct Private Equity Funds

35 AEW Capital Management (1) United States 37,065.90 Direct Real Estate Funds

36 Warburg Pincus United States 36,524.00 Direct Private Equity Funds

37 Union Investment Germany 33,444.00 Direct Real Estate Funds

38 M&G Investments United Kingdom 33,368.00 Direct Real Estate Funds

39 M&G Investments United Kingdom 33,260.55 Illiquid Credit

40 Lexington Partners** United States 33,000.00 Private Equity FoF

41 Brevan Howard Capital Management United Kingdom 32,849.00 Direct Hedge Funds

42 UBS Global Asset Management Switzerland 32,288.00 Funds of Hedge Funds

43 Hamilton Lane Advisors United States 32,262.20 Private Equity FoF

44 Ardian France 32,073.24 Private Equity FoF

45 Riverstone Holdings United States 32,025.75 Direct Private Equity Funds

46 BlackRock United States 31,995.20 Direct Hedge Funds

47 Pantheon United Kingdom 31,443.00 Private Equity FoF

48 Aberdeen Asset Management United Kingdom 30,982.55 Direct Real Estate Funds

49 Aviva Investors United Kingdom 30,917.00 Direct Real Estate Funds

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



(1) [AEW / Aurora / Mirova] is an affiliated investment management firm of Natixis Global Asset Management, thus contributing to the illustration of Natixis’ overall capabilities in global alternative offerings


22



Position Name of parent organizationMain country of

domicile

Total AuM


51 Oaktree Capital Management United States 30,694.55 Direct Private Equity Funds

52 Deutsche Asset & Wealth Management Germany 29,465.70 Direct Infrastructure Funds

53 Permira Advisers United Kingdom 28,514.58 Direct Private Equity Funds

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

55 Adage Capital Management* United States 28,470.00 Direct Hedge Funds

56 Winton Capital Group United Kingdom 28,221.69 Direct Hedge Funds

57 Goldman Sachs Asset Management United States 27,917.00 Funds of Hedge Funds

58 EnCap Investments** United States 27,500.00 Direct Private Equity Funds

59 Renaissance Technologies United States 27,369.20 Direct Hedge Funds

60 Brookfield Asset Management Canada 27,081.00 Direct Infrastructure Funds

61 Grosvenor Capital Management United States 26,277.14 Funds of Hedge Funds

62 Silver Lake*** United States 26,000.00 Direct Private Equity Funds

63 BlueCrest Capital Management United Kingdom 25,263.00 Direct Hedge Funds

64 Millennium Management United States 25,225.00 Direct Hedge Funds

65 Standard Life Investments United Kingdom 25,117.95 Direct Real Estate Funds

66 Elliot Management* United States 25,100.00 Direct Hedge Funds

67 Hellman & Friedman** United States 25,000.00 Direct Private Equity Funds

68 Davidson Kempner Capital Management* United States 24,850.00 Direct Hedge Funds

69 Morgan Stanley Investment Management United States 24,835.10 Direct Real Estate Funds

70 Clayton, Dubilier & Rice United States 24,664.46 Direct Private Equity Funds

71 D. E. Shaw Group United States 24,223.00 Direct Hedge Funds

72 Legal & General Property United Kingdom 24,207.00 Direct Real Estate Funds

73 J.P. Morgan Asset Management United States 24,127.00 Private Equity FoF

74 LGT Capital Partners Switzerland 23,667.60 Private Equity FoF

75 Invesco United States 23,543.00 Direct Real Estate Funds



23




domicile

Total AuM


76 Citadel United States 23,300.00 Direct Hedge Funds

77 Alcentra United Kingdom 23,233.00 Illiquid Credit

78 BlackRock United States 22,878.50 Direct Real Estate Funds

79 Starwood Capital Group United States 22,833.72 Direct Real Estate Funds

80 HSBC Alternative Investments United Kingdom 22,486.60 Direct Hedge Funds

81 Prologis United States 22,459.60 Direct Real Estate Funds

82 Heitman United States 22,413.00 Direct Real Estate Funds

83 GAM United Kingdom 22,310.00 Direct Hedge Funds

84 Goldman Sachs United States 22,100.00 Illiquid Credit

85 The Permal Group United States 21,935.75 Funds of Hedge Funds

86 King Street Capital Management United States 21,800.00 Direct Hedge Funds

87 Clarion Partners United States 21,741.00 Direct Real Estate Funds

88 York Capital Management* United States 21,700.00 Direct Hedge Funds

89 BNP Paribas Investment Partners France 21,585.00 Direct Real Estate Funds

90 Morgan Stanley Investment Management United States 21,442.00 Funds of Hedge Funds

91 BlackRock United States 20,819.90 Funds of Hedge Funds

92 Viking Global Investors* United States 20,700.00 Direct Hedge Funds

93 Credit Suisse Asset Management United States 20,659.58 Direct Hedge Funds

94 Deutsche Asset & Wealth Management Germany 20,021.86 Direct Hedge Funds

95 Partners Group Switzerland 19,918.27 Private Equity FoF

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

97 Babson Capital Management United States 19,402.01 Illiquid Credit

98 EQT United Kingdom 19,391.00 Direct Private Equity Funds

99 Two Sigma Investments United States 19,000.00 Direct Hedge Funds

100 Grosvenor Capital Management United States 18,957.66 Private Equity FoF

Total 3,501,132.19



Section 3

Towers Watson / Financial Times Top Alternative Asset Managers by Investor Type


This section shows the top 100 or 25 managers ranked by alternative assets, managed on behalf of the above seven

investor types.

Note: This section uses only data sourced directly from managers and excludes data derived from public sources.

A. Top 100 Alternative Asset Managers by Pension Fund Assets

B. Top 25 Alternative Asset Managers by Insurance Company Assets

C. Top 25 Alternative Asset Managers by Sovereign Wealth Fund Assets

D. Top 25 Alternative Asset Managers by Endowment and Foundation Assets

E. Top 25 Alternative Asset Managers by Fund of Funds Assets

F. Top 25 Alternative Asset Managers by Wealth Manager Assets

G. Top 25 Alternative Asset Managers by Bank Assets


Section 3.A

Top 100 Alternative Asset Managers by Pension Fund Assets


26



Pension fund assets managed by the top 100 alternative asset managers in the sector amount to USD 1,425.3 bn in 2014. This represents 52% of their total AuM (USD 2,749.3 bn).

Direct Real Estate Funds remain the most popular alternative asset for Pension Funds (36% of assets) with six such managers in the top ten. It is followed in popularity by Private Equity FoF, Direct Private Equity Funds, Direct Hedge Funds, Direct Infrastructure Funds, Funds of Hedge Funds and Illiquid Credit.

Direct Commodities Funds and Real Assets have smaller allocations relative to the other asset classes.

Top 100Average Smallest Largest

USD million

Pension fund assets 14,252.5 6,393.0 59,329.2

Total assets 27,492.6 7,015.0 92,337.8

Overall Ranking Average Total AuM No. of Managers

Pension fund assets 4,067.5 2,050,000.5 504


27

Distribution by Asset Class

6% 12% 20% 12% 36%

1%

8%

<1%%

4%


Direct Private Equity Funds Direct Real Estate Funds Direct Commodities Funds

Direct Infrastructure Funds Real Assets Illiquid Credit

Asset class

Pension

Fund assetsAverage Smallest Largest

Number of

managers

USD million

Funds of Hedge Funds 88,826.7 11,103.3 6,657.1 28,515.0 8

Direct Hedge Funds 166,625.8 13,885.5 7,167.4 53,293.6 12

Private Equity FoF 285,651.6 14,282.6 6,483.6 45,772.1 20

Direct Private Equity Funds 171,430.2 11,428.7 6,412,3 20,774.9 15

Direct Real Estate Funds 517,976.6 17,265.9 6,447.2 44,600.0 30

Direct Commodities Funds 14,333.9 7,167.0 6,817.9 7,516.0 2


Real Assets 6,944.8 6,944.8 6,944.8 6,944.8 1

Illiquid Credit 53,123.4 13,280.9 7,516.4 22,100.1 4

Total 1,425,250.7 14,252.5 6,393.0 59,329.2 100




28

• Total Pension Fund assets of managers participating in 2013 and 2014 increased from USD

1,280.6 bn in 2013 to 1,373.7 USD bn in 2014 (7%).

• Pension fund asset allocation to alternatives remained broadly similar to the previous year. Direct

Real Estate showed the largest increase at the expense of Private Equity FoF.


6%

6%

12%

12%

21%

20%

12%

12%

36%

38%

1%

1%

9%

9%

1%

1%

2%

2%

2013

2014








29


Funds of Hedge Funds• Account for 6% of total Pension Fund assets, the same as in 2013.


Direct Hedge Funds• Account for 12% of Pension Fund assets, remaining steady as in 2013


Private Equity FoF

• Private Equity FoF managers have the second largest amount of Pension Fund assets in the

survey with 19 managers in the top 100 that also participated in 2013

• The proportion in total Pension Fund assets decreased marginally from 21% to 20%.


• There are 14 managers in the top 100 which participated in both years.

• Pension Fund assets have increased by 5% from 2013 to 2014 but the proportion remained

broadly unchanged.


• Account for over 38% of Pension Fund assets in this ranking, up from 36% in 2013.

• Direct Real Estate Funds have the maximum number of funds (30) in the top 100 participating

in both years.

Direct Commodities Funds• There are two managers in this ranking who participated in both years.

• The proportion of Pension Fund assets marginally decreased to 1% in 2014.

Direct Infrastructure Funds• Account for almost 9% of the total Top 100, remaining flat since 2013.

• There are 8 managers participating in both 2013 and 2014.

Real Assets• There is only one manager which participated in both years whose proportion of Pension Fund

assets remained steady at 1%.

Illiquid Credit• The proportion of Pension Fund assets remained steady at 2% in 2014.

• There are 2 managers which participated in both 2013 and 2014.

Top 100 Asset Managers – Pension funds AuMTop 100 Alternative Asset Managers by Pension Fund Assets

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


30

Top 100 Alternative Asset Managers ranked by Total

Pension Fund Assets


domicile

Pension AUM

(USD million)

Total AUM


1 Macquarie Group Australia 59,329.18 92,337.83 Direct Infrastructure Funds

2 Bridgewater Associates United States 53,293.55 89,600.99 Direct Hedge Funds

3 Carlyle Investment Solutions United States 45,772.14 46,462.74 Private Equity FoF

4 CBRE Global Investors United States 44,600.00 82,100.00 Direct Real Estate Funds

5 TIAA-CREF United States 39,004.00 63,186.00 Direct Real Estate Funds

6 J.P. Morgan Asset Management United States 37,695.10 44,085.60 Direct Real Estate Funds

7 Blackstone United States 36,736.00 80,863.00 Direct Real Estate Funds

8 Prudential Real Estate Investors United States 31,164.00 38,890.50 Direct Real Estate Funds

9 LaSalle Investment Management United States 30,570.00 55,350.00 Direct Real Estate Funds

10 Blackstone United States 28,515.00 63,009.30 Funds of Hedge Funds

11 Pantheon United Kingdom 26,346.00 31,443.00 Private Equity FoF

12 HarbourVest Partners United States 26,247.00 37,980.00 Private Equity FoF

13 Goldman Sachs United States 22,100.00 22,100.00 Illiquid Credit

14 Hamilton Lane Advisors United States 21,028.30 32,262.20 Private Equity FoF

15 Blackstone United States 20,774.90 44,326.20 Direct Private Equity Funds

16 Kohlberg Kravis Roberts & Co. United States 20,452.38 53,411.50 Direct Private Equity Funds

17 Credit Suisse Asset Management United States 18,915.46 42,844.23 Direct Real Estate Funds

18 Bentall Kennedy Canada 17,713.00 18,193.00 Direct Real Estate Funds

19 Deutsche Asset & Wealth Management Germany 16,577.27 37,298.39 Direct Real Estate Funds

20 Invesco United States 16,482.00 23,543.00 Direct Real Estate Funds

21 Warburg Pincus United States 16,435.80 36,524.00 Direct Private Equity Funds

22 Brookfield Asset Management Canada 16,192.00 40,575.00 Direct Real Estate Funds

23 Principal Global Investors United States 16,168.02 48,135.85 Direct Real Estate Funds

24 Clarion Partners United States 16,139.00 21,741.00 Direct Real Estate Funds

25 Advent International United States 15,808.20 37,270.80 Direct Private Equity Funds



31


Pension Fund Assets


domicile

Pension AUM

(USD million)

Total AUM


26 BlackRock United States 15,661.30 22,878.50 Direct Real Estate Funds

27 Grosvenor Capital Management United States 15,529.86 18,957.66 Private Equity FoF

28 M&G Investments United Kingdom 15,524.49 33,260.55 Illiquid Credit

29 IFM Investors Australia 15,330.08 18,532.50 Direct Infrastructure Funds

30 Och-Ziff Capital Management Group United States 15,180.00 46,000.00 Direct Hedge Funds

31 LGT Capital Partners Switzerland 15,147.26 23,667.60 Private Equity FoF

32 Man Group United Kingdom 15,133.00 43,597.00 Direct Hedge Funds

33 Oaktree Capital Management United States 14,833.23 30,694.55 Direct Private Equity Funds

34 Heitman United States 14,670.00 22,413.00 Direct Real Estate Funds

35 J.P. Morgan Asset Management United States 14,227.00 24,127.00 Private Equity FoF

36 AEW Capital Management (1) United States 13,856.60 37,065.90 Direct Real Estate Funds

37 Legal & General Property United Kingdom 13,691.00 24,207.00 Direct Real Estate Funds

38 Grosvenor Capital Management United States 13,280.23 26,277.14 Funds of Hedge Funds

39 Brevan Howard Capital Management United Kingdom 13,094.00 32,849.00 Direct Hedge Funds

40 Standard Life Investments United Kingdom 13,057.96 25,117.95 Direct Real Estate Funds

41 Riverstone Holdings United States 12,810.30 32,025.75 Direct Private Equity Funds

42 Goldman Sachs Asset Management United States 12,670.00 42,269.00 Private Equity FoF

43 UBS Global Asset Management Switzerland 12,146.00 60,069.50 Direct Real Estate Funds

44 Morgan Stanley Investment Management United States 12,043.40 24,835.10 Direct Real Estate Funds

45 Permira Advisers United Kingdom 12,014.10 28,514.58 Direct Private Equity Funds

46 Pathway Capital Management United States 11,970.19 12,904.10 Private Equity FoF

47 Brookfield Asset Management Canada 11,857.00 27,081.00 Direct Infrastructure Funds

48 Aberdeen Asset Management United Kingdom 11,176.02 30,982.55 Direct Real Estate Funds

49 AMP Capital Australia 11,163.02 18,747.76 Direct Real Estate Funds

50 Adams Street Partners United States 10,726.10 12,047.80 Private Equity FoF




32


Pension Fund Assets


domicile

Pension AUM

(USD million)

Total AUM


51 Oak Hill Advisors United States 10,578.00 17,094.00 Direct Hedge Funds

52 Partners Group Switzerland 10,450.87 19,918.27 Private Equity FoF

53 Portfolio Advisors United States 10,233.33 13,172.36 Private Equity FoF

54 Ardian France 10,229.91 32,073.24 Private Equity FoF

55 PIMCO United States 10,187.00 14,636.00 Direct Hedge Funds

56 Starwood Capital Group United States 9,933.99 22,833.72 Direct Real Estate Funds

57 Landmark Partners United States 9,914.50 14,720.45 Private Equity FoF

58 Capital Dynamics Switzerland 9,471.00 18,178.00 Private Equity FoF

59 Hermes Investment Management United Kingdom 9,420.06 9,564.38 Direct Real Estate Funds

60 BlueCrest Capital Management United Kingdom 9,210.00 25,263.00 Direct Hedge Funds

61 Pathway Capital Management United States 9,149.54 12,669.54 Direct Private Equity Funds

62 Mesirow Financial Holdings United States 8,831.87 13,682.00 Funds of Hedge Funds

63 The Permal Group United States 8,799.78 21,935.75 Funds of Hedge Funds

64 GoldenTree Asset Management United States 8,652.41 17,060.53 Direct Hedge Funds

65 Brigade Capital Management United States 8,577.00 13,846.00 Direct Hedge Funds

66 Bridgepoint United Kingdom 8,369.50 14,699.04 Direct Private Equity Funds

67 The Rock Creek Group United States 8,300.00 10,500.00 Funds of Hedge Funds

68 SL Capital Partners United Kingdom 8,259.70 10,213.50 Private Equity FoF

69 Bouwinvest REIM The Netherlands 8,077.20 8,077.20 Direct Real Estate Funds

70 BlackRock United States 8,038.50 31,995.20 Direct Hedge Funds

71 Babson Capital Management United States 7,982.56 19,402.01 Illiquid Credit

72 Neuberger Berman United States 7,701.00 16,473.00 Private Equity FoF

73 GE Asset Management United States 7,672.21 7,710.13 Direct Private Equity Funds

74 Hines United States 7,647.00 50,747.70 Direct Real Estate Funds

75 Alinda Capital Partners United States 7,617.75 8,698.58 Direct Infrastructure Funds



33


Pension Fund Assets


domicile

Pension AUM

(USD million)

Total AUM


76 PAAMCO United States 7,614.00 8,880.00 Funds of Hedge Funds

77 GSO Capital Partners United Kingdom 7,516.40 15,352.80 Illiquid Credit

78 PIMCO United States 7,516.00 18,758.00 Direct Commodities Funds

79 Nephila Capital Bermuda 7,515.00 9,547.00 Direct Hedge Funds

80 DTZ Investors United Kingdom 7,256.00 11,325.00 Direct Real Estate Funds

81 Winton Capital Group United Kingdom 7,167.37 28,221.69 Direct Hedge Funds

82 Aviva Investors United Kingdom 6,989.00 30,917.00 Direct Real Estate Funds

83 TIAA-CREF United States 6,944.80 7,015.00 Real Assets

84 BC Partners United Kingdom 6,856.00 17,935.00 Direct Private Equity Funds

85 EnTrust Capital United States 6,828.67 12,467.45 Funds of Hedge Funds

86 Gresham Investment Management United States 6,817.93 11,505.42 Direct Commodities Funds

87 Lend Lease Investment Management Australia 6,785.00 11,858.00 Direct Real Estate Funds

88 Colonial First State Global Asset Management Australia 6,782.00 8,973.00 Direct Infrastructure Funds

89 BlackRock United States 6,749.80 18,646.50 Private Equity FoF

90 Bain Capital United States 6,700.00 40,700.00 Direct Private Equity Funds

91 Cinven United Kingdom 6,691.77 13,999.07 Direct Private Equity Funds

92 BlackRock United States 6,657.10 20,819.90 Funds of Hedge Funds

93 AMP Capital Australia 6,632.83 8,825.28 Direct Infrastructure Funds

94 Morgan Stanley Investment Management United States 6,494.00 10,792.00 Private Equity FoF

95 Abbott Capital Management United States 6,483.60 7,490.70 Private Equity FoF

96 New Mountain Capital United States 6,450.00 11,560.00 Direct Private Equity Funds

97 Threadneedle Investments United Kingdom 6,447.20 10,721.10 Direct Real Estate Funds

98 Clayton, Dubilier & Rice United States 6,412.27 24,664.46 Direct Private Equity Funds

99 Deutsche Asset & Wealth Management Germany 6,395.86 29,465.70 Direct Infrastructure Funds

100 Goldman Sachs United States 6,393.00 11,000.00 Direct Infrastructure Funds

Total 1,425,250.73 2,749,260.28



34

Five-year comparison Managers that have participated for the past five years

Total Universe – Pension Fund Assets

• Pension fund assets managed by the 36 Fund of Hedge

Funds managers that participated in the last five years rose

by 3% in 2014. Average annual growth since 2010 has been

4%.

• Growth in pension fund assets managed by the 35 PEFoF

that participated in the last five years slowed somewhat in

2014, with a rise in assets of 3%. This followed a period of

steady growth between 2010 and 2013.

• 2014 saw significant growth in pension fund assets managed

by the 46 Direct Real Estate managers that participated in the

last five years, rising 13% on assets managed in 2013. This

followed three years of modest decline.

• Pension fund assets managed by the 16 Direct Commodities

Fund Managers that participated in the last five years

increased up to 2012 but declined in the last two years, falling

18% in 2014..

• Pension fund assets managed by the 33 Direct Infrastructure

Fund Managers that participated in the last five years rose by

3% in 2014 and have been growing steadily since 2010.

• Pension fund assets managed by the 47 Direct Hedge Fund

Managers that have participated in the last four years have

grown by 30% since 2011, rising 5% in the past year.

• Pension fund assets managed by the 30 Direct Private Equity

Fund Managers that have participated in the last four years

fell by 5% in 2014, following a period of steady growth

between 2011 and 2013.

0,00

20,00

40,00

60,00

80,00

100,00

120,00

140,00

160,00

Dec-10 Dec-11 Dec-12 Dec-13 Dec-14

Ind

ex

Dec

20

10

= 1

00

*

AuM Variation

Funds of Hedge Funds Private Equity FoF

Direct Real Estate Funds Direct Commodities Funds

Direct Infrastructure Funds Direct Hedge Funds

Direct Private Equity Funds*For Direct Hedge Funds and Direct Private Equity Funds index starts at Dec. 2011


Section 3.B

Top 25 Alternative Asset Managers by Insurance Company Assets


36



Insurance company assets managed by the top 25 managers in the sector amounted to USD 288.3 bn in 2014.

Direct Real Estate Funds represent the largest block of alternative assets for Insurance companies (nearly 63%) followed by Illiquid Credit, Private Equity FoF,Funds of Hedge Funds, Direct Infrastructure Funds, Direct Private Equity and Funds Direct Hedge Funds.

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


USD million

Insurance Company assets 11,533.4 4,157.8 39,138.3

Total assets 32,922.4 4,727.0 92,337.8


Insurance Company assets 1,264.0 491,680.4 389


37


6% 11%

1%

63%

2%

15%

Funds of Hedge Funds Private Equity FoF Direct Private Equity Funds

Direct Real Estate Funds Direct Infrastructure Funds Illiquid Credit

Asset class

Insurance

Company

assets

Average Smallest LargestNumber of

managers

USD million



Direct Private Equity Funds 4,157.8 4,157.8 4,157.8 4,157.8 1



Illiquid Credit 43,249.0 8,649.8 4,227.0 15,914.3 5

Total 288,334.9 11,533.4 4,157.8 39,138.3 25




38

Top 25 comparison 2013-2014Includes only managers who participated in both years

• Insurance company assets from managers participating in 2013 and 2014 increased from

USD 245.9 bn in 2013 to USD 284.1 bn in 2014.

• Insurance companies have tended to invest in Direct Real Estate and that trend has

remained constant, with proportions increasing from 61% to 64%.


7%

6%

13%

12%

2%

1%

61%

64%

2%

2%

14%

14%

2013

2014


Direct Private Equity Funds Direct Real Estate Funds

Direct Infrastructure Funds Illiquid Credit




39

Top 25 Alternative Asset Managers ranked by Insurance

Company AssetsPosition Name of parent organisation

Main country of

domicile

Insurance AUM

(USD million)

Total AUM


1 AXA Investment Managers France 39,138.31 55,449.26 Direct Real Estate Funds

2 Cornerstone Real Estate Advisers United States 33,511.00 42,906.00 Direct Real Estate Funds

3 M&G Investments United Kingdom 23,290.31 33,368.00 Direct Real Estate Funds

4 Aviva Investors United Kingdom 20,549.00 30,917.00 Direct Real Estate Funds

5 M&G Investments United Kingdom 15,914.34 33,260.55 Illiquid Credit


7 AXA Investment Managers France 13,621.24 16,075.52 Illiquid Credit


9 La Française Group France 13,165.90 16,458.30 Direct Real Estate Funds



12 Aberdeen Asset Management United Kingdom 9,237.14 30,982.55 Direct Real Estate Funds

13 BlackRock United States 7,308.50 18,646.50 Private Equity FoF

14 AXA Investment Managers France 6,902.65 8,604.17 Funds of Hedge Funds



17 Capital Dynamics Switzerland 6,419.00 18,178.00 Private Equity FoF




21 Highbridge Capital Management United States 4,487.30 12,129.87 Illiquid Credit

22 Amundi France 4,461.26 5,127.81 Funds of Hedge Funds

23 Amundi France 4,227.00 4,727.00 Illiquid Credit


25 Ardian France 4,157.75 8,259.47 Direct Private Equity Funds

Total 288,334.89 823,059.78




Section 3.C

Top 25 Alternative Asset Managers by Sovereign Wealth Fund Assets


41



Sovereign Wealth Fund assets managed by the top 25 alternative asset managersamounted to USD 155.3 bn in 2014.

Direct Real Estate Funds and Direct Private Equity Funds have the largest share of Sovereign Wealth Fund assets with 35% and 24% respectively, followed by Direct Hedge Funds, Funds of Hedge Funds, Private Equity Fund of Funds and Direct Infrastructure Funds.

Sovereign Wealth Funds continued to shun under Direct Commodities Funds,Real Assets and Illiquid Credit.


USD million

Sovereign Wealth Fund assets 6,212.7 3,202.6 16,649.7

Total assets 45,424.7 12,669.5 92,337.8


Sovereign Wealth Fund assets 1,111.2 311,128.3 280


42


16% 19% 3% 24% 35% 3%



Asset class

Sovereign

Wealth Fund

assets


managers

USD million



Private Equity Fund of Funds 5,199.2 5,199.2 5,199.2 5,199.2 1




Total 155,318.3 6,212.7 3,202.6 16,649.7 25




43


• Sovereign Wealth Fund assets of managers participating in 2013 and 2014 surveys increased

from USD 136.1 bn in 2013 to USD 152.0 bn in 2014 (12%).

• Direct Real Estate Funds continued to attracted the largest proportion of Sovereign Wealth

Fund assets in 2014, up 3% compared to 2013.

• In 2014 allocations by Sovereign Wealth Funds to Direct Private Equity decreased by 5% (to

22%), while they increased allocations to Funds of Hedge Funds by 1% (to 16%).

• There are 24 managers in the top 25 that also participated in the previous survey.

15%

16%

19%

19%

3%

3%

27%

22%

33%

36%

3%

3%

2013

2014






44

Top 25 Alternative Asset Managers ranked by Sovereign

Wealth Fund AssetsPosition Name of parent organisation

Main country of

domicile

Sovereign AUM

(USD million)

Total AUM





4 BlackRock United States 7,400.40 20,819.90 Funds of Hedge Funds




8 AXA Investment Managers France 6,226.96 55,449.26 Direct Real Estate Funds






14 Prologis United States 5,046.40 22,459.60 Direct Real Estate Funds







21 Morgan Stanley Investment Management United States 3,929.00 21,442.00 Funds of Hedge Funds

22 J.P. Morgan Asset Management United States 3,920.40 44,085.60 Direct Real Estate Funds

23 Pathway Capital Management United States 3,520.00 12,669.54 Direct Private Equity Funds



Total 155,318.29 1,135,617.45



Section 3.D

Top 25 Alternative Asset Managers by Endowment and Foundation Assets


46


Endowment and Foundation assets managed by the top 25 managers amounted to USD 80.7 bn in 2014.

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

Direct Commodities Funds, Illiquid Credit and Real Assets have the lowest allocations from Endowments and Foundations, and there are no allocations to Direct Infrastructure Funds in this sample.



USD million

Endowment & Foundation assets 3,229.0 1,908.0 7,700.0

Total assets 26,418.7 3,706.0 89,601.0


Endowment & Foundation assets 518.9 193,035.8 372


47

Distribution by asset class

11% 23% 11% 33% 13% 3% 3% 3%



Real Assets Illiquid Credit

Asset class

Endowment and

Foundation

assets


managers

USD million







Real Assets 2,128.0 2,128.0 2,128.0 2,128.0 1

Illiquid Credit 2,341.5 2,341.5 2,341.5 2,341.5 1

Total 80,725.3 3,229.0 1,908.0 7,700.0 25




48


• Endowment and Foundation assets for managers in the top 25 participating in 2013 and

2014 increased from USD 74.5 bn in 2013 to USD 75.3 bn in 2014 (1%).

• There were no notable changes in asset allocation among the top 25 managers of E&F

assets during 2014.

• There are 23 Endowment and Foundation managers that also participated in 2013.

12%

12%

24%

24%

11%

12%

28%

28%

15%

14%

3%

3%

4%

3%

3%

3%

2013

2014



Real Assets Illiquid Credit




49

Top 25 Alternative Asset Managers ranked by

Endowment and Foundation Assets


domicile

E&F AUM

(USD million)

Total AUM







6 Fir Tree Partners United States 3,500.00 12,800.00 Direct Hedge Funds

7 Clayton, Dubilier & Rice United States 3,469.52 24,664.46 Direct Private Equity Funds

8 Evanston Capital Management United States 3,240.00 5,219.00 Funds of Hedge Funds




12 Wellington Management United States 2,644.00 13,650.00 Direct Hedge Funds

13 LGT Capital Partners Switzerland 2,603.44 23,667.60 Private Equity FoF

14 Lime Rock Partners United States 2,553.60 5,511.50 Direct Private Equity Funds

15 Wellington Management United States 2,417.00 6,631.00 Direct Commodities Funds

16 Neuberger Berman United States 2,389.00 16,473.00 Private Equity FoF

17 Lansdowne Partners United Kingdom 2,369.00 14,556.00 Direct Hedge Funds

18 Varde Partners United States 2,341.50 7,227.31 Illiquid Credit

19 Patron Capital United Kingdom 2,284.00 3,706.00 Direct Real Estate Funds

20 Energy Capital Partners United States 2,217.00 12,440.00 Direct Private Equity Funds


22 Wellington Management United States 2,128.00 6,034.00 Real Assets


24 Siguler Guff & Company United States 1,928.70 9,700.40 Private Equity FoF


Total 80,725.34 660,466.89



Section 3.E

Top 25 Alternative Asset Managers by Fund of Funds Assets


51



Fund of Funds assets managed by the top 25 fund managers amounted to USD 122.0 bn in 2014.

Direct Hedge Funds and Direct Private Equity Funds made up the majority of Fund of Funds assets. Fund of Funds also allocated to Direct Real Estate Funds, Direct Infrastructure Funds and Direct Commodities Funds in smaller amounts.

There were no allocations to Real Assets and Illiquid Credit in this sample.


USD million

Fund of Funds assets 4,880.7 2,400.0 21,237.8

Total assets 30,689.8 5,687.0 89,601.0


Fund of Funds assets 927.8 242,153.2 261


52


Asset class

Fund of Funds


Number of

managers

USD million






Total 122,018.2 4,880.7 2,400.0 21,237,0 25



42% 38% 11% 3% 5%

Direct Hedge Funds Direct Private Equity Funds Direct Real Estate Funds

Direct Commodities Funds Direct Infrastructure Funds


53


• Fund of Funds assets for the top 25 managers participating in both 2013 and 2014 increased from

USD 70.4 bn in 2013 to USD 87.4 bn in 2014 (24%).

• Direct Real Estate Funds proportion doubled from 6% to 12% in 2014 at the expense of Direct

Private Equity Funds which decreased from 48% to 41%.




33%

35%

48%

41%

6%

12%

5%

4%

8%

8%

2013

2014

Direct Hedge Funds Direct Private Equity Funds




54

Top 25 Alternative Asset Managers ranked by Fund of

Funds Assets


domicile

Fund of Funds AUM

(USD million)

Total AUM


1 BlackRock United States 21,237.80 31,995.20 Direct Hedge Funds


3 Two Sigma Investments United States 7,430.00 19,000.00 Direct Hedge Funds



6 Credit Suisse Asset Management United States 4,859.58 20,659.58 Direct Hedge Funds



9 D. E. Shaw Group United States 4,516.00 24,223.00 Direct Hedge Funds

10 Starwood Capital Group United States 4,361.05 22,833.72 Direct Real Estate Funds

11 EQT United Kingdom 4,352.00 19,391.00 Direct Private Equity Funds

12 RARE Infrastructure Australia 4,067.50 8,633.68 Direct Infrastructure Funds


14 Millennium Management United States 3,910.00 25,225.00 Direct Hedge Funds

15 PIMCO United States 3,861.00 18,758.00 Direct Commodities Funds


17 Permira Advisers United Kingdom 3,777.26 28,514.58 Direct Private Equity Funds

18 Pine River Capital Management United States 3,760.34 11,393.14 Direct Hedge Funds


20 AMP Capital Australia 2,773.74 18,747.76 Direct Real Estate Funds

21 CDH Investments China 2,607.00 7,728.00 Direct Private Equity Funds

22 UBS Global Asset Management Switzerland 2,569.00 5,687.00 Direct Infrastructure Funds


24 Sun Capital Partners United States 2,449.50 8,173.00 Direct Private Equity Funds

25 Nordic Capital United Kingdom 2,400.00 13,551.00 Direct Private Equity Funds

Total 122,018.21 767,245.06



Section 3.F

Top 25 Alternative Asset Managers by Wealth Manager Assets


56



Wealth Management assets managed by the top 25 fund managers amounted to USD 453.8 bn in 2014.

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

There were no Wealth Manager investments in Real Assets, Direct Commodities Funds and Private Equity Fund of Funds in this sample.


USD million

Wealth Manager assets 18,150.1 9,515.0 41,118.0

Total assets 41,047.7 18,100.0 92,337.8


Wealth Manager assets 2,443.6 1,087,400.3 445


57


8% 19% 6% 54% 10%

2%

Funds of Hedge Funds Direct Hedge Funds Direct Private Equity Funds

Direct Real Estate Funds Direct Infrastructure Funds Illiquid Credit

Asset class

Wealth

Manager

assets


managers

USD million






Illiquid Credit 9,515.0 9,515.0 9,515.0 9,515.0 1

Total 453,753.1 18,150.1 9,515.0 41,118.0 25




58


• Wealth Manager assets for the top 25 managers participating in both 2013 and 2014 increased

from USD 303.7 bn in 2013 to USD 401.1 bn in 2014 (32%).

• Direct Real Estate Funds attracted the largest amount of Wealth Manager assets in 2013 and

2014, with allocations in the top 25 increasing marginally to 61% in 2014.

• Proportions remained broadly unchanged for the remaining asset classes.


10%

9%

10%

9%

8%

7%

60%

61%

12%

12%

2013

2014

Funds of Hedge Funds Direct Hedge Funds Direct Private Equity Funds

Direct Real Estate Funds Direct Infrastructure Funds




59

Top 25 Alternative Asset Managers ranked by Wealth

Manager Assets


domicile

Wealth Managers AUM

(USD million)

Total AUM




3 Union Investment Germany 26,094.00 33,444.00 Direct Real Estate Funds

4 UBS Global Asset Management Switzerland 25,331.00 32,288.00 Funds of Hedge Funds

5 Renaissance Technologies United States 23,200.30 27,369.20 Direct Hedge Funds

6 TIAA-CREF United States 22,137.00 63,186.00 Direct Real Estate Funds

7 HSBC Alternative Investments United Kingdom 21,869.50 22,486.60 Direct Hedge Funds

8 Deutsche Asset & Wealth Management Germany 21,462.40 29,465.70 Direct Infrastructure Funds



11 Deutsche Asset & Wealth Management Germany 17,404.31 20,021.86 Direct Hedge Funds



14 Deutsche Asset & Wealth Management Germany 15,688.80 37,298.39 Direct Real Estate Funds



17 Kennedy Wilson United States 14,726.00 18,100.00 Direct Real Estate Funds


19 Platinum Asset Management Australia 13,402.10 18,802.10 Direct Hedge Funds


21 Millennium Management United States 11,890.00 25,225.00 Direct Hedge Funds

22 Morgan Stanley Investment Management United States 11,659.00 21,442.00 Funds of Hedge Funds

23 Brookfield Asset Management Canada 11,637.00 27,081.00 Direct Infrastructure Funds

24 Prologis United States 11,623.80 22,459.60 Direct Real Estate Funds

25 Alcentra United Kingdom 9,515.00 23,233.00 Illiquid Credit

Total 453,753.09 1,026,192.83



Section 3.G

Top 25 Alternative Asset Managers by Bank Assets


61



Bank assets managed by the top 25 managers amounted to USD 139.5 bn in 2014.

Bank assets are mostly allocated to Direct Real Estate Funds and Direct Hedge Funds, thereafter followed by, Funds of Hedge Funds, Direct Private Equity Funds, Private Equity Fund of Funds, Illiquid Credit and Direct Infrastructure Funds.

There were no Direct Commodities Funds nor Real Assets managers in this sample.


USD million

Bank assets 5,579.3 2,211.0 15,563.0

Total assets 30,213.6 7,751.0 92,337.8


Bank assets 766.3 226,055.7 295


62

11% 19% 9% 12% 36% 5% 8%



Illiquid Credit


Asset class

Bank


Number of

managers

USD million







Illiquid Credit 10,615.9 5,307.9 2,380.1 8,235.8 2

Total 139,481.8 5,579.3 2,211.0 15,563.0 25




63


• Bank assets for the top 25 managers that also participated in 2014 increased from USD

90.7 bn in 2013 and USD 103.1 bn in 2014 (14%).

• Direct Hedge Funds accounted for highest proportion of Banks’ alternative assets with

25%, up from 22% in 2013, followed by Direct Real Estate Funds with 20%.

• Private Equity FoF had the biggest increase in allocation from 6% to 13% respectively at

the expense in Direct Private Equity, Illiquid Credit and Funds of Hedge Funds.


16%

15%

22%

25%

6%

13%

14%

11%

21%

20%

7%

7%

15%

10%

2013

2014



Illiquid Credit




64

Top 25 Alternative Asset Managers ranked by Bank

AssetsPosition Name of parent organisation

Main country of

domicile

Banks AUM

(USD million)

Total AUM


1 BNP Paribas Investment Partners France 15,563.00 21,585.00 Direct Real Estate Funds



4 Pictet Asset Management Switzerland 8,946.00 9,501.00 Funds of Hedge Funds

5 Pictet Asset Management Switzerland 8,662.00 9,000.00 Private Equity FoF

6 Alcentra United Kingdom 8,235.80 23,233.00 Illiquid Credit



9 Amundi France 6,144.01 9,716.89 Direct Real Estate Funds




13 Aberdeen Asset Management United Kingdom 4,295.49 11,211.50 Private Equity FoF


15 Union Investment Germany 3,940.00 33,444.00 Direct Real Estate Funds



18 Grosvenor Capital Management United States 3,505.20 26,277.14 Funds of Hedge Funds

19 The Permal Group United States 2,587.07 21,935.75 Funds of Hedge Funds


21 Balyasny Asset Management United States 2,411.00 7,751.00 Direct Hedge Funds



24 Invesco United States 2,264.00 23,543.00 Direct Real Estate Funds


Total 139,481.77 755,339.83




Section 4

Total Universe


This 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.


66

Total Universe

8% 27% 10% 20% 23%

1%

5%

1%

4%




Aggregate survey statistics


Number of

managers

USD million

Funds of Hedge Funds* 523,539.3 7,932.4 67.1 63,009.3 66

Direct Hedge Funds* 1,723,809.3 10,080.8 0.2 89,601.0 171

Private Equity FoF* 615,993.7 11,846.0 109.9 46,462.7 52

Direct Private Equity Funds* 1,250,684.4 12,383.0 78.7 67,000.0 101

Direct Real Estate Funds 1,467,351.2 16,124.7 54.2 82,100.0 91

Direct Commodities Funds 91,886.0 3,403.2 61.0 18,758.0 27

Direct Infrastructure Funds 344,105.7 5,735.1 15.0 92,337.8 60

Real Assets 42,635.4 2,244.0 46.2 7,015.0 19

Illiquid Credit 231,266.2 6,424.1 100.0 33,260.5 36

Total 6,291,271.6 10,098.3 0.2 92,337.8 623

• * 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


67


Number of

managers

USD million

Pension Fund 2,050,000.5 4,067.5 0.2 59,329.2 504

Insurance Company 491,680.4 1,264.0 0.1 39,138.3 389

Sovereign Wealth Funds 311,128.3 1,111.2 1.0 16,622.9 280

Endowment and Foundation 193,035.8 518.9 <0.1 7,700.0 372

Fund of Funds 226,055.7 927.8 <0.1 21,237.8 261

Wealth Manager 1,087,400.3 2,443.6 1.1 41,118.0 295

Bank 226,055.7 766.3 0.2 15,563.0 445

Total Universe

Aggregate survey statistics by investor type

33% 8% 5% 3% 4% 17% 4% 27%



Bank Other

* 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.


34%

8%5%3%

4%

18%

3%

24%

2013



Bank Other

33%

8%5%3%

4%

4%

17%

27%

2014

68

Aggregate survey statistics by investor type

Top Asset Managers by Investor Type


69

Total Universe

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

48%

14%

40%

12%

44%

29%

31%

31%

21%

3%

13%

21%

2%

9%

8%

7%

10%

14%

36%

53%

29%

64%

44%

46%

54%

49%

56%

13%

20%

10%

22%

3%

17%

8%

9%

9%

Illiquid Credit

Real Assets


Direct Commodities Funds



Private Equity FoF

Direct Hedge Funds

Funds of Hedge Funds

Europe Asia Pacific North America Other

Region of investment

* Proportions might not sum 100% due to rounding


70

Region of investment (aggregated) and domicile

Total Universe

35% 10% 46% 9%

28% 4% 68%

Europe Asia Pacific Central/North America Other

Distribution by investment

Distribution by domicile

• Around 55% of the managers domiciled in Europe are based in the UK; 19% are in

Switzerland and 14% are in France.

• Around 96% of North America managers are domiciled in the US.

• Asia Pacific is represented by 44 managers from Australia, China, Hong Kong,

India, New Zealand and Singapore.

<1%

* Proportions might not sum 100% due to rounding


71

Five-year comparison Managers that have participated for the past five years

Total Universe

• Year-on-year growth in the total assets managed by the 42

Funds of Hedge Fund managers that participated in the last

five years has averaged 5%, with a 6% rise in 2014.

• Total assets managed by the 35 Private Equity FoF

managers that participated in the last five years have shown

continuous growth over the period, however the 7% growth in

2014 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 2014, up 12% 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 two

years. Total assets fell 39% in 2014.

• Total assets managed by the 33 Direct Infrastructure Fund

Managers that have participated in the last five years have

been growing steadily since 2010 and increased by 9% in

2014.

• Total assets managed by the 57 Direct Hedge Fund

managers that have participated in the last four years have

seen a steady increase, averaging 10% year-on-year growth

since 2011 and growing by 9% in 2014 alone.

• Total assets managed by the 50 Direct Private Equity Fund

Managers that participated in the last four years fell by 1% in

2014 although year-on-year growth has averaged 4% since

2011.

0,00

20,00

40,00

60,00

80,00

100,00

120,00

140,00

160,00

Dec-10 Dec-11 Dec-12 Dec-13 Dec-14

Ind

ex

Dec

20

10

= 1

00

*

AuM Variation



Direct Infrastructure Funds Direct Hedge Funds


*For Direct Hedge Funds and Direct Private Equity Funds index starts at Dec. 2011


72

Alternative Asset Managers


domicile

Total AuM


1 Macquarie Group Australia 92,337.83 Direct Infrastructure Funds

2 Bridgewater Associates United States 89,600.99 Direct Hedge Funds

3 CBRE Global Investors United States 82,100.00 Direct Real Estate Funds

4 Blackstone United States 80,863.00 Direct Real Estate Funds

5 TPG Capital*** United States 67,000.00 Direct Private Equity Funds

6 The Carlyle Group*** United States 64,668.00 Direct Private Equity Funds

7 TIAA-CREF United States 63,186.00 Direct Real Estate Funds

8 Blackstone United States 63,009.30 Funds of Hedge Funds

9 CVC Capital Partners** Luxembourg 60,450.00 Direct Private Equity Funds

10 UBS Global Asset Management Switzerland 60,069.50 Direct Real Estate Funds

11 J. P. Morgan Asset Management* United States 59,300.00 Direct Hedge Funds

12 AXA Investment Managers France 55,449.26 Direct Real Estate Funds

13 LaSalle Investment Management United States 55,350.00 Direct Real Estate Funds

14 Kohlberg Kravis Roberts & Co. United States 53,411.50 Direct Private Equity Funds

15 Hines United States 50,747.70 Direct Real Estate Funds

16 Principal Global Investors United States 48,135.85 Direct Real Estate Funds

17 Carlyle Investment Solutions United States 46,462.74 Private Equity FoF

18 Och-Ziff Capital Management Group United States 46,000.00 Direct Hedge Funds

19 Blackstone United States 44,326.20 Direct Private Equity Funds

20 J.P. Morgan Asset Management United States 44,085.60 Direct Real Estate Funds

21 Man Group United Kingdom 43,597.00 Direct Hedge Funds

22 Cornerstone Real Estate Advisers United States 42,906.00 Direct Real Estate Funds

23 Credit Suisse Asset Management United States 42,844.23 Direct Real Estate Funds

24 Goldman Sachs Asset Management United States 42,269.00 Private Equity FoF

25 Apollo Global Management United States 41,000.00 Direct Private Equity Funds

Alternative Asset Managers RankingTotal assets by asset class



73


domicile

Total AuM


26 Bain Capital United States 40,700.00 Direct Private Equity Funds

27 Brookfield Asset Management Canada 40,575.00 Direct Real Estate Funds

28 Providence Equity Partners*** United States 40,000.00 Direct Private Equity Funds

29 AQR Capital Management United States 39,127.00 Direct Hedge Funds

30 Prudential Real Estate Investors United States 38,890.50 Direct Real Estate Funds

31 HarbourVest Partners United States 37,980.00 Private Equity FoF

32 Apax Partners** United Kingdom 37,400.00 Direct Private Equity Funds

33 Deutsche Asset & Wealth Management Germany 37,298.39 Direct Real Estate Funds

34 Advent International United States 37,270.80 Direct Private Equity Funds

35 AEW Capital Management (1) United States 37,065.90 Direct Real Estate Funds

36 Warburg Pincus United States 36,524.00 Direct Private Equity Funds

37 Union Investment Germany 33,444.00 Direct Real Estate Funds

38 M&G Investments United Kingdom 33,368.00 Direct Real Estate Funds

39 M&G Investments United Kingdom 33,260.55 Illiquid Credit

40 Lexington Partners** United States 33,000.00 Private Equity FoF

41 Brevan Howard Capital Management United Kingdom 32,849.00 Direct Hedge Funds

42 UBS Global Asset Management Switzerland 32,288.00 Funds of Hedge Funds

43 Hamilton Lane Advisors United States 32,262.20 Private Equity FoF

44 Ardian France 32,073.24 Private Equity FoF

45 Riverstone Holdings United States 32,025.75 Direct Private Equity Funds

46 BlackRock United States 31,995.20 Direct Hedge Funds

47 Pantheon United Kingdom 31,443.00 Private Equity FoF

48 Aberdeen Asset Management United Kingdom 30,982.55 Direct Real Estate Funds

49 Aviva Investors United Kingdom 30,917.00 Direct Real Estate Funds

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






74


domicile

Total AuM


51 Oaktree Capital Management United States 30,694.55 Direct Private Equity Funds

52 Deutsche Asset & Wealth Management Germany 29,465.70 Direct Infrastructure Funds

53 Permira Advisers United Kingdom 28,514.58 Direct Private Equity Funds

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

55 Adage Capital Management* United States 28,470.00 Direct Hedge Funds

56 Winton Capital Group United Kingdom 28,221.69 Direct Hedge Funds

57 Goldman Sachs Asset Management United States 27,917.00 Funds of Hedge Funds

58 EnCap Investments** United States 27,500.00 Direct Private Equity Funds

59 Renaissance Technologies United States 27,369.20 Direct Hedge Funds

60 Brookfield Asset Management Canada 27,081.00 Direct Infrastructure Funds

61 Grosvenor Capital Management United States 26,277.14 Funds of Hedge Funds

62 Silver Lake*** United States 26,000.00 Direct Private Equity Funds

63 BlueCrest Capital Management United Kingdom 25,263.00 Direct Hedge Funds

64 Millennium Management United States 25,225.00 Direct Hedge Funds

65 Standard Life Investments United Kingdom 25,117.95 Direct Real Estate Funds

66 Elliot Management* United States 25,100.00 Direct Hedge Funds

67 Hellman & Friedman** United States 25,000.00 Direct Private Equity Funds

68 Davidson Kempner Capital Management* United States 24,850.00 Direct Hedge Funds

69 Morgan Stanley Investment Management United States 24,835.10 Direct Real Estate Funds

70 Clayton, Dubilier & Rice United States 24,664.46 Direct Private Equity Funds

71 D. E. Shaw Group United States 24,223.00 Direct Hedge Funds

72 Legal & General Property United Kingdom 24,207.00 Direct Real Estate Funds

73 J.P. Morgan Asset Management United States 24,127.00 Private Equity FoF

74 LGT Capital Partners Switzerland 23,667.60 Private Equity FoF

75 Invesco United States 23,543.00 Direct Real Estate Funds





75


domicile

Total AuM


76 Citadel United States 23,300.00 Direct Hedge Funds

77 Alcentra United Kingdom 23,233.00 Illiquid Credit

78 BlackRock United States 22,878.50 Direct Real Estate Funds

79 Starwood Capital Group United States 22,833.72 Direct Real Estate Funds

80 HSBC Alternative Investments United Kingdom 22,486.60 Direct Hedge Funds

81 Prologis United States 22,459.60 Direct Real Estate Funds

82 Heitman United States 22,413.00 Direct Real Estate Funds

83 GAM United Kingdom 22,310.00 Direct Hedge Funds

84 Goldman Sachs United States 22,100.00 Illiquid Credit

85 The Permal Group United States 21,935.75 Funds of Hedge Funds

86 King Street Capital Management United States 21,800.00 Direct Hedge Funds

87 Clarion Partners United States 21,741.00 Direct Real Estate Funds

88 York Capital Management* United States 21,700.00 Direct Hedge Funds

89 BNP Paribas Investment Partners France 21,585.00 Direct Real Estate Funds

90 Morgan Stanley Investment Management United States 21,442.00 Funds of Hedge Funds

91 BlackRock United States 20,819.90 Funds of Hedge Funds

92 Viking Global Investors* United States 20,700.00 Direct Hedge Funds

93 Credit Suisse Asset Management United States 20,659.58 Direct Hedge Funds

94 Deutsche Asset & Wealth Management Germany 20,021.86 Direct Hedge Funds

95 Partners Group Switzerland 19,918.27 Private Equity FoF

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

97 Babson Capital Management United States 19,402.01 Illiquid Credit

98 EQT United Kingdom 19,391.00 Direct Private Equity Funds

99 Two Sigma Investments United States 19,000.00 Direct Hedge Funds

100 Grosvenor Capital Management United States 18,957.66 Private Equity FoF





76


domicile

Total AuM


101 Platinum Asset Management Australia 18,802.10 Direct Hedge Funds

102 PIMCO United States 18,758.00 Direct Commodities Funds

103 AMP Capital Australia 18,747.76 Direct Real Estate Funds

104 BlackRock United States 18,646.50 Private Equity FoF

105 IFM Investors Australia 18,532.50 Direct Infrastructure Funds

106 Bentall Kennedy Canada 18,193.00 Direct Real Estate Funds

107 Capital Dynamics Switzerland 18,178.00 Private Equity FoF

108 Kennedy Wilson United States 18,100.00 Direct Real Estate Funds

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

110 BC Partners United Kingdom 17,935.00 Direct Private Equity Funds

111 Paulson & Co.* United States 17,800.00 Direct Hedge Funds

112 Pershing Square Capital Management* United States 17,750.00 Direct Hedge Funds

113 Canyon Partners United States 17,400.00 Direct Hedge Funds

114 BlackRock United States 17,239.03 Direct Commodities Funds

115 Oak Hill Advisors United States 17,094.00 Direct Hedge Funds

116 GoldenTree Asset Management United States 17,060.53 Direct Hedge Funds

117 Third Point* United States 16,800.00 Direct Hedge Funds

118 ValueAct Capital Management* United States 16,770.00 Direct Hedge Funds

119 Neuberger Berman United States 16,473.00 Private Equity FoF

120 La Française Group France 16,458.30 Direct Real Estate Funds

121 AXA Investment Managers France 16,075.52 Illiquid Credit

122 Moore Capital Management* United States 15,490.00 Direct Hedge Funds

123 GSO Capital Partners United Kingdom 15,352.80 Illiquid Credit

124 Leonard Green** United States 15,000.00 Direct Private Equity Funds

125 Ares Management*** United States 15,000.00 Direct Private Equity Funds





77


domicile

Total AuM


126 Grantham. Mayo, Van Otterloo* United States 15,000.00 Direct Hedge Funds

127 BlueMountain Capital Management* United States 14,900.00 Direct Hedge Funds

128 Landmark Partners United States 14,720.45 Private Equity FoF

129 Discovery Capital Management* United States 14,700.00 Direct Hedge Funds

130 Bridgepoint United Kingdom 14,699.04 Direct Private Equity Funds

131 PIMCO United States 14,636.00 Direct Hedge Funds

132 Lansdowne Partners United Kingdom 14,556.00 Direct Hedge Funds

133 Angelo, Gordon & Co. United States 14,554.00 Direct Hedge Funds

134 Fortress Investment Group* United States 14,300.00 Direct Hedge Funds

135 Triton Partners*** United Kingdom 14,222.85 Direct Private Equity Funds

136 Goldman Sachs Asset Management United States 14,131.84 Direct Hedge Funds

137 Vista Equity Partners** United States 14,000.00 Direct Private Equity Funds

138 MSD Capital* United States 14,000.00 Direct Hedge Funds

139 Cinven United Kingdom 13,999.07 Direct Private Equity Funds

140 Brigade Capital Management United States 13,846.00 Direct Hedge Funds

141 Cevian Capital United Kingdom 13,767.00 Direct Hedge Funds

142 Mesirow Financial Holdings United States 13,682.00 Funds of Hedge Funds

143 Wellington Management United States 13,650.00 Direct Hedge Funds

144 Nordic Capital United Kingdom 13,551.00 Direct Private Equity Funds

145 Avenue Capital Group United States 13,318.00 Direct Hedge Funds

146 Portfolio Advisors United States 13,172.36 Private Equity FoF

147 Tudor Investment* United Kingdom 13,100.00 Direct Hedge Funds

148 American Securities*** United States 13,000.00 Direct Private Equity Funds

149 Stone Point Capital** United States 13,000.00 Direct Private Equity Funds

150 Anchorage Capital Group United States 12,950.00 Direct Hedge Funds





78


domicile

Total AuM


151 Pathway Capital Management United States 12,904.10 Private Equity FoF

152 Fir Tree Partners United States 12,800.00 Direct Hedge Funds

153 General Atlantic United States 12,700.00 Direct Private Equity Funds

154 Pathway Capital Management United States 12,669.54 Direct Private Equity Funds

155 The Energy & Minerals Group United States 12,629.46 Direct Private Equity Funds

156 Magnetar Capital United States 12,500.00 Direct Hedge Funds

157 EnTrust Capital United States 12,467.45 Funds of Hedge Funds

158 SkyBridge Capital United States 12,465.00 Funds of Hedge Funds

159 Energy Capital Partners United States 12,440.00 Direct Private Equity Funds

160 Highbridge Capital Management United States 12,129.87 Illiquid Credit

161 Adams Street Partners United States 12,047.80 Private Equity FoF

162 J.P. Morgan Alternative Asset Management United States 12,013.00 Funds of Hedge Funds

163 Golden Gate Capital** United States 12,000.00 Direct Private Equity Funds

164 Highfields Capital Management* United States 12,000.00 Direct Hedge Funds

165 Deutsche Asset & Wealth Management Germany 11,940.45 Private Equity FoF

166 Lone Pine Capital* United States 11,900.00 Direct Hedge Funds

167 Lend Lease Investment Management Australia 11,858.00 Direct Real Estate Funds

168 Greenlight Capital* United States 11,800.00 Direct Hedge Funds

169 Odey Asset Management United Kingdom 11,775.00 Direct Hedge Funds

170 FRM* United Kingdom 11,700.00 Funds of Hedge Funds

171 F&C REIT United Kingdom 11,605.00 Direct Real Estate Funds

172 New Mountain Capital United States 11,560.00 Direct Private Equity Funds

173 Gresham Investment Management United States 11,505.42 Direct Commodities Funds

174 Arden Asset Management* United States 11,500.00 Funds of Hedge Funds

175 Pine River Capital Management United States 11,393.14 Direct Hedge Funds





79


domicile

Total AuM


176 DTZ Investors United Kingdom 11,325.00 Direct Real Estate Funds

177 Man Group United Kingdom 11,279.00 Funds of Hedge Funds

178 Aberdeen Asset Management United Kingdom 11,211.50 Private Equity FoF

179 Centerbridge Partners* United States 11,100.00 Direct Hedge Funds

180 Goldman Sachs United States 11,000.00 Direct Infrastructure Funds

181 Convexity Capital Management* United States 10,880.00 Direct Hedge Funds

182 Schroders Investment Management United Kingdom 10,852.13 Direct Real Estate Funds

183 Morgan Stanley Investment Management United States 10,792.00 Private Equity FoF

184 Threadneedle Investments United Kingdom 10,721.10 Direct Real Estate Funds

185 Trian Fund Management United States 10,605.41 Direct Hedge Funds

186 Ares Management United States 10,574.90 Direct Real Estate Funds

187 The Rock Creek Group United States 10,500.00 Funds of Hedge Funds

188 Glenview Capital Management* United States 10,500.00 Direct Hedge Funds

189 Natural Gas Partners** United States 10,493.25 Direct Private Equity Funds

190 Henderson Global Investors United Kingdom 10,411.00 Direct Hedge Funds

191 K2 Advisors United States 10,346.00 Funds of Hedge Funds

192 Aetos Capital* United States 10,300.00 Funds of Hedge Funds

193 SL Capital Partners United Kingdom 10,213.50 Private Equity FoF

194 Prisma Capital Partners* United States 10,200.00 Funds of Hedge Funds

195 Cerberus Capital Management* United States 10,160.00 Direct Hedge Funds

196 Kohlberg Kravis Roberts & Co. United States 10,155.90 Funds of Hedge Funds

197 CarVal Investors United States 10,090.00 Illiquid Credit

198 Onex*** Canada 10,080.00 Direct Private Equity Funds

199 UBP Alternative Investments Switzerland 10,021.00 Funds of Hedge Funds

200 GTCR** United States 10,000.00 Direct Private Equity Funds





80


domicile

Total AuM


201 Technology Crossover Ventures** United States 10,000.00 Direct Private Equity Funds

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

203 Marathon Asset Management United States 9,931.00 Direct Hedge Funds

204 Bracebridge Capital* United States 9,800.00 Direct Hedge Funds

205 Perry Capital United States 9,745.00 Direct Hedge Funds

206 Amundi France 9,716.89 Direct Real Estate Funds

207 Siguler Guff & Company United States 9,700.40 Private Equity FoF

208 Hermes Investment Management United Kingdom 9,564.38 Direct Real Estate Funds

209 UBS Global Asset Management Switzerland 9,551.00 Private Equity FoF

210 Nephila Capital Bermuda 9,547.00 Direct Hedge Funds

211 Pictet Asset Management Switzerland 9,501.00 Funds of Hedge Funds

212 Apollo Global Management United States 9,500.00 Direct Real Estate Funds

213 JANA Partners* United States 9,440.00 Direct Hedge Funds

214 Credit Suisse Asset Management United States 9,222.57 Direct Commodities Funds

215 Fidelity Worldwide Investment United Kingdom 9,145.00 Direct Real Estate Funds

216 QIC Australia 9,118.11 Direct Real Estate Funds

217 Aurora Investment Management* (1) United States 9,110.00 Funds of Hedge Funds

218 PAI Partners France 9,104.00 Direct Private Equity Funds

219 Carlson Capital* United States 9,100.00 Direct Hedge Funds

220 Pictet Asset Management Switzerland 9,000.00 Private Equity FoF

221 Eton Park Capital Management* United States 9,000.00 Direct Hedge Funds

222 Maverick Capital* United States 9,000.00 Direct Hedge Funds

223 Mason Capital Management* United States 9,000.00 Direct Hedge Funds

224 Omega Advisors* United States 9,000.00 Direct Hedge Funds

225 Colonial First State Global Asset Management Australia 8,973.00 Direct Infrastructure Funds






81


domicile

Total AuM


226 Coller Capital United Kingdom 8,950.00 Private Equity FoF

227 PAAMCO United States 8,880.00 Funds of Hedge Funds

228 Terra Firma Capital Partners United Kingdom 8,854.90 Direct Private Equity Funds

229 AMP Capital Australia 8,825.28 Direct Infrastructure Funds

230 HBK Capital Management United States 8,758.00 Direct Hedge Funds

231 Alinda Capital Partners United States 8,698.58 Direct Infrastructure Funds

232 Sankaty Advisors United States 8,640.96 Illiquid Credit

233 MKP Capital Management United States 8,636.00 Direct Hedge Funds

234 RARE Infrastructure Australia 8,633.68 Direct Infrastructure Funds

235 AXA Investment Managers France 8,604.17 Funds of Hedge Funds

236 Taconic Capital Advisors United States 8,574.00 Direct Hedge Funds

237 J.P. Morgan Asset Management United States 8,548.30 Direct Infrastructure Funds

238 Intermediate Capital Group United Kingdom 8,538.00 Illiquid Credit

239 Kohlberg Kravis Roberts & Co. United States 8,525.99 Illiquid Credit

240 Graham Capital Management United States 8,301.00 Direct Hedge Funds

241 CQS United Kingdom 8,262.00 Direct Hedge Funds

242 Ardian France 8,259.47 Direct Private Equity Funds

243 First Reserve United States 8,255.20 Direct Private Equity Funds

244 Gottex Fund Management Switzerland 8,203.00 Funds of Hedge Funds

245 Sun Capital Partners United States 8,173.00 Direct Private Equity Funds

246 Robeco Institutional Asset Management The Netherlands 8,173.00 Direct Hedge Funds

247 Charter Hall Group Australia 8,110.00 Direct Real Estate Funds

248 Bouwinvest REIM The Netherlands 8,077.20 Direct Real Estate Funds

249 Lyxor Asset Management France 8,000.00 Funds of Hedge Funds

250 Insight Venture Partners** United States 8,000.00 Direct Private Equity Funds





82


domicile

Total AuM


251 Silver Point Capital* United Kingdom 8,000.00 Direct Hedge Funds

252 Partners Group Switzerland 7,984.07 Direct Real Estate Funds

253 Hastings Funds Management Australia 7,979.50 Direct Infrastructure Funds

254 Kelso & Company United States 7,936.76 Direct Private Equity Funds

255 Beach Point Capital United States 7,855.00 Direct Hedge Funds

256 PIMCO United States 7,840.00 Direct Real Estate Funds

257 Crescent Capital Group United States 7,840.00 Illiquid Credit

258 Balyasny Asset Management United States 7,751.00 Direct Hedge Funds

259 CDH Investments China 7,728.00 Direct Private Equity Funds

260 GE Asset Management United States 7,710.13 Direct Private Equity Funds

261 Lyxor Asset Management France 7,700.00 Direct Hedge Funds

262 Cordea Savills United Kingdom 7,601.00 Direct Real Estate Funds

263 Abbott Capital Management United States 7,490.70 Private Equity FoF

264 Hony Capital*** China 7,475.43 Direct Private Equity Funds

265 Access Capital Partners France 7,452.37 Private Equity FoF

266 Welsh Carson Anderson & Stowe United States 7,288.28 Direct Private Equity Funds

267 The GPT Group Australia 7,242.00 Direct Real Estate Funds

268 Varde Partners United States 7,227.31 Illiquid Credit

269 Liongate Capital Management* United Kingdom 7,160.00 Funds of Hedge Funds

270 Orchard Street Investment Management United Kingdom 7,111.00 Direct Real Estate Funds

271 Neuberger Berman United States 7,039.00 Direct Private Equity Funds

272 TIAA-CREF United States 7,015.00 Real Assets

273 LGT Capital Partners Switzerland 7,000.00 Funds of Hedge Funds

274 FLAG Capital Management** United States 7,000.00 Private Equity FoF

275 WL Ross*** United States 7,000.00 Direct Private Equity Funds





83


domicile

Total AuM


276 CCMP Capital Advisors United States 6,877.18 Direct Private Equity Funds

277 Campbell Global United States 6,679.98 Real Assets

278 Wellington Management United States 6,631.00 Direct Commodities Funds

279 Angelo, Gordon & Co. United States 6,481.00 Direct Real Estate Funds

280 Oaktree Capital Management United States 6,342.09 Direct Real Estate Funds

281 Actis United Kingdom 6,241.00 Direct Private Equity Funds

282 Goldman Sachs Asset Management United States 6,195.35 Direct Real Estate Funds

283 Wellington Management United States 6,034.00 Real Assets

284 HgCapital United Kingdom 6,004.00 Direct Private Equity Funds

285 Edmond de Rothschild Capital Holdings* Curacao 6,000.00 Funds of Hedge Funds

286 H.R.L. Morrison & Co New Zealand 5,990.90 Direct Infrastructure Funds

287 InfraRed Capital Partners United Kingdom 5,966.00 Direct Infrastructure Funds

288 TIAA-CREF United States 5,920.00 Direct Private Equity Funds

289 Partners Group Switzerland 5,910.25 Direct Private Equity Funds

290 Transtrend The Netherlands 5,900.00 Direct Hedge Funds

291 UBS Global Asset Management Switzerland 5,687.00 Direct Infrastructure Funds

292 Lime Rock Partners United States 5,511.50 Direct Private Equity Funds

293 Crestline Investors United States 5,445.00 Funds of Hedge Funds

294 Auda Private Equity United States 5,438.00 Private Equity FoF

295 Lynx Asset Management Sweden 5,416.00 Direct Hedge Funds

296 UBS Global Asset Management Switzerland 5,365.70 Direct Hedge Funds

297 Adveq Management Switzerland 5,303.30 Private Equity FoF

298 Blackstone United States 5,299.40 Direct Hedge Funds

299 Silver Creek Capital Management United States 5,284.73 Funds of Hedge Funds

300 Partners Group Switzerland 5,271.23 Illiquid Credit





84


domicile

Total AuM


301 GSO Capital Partners United Kingdom 5,246.95 Direct Hedge Funds

302 Evanston Capital Management United States 5,219.00 Funds of Hedge Funds

303 ASB Real Estate Investments United States 5,206.00 Direct Real Estate Funds

304 GMT Capital Corp. United States 5,203.00 Direct Hedge Funds

305 Chenavari Investment Managers United Kingdom 5,200.00 Direct Hedge Funds

306 PineBridge Investments United States 5,180.13 Private Equity FoF

307 Lion Capital United Kingdom 5,128.06 Direct Private Equity Funds

308 Amundi France 5,127.81 Funds of Hedge Funds

309 Mid Europa Partners** United Kingdom 5,105.64 Direct Private Equity Funds

310 HitecVision*** Norway 5,000.00 Direct Private Equity Funds

311 CoreCommodity Management United States 4,917.00 Direct Commodities Funds

312 Arrowgrass Capital Partners United Kingdom 4,830.51 Direct Hedge Funds

313 Grove Street Advisors United States 4,785.70 Private Equity FoF

314 Morgan Stanley Investment Management United States 4,775.00 Direct Private Equity Funds

315 Amundi France 4,727.00 Illiquid Credit

316 Aspect Capital United Kingdom 4,665.69 Direct Hedge Funds

317 Hermes Investment Management United Kingdom 4,643.16 Direct Infrastructure Funds

318 Corbin Capital Partners* United States 4,630.00 Funds of Hedge Funds

319 ABS Investment Management Cayman Islands 4,629.58 Funds of Hedge Funds

320 Angelo, Gordon & Co. United States 4,606.00 Illiquid Credit

321 Morgan Stanley Investment Management United States 4,578.00 Direct Infrastructure Funds

322 QIC Australia 4,544.37 Direct Infrastructure Funds

323 Campbell & Company United States 4,464.00 Direct Hedge Funds

324 SteelRiver Infrastructure Fund North America United States 4,458.00 Direct Infrastructure Funds

325 GE Asset Management United States 4,430.60 Direct Real Estate Funds





85


domicile

Total AuM


326 Amundi France 4,369.72 Private Equity FoF

327 Aristeia Capital United States 4,360.80 Direct Hedge Funds

328 Highland Capital Management United States 4,319.97 Direct Hedge Funds

329 BTG Pactual Brazil 4,300.00 Direct Hedge Funds

330 BlackRock United States 4,275.00 Direct Infrastructure Funds

331 Capital Fund Management France 4,241.00 Direct Hedge Funds

332 Northleaf Capital Partners Canada 4,238.06 Private Equity FoF

333 Kohlberg Kravis Roberts & Co. United States 4,169.00 Direct Infrastructure Funds

334 Ardian France 4,156.64 Direct Infrastructure Funds

335 Henderson Global Investors United Kingdom 4,152.73 Direct Real Estate Funds

336 Highbridge Capital Management United States 4,111.44 Direct Hedge Funds

337 Macquarie Group Australia 4,105.60 Direct Hedge Funds

338 Neuberger Berman United States 4,091.00 Funds of Hedge Funds

339 Waterfall Asset Management United States 4,074.00 Direct Hedge Funds

340 Waterfall Asset Management United States 4,074.00 Illiquid Credit

341 Camden Asset Management United States 4,045.00 Direct Hedge Funds

342 Amundi France 4,036.68 Direct Hedge Funds

343 Danske Private Equity Denmark 4,000.00 Private Equity FoF

344 Montagu Private Equity*** United Kingdom 4,000.00 Direct Private Equity Funds

345 Forum Partners United States 3,960.00 Direct Real Estate Funds

346 Magellan Asset Management Australia 3,941.30 Direct Infrastructure Funds

347 Macquarie Group Australia 3,901.75 Direct Real Estate Funds

348 M3 Capital Partners/Evergreen United States 3,900.00 Direct Real Estate Funds

349 Neuberger Berman United States 3,877.00 Direct Hedge Funds

350 Hermes Investment Management United Kingdom 3,856.52 Private Equity FoF





86


domicile

Total AuM


351 Partners Group Switzerland 3,818.72 Direct Infrastructure Funds

352 Cantab Capital Partners United Kingdom 3,818.00 Direct Hedge Funds

353 EQT United Kingdom 3,775.00 Direct Infrastructure Funds

354 Aviva Investors United Kingdom 3,775.00 Direct Infrastructure Funds

355 Candriam Investor Group France 3,764.26 Direct Hedge Funds

356 Antin Infrastructure Partners France 3,756.00 Direct Infrastructure Funds

357 Patron Capital United Kingdom 3,706.00 Direct Real Estate Funds

358 MatlinPatterson United States 3,685.94 Direct Private Equity Funds

359 Indus Capital Partners United States 3,640.00 Direct Hedge Funds

360 Monarch Alternative Capital United States 3,640.00 Direct Hedge Funds

361 Credit Suisse Asset Management United States 3,618.72 Funds of Hedge Funds

362 Black River Asset Management United States 3,605.40 Direct Hedge Funds

363 Magnitude Capital United States 3,596.00 Funds of Hedge Funds

364 Private Advisors* United States 3,580.00 Funds of Hedge Funds

365 P.Schoenfeld Asset Management United States 3,552.10 Direct Hedge Funds

366 IK Investment Partners United Kingdom 3,546.67 Direct Private Equity Funds

367 Infracapital United Kingdom 3,544.80 Direct Infrastructure Funds

368 Schroders Investment Management United Kingdom 3,544.55 Direct Commodities Funds

369 Principal Global Investors United States 3,496.01 Direct Hedge Funds

370 Ramius United States 3,490.00 Funds of Hedge Funds

371 III Capital Management United States 3,458.00 Direct Hedge Funds

372 Ascend Capital United States 3,365.40 Direct Hedge Funds

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

374 QIC Australia 3,341.04 Private Equity FoF

375 Goldman Sachs Asset Management United States 3,322.81 Direct Commodities Funds





87


domicile

Total AuM


376 The Archstone Partnerships* United States 3,300.00 Funds of Hedge Funds

377 Capstone Investment Advisors* United States 3,270.00 Direct Hedge Funds

378 Mesa West Capital United States 3,233.44 Direct Real Estate Funds

379 Allianz Global Investors Germany 3,229.90 Direct Hedge Funds

380 Securis Investment Partners United States 3,208.00 Direct Hedge Funds

381 Top Tier Capital Partners United States 3,193.16 Private Equity FoF

382 Brookfield Asset Management Canada 3,167.00 Direct Private Equity Funds

383 GSA Capital Partners United Kingdom 3,145.00 Direct Hedge Funds

384 Audax Group United States 3,102.38 Direct Private Equity Funds

385 Litespeed Management United States 3,100.00 Direct Hedge Funds

386 Pictet Asset Management Switzerland 3,024.86 Direct Hedge Funds

387 Unigestion Switzerland 3,018.00 Private Equity FoF

388 Anchorage Capital Group United States 3,000.00 Illiquid Credit

389 Navis Capital Partners Cayman Islands 2,996.00 Direct Private Equity Funds

390 GE Asset Management United States 2,968.50 Direct Hedge Funds

391 Twelve Capital Switzerland 2,949.00 Direct Hedge Funds

392 Berkshire Group United States 2,937.46 Direct Real Estate Funds

393 Greenspring Associates United States 2,927.00 Private Equity FoF

394 Whitehelm Capital Australia 2,881.32 Direct Infrastructure Funds

395 PCCP United States 2,847.50 Direct Real Estate Funds

396 Optima Fund Management United States 2,803.00 Funds of Hedge Funds

397 Notz, Stucki Europe* Luxembourg 2,740.00 Funds of Hedge Funds

398 Conatus Capital Management United States 2,720.00 Direct Hedge Funds

399 Grosvenor Capital Management United States 2,683.61 Direct Infrastructure Funds

400 Varde Partners United States 2,669.33 Direct Hedge Funds





88


domicile

Total AuM


401 Boussard & Gavaudan United Kingdom 2,654.00 Direct Hedge Funds

402 Ivory Investment Management United States 2,654.00 Direct Hedge Funds

403 Aquila Capital Concepts Germany 2,646.00 Real Assets

404 Aberdeen Asset Management United Kingdom 2,632.83 Direct Infrastructure Funds

405 Kohlberg Kravis Roberts & Co. United States 2,584.80 Real Assets

406 New Mountain Capital United States 2,582.87 Direct Hedge Funds

407 Lothbury Investment Management United Kingdom 2,575.00 Direct Real Estate Funds

408 Arcus Infrastructure Partners United Kingdom 2,573.00 Direct Infrastructure Funds

409 Brookfield Asset Management Canada 2,544.00 Real Assets

410 Macquarie Group Australia 2,514.77 Real Assets

411 HSBC Alternative Investments United Kingdom 2,503.60 Funds of Hedge Funds

412 Hatteras Funds Group* United States 2,500.00 Funds of Hedge Funds

413 Oaktree Capital Management United States 2,498.01 Direct Infrastructure Funds

414 Investec Asset Management United Kingdom 2,458.60 Direct Commodities Funds

415 Robeco Institutional Asset Management The Netherlands 2,455.00 Private Equity FoF

416 Europa Capital United Kingdom 2,448.00 Direct Real Estate Funds

417 Abbey Capital Ireland 2,421.30 Funds of Hedge Funds

418 Akina Switzerland 2,419.00 Private Equity FoF

419 Ramius United States 2,416.00 Direct Private Equity Funds

420 Gramercy United States 2,412.50 Direct Hedge Funds

421 InfraRed Capital Partners United Kingdom 2,397.10 Direct Real Estate Funds

422 Mesirow Financial Holdings United States 2,385.48 Private Equity FoF

423 Carlyle Investment Solutions United States 2,333.67 Funds of Hedge Funds

424 Chilton Investment Company United States 2,329.00 Direct Hedge Funds

425 Timbercreek Asset Management Canada 2,316.85 Direct Real Estate Funds





89


domicile

Total AuM


426 Audax Group United States 2,312.83 Illiquid Credit

427 Black River Asset Management United States 2,311.59 Direct Private Equity Funds

428 JHL Capital Group United States 2,311.35 Direct Hedge Funds

429 Allianz Global Investors Germany 2,310.00 Illiquid Credit

430 SAIL Advisors Hong Kong 2,309.60 Funds of Hedge Funds

431 Pinnacle Asset Management United States 2,298.00 Funds of Hedge Funds

432 Investcorp United States 2,226.00 Direct Hedge Funds

433 Picton Mahoney Asset Management Canada 2,225.40 Direct Hedge Funds

434 Pradera United Kingdom 2,219.00 Direct Real Estate Funds

435 TIAA-CREF United States 2,196.00 Direct Commodities Funds

436 PineBridge Investments United States 2,183.55 Direct Private Equity Funds

437 Ramius United States 2,177.86 Direct Real Estate Funds

438 Trilantic Capital Management United States 2,165.50 Direct Private Equity Funds

439 Ramius United States 2,164.00 Direct Hedge Funds

440 Fulcrum Asset Management United Kingdom 2,161.00 Direct Hedge Funds

441 One William Street Capital Management United States 2,160.00 Direct Hedge Funds

442 La Française Group France 2,140.60 Funds of Hedge Funds

443 Stafford Capital Partners Australia 2,130.60 Real Assets

444 First Quadrant United States 2,119.00 Direct Hedge Funds

445 3i United Kingdom 2,106.00 Direct Private Equity Funds

446 Investcorp United States 2,081.00 Funds of Hedge Funds

447 MatlinPatterson United States 2,061.16 Direct Hedge Funds

448 TIAA-CREF United States 2,056.40 Direct Infrastructure Funds

449 Babson Capital Management United States 2,052.04 Real Assets

450 Spinnaker Capital United Kingdom 2,038.00 Direct Hedge Funds




90


domicile

Total AuM


451 Protege Partners United States 2,020.30 Funds of Hedge Funds

452 Amber Infrastructure United Kingdom 1,984.00 Direct Infrastructure Funds

453 Carlyle Investment Solutions United States 1,983.60 Real Assets

454 Wexford Capital United States 1,960.00 Direct Hedge Funds

455 Bronson Point Management United States 1,929.00 Direct Hedge Funds

456 Unigestion Switzerland 1,920.00 Funds of Hedge Funds

457 Actis United Kingdom 1,902.00 Direct Infrastructure Funds

458 Global Thematic Partners United States 1,900.00 Real Assets

459 UBS Global Asset Management Switzerland 1,897.00 Direct Commodities Funds

460 Equitix Holdings United Kingdom 1,887.06 Direct Infrastructure Funds

461 KLS Diversified Asset Management United States 1,887.00 Direct Hedge Funds

462 Investa Wholesale Funds Management Australia 1,882.10 Direct Real Estate Funds

463 The Sentient Group Cayman Islands 1,881.00 Real Assets

464 Aberdeen Asset Management United Kingdom 1,876.37 Funds of Hedge Funds

465 Aurum Funds Bermuda 1,869.20 Funds of Hedge Funds

466 BlackRock United States 1,858.60 Illiquid Credit

467 Edesia Asset Management The Netherlands 1,857.90 Direct Commodities Funds

468 Tremblant Capital Group United States 1,845.00 Direct Hedge Funds

469 IDFC Alternatives India 1,821.26 Direct Infrastructure Funds

470 IFM Investors Australia 1,818.30 Private Equity FoF

471 Equis Funds Group Singapore 1,816.62 Direct Private Equity Funds

472 Stonepeak Infrastructure Partners United States 1,801.00 Direct Infrastructure Funds

473 Monarch Alternative Capital United States 1,801.00 Direct Private Equity Funds

474 Amplitude Capital Cayman Islands 1,800.00 Direct Hedge Funds

475 LIM Advisors Hong Kong 1,799.00 Direct Hedge Funds




91


domicile

Total AuM


476 Starwood Capital Group United States 1,759.30 Direct Infrastructure Funds

477 Wellington Management United States 1,755.00 Direct Infrastructure Funds

478 Neuberger Berman United States 1,735.00 Illiquid Credit

479 Wexford Capital United States 1,700.00 Direct Private Equity Funds

480 Fore Research & Management United States 1,682.00 Direct Hedge Funds

481 Harcourt Investment Consulting Switzerland 1,667.00 Funds of Hedge Funds

482 Lombard Odier Investment Managers Switzerland 1,664.52 Direct Hedge Funds

483 West Face Capital Canada 1,637.61 Direct Hedge Funds

484 MidOcean Partners United States 1,594.00 Direct Hedge Funds

485 BTG Pactual Brazil 1,556.25 Direct Private Equity Funds

486 Dalmore Capital United Kingdom 1,552.00 Direct Infrastructure Funds

487 Palisade Investment Partners Australia 1,530.00 Direct Infrastructure Funds

488 Deutsche Asset & Wealth Management Germany 1,471.29 Direct Commodities Funds

489 BTG Pactual Brazil 1,453.70 Direct Infrastructure Funds

490 Sloane Robinson United Kingdom 1,452.00 Direct Hedge Funds

491 RWC Asset Management United Kingdom 1,428.50 Direct Hedge Funds

492 EQT United Kingdom 1,418.00 Illiquid Credit

493 Capital Dynamics Switzerland 1,409.00 Direct Infrastructure Funds

494 SC Capital Partners Singapore 1,378.00 Direct Real Estate Funds

495 Hermes Investment Management United Kingdom 1,359.02 Direct Private Equity Funds

496 BNP Paribas Investment Partners France 1,352.42 Direct Commodities Funds

497 MidOcean Partners United States 1,309.10 Direct Private Equity Funds

498 IDFC Alternatives India 1,305.12 Direct Private Equity Funds

499 MetLife Investment Management United States 1,291.90 Direct Real Estate Funds

500 Moon Capital Management United States 1,288.17 Direct Hedge Funds




92


domicile

Total AuM


501 Kohlberg Kravis Roberts & Co. United States 1,266.61 Direct Real Estate Funds

502 QIC Australia 1,253.22 Direct Hedge Funds

503 VenCap International United Kingdom 1,233.40 Private Equity FoF

504 Prologue Capital United States 1,210.00 Direct Hedge Funds

505 Capital Innovations United States 1,190.00 Real Assets

506 Stafford Capital Partners Australia 1,184.00 Private Equity FoF

507 BlueBay Asset Management United Kingdom 1,154.30 Illiquid Credit

508 Meyer Bergman United Kingdom 1,149.00 Direct Real Estate Funds

509 Aquila Capital Concepts Germany 1,145.00 Direct Hedge Funds

510 Millburn Ridgefield Corporation United States 1,135.00 Direct Hedge Funds

511 Knightsbridge Advisers United States 1,124.10 Private Equity FoF

512 Ethos Private Equity South Africa 1,120.00 Direct Private Equity Funds

513 Clessidra SGR Italy 1,088.00 Direct Private Equity Funds

514 Siguler Guff & Company United States 1,078.40 Direct Private Equity Funds

515 Fiera Axium Infrastructure Canada 1,071.80 Direct Infrastructure Funds

516 Lombard Odier Investment Managers Switzerland 1,061.70 Private Equity FoF

517 Infrastructure Capital Group Australia 1,060.20 Direct Infrastructure Funds

518 Presima Canada 1,057.57 Direct Real Estate Funds

519 Franklin Templeton United States 1,057.29 Direct Infrastructure Funds

520 Tiberius Asset Management Switzerland 1,040.00 Direct Commodities Funds

521 Brookfield Asset Management Canada 1,039.00 Direct Hedge Funds

522 Lucidus Capital Partners United Kingdom 1,004.00 Direct Hedge Funds

523 Palmer Capital United Kingdom 983.00 Direct Real Estate Funds

524 3i United Kingdom 982.56 Illiquid Credit

525 Colliers Capital United Kingdom 978.00 Direct Real Estate Funds




93


domicile

Total AuM


526 Kohlberg Kravis Roberts & Co. United States 966.50 Direct Hedge Funds

527 Amundi France 956.70 Direct Private Equity Funds

528 Taylor Woods Capital United States 950.00 Direct Commodities Funds

529 Kempen Capital Management The Netherlands 948.34 Funds of Hedge Funds

530 Loomis, Sayles & Company United States 948.00 Direct Hedge Funds

531 Larch Lane Advisors United States 924.00 Funds of Hedge Funds

532 CarVal Investors United States 891.00 Direct Real Estate Funds

533 BNP Paribas Investment Partners France 878.10 Direct Hedge Funds

534 Visio Capital Management South Africa 875.00 Direct Hedge Funds

535 First Reserve United States 868.40 Direct Infrastructure Funds

536 Fengate Capital Management Canada 840.00 Direct Real Estate Funds

537 Harcourt Investment Consulting Switzerland 798.00 Illiquid Credit

538 Northleaf Capital Partners Canada 791.73 Direct Infrastructure Funds

539 Greylock Capital Management United States 783.00 Direct Hedge Funds

540 Aalto Invest United Kingdom 779.00 Illiquid Credit

541 BlueBay Asset Management United Kingdom 772.00 Direct Hedge Funds

542 Timbercreek Asset Management Canada 770.70 Illiquid Credit

543 Lombard Odier Investment Managers Switzerland 760.99 Direct Infrastructure Funds

544 Grosvenor Capital Management United States 717.57 Direct Real Estate Funds

545 Mesirow Financial Holdings United States 716.80 Direct Real Estate Funds

546 Fengate Capital Management Canada 713.30 Direct Infrastructure Funds

547 Mirova (1) France 689.00 Direct Infrastructure Funds

548 BNP Paribas Investment Partners France 688.18 Funds of Hedge Funds

549 Angelo, Gordon & Co. United States 688.00 Direct Private Equity Funds

550 Lombard Odier Investment Managers Switzerland 685.98 Funds of Hedge Funds





94


domicile

Total AuM


551 Kaiser Trading Group Australia 685.00 Direct Hedge Funds

552 CenterSquare Investment Management United States 684.00 Direct Real Estate Funds

553 AMP Capital Australia 681.20 Private Equity FoF

554 QIC Australia 653.95 Direct Private Equity Funds

555 BTG Pactual Brazil 638.10 Direct Real Estate Funds

556 Pictet Asset Management Switzerland 627.28 Direct Commodities Funds

557 Galena Asset Management Switzerland 627.00 Direct Hedge Funds

558 Meridian Capital Partners United States 625.00 Funds of Hedge Funds

559 Vantage Investment Management Mauritius 616.71 Direct Hedge Funds

560 Franklin Templeton United States 612.10 Direct Private Equity Funds

561 Highland Capital Management United States 590.79 Direct Private Equity Funds

562 D. E. Shaw Group United States 590.00 Illiquid Credit

563 Henderson Global Investors United Kingdom 554.70 Direct Commodities Funds

564 Macquarie Group Australia 530.00 Illiquid Credit

565 Threadneedle Investments United Kingdom 529.50 Direct Commodities Funds

566 Amundi France 526.00 Direct Infrastructure Funds

567 Harcourt Investment Consulting Switzerland 514.00 Direct Commodities Funds

568 Candriam Investor Group France 476.66 Funds of Hedge Funds

569 Permira Advisers United Kingdom 461.50 Illiquid Credit

570 Principal Global Investors United States 455.98 Funds of Hedge Funds

571 Morgan Stanley Investment Management United States 447.00 Illiquid Credit

572 Henderson Global Investors United Kingdom 445.00 Real Assets

573 KanAm Grund Institutional Kapitalverwaltungsgesellschaft Germany 436.00 Direct Real Estate Funds

574 Aalto Invest United Kingdom 425.00 Direct Real Estate Funds

575 ZAIS Group United States 423.00 Direct Hedge Funds




95


domicile

Total AuM


576 Actis United Kingdom 422.00 Direct Real Estate Funds

577 QIC Australia 417.00 Direct Commodities Funds

578 Investec Asset Management United Kingdom 403.00 Direct Private Equity Funds

579 Beach Point Capital United States 401.00 Illiquid Credit

580 West Face Capital Canada 400.40 Illiquid Credit

581 Galena Asset Management Switzerland 384.00 Real Assets

582 Senrigan Capital Group Hong Kong 365.00 Direct Hedge Funds

583 Wellington Management United States 361.00 Direct Private Equity Funds

584 Wellington Management United States 351.00 Direct Real Estate Funds

585 Marguerite Luxembourg 350.00 Direct Infrastructure Funds

586 Impax Asset Management United Kingdom 333.40 Direct Infrastructure Funds

587 Vantage Capital Group South Africa 306.00 Direct Private Equity Funds

588 Neuberger Berman United States 284.00 Direct Commodities Funds

589 Eurizon Capital Italy 272.00 Funds of Hedge Funds

590 BNP Paribas Investment Partners France 266.21 Private Equity FoF

591 D. E. Shaw Group United States 261.00 Direct Private Equity Funds

592 Water Asset Management United States 255.00 Direct Infrastructure Funds

593 BNP Paribas Investment Partners France 254.84 Direct Private Equity Funds

594 IDFC Alternatives India 250.00 Direct Real Estate Funds

595 Deutsche Asset & Wealth Management Germany 234.10 Direct Private Equity Funds

596 Insight Investment United Kingdom 229.50 Real Assets

597 QIC Australia 215.00 Real Assets

598 Babson Capital Management United States 213.04 Direct Hedge Funds

599 Credit Suisse Asset Management United States 193.92 Direct Private Equity Funds

600 Whitehelm Capital Australia 174.47 Direct Real Estate Funds




96


domicile

Total AuM


601 Whitehelm Capital Australia 164.33 Direct Private Equity Funds

602 Water Asset Management United States 160.00 Real Assets

603 First Quadrant United States 150.00 Direct Commodities Funds

604 Intermediate Capital Group United Kingdom 149.00 Direct Private Equity Funds

605 Lombard Odier Investment Managers Switzerland 144.93 Direct Commodities Funds

606 Krom River Trading Switzerland 135.00 Direct Commodities Funds

607 Millburn Ridgefield Corporation United States 124.00 Funds of Hedge Funds

608 DDJ Capital Management United States 123.10 Illiquid Credit

609 Tiger Infrastructure Partners United States 120.90 Direct Infrastructure Funds

610 Water Asset Management United States 110.00 Direct Hedge Funds

611 Whitehelm Capital Australia 109.90 Private Equity FoF

612 Union Investment Germany 108.00 Direct Infrastructure Funds

613 Millburn Ridgefield Corporation United States 105.00 Direct Commodities Funds

614 Galena Asset Management Switzerland 100.00 Illiquid Credit

615 Henderson Global Investors United Kingdom 78.70 Direct Private Equity Funds

616 Henderson Global Investors United Kingdom 67.10 Funds of Hedge Funds

617 Aalto Invest United Kingdom 67.00 Direct Hedge Funds

618 Fulcrum Asset Management United Kingdom 61.00 Direct Commodities Funds

619 Impax Asset Management United Kingdom 54.20 Direct Real Estate Funds

620 Credit Suisse Asset Management United States 50.90 Direct Infrastructure Funds

621 Mesirow Financial Holdings United States 46.15 Real Assets

622 CFI Capital Canada 15.00 Direct Infrastructure Funds

623 Schroders Investment Management United Kingdom 0.23 Direct Hedge Funds

Total 6,291,271.58




Survey statistics

97

• 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

dynamics rather 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.

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.


Contact Details and Limitations of reliance

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.

This material may not be reproduced or distributed to any other party, whether in whole or in part, without Towers Watson’s prior written permission,

except as may be required by law. In the absence of our express written agreement to the contrary, Towers Watson and its affiliates and their

respective directors, officers and employees accept no responsibility and will not be liable for any consequences howsoever arising from any use of

or reliance on this material or the opinions we have expressed.

Andrew Middlemass

+44 (0) 20 7170 2930

[email protected]

99

mailto:[email protected]

including the top alternative asset manager rankings · real estate funds direct commodities funds...

Documents