including the top alternative asset manager rankings · 2020-07-07 · the evolving real estate...
TRANSCRIPT
July 2016
Global Alternatives Survey 2016
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Including the top alternative asset manager rankings
Survey statistics
FoHF* Direct Hedge Funds*
Private Equity FoF*
Direct Private Equity Funds*
Direct Real Estate Funds
Direct Commodities
Funds
Direct Infrastructure
Funds
Real Assets
Illiquid Credit
Insurance Linked
InvestmentsTotal
USD billion
Top 100 total assets 222.2 754.6 419.7 640.2 1,241.9 - 167.1 - 169.1 - 3,614.4 3%
Top 100 Pension Fund assets 107.3 149.5 295.4 127.5 604.6 - 126.8 7.4 66.8 7.4 1,492.8 5%
Top 25 Insurance Company assets 13.0 - 26.8 10.3 174.4 - 16.0 - 64.0 - 304.4 1%
Top 25 Sovereign Wealth Fund assets 26.2 29.8 6.5 40.8 52.6 - 12.5 4.6 - - 173.1 8%
Top 25 Endowment & Foundation assets 12.0 26.9 9.9 25.5 10.8 - - - 2.1 - 87.1 8%
Top 25 Fund of Funds assets - 36.7 - 48.0 2.0 - - - 2.2 - 88.8 10%
Top 25 Wealth Manager assets 74.6 99.9 31.3 33.5 207.9 - 28.4 - - - 475.6 4%
Top 25 Bank assets 22.2 8.2 9.2 5.8 36.9 - 7.3 - 10.7 - 100.0 10%
§ 602 entries are included in the survey. The majority of the data (556 entries) comes directly from investment managers with the remainder coming from publicly available sources. This includes the Global Billion Dollar Club list, published by HedgeFund Intelligence.
InvestorType
ManagerType
* Figures for some of these managers were obtained from publicly available sources and using data derived from the Global Billion Dollar Club, published by HedgeFund Intelligence
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Sections
§ Hedge Funds
§ Private Equity
§ Real Estate
§ Infrastructure
§ Commodities
§ Real Assets
§ Illiquid Credit
§ Insurance-Linked Investments
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Asset Class Trends
Section ISection I
§ The top 100 alternative asset managers globally by total assets under management (AuM)
Top 100 alternative asset managers by AuM
Section IISection II
Sections
§ Top 100 alternative asset managers by Pension Fund assets
§ Top 25 alternative asset managers by Insurance Company assets
§ Top 25 alternative asset managers by Sovereign Wealth Fund assets
§ Top 25 alternative asset managers by Endowment & Foundation assets
§ Top 25 alternative asset managers by Fund of Funds assets
§ Top 25 alternative asset managers by Wealth Manager assets
§ Top 25 alternative asset managers by Bank assets
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Analysis of top alternative asset managers by investor type
Section IIISection III
§ Analysis of all asset managers
§ Complete ranking of all asset managersTotal universe
Section IVSection IV
Asset Class TrendsSection 1
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Hedge Funds - Key Trends
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Asset Class Trends
The evolving HF landscapeRecent returns have been disappointing leading to some redemption pressure, but overall we believe this is healthy for the industry.The focus by investors on diversity and value for the money will continue to dominate, and facilitating this effort is the recognition that“hedge funds” are not an asset class. There are diversifying return drivers that are best sourced outside of the traditional hedge fundstructure and for fees that are much less – commonly referred to as alternative beta strategies and include strategies such asreinsurance, carry, value, and merger arbitrage.However, given the rapid growth in this emerging space, there is some risk of crowding, and investors who don’t fully understand therisks of investing here should work with an advisor or outsource. This is especially important among the quantitative and factor-basedstrategies, many of which carry left tail risks and are managed using an antiquated or less differentiated approach.Further, while they are called alternative “beta” strategies, there usually is some element of manager skill necessary despite themechanical approach to implementation – for instance in screening, sourcing, modelling, risk management and execution. In termsof alpha seeking managers - that bar is high but there are definitely good opportunities for skillful managers; managers must be ableto prove they can add both diversity and incremental returns. Importantly, investors and consultants need to recognize the importanceof alpha diversity when building portfolios now more than ever; if not done correctly they can indirectly be making outsized “bets” onfactors such as style, sector, capitalization – which for instance hurt a number of investors and equity long/short managers in 1Q2016.Future outlookWhile there have been performance headwinds for hedge funds, the need for diversity away from traditional equities is the strongestit has been in several years in our opinion. Hedge funds and alternative beta strategies, which can be broadly categorized as liquidalternatives, are uniquely equipped to deliver returns while helping investors mitigate downside risks.While we anticipate that some capital will be withdrawn from the industry, especially the hedge fund of funds industry given the highfees traditionally charged by these organizations, overall we continue to see value to be had if done correctly, and we are advisingour clients to increase their allocations generally. Industry wide, we anticipate continued growth in alternative beta strategies andassets, perhaps offsetting any redemptions from alpha seeking managers who have struggled to perform.
Private Equity - Key Trends
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The evolving private equity landscapeFundraising in private equity is buoyant off the heels of three years of very strong distributions and with investors looking for alphaafter other asset classes of late have not delivered on generating excess returns. The market had been somewhat bifurcated withthose managers boasting exceptional short- and long-term track records raising capital particularly quickly while others took longer tosecure capital. However, this trend has been less prevalent recently with the fund-raising tailwind meaning most institutional qualitymanagers have been able to raise capital, especially in the larger end of the market.With all this influx of capital and cheap financing with little to no covenants, pricing both in the US and Europe are at or near all-timehighs though deal flow for both markets have cooled given the pricing. Meticulous selectivity with managers who have provendiscipline in prior cycles and have a range of skills to bring to bear on their portfolio companies will become critical in the next phaseof the cycle.The secondary market continues to mature and grow in prominence, increasing the liquidity of the asset class though pricing hascome down a bit since the highs of last year. This has been due more towards public market sentiment rather than a drastic changein supply and demand.Future outlookLast year we noted that the pressure on fees will be volatile and tends to be inversely correlated with positive market sentiment andindeed that has been the case with some managers getting terms that were very manager friendly. However, we expect continueddownward pressure on fees over the long term. Part of that pressure will be from the on-going dis-intermediation story in privateequity with large asset owners doing deals themselves or at the very least investing in fund directly without the need of a fund offunds. For fund of fund managers, they have been moving more towards separate accounts and away from commingled funds.Going forward, we would expect to see more development in customized portfolios for investors, especially from the larger managerswho have created asset management business instead of pure play private equity ones. For private equity managers in the small andmid-market space, we expect more of the same with those managers providing exposure through commingled funds with some co-investment opportunities.
Asset Class Trends
Real Estate - Key Trends
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Asset Class Trends
The evolving real estate landscapeReal estate markets have continued to perform strongly driven by investors’ desire for attractive yields in a low (or in some cases negative)bond yield environment and, in many markets, healthy rental growth. In many ways it feels like 2007. Double digit returns, transactionvolumes at multi-year highs, yields reaching multi-year lows, debt costs at ever lower levels on higher loan-to-value terms, regional (non-gateway) locations seeing increased investor interest, speculative development starting to re-emerge and fund raising breaking records interms of speed and size. We have also seen a growing trend of private real estate funds acquiring listed property companies, a trend whichwe last saw emerge at the previous peak in markets. This being said, unlike 2007, the property yield spread relative to long termgovernment bonds shows a healthy spread, which provides some investor comfort. Further, much of continental Europe hasn’t seen asmuch of the rally in recent years and appears some way from peak cycle behaviours.Listed property companies in aggregate are trading at higher relative valuations to long run averages. However, there are some notableexceptions such as the UK, where the listed market appears to be more pessimistic relative to the unlisted market around Brexit fears, andthe Hong Kong market where stock market pricing appears to be taking a more negative view of a Chinese slowdown compared to unlistedmarkets.Long lease property strategies in Europe have continued to see interest from de-risking pension funds given the expected return differentialrelative to bonds. In many regions around the world we are seeing growing interest in alternative property sectors such as healthcare,storage, student assets or the Private Rented Sector (PRS) in the UK. Strategically, the addition of these alternative sectors generally helpsdiversify against the cyclicality of offices which can often be a disproportional contributor to risk in portfolios.
Future outlookDespite real estate in many regions looking attractive relative to bonds, we believe investors should be more patient and selective wheninvesting new real estate allocations at the current time. We believe US and UK markets are at higher points in their real estate cycles,meaning one needs to be increasingly cautious of higher risk property strategies, particularly those using high levels of debt. TheContinental European market appears further away from peak cycle. Despite its economic issues, with low (or negative) interest ratesproperty looks reasonably supported as long as prolonged deflation can be avoided. Emerging market property markets have been weakand although near term catalysts remain uncertain, there could be attractive entry points for long term investments in certain sectors.We believe future demand for long lease property strategy is likely to persist as long as bond yields remain low. The ability to sourceattractive assets however is becoming more difficult and so subscription queues for such strategies may well increase.We expect greater defensiveness from certain property sectors more aligned with thematic tailwinds such as like student assets (growingemerging market wealth), property healthcare (demographics), logistics (e-commerce) and residential/storage (urbanization).
Infrastructure - Key Trends
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Asset Class Trends
The evolving infrastructure landscapeDeployment by institutional investors into the infrastructure asset class has increased again. As can be seen elsewhere in the investment universe, there is a trend for the more successful funds to increase in size, sometimes quite substantially. On the other hand, a significant number of funds who were among the early closed-ended fund offerings are reaching the end of their lives and are finding that the future looks uncertain. This is driving activity around extensions, stapled offerings, etc. As the industry has matured, better discipline can be seen by the manager universe regarding deal selection and pricing as well as asset management. It is in the area of fund size and terms where there is a lot more work to be done although progress here can also be identified. The trend of large institutional investors seeking to access deals directly continues in the infrastructure space which makes sense given the size of assets which are available in this asset class. We are also seeing governments becoming more vocal and active in attempting to encourage institutional investors to invest in infrastructure in their jurisdictions.
Future outlookThe increased institutional investor interest in infrastructure investments has both cyclical and structural aspects. Cyclically investorsare facing an uncertain economic outlook and are seeking opportunities to diversify risks and return drivers. Structurally almost allinstitutions are either not yet invested in infrastructure or are below their target allocation. Despite the headlines which suggest thatinvestor demand is outpacing supply and therefore driving up asset prices, the reality is that the requirement for private investment ininfrastructure is immense in all geographic regions.We will continue to see managers develop in order to capture these opportunities through more engagement with stakeholders(governments, regulators, communities), possibly more specialisation and definitely a higher appreciation of the asset managementskills required to manage the risks inherent in an infrastructure portfolio. We will also continue to see the range of implementationoptions for investors increase beyond the traditional private equity-like pooled fund model and the in-house direct investment model.
Commodities - Key Trends
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Asset Class Trends
The evolving real assets landscapeIncreased volatility and a weakening in some of the major commodity markets – led by the energy sector in particular – reduced investor confidence in 2015. A general trend of net outflows has persisted in the industry, while performance has struggled since 2011. Recent years have also seen several big managers exit the space. Although investors do still seek commodity exposure within their diversifying portfolios, the asset class has been de-emphasised relative to its heightened popularity in the early 2000s when strong performance attracted investors into the space. While we do not encourage investors to chase returns, it remains that commodities face an uncertain outlook over the coming years and this is being reflected in investor preference.
Future outlookOur medium-term view on commodities remains neutral. Our outlook is primarily driven by energy, due to its high weighting in themajor commodities indices, DJ UBS and S&P GSC. Whilst oil markets have begun the process of rebalancing, political decisions,Iran’s re-entrance into the oil market and declining costs of extraction have factored into our market outlook. These conditions arecurrently offsetting moderate demand increases and we predict that oversupply conditions will persist at least until the end of 2016.Over the medium term we believe the forward curve represents a reasonable outlook for medium term oil prices.In the other extractive resources, whilst there are idiosyncratic factors, the shift in China’s economy from a resource driven,investment led economy towards consumer based economic growth has led to a downward pressure on prices for many industrialmetals. Copper and aluminium prices bottomed at the beginning of the year, but are yet to undergo a durable recovery (in anabsolute sense), we remain cautious over the medium term outlook for these metals.
Real Assets - Key Trends
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Asset Class Trends
The evolving real assets landscapeReal assets are experiencing increased investor interest for their diversification benefits in a world where the economic outlook is mostly uninspiring. New managers and strategies continue to appear on a regular basis. In agriculture, substantial allocations have been made by a range of institutional investors. Managers are beginning to look beyond land-only strategies to also focus on how supply chain initiatives can help boost returns and dampen volatility. We have also seen the appearance of a few water strategies which is a popular theme with investors. The timberland market seems to have flattened somewhat which may not be surprising given that it is the most mature area of real assets. And finally, there are a large number of managers seeking to exploit the opportunity in the mining sector caused by the lack of access to traditional sources of finance, banks and the public equity markets.Future outlookInvestments by institutional investors in real assets is still at a very nascent stage despite the ever increasing amount of interest. Asthe asset class matures, we expect it to follow the trajectories of the real estate and infrastructure sectors. We are seeing a widerrange of strategies, vehicles and alignment structures being introduced into the market. This is a natural part of the development ofthe asset class and should enable more institutions to find implementation routes which suit them.In the key agricultural markets of the US and Brazil, dampening prices and a more attractive entry level from a currency perspectivecould drive an uptick in interest in those two regions respectively. However, in the short team the pressure on US farmland pricesseems to be causing a certain amount of nervousness in the market. Timberland managers will continue to develop their capabilitiesoutside of the US which will enable investors to access an opportunity set which is at a more interesting stage of development thanthe one in the US. We are likely to continue to see new strategies emerge which are related to water and other environmental orsustainability themes.
Illiquid Credit - Key Trends
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The evolving illiquid credit landscapeThe illiquid credit category is inclusive of all closed-end funds with a predominant focus on credit, with the most common beingprivate debt (e.g. direct lending, commercial real estate debt, mezzanine, etc.) and distressed debt.The key trend has been the continued growth of the institutional lending landscape, with numerous new funds being raised globally, and increasing interest in private debt strategies by investors globally. We expect this trend to continue.Investor appetite also continues apace as investors consider taking on both greater illiquidity and risk in their credit portfolios to compensate for lower yields in public markets. Additionally, investors appear ever more comfortable allocating to specialist strategies, recognizing that the private debt space is becoming a much more varied marketplace today.There are some concerns that as competition has increased in some markets that yields are not always offering sufficient compensation for the illiquidity and risk being assumed, so we would urge caution when reviewing private debt strategies today.Talking to distressed debt, volatility in commodity markets in 2015 and continuing into 2016 has seen a resumption of interest in that asset class, with defaults predicted to rise. Whether this remains specific to metals, mining, oil and gas or is the start of a broader pick up in defaults remains to be seen.
Future outlookWe expect that demand for private debt strategies will remain high, particularly for those asset classes offering floating rate yields.Some asset classes will, however, become less attractive as ever more institutional capital flows into the asset class. We would alsoexpect that more specialist strategies will attract greater interest.
Asset Class Trends
Insurance-Linked Investments - Key Trends
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Asset Class Trends
The evolving insurance-linked investments landscapeInstitutional investors continue to allocate to Insurance-Linked Investments (ILI) in order to build diversity into portfolios. The greater acceptance of ILI by pension funds in particular has led to increasing inflows into the asset class, which in turn has led some industry observers commenting that the flow of pension investments are only temporary and that the funds will flow back out following a large natural catastrophe loss or an increase in interest rates. We believe that most of the institutional allocations in recent years were made for strategic reasons and that the institutional demand for ILI is here to stay.
Future outlookThe premiums for catastrophe reinsurance have been coming down in recent years. This has been a result of not just the inflow ofinstitutional capital, but moreover as a result of the limited natural catastrophe losses in recent years which has led to reinsurancecompanies having stronger balance sheets and having less need to transfer certain risks as a result. That said, we have seenpremiums stabilise in recent renewal seasons and expect this to continue over the next 12 months. ILI funds targeting higher returns,have seen increased competition and capacity constraints as a result of the broader “chase for yield”.On the flip side, the ILI funds targeting more remote and lower risk events are likely to continue to generate an attractive risk-rewardratio, as competition in this segment of the market is less given the high return requirements of the traditional reinsurance companies(who have a higher cost of capital). Further the larger and well-managed funds are expected to outperform their smaller rivals, byusing their economies of scale to cut out costs and source the most attractive deals. We expect managers that have been sellingoverpriced ILI beta to come under pressure, with the more innovative and well-resourced managers continuing the flourish.
Willis Towers Watson / Financial Times Top 100 Alternative Asset Managers by Total AuM
Section 2
How to read this sectionThis section shows the top 100 managers ranked by total AuM. Each manager is counted separately in each individual asset class, so they may appear multiple times if their AuM are large in more than one asset class. These top 100 are analysed in relation to the regions they invest in and in relation to assets managed by investor type.
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Top 100 Alternative Asset ManagersExecutive summary
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§ The top 100 alternative asset managers, ranked by total AuM, managed USD 3,614.7 bn on behalf of their investors in 2015 compared to USD 3,501.1 bn in 2014.
§ The largest block of alternative assets is managed in Direct Real Estate Funds followed by Direct Hedge Funds, Direct Private Equity Funds, Private Equity Fund of Funds, Funds of Hedge Funds, Illiquid Credit and Direct Infrastructure Funds. There were no Real Assets, Direct Commodities or Insurance-Linked Investments Fund managers among the top 100 ranking by total AuM.
§ Pension Funds are the largest investors in alternative assets (34%) among the top 100 alternative asset managers, followed by Wealth Managers, Insurance Companies, Sovereign Wealth Funds, Endowments and Foundations, Fund of Funds and Banks.
§ In terms of where the assets are invested, North America (50%) accounts for the largest amount of alternative assets, followed by Europe (37%) and Asia Pacific (8%).
Top 100 Alternative Asset Managers
Top 100 Alternative Asset Managers
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6% 21% 12% 18% 34% 5% 5%
Funds of Hedge Funds Direct Hedge Funds Private Equity FoFDirect Private Equity Funds Direct Real Estate Funds Direct Infrastructure FundsIlliquid Credit
Asset classTotal AuM Average Smallest Largest Number of
managersUSD million
Funds of Hedge Funds* 222,241.0 31,748.7 19,432.0 67,528.06 7
Direct Hedge Funds* 754,552.2 31,439.7 19,180.8 88,001.10 24
Private Equity FoF* 419,736.8 29,981.2 21,371.9 44,534.60 14
Direct Private Equity Funds* 640,168.8 42,677.9 18,400.0 94,300.00 15
Direct Real Estate Funds 1,241,852.8 42,822.5 21,294.2 93,900.00 29
Direct Infrastructure Funds 167,087.9 41,772.0 22,017.9 95,041.05 4
Illiquid Credit 169,107.6 24,158.2 18,514.0 33,128.00 7
Total 3,614,747.1 36,147.5 18,400.0 95,041.05 100
Top 100 Alternative Asset Managers
* Figures for some of these managers were obtained from publicly available sources and using data derived from the Global Billion Dollar Club, published by HedgeFund Intelligence** Proportions might not sum up to 100% due to rounding
Distribution by Investor Type
Top 100 Alternative Asset Managers
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Asset classTotal assets Average Smallest Largest Number of
managersUSD million
Pension Fund 1,240,918.0 16,115.8 47.0 60,840.1 77
Insurance Company 344,241.2 4,989.0 71.7 37,582.8 69
Sovereign Wealth Fund 211,330.1 3,302.0 1.0 16,966.5 64
Endowment and Foundation 89,573.3 1,279.6 2.0 7,750.8 70
Fund of Funds 77,107.3 1,977.1 26.3 8,660.0 39
Wealth Manager 677,264.1 9,815.4 176.4 31,260.3 69
Bank 74,387.7 1,518.1 21.6 7,498.2 49
* The category “Other” has been included for assets that could not be allocated into the survey’s categories, it has not been analysed in detail.** Proportions might not sum up to 100% due to rounding
34% 10% 6%
2% 2%
19%
2%
25%
Pension Fund Insurance Company Sovereign Wealth FundEndowment and Foundation Fund of Funds Wealth ManagerBank Other
Distribution by Region and Asset Class
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37%
53%
40%
44%
31%
26%
25%
15%
8%
<1%
20%
6%
15%
8%
8%
15%
50%
47%
39%
48%
50%
60%
47%
62%
5%
<1%
1%
3%
4%
6%
20%
7%
Total
Illiquid Credit
Direct Infrastructure Funds
Direct Real Estate Funds
Direct Private Equity Funds
Private Equity FoF
Direct Hedge Funds
Funds of Hedge Funds
Europe Asia Pacific North America Other
* Proportions may not sum up to100% due to rounding
Top 100 Alternative Asset Managers
Asset managers were requested to state where their assets are invested.Asset managers were requested to state where their assets are invested.
Comparison 2014 – 2015
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Includes only managers who participated in both years
§ Total assets for the top 100 alternative asset managers increased from USD 3,328.4 bn in 2014 to USD 3,522.0 in 2015 (6%)
§ The split by asset class is broadly similar to last year with a slight increase in Direct Hedge Funds at the expense of Direct Real Estate Funds.
§ There are 96 managers in the top 100 that also participated in 2014.
6%
6%
20%
21%
12%
12%
17%
17%
35%
34%
5%
5%
4%
4%
2014
2015
Funds of Hedge Funds Direct Hedge Funds Private Equity FoF
Direct Private Equity Funds Direct Real Estate Funds Direct Infrastructure Funds
Illiquid Credit
Top 100 Alternative Asset Managers
* Proportions might not sum up to 100% due to rounding
Comparison 2014 – 2015
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Includes only managers who participated in both years
§ 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
Funds of Hedge Funds
§ There are 22 Direct Hedge Fund managers in the top 100 ranking.§ The proportion of Direct Hedge Fund assets in the top 100 decreased from 21% to 20% in
2015.Direct Hedge Funds
§ The proportion of Private Equity FoF AuM remained steady at 12%.§ The are 14 Private Equity FoF managers in the top 100 ranking.Private Equity FoF
§ There are 14 Direct Private Equity managers in the top 100 ranking.§ Direct Private Equity assets increased by 6% from 2014 to 2015 but its proportion remained
steady at 17%.
Direct Private Equity Funds
§ There are 29 Direct Real Estate Funds managers in the top 100 ranking, more than any other asset class.
§ Direct Real Estate remains the largest asset class having 35% of all assets managed by the top 100 asset managers.
Direct Real Estate Funds
§ There are 4 Direct Infrastructure managers in the top 100 ranking.§ Assets proportion in the top 100 remained unchanged at 5%
Direct Infrastructure Funds
§ There are 6 Illiquid Credit managers in the top 100 ranking.§ Assets increased by 15% from 2014 to 2015.Illiquid Credit
Top 100 Alternative Asset Managers
Top 100 ranking ranked by Total AuM
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Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class
1 Macquarie Group Australia 95,041.05 Direct Infrastructure Funds
2 Blackstone United States 94,300.00 Direct Private Equity Funds
3 Blackstone United States 93,900.00 Direct Real Estate Funds
4 Bridgewater Associates United States 88,001.10 Direct Hedge Funds
5 CBRE Global Investors United States 79,800.00 Direct Real Estate Funds
6 UBS Asset Management Switzerland 72,953.00 Direct Real Estate Funds
7 TIAA United States 72,043.00 Direct Real Estate Funds
8 TPG Capital** United States 70,000.00 Direct Private Equity Funds
9 Blackstone United States 67,528.06 Funds of Hedge Funds
10 The Carlyle Group** United States 63,144.00 Direct Private Equity Funds
11 J.P. Morgan Asset Management United States 57,130.40 Direct Real Estate Funds
12 Kohlberg Kravis Roberts & Co. United States 55,352.39 Direct Private Equity Funds
13 LaSalle Investment Management United States 55,081.00 Direct Real Estate Funds
14 Principal Global Investors United States 53,486.65 Direct Real Estate Funds
15 AXA Investment Managers France 52,846.98 Direct Real Estate Funds
16 Man Group United Kingdom 51,419.00 Direct Hedge Funds
17 AQR Capital Management United States 50,996.06 Direct Hedge Funds
18 Brookfield Asset Management Canada 49,807.00 Direct Real Estate Funds
19 J. P. Morgan Asset Management* United States 49,200.00 Direct Hedge Funds
20 Hines United States 47,548.47 Direct Real Estate Funds
21 Aviva Investors United Kingdom 45,759.00 Direct Real Estate Funds
22 Deutsche Asset Management Germany 45,381.44 Direct Real Estate Funds
23 Cornerstone Real Estate Advisers United States 45,093.40 Direct Real Estate Funds
24 Providence Equity Partners** United States 45,000.00 Direct Private Equity Funds
25 Och-Ziff Capital Management Group United States 44,600.00 Direct Hedge Funds
Top 100 Alternative Asset Managers
* Data derived from the Global Bill ion Dollar Club, published by HedgeFund Intelligence** Figures show total assets under management, obtained from publicly available sources
Top 100 ranking ranked by Total AuM
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Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class
26 Goldman Sachs Asset Management United States 44,534.60 Private Equity FoF
27 Credit Suisse Asset Management Switzerland 43,296.29 Direct Real Estate Funds
28 Warburg Pincus United States 42,993.00 Direct Private Equity Funds
29 AEW Capital Management (1) United States 42,442.00 Direct Real Estate Funds
30 AlpInvest Partners Netherlands 42,328.80 Private Equity FoF
31 Prudential Real Estate Investors United States 42,251.60 Direct Real Estate Funds
32 HarbourVest Partners United States 39,205.00 Private Equity FoF
33 Riverstone Holdings United States 38,494.00 Direct Private Equity Funds
34 Bain Capital United States 37,900.00 Direct Private Equity Funds
35 Advent International United Kingdom 37,485.15 Direct Private Equity Funds
36 Ardian France 36,016.00 Private Equity FoF
37 UBS Asset Management Switzerland 35,920.00 Funds of Hedge Funds
38 M&G Investments United Kingdom 34,445.00 Direct Real Estate Funds
39 Hamilton Lane Advisors United States 33,983.90 Private Equity FoF
40 Millennium Management United States 33,210.00 Direct Hedge Funds
41 M&G Investments United Kingdom 33,128.00 Illiquid Credit
42 Adams Street Partners United States 32,394.60 Private Equity FoF
43 CVC Capital Partners Luxembourg 31,861.42 Direct Private Equity Funds
44 Blackrock United States 31,050.50 Direct Hedge Funds
45 Goldman Sachs United States 30,800.00 Direct Private Equity Funds
46 Renaissance Technologies United States 30,302.70 Direct Hedge Funds
47 Union Investment Germany 30,112.00 Direct Real Estate Funds
48 Pantheon United Kingdom 29,838.00 Private Equity FoF
49 Goldman Sachs Asset Management United States 28,896.05 Funds of Hedge Funds
50 Aberdeen Asset Management United Kingdom 28,520.70 Direct Real Estate Funds
Top 100 Alternative Asset Managers
(1) AEW Capital Management is an affi liated investment management firm of Natixis Global Asset Management, thus contributing to the il lustration of Natixis' overall capabilities in global alternative offerings
* Data derived from the Global Bill ion Dollar Club, published by HedgeFund Intelligence** Figures show total assets under management, obtained from publicly available sources
Top 100 ranking ranked by Total AuM
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Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class
51 Baupost Group* United States 28,500.00 Direct Hedge Funds
52 Prologis United States 28,425.00 Direct Real Estate Funds
53 Brookfield Asset Management Canada 27,643.00 Direct Infrastructure Funds
54 Alcentra United Kingdom 27,505.00 Illiquid Credit
55 Heitman United States 27,497.00 Direct Real Estate Funds
56 Adage Capital Management* United States 27,470.00 Direct Hedge Funds
57 D. E. Shaw Group United States 27,418.00 Direct Hedge Funds
58 Grosvenor Capital Management United States 26,774.57 Funds of Hedge Funds
59 Elliot Management* United States 26,500.00 Direct Hedge Funds
60 Invesco United States 26,154.00 Direct Real Estate Funds
61 Legal & General Investment Management United Kingdom 26,104.00 Direct Real Estate Funds
62 Permira United Kingdom 25,626.86 Direct Private Equity Funds
63 Davidson Kempner Capital Management* United States 25,260.00 Direct Hedge Funds
64 Clarion Partners United States 25,094.60 Direct Real Estate Funds
65 Standard Life Investments United Kingdom 25,009.20 Direct Real Estate Funds
66 Babson Capital United States 24,911.00 Illiquid Credit
67 BNP Paribas REIM France 24,814.00 Direct Real Estate Funds
68 Hellman & Friedman** United States 24,812.00 Direct Private Equity Funds
69 Two Sigma Investments United States 24,800.00 Direct Hedge Funds
70 Citadel United States 24,600.00 Direct Hedge Funds
71 LGT Capital Partners Switzerland 24,465.10 Private Equity FoF
72 Lexington Partners** United States 24,453.94 Private Equity FoF
73 Silver Lake** United States 24,000.00 Direct Private Equity Funds
74 Brevan Howard Capital Management United Kingdom 23,677.00 Direct Hedge Funds
75 Goldman Sachs United States 23,600.00 Illiquid Credit
Top 100 Alternative Asset Managers
* Data derived from the Global Bill ion Dollar Club, published by HedgeFund Intelligence** Figures show total assets under management, obtained from publicly available sources
Top 100 ranking ranked by Total AuM
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Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class
76 Morgan Stanley Investment Management United States 23,588.10 Direct Real Estate Funds
77 J.P. Morgan Asset Management – Private Equity United States 23,562.00 Private Equity FoF
78 GAM United Kingdom 23,057.00 Direct Hedge Funds
79 Partners Group Switzerland 22,743.80 Private Equity FoF
80 Grosvenor Capital Management United States 22,669.14 Private Equity FoF
81 Mashall Wace* United Kingdom 22,410.00 Direct Hedge Funds
82 IFM Investors Australia 22,386.00 Direct Infrastructure Funds
83 Morgan Stanley Investment Management United States 22,356.00 Funds of Hedge Funds
84 York Capital Management* United States 22,300.00 Direct Hedge Funds
85 Neuberger Berman United States 22,170.00 Private Equity FoF
86 Deutsche Asset Management Germany 22,017.88 Direct Infrastructure Funds
87 Blackrock United States 21,974.80 Direct Real Estate Funds
88 AXA Investment Managers France 21,849.59 Illiquid Credit
89 Viking Global Investors* United States 21,500.00 Direct Hedge Funds
90 Blackrock United States 21,371.90 Private Equity FoF
91 Blackrock United States 21,334.30 Funds of Hedge Funds
92 Starwood Capital Group United States 21,294.18 Direct Real Estate Funds
93 Hillhouse* China 20,000.00 Direct Hedge Funds
94 King Street Capital Management United States 19,600.00 Direct Hedge Funds
95 GSO Capital Partners United States 19,600.00 Illiquid Credit
96 Farallon Capital Management* United States 19,500.00 Direct Hedge Funds
97 The Permal Group United States 19,432.00 Funds of Hedge Funds
98 Credit Suisse Asset Management Switzerland 19,180.85 Direct Hedge Funds
99 Oak Hill Advisors United States 18,514.00 Illiquid Credit
100 Apollo Global Management United States 18,400.00 Direct Private Equity Funds
Total 3,614,747.14
Top 100 Alternative Asset Managers
* Data derived from the Global Bill ion Dollar Club, published by HedgeFund Intelligence** Figures show total assets under management, obtained from publicly available sources
Top 100 Alternative Asset Managers by Pension Fund Assets
Section 3.A
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Executive summary
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Top 100 Alternative Asset Managers
§ Pension fund assets managed by the top 100 alternative asset managers in the sector amount to USD 1,492.8 bn in 2015. This represents 53% of their total AuM (USD 2,801.2 bn).
§ Direct Real Estate Funds remain the most popular alternative asset for Pension Funds (40% of assets) with five such managers in the top ten. They are followed in popularity by Private Equity FoF, Direct Hedge Funds, Direct Private Equity Funds, Direct Infrastructure Funds, Funds of Hedge Funds and Illiquid Credit.
§ Real Assets and Insurance-Linked Investments have smaller allocations relative to the other asset classes, while there are no Direct Commodities among the top 100 ranking.
Top 100 Alternative Asset Managers by Pension Fund Assets
Top 100Average Smallest Largest
USD million
Pension fund assets 14,928.3 6,220.2 60,840.1
Total assets 28,012.0 7,360.6 95,041.1
Overall Ranking Average Total AuM No. of Managers
Pension fund assets 4,221.9 2,106,749.3 499
7% 10% 20% 9% 40% 8%
<1%
4%
<1%
Funds of Hedge Funds Direct Hedge Funds Private Equity FoFDirect Private Equity Funds Direct Real Estate Funds Direct Infrastructure FundsReal Assets Illiquid Credit Insurance-Linked Investments
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Distribution by Asset Class
* Proportions might not sum up to 100% due to rounding
Top 100 Alternative Asset Managers by Pension Fund Assets
27
Asset classTotal AuM Average Smallest Largest Number of
managersUSD million
Funds of Hedge Funds 107,322.8 10,732.3 6,947.3 28,478.9 10
Direct Hedge Funds 149,533.7 14,953.4 7,208.0 53,053.2 10
Private Equity FoF 295,434.6 15,549.2 6,265.3 41,283.1 19
Direct Private Equity Funds 127,486.1 12,748.6 7,336.3 20,335.5 10
Direct Real Estate Funds 604,563.6 16,793.4 6,220.2 45,900.0 36
Direct Infrastructure Funds 126,826.4 15,853.3 6,677.6 60,840.1 8
Real Assets 7,432.4 7,432.4 7,432.4 7,432.4 1
Illiquid Credit 66,813.4 13,362.7 7,330.0 23,600.0 5
Insurance-Linked Investments 7,421.9 7,421.9 7,421.9 7,421.9 1
Total 1,492,834.9 14,928.3 6,220.2 60,840.1 100
Comparison 2014 – 2015
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Includes only managers who participated in both years
§ Total Pension Fund assets of managers participating in 2014 and 2015 increased from USD 1,300.5 bn in 2014 to 1,435.0 USD bn in 2015 (10%).
§ Pension fund asset allocation to alternatives remained broadly similar to the previous year. Direct Real Estate Funds showed the largest increase at the expense of Direct Hedge Funds and Direct Private Equity Funds.
§ There are 94 managers in the top 100 that also participated in 2014.
* Proportions might not sum up to 100% due to rounding
7%
7%
11%
10%
21%
21%
8%
7%
39%
41%
9%
9%
1%
1%
3%
4%
2014
2015
Funds of Hedge Funds Direct Hedge Funds Private Equity FoF Direct Private Equity Funds
Direct Real Estate Funds Direct Infrastructure Funds Real Assets Illiquid Credit
Top 100 Alternative Asset Managers by Pension Fund Assets
Comparison 2014 – 2015
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Includes only managers who participated in both years § Pension Fund assets have increased by 13% from 2014 to 2015 but the proportion remained
broadly unchanged. § There are 10 managers in the top 100 that also participated in 2014.
Funds of Hedge Funds
§ Account for over 10% of Pension Fund assets in this ranking, down from 11% in 2014 § There are 10 managers in the top 100 that also participated in 2014.
Direct Hedge Funds
§ Private Equity FoF managers have the second largest amount of Pension Fund assets in the survey with a steady 21% in 2015
§ 19 managers in the top 100 also participated in 2014 Private Equity FoF
§ There are 8 managers in the top 100 which participated in both years.§ The proportion of Pension Fund assets slightly decreased from 8% in 2014 to 7% in 2015.
Direct Private Equity Funds
§ Account for over 41% of Pension Fund assets in this ranking, up from 39% in 2014. § Direct Real Estate Funds have the greatest number of funds (34) in the top 100 participating in
both years.
Direct Real Estate Funds
§ Account for almost 9% of the total Top 100, remaining flat compared to 2014.§ There are 8 managers participating in both 2014 and 2015.
Direct Infrastructure Funds
§ There are 4 managers who participated in both 2014 and 2015§ Pension Fund assets have increased by 27% from 2014 to 2015, while the proportion slightly
increased to 4%, up from 3% in 2014.Illiquid Credit
Note: All data in this section refers to the Total Assets for the Top 100 Alternative Asset Managers by Pension Fund assets
Top 100 Alternative Asset Managers by Pension Fund Assets
§ There is only one manager which participated in both years whose proportion of Pension Fund assets remained steady at 1%.Real Assets
Top 100 Alternative Asset Managers ranked by Total Pension Fund Assets
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Top 100 Alternative Asset Managers by Pension Fund Assets
Position Name of parent organisation Main country of domicile Pension AUM (USD million)
Total AuM(USD million) Asset Class
1 Macquarie Group Australia 60,840.14 95,041.05 Direct Infrastructure Funds
2 Bridgewater Associates United States 53,053.20 88,001.10 Direct Hedge Funds
3 CBRE Global Investors United States 45,900.00 79,800.00 Direct Real Estate Funds
4 TIAA United States 44,957.00 72,043.00 Direct Real Estate Funds
5 J.P. Morgan Asset Management United States 43,478.30 57,130.40 Direct Real Estate Funds
6 AlpInvest Partners Netherlands 41,283.10 42,328.80 Private Equity FoF
7 UBS Asset Management Switzerland 36,238.00 72,953.00 Direct Real Estate Funds
8 Prudential Real Estate Investors United States 34,812.50 42,251.60 Direct Real Estate Funds
9 HarbourVest Partners United States 30,173.00 39,205.00 Private Equity FoF
10 Adams Street Partners United States 28,535.40 32,394.60 Private Equity FoF
11 Blackstone United States 28,478.88 67,528.06 Funds of Hedge Funds
12 Principal Global Investors United States 27,983.12 53,486.65 Direct Real Estate Funds
13 LaSalle Investment Management United States 26,812.00 55,081.00 Direct Real Estate Funds
14 Goldman Sachs United States 23,600.00 23,600.00 Illiquid Credit
15 Hamilton Lane Advisors United States 22,515.30 33,983.90 Private Equity FoF
16 IFM Investors Australia 20,965.00 22,386.00 Direct Infrastructure Funds
17 Pantheon United Kingdom 20,794.00 29,838.00 Private Equity FoF
18 Aviva Investors United Kingdom 20,738.00 45,759.00 Direct Real Estate Funds
19 Kohlberg Kravis Roberts & Co. United States 20,335.49 55,352.39 Direct Private Equity Funds
20 AEW Capital Management United States 20,303.00 42,442.00 Direct Real Estate Funds
21 Grosvenor Capital Management United States 19,370.73 22,669.14 Private Equity FoF
22 Credit Suisse Asset Management Switzerland 19,315.39 43,296.29 Direct Real Estate Funds
23 Deutsche Asset Management Germany 19,185.39 45,381.44 Direct Real Estate Funds
24 Warburg Pincus United States 18,917.00 42,993.00 Direct Private Equity Funds
25 Invesco United States 18,745.00 26,154.00 Direct Real Estate Funds(1) AEW Capital Management is an affi liated investment management firm of Natixis Global Asset Management, thus contributing to the il lustration of Natixis' overall capabilities in global alternative offerings
Top 100 Alternative Asset Managers ranked by Total Pension Fund Assets
Top 100 Alternative Asset Managers by Pension Fund Assets
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Position Name of parent organisation Main country of domicile Pension AUM (USD million)
Total AuM(USD million) Asset Class
26 Heitman United States 17,722.00 27,497.00 Direct Real Estate Funds
27 AQR Capital Management United States 17,224.23 50,996.06 Direct Hedge Funds
28 Clarion Partners United States 16,749.20 25,094.60 Direct Real Estate Funds
29 Bentall Kennedy Canada 16,617.00 18,236.00 Direct Real Estate Funds
30 Advent International United Kingdom 15,940.41 37,485.15 Direct Private Equity Funds
31 Man Group United Kingdom 15,692.00 51,419.00 Direct Hedge Funds
32 LGT Capital Partners Switzerland 15,657.60 24,465.10 Private Equity FoF
33 M&G Investments United Kingdom 15,491.94 33,128.00 Illiquid Credit
34 Blackrock United States 15,032.20 21,974.80 Direct Real Estate Funds
35 Legal & General Investment Management United Kingdom 14,464.00 26,104.00 Direct Real Estate Funds
36 J.P. Morgan Asset Management – Private Equity United States 14,291.00 23,562.00 Private Equity FoF
37 Brookfield Asset Management Canada 13,967.00 49,807.00 Direct Real Estate Funds
38 Riverstone Holdings United States 13,775.00 38,494.00 Direct Private Equity Funds
39 Goldman Sachs Asset Management United States 13,274.35 44,534.60 Private Equity FoF
40 CVC Capital Partners Luxembourg 13,125.36 31,861.42 Direct Private Equity Funds
41 Grosvenor Capital Management United States 13,063.98 26,774.57 Funds of Hedge Funds
42 Ardian France 13,024.00 36,016.00 Private Equity FoF
43 Standard Life Investments United Kingdom 12,903.60 25,009.20 Direct Real Estate Funds
44 Och-Ziff Capital Management Group United States 12,544.00 44,600.00 Direct Hedge Funds
45 Aberdeen Asset Management United Kingdom 11,795.06 28,520.70 Direct Real Estate Funds
46 Portfolio Advisors United States 11,682.83 14,678.61 Private Equity FoF
47 EnTrust Capital United States 11,670.20 11,820.10 Funds of Hedge Funds
48 Partners Group Switzerland 11,391.70 22,743.80 Private Equity FoF
49 Morgan Stanley Investment Management United States 11,294.70 23,588.10 Direct Real Estate Funds
50 Oak Hill Advisors United States 10,982.50 18,514.00 Illiquid Credit
Top 100 Alternative Asset Managers ranked by Total Pension Fund Assets
Top 100 Alternative Asset Managers by Pension Fund Assets
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Position Name of parent organisation Main country of domicile Pension AUM (USD million)
Total AuM(USD million) Asset Class
51 AMP Capital Australia 10,713.01 17,862.30 Direct Real Estate Funds
52 Hermes Investment Management United Kingdom 10,607.50 10,829.10 Direct Real Estate Funds
53 Ares Management United States 10,537.00 14,026.00 Direct Private Equity Funds
54 Permira United Kingdom 10,506.52 25,626.86 Direct Private Equity Funds
55 PIMCO United States 10,326.00 15,826.00 Direct Hedge Funds
56 Brevan Howard Capital Management United Kingdom 10,295.00 23,677.00 Direct Hedge Funds
57 Alcentra United Kingdom 9,409.00 27,505.00 Illiquid Credit
58 Neuberger Berman United States 9,379.00 22,170.00 Private Equity FoF
59 Brookfield Asset Management Canada 8,866.00 27,643.00 Direct Infrastructure Funds
60 Apollo Global Management United States 8,648.00 18,400.00 Direct Private Equity Funds
61 Coller Capital United Kingdom 8,530.00 16,167.00 Private Equity FoF
62 Greystone Managed Investments Canada 8,385.00 8,430.00 Direct Real Estate Funds
63 Bridgepoint United Kingdom 8,365.00 13,965.00 Direct Private Equity Funds
64 Mesirow Financial Holdings United States 8,354.60 12,947.40 Funds of Hedge Funds
65 Brigade Capital Management United States 8,315.00 12,184.00 Direct Hedge Funds
66 The Permal Group United States 8,271.00 19,432.00 Funds of Hedge Funds
67 Alinda Capital Partners United States 8,231.15 9,440.55 Direct Infrastructure Funds
68 Bouwinvest REIM Netherlands 8,160.00 8,171.00 Direct Real Estate Funds
69 The Rock Creek Group United States 8,100.00 10,710.00 Funds of Hedge Funds
70 Starwood Capital Group United States 8,074.93 21,294.18 Direct Real Estate Funds
71 Hines United States 7,937.71 47,548.47 Direct Real Estate Funds
72 SL Capital Partners United Kingdom 7,937.00 9,989.00 Private Equity FoF
73 Aberdeen Asset Management United Kingdom 7,930.61 11,948.83 Funds of Hedge Funds
74 Blackrock United States 7,617.30 21,371.90 Private Equity FoF
75 Blackrock United States 7,532.50 31,050.50 Direct Hedge Funds
Top 100 Alternative Asset Managers ranked by Total Pension Fund Assets
Top 100 Alternative Asset Managers by Pension Fund Assets
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Position Name of parent organisation Main country of domicile Pension AUM (USD million)
Total AuM(USD million) Asset Class
76 Lendlease Australia 7,480.00 11,020.00 Direct Real Estate Funds
77 DTZ Investors United Kingdom 7,465.00 11,516.00 Direct Real Estate Funds
78 PAAMCO United States 7,434.20 9,026.70 Funds of Hedge Funds
79 TIAA United States 7,432.40 7,507.50 Real Assets
80 TA Realty United States 7,425.00 12,375.00 Direct Real Estate Funds
81 Nephila Capital Bermuda 7,421.86 9,316.96 Insurance-Linked Investments
82 Colonial First State Global Asset Management Australia 7,363.05 9,934.66 Direct Infrastructure Funds
83 Credit Suisse Asset Management Switzerland 7,343.79 19,180.85 Direct Hedge Funds
84 GE Asset Management United States 7,336.30 7,360.60 Direct Private Equity Funds
85 Intermediate Capital Group United Kingdom 7,330.00 15,250.00 Illiquid Credit
86 Pathway Capital Management United States 7,258.00 7,801.00 Private Equity FoF
87 D. E. Shaw Group United States 7,208.00 27,418.00 Direct Hedge Funds
88 Goldman Sachs United States 7,151.00 12,500.00 Direct Infrastructure Funds
89 Partners Group Switzerland 7,138.53 11,104.91 Direct Real Estate Funds
90 UBS Asset Management Switzerland 7,072.00 35,920.00 Funds of Hedge Funds
91 Blackrock United States 6,947.30 21,334.30 Funds of Hedge Funds
92 J.P. Morgan Asset Management United States 6,732.50 9,867.10 Direct Infrastructure Funds
93 Charter Hall Australia 6,718.36 12,071.45 Direct Real Estate Funds
94 Hastings Funds Management Australia 6,677.60 9,048.40 Direct Infrastructure Funds
95 Columbia Threadneedle Investments United States 6,659.00 11,580.00 Direct Real Estate Funds
96 Abbott Capital United States 6,455.00 7,369.00 Private Equity FoF
97 QIC Australia 6,342.97 9,890.95 Direct Real Estate Funds
98 Siguler Guff & Company United States 6,265.30 9,651.70 Private Equity FoF
99 Cornerstone Real Estate Advisers United States 6,223.90 45,093.40 Direct Real Estate Funds
100 Schroders Investment Management United Kingdom 6,220.21 11,828.06 Direct Real Estate Funds
Total 1,492,834.90 2,801,204.87
0.00
20.00
40.00
60.00
80.00
100.00
120.00
140.00
160.00
Dec-11 Dec-12 Dec-13 Dec-14 Dec-15
Inde
x D
ec 2
011
= 10
0*
Funds of Hedge Funds Private Equity FoFDirect Real Estate Funds Direct Commodities FundsDirect Infrastructure Funds Direct Hedge FundsDirect Private Equity Funds
Managers that have participated for the past five yearsFive-year comparison
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§ Pension fund assets managed by the 36 Fund of Hedge Funds managers that participated in the last five years rose by 11% in 2015. Average annual growth since 2011 has been 6%.
§ Growth in pension fund assets managed by the 34 PEFoFthat participated in the last five years slowed somewhat in 2014-2015, with a rise in assets of 8%. This followed a period of steady growth between 2011 and 2013.
§ Pension fund assets managed by the 52 Direct Real Estate managers that participated in the last five years kept growing in 2015, rising 17% on assets managed compared to 2014. This followed three years of modest decline between 2011 and 2013.
§ Pension fund assets managed by the 16 Direct Commodities Fund Managers that participated in the last five years decreased further over the past year, falling 28% compared to 2014
§ Pension fund assets managed by the 35 Direct Infrastructure Fund Managers that participated in the last five years rose by 5% in 2015 and have been growing steadily since 2011.
§ Pension fund assets managed by the 39 Direct Hedge Fund Managers that have participated in the last five years have grown steadily since 2011 at an average rate of 6% despite a slight fall in the past year.
§ Pension fund assets managed by the 26 Direct Private Equity Fund Managers that have participated in the last five years remained steady in 2015 following a period of steady growth between 2011 and 2013.
Total Universe – Pension Fund Assets
AuM VariationAuM Variation
Top 25 Alternative Asset Managers by Insurance Company Assets
Section 3.B
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Executive summary
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Top 25 Alternative Asset Managers
Top 25 Alternative Asset Managers by Insurance Company Assets
§ Insurance company assets managed by the top 25 managers in the sector amounted to USD 304.4 bn in 2015.
§ Direct Real Estate Funds represent the largest block of alternative assets for Insurance companies (nearly 57%) followed by Illiquid Credit, Private Equity FoF, Direct Infrastructure Funds, Funds of Hedge Funds and Direct Private Equity Funds.
§ In this dataset, there were no investments in Direct Commodities Funds, Real Assets, Direct Hedge Funds and Insurance-Linked Investments by Insurance companies.
Top 25Average Smallest Largest
USD million
Insurance Company assets 12,175.1 4,505.0 37,582.8
Total assets 34,556.6 5,588.0 95,041.1
Overall Ranking Average Total AuM No. of Managers
Insurance Company assets 1,399.3 530,350.6 379
Distribution by Asset Class
37
4% 9% 3% 57% 5% 21%
Funds of Hedge Funds Private Equity FoF Direct Private Equity Funds
Direct Real Estate Funds Direct Infrastructure Funds Illiquid Credit
Top 25 Alternative Asset Managers by Insurance Company Assets
* Proportions might not sum up to 100% due to rounding
Asset class
Insurance Company
assetsAverage Smallest Largest Number of
managers
USD million
Funds of Hedge Funds 13,000.1 6,500.0 6,266.3 6,733.8 2
Private Equity FoF 26,765.5 8,921.8 6,129.0 13,143.0 3
Direct Private Equity Funds 10,267.0 5,133.5 5,108.0 5,159.0 2
Direct Real Estate Funds 174,412.9 17,441.3 4,505.0 37,582.8 10
Direct Infrastructure Funds 15,962.1 5,320.7 4,672.0 6,440.8 3
Illiquid Credit 63,970.8 12,794.2 4,607.6 21,181.0 5
Total 304,378.3 12,175.1 4,505.0 37,582.8 25
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Top 25 comparison 2014-2015
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Includes only managers who participated in both years
§ Insurance company assets from managers participating in 2014 and 2015 increased from USD 289.6 bn in 2014 to USD 299.7 bn in 2015 (3%).
§ Insurance companies have tended to invest in Direct Real Estate and that trend has remained broadly unchanged, with proportions decreasing from 62% to 58%.
§ There are 24 managers in the top 25 that also participated in 2014.
5%
4%
9%
9%
1%
3%
62%
58%
3%
4%
20%
21%
2014
2015
Funds of Hedge Funds Private Equity FoF Direct Private Equity FundsDirect Real Estate Funds Direct Infrastructure Funds Illiquid Credit
* Proportions might not sum up to 100% due to rounding
Top 25 Alternative Asset Managers by Insurance Company Assets
Top 25 Alternative Asset Managers ranked by Insurance Company Assets
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Top 25 Alternative Asset Managers by Insurance Company Assets
(1) AEW Capital Management is an affi liated investment management firm of Natixis Global Asset Management, thus contributing to the il lustration of Natixis' overall capabilities in global alternative offerings
Position Name of parent organisation Main country of domicile Insurance AUM (USD million)
Total AUM (USD million) Asset Class
1 AXA Investment Managers France 37,582.80 52,846.98 Direct Real Estate Funds
2 Cornerstone Real Estate Advisers United States 35,218.00 45,093.40 Direct Real Estate Funds
3 Aviva Investors United Kingdom 24,754.00 45,759.00 Direct Real Estate Funds
4 M&G Investments United Kingdom 23,988.72 34,445.00 Direct Real Estate Funds
5 Babson Capital United States 21,181.00 24,911.00 Illiquid Credit
6 AXA Investment Managers France 17,390.50 21,849.59 Illiquid Credit
7 M&G Investments United Kingdom 15,814.34 33,128.00 Illiquid Credit
8 Principal Global Investors United States 13,954.30 53,486.65 Direct Real Estate Funds
9 Ardian France 13,143.00 36,016.00 Private Equity FoF
10 CBRE Global Investors United States 10,900.00 79,800.00 Direct Real Estate Funds
11 AEW Capital Management United States 10,456.00 42,442.00 Direct Real Estate Funds
12 Aberdeen Asset Management United Kingdom 8,435.93 28,520.70 Direct Real Estate Funds
13 Blackrock United States 7,493.50 21,371.90 Private Equity FoF
14 AXA Investment Managers France 6,733.75 8,873.91 Funds of Hedge Funds
15 Macquarie Group Australia 6,440.82 95,041.05 Direct Infrastructure Funds
16 Blackstone United States 6,266.31 67,528.06 Funds of Hedge Funds
17 HarbourVest Partners United States 6,129.00 39,205.00 Private Equity FoF
18 Warburg Pincus United States 5,159.00 42,993.00 Direct Private Equity Funds
19 EQT United Kingdom 5,108.00 16,330.00 Direct Private Equity Funds
20 Amundi France 4,977.30 5,588.00 Illiquid Credit
21 Blackrock United States 4,849.30 7,601.30 Direct Infrastructure Funds
22 Allianz Global Investors Germany 4,672.00 5,776.00 Direct Infrastructure Funds
23 Standard Life Investments United Kingdom 4,618.10 25,009.20 Direct Real Estate Funds
24 Highbridge Capital Management United States 4,607.64 14,597.40 Illiquid Credit
25 La Française France 4,505.00 15,702.00 Direct Real Estate Funds
Total 304,378.31 863,915.13
Top 25 Alternative Asset Managers by Sovereign Wealth Fund Assets
Section 3.C
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Executive summary
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Top 25 Alternative Asset Managers
§ Sovereign Wealth Fund assets managed by the top 25 alternative asset managers amounted to USD 173.1 bn in 2015.
§ Direct Real Estate Funds and Direct Private Equity Funds have the largest share of Sovereign Wealth Fund assets with 30% and 24% respectively, followed by Direct Hedge Funds, Funds of Hedge Funds, Direct Infrastructure Funds, Private Equity Fund of Funds and Real Assets.
§ Sovereign Wealth Funds continued to shun Direct Commodities Funds, Illiquid Credit and Insurance-Linked Investments in our sample.
Top 25 Alternative Asset Managers by Sovereign Wealth Fund Assets
Top 25Average Smallest Largest
USD million
Sovereign Wealth Fund assets 6,922.5 4,104.0 16,966.5
Total assets 42,150.4 5,100.0 95,041.1
Overall Ranking Average Total AuM No. of Managers
Sovereign Wealth Fund assets 1,266.8 343,312.9 271
Distribution by Asset Class
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15% 17% 4% 24% 30% 7% 3%
Funds of Hedge Funds Direct Hedge Funds Private Equity FoFDirect Private Equity Funds Direct Real Estate Funds Direct Infrastructure FundsReal Assets
Top 25 Alternative Asset Managers by Sovereign Wealth Fund Assets
* Proportions might not sum up to 100% due to rounding
Asset class
Sovereign Wealth Fund
assets
Average Smallest Largest Number of managers
USD million
Funds of Hedge Funds 26,201.0 8,733.7 4,104.0 14,498.6 3
Direct Hedge Funds 29,829.4 9,943.1 4,497.9 16,966.5 3
Private Equity Fund of Funds 6,511.0 6,511.0 6,511.0 6,511.0 1
Direct Private Equity Funds 40,782.5 5,826.1 5,000.0 7,309.0 7
Direct Real Estate Funds 52,610.8 6,576.4 4,557.0 13,020.0 8
Direct Infrastructure Funds 12,527.8 6,263.9 5,514.0 7,013.8 2
Real Assets 4,600.0 4,600.0 4,600.0 4,600.0 1
Total 173,062.6 6,922.5 4,104.0 16,966.5 25
Top 25 comparison 2014-2015
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Includes only managers who participated in both years
§ Sovereign Wealth Fund assets of managers participating in 2014 and 2015 surveys increased from USD 136.8 bn in 2014 to USD 161.4 bn in 2015 (18%).
§ Direct Real Estate Funds continued to attract the largest proportion of Sovereign Wealth Fund assets in 2015 with 33%, up 2% compared to 2014.
§ In 2015, allocations by Sovereign Wealth Funds to Direct Private Equity decreased by 1% (to 21%), Direct Hedge Funds by 1% (to 18%), Funds of Hedge Funds by 3% (to 16%) while allocations to Direct Infrastructure Funds increased by 3% (to 8%).
§ There are 23 managers in the top 25 that also participated in the previous survey.
19%
16%
19%
18%
4%
4%
22%
21%
31%
33%
6%
8%
2014
2015
Funds of Hedge Funds Direct Hedge Funds Private Equity FoFDirect Private Equity Funds Direct Real Estate Funds
Top 25 Alternative Asset Managers by Sovereign Wealth Fund Assets
* Proportions might not sum up to 100% due to rounding
Top 25 Alternative Asset Managers ranked by Sovereign Wealth Fund Assets
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Top 25 Alternative Asset Managers by Sovereign Wealth Fund Assets
Position Name of parent organisation Main country of domicile Sovereign AUM (USD million)
Total AUM (USD million) Asset Class
1 Bridgewater Associates United States 16,966.50 88,001.10 Direct Hedge Funds
2 Blackstone United States 14,498.55 67,528.06 Funds of Hedge Funds
3 Brookfield Asset Management Canada 13,020.00 49,807.00 Direct Real Estate Funds
4 Man Group United Kingdom 8,365.00 51,419.00 Direct Hedge Funds
5 Blackrock United States 7,598.50 21,334.30 Funds of Hedge Funds
6 Prologis United States 7,581.80 28,425.00 Direct Real Estate Funds
7 Warburg Pincus United States 7,309.00 42,993.00 Direct Private Equity Funds
8 CVC Capital Partners Luxembourg 7,093.41 31,861.42 Direct Private Equity Funds
9 Macquarie Group Australia 7,013.82 95,041.05 Direct Infrastructure Funds
10 Ardian France 6,511.00 36,016.00 Private Equity FoF
11 CBRE Global Investors United States 6,000.00 79,800.00 Direct Real Estate Funds
12 AXA Investment Managers France 5,864.41 52,846.98 Direct Real Estate Funds
13 Apollo Global Management United States 5,704.00 18,400.00 Direct Private Equity Funds
14 Brookfield Asset Management Canada 5,514.00 27,643.00 Direct Infrastructure Funds
15 Starwood Capital Group United States 5,484.25 21,294.18 Direct Real Estate Funds
16 Hines United States 5,407.98 47,548.47 Direct Real Estate Funds
17 Riverstone Holdings United States 5,359.00 38,494.00 Direct Private Equity Funds
18 Kohlberg Kravis Roberts & Co. United States 5,172.79 55,352.39 Direct Private Equity Funds
19 Advent International United Kingdom 5,144.35 37,485.15 Direct Private Equity Funds
20 Bain Capital United States 5,000.00 37,900.00 Direct Private Equity Funds
21 Clarion Partners United States 4,695.40 25,094.60 Direct Real Estate Funds
22 QIC Australia 4,600.00 5,100.00 Real Assets
23 LaSalle Investment Management United States 4,557.00 55,081.00 Direct Real Estate Funds
24 Trian Fund Management United States 4,497.90 12,519.42 Direct Hedge Funds
25 Grosvenor Capital Management United States 4,103.96 26,774.57 Funds of Hedge Funds
Total 173,062.63 1,053,759.70
Top 25 Alternative Asset Managers by Endowment and Foundation Assets
Section 3.D
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Top 25 Alternative Asset Managers
§ Endowment and Foundation assets managed by the top 25 managers amounted to USD 87.1 bn in 2015.
§ Of the alternative asset classes surveyed, Endowment and Foundation assets are the most evenly distributed: Direct Hedge Funds have the largest allocation, followed closely by Direct Private Equity Funds. Next in order are Funds of Hedge Funds, Direct Real Estate and Private Equity FoF.
§ Illiquid credit have the lowest allocation from Endowments and Foundations, and there are no allocations to Direct Commodities Funds, Direct Infrastructure Funds, Real Assets or Insurance-Linked Investments in this sample.
Top 25 Alternative Asset Managers by Endowment and Foundation Assets
Top 25Average Smallest Largest
USD million
Endowment & Foundation assets 3,485.5 2,112.1 7,750.8
Total assets 28,880.0 5,237.0 88,001.1
Overall Ranking Average Total AuM No. of Managers
Endowment & Foundation assets 543.8 201,201.4 370
Distribution by asset class
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14% 31% 11% 29% 12%
2%
Funds of Hedge Funds Direct Hedge Funds Private Equity FoF
Direct Private Equity Funds Direct Real Estate Funds Illiquid Credit
* Proportions might not sum up to 100% due to rounding
Top 25 Alternative Asset Managers by Endowment and Foundation Assets
Asset class
Endowment and
Foundation assets
Average Smallest Largest Number of managers
USD million
Funds of Hedge Funds 11,952.9 3,984.3 2,399.0 6,358.9 3
Direct Hedge Funds 26,933.3 3,366.7 2,260.0 7,750.8 8
Private Equity FoF 9,888.4 3,296.1 2,691.2 3,859.2 3
Direct Private Equity Funds 25,452.0 3,636.0 2,200.0 7,200.0 7
Direct Real Estate Funds 10,799.8 3,599.9 3,220.0 3,960.0 3
Illiquid Credit 2,112.1 2,112.1 2,112.1 2,112.1 1
Total 87,138.6 3,485.5 2,112.1 7,750.8 25
Top 25 comparison 2014-2015
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Includes only managers who participated in both years
§ Endowment and Foundation assets for managers in the top 25 participating in 2014 and 2015 increased from USD 67.2 bn in 2014 to USD 77.8 bn in 2015 (16%).§ There were no notable changes in asset allocation among the top 25 managers of E&F assets during
2015.§ There are 22 Endowment and Foundation managers that also participated in 2014.
16%
15%
31%
30%
12%
13%
34%
33%
8%
9%
2014
2015
Funds of Hedge Funds Direct Hedge Funds Private Equity FoF
Direct Private Equity Funds Direct Real Estate Funds
Top 25 Alternative Asset Managers by Endowment and Foundation Assets
* Proportions might not sum up to 100% due to rounding
Top 25 Alternative Asset Managers ranked by Endowment and Foundation Assets
Top 25 Alternative Asset Managers by Endowment and Foundation Assets
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Position Name of parent organisation Main country of domicile E&F AUM (USD million)
Total AUM (USD million) Asset Class
1 Bridgewater Associates United States 7,750.80 88,001.10 Direct Hedge Funds
2 Bain Capital United States 7,200.00 37,900.00 Direct Private Equity Funds
3 Blackstone United States 6,358.92 67,528.06 Funds of Hedge Funds
4 Clayton, Dubilier & Rice United States 5,270.00 15,500.00 Direct Private Equity Funds
5 TA Realty United States 3,960.00 12,375.00 Direct Real Estate Funds
6 Adams Street Partners United States 3,859.20 32,394.60 Private Equity FoF
7 Credit Suisse Asset Management Switzerland 3,619.83 43,296.29 Direct Real Estate Funds
8 Fir Tree Partners United States 3,400.00 11,000.00 Direct Hedge Funds
9 Neuberger Berman United States 3,338.00 22,170.00 Private Equity FoF
10 Cevian Capital United Kingdom 3,288.00 11,433.00 Direct Hedge Funds
11 AEW Capital Management (1) United States 3,220.00 42,442.00 Direct Real Estate Funds
12 Evanston Capital Management United States 3,195.00 5,237.00 Funds of Hedge Funds
13 Riverstone Holdings United States 3,147.00 38,494.00 Direct Private Equity Funds
14 AQR Capital Management United States 2,964.49 50,996.06 Direct Hedge Funds
15 Advent International United Kingdom 2,720.94 37,485.15 Direct Private Equity Funds
16 LGT Capital Partners Switzerland 2,691.20 24,465.10 Private Equity FoF
17 Warburg Pincus United States 2,580.00 42,993.00 Direct Private Equity Funds
18 Wellington Management United States 2,483.00 12,594.00 Direct Hedge Funds
19 Lansdowne Partners United Kingdom 2,417.00 14,654.00 Direct Hedge Funds
20 LGT Capital Partners Switzerland 2,399.01 8,625.59 Funds of Hedge Funds
21 Two Sigma Investments United States 2,370.00 24,800.00 Direct Hedge Funds
22 The Energy & Minerals Group United States 2,334.07 13,692.31 Direct Private Equity Funds
23 Millennium Management United States 2,260.00 33,210.00 Direct Hedge Funds
24 Energy Capital Partners United States 2,200.00 12,200.00 Direct Private Equity Funds
25 Oak Hill Advisors United States 2,112.10 18,514.00 Illiquid Credit
Total 87,138.56 722,000.25(1) AEW Capital Management is an affi liated investment management firm of Natixis Global Asset Management, thus contributing to the il lustration of Natixis' overall capabilities in global alternative offerings
Top 25 Alternative Asset Managers by Fund of Funds Assets
Section 3.E
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Top 25 Alternative Asset Managers
§ Fund of Funds assets managed by the top 25 fund managers amounted to USD 88.8 bn in 2015.§ Direct Private Equity Funds and Direct Hedge Funds made up the majority of Fund of Funds assets.
Fund of Funds also allocated to Illiquid Credit and Direct Real Estate Funds in smaller amounts.§ There were no allocations to Direct Commodities Funds, Direct Infrastructure Funds, Real Assets and
Insurance-Linked Investments in this sample.
Top 25 Alternative Asset Managers by Fund of Funds Assets
Top 25Average Smallest Largest
USD million
Fund of Funds assets 3,553.0 1,677.4 8,660.0
Total assets 24,862.6 6,157.0 88,001.1
Overall Ranking Average Total AuM No. of Managers
Fund of Funds assets 689.0 179,130.8 260
Distribution by Asset Class
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* Proportions might not sum up to 100% due to rounding
Top 25 Alternative Asset Managers by Fund of Funds Assets
41% 54%
2%
3%
Direct Hedge Funds Direct Private Equity Funds Direct Real Estate Funds Illiquid Credit
Asset class
Fund of Funds assets
Average Smallest Largest Number of managers
USD million
Direct Hedge Funds 36,714.5 4,079.4 1,770.1 8,660.0 9
Direct Private Equity Funds 47,963.4 3,426.0 1,677.4 7,901.01 14
Direct Real Estate Funds 1,975.0 1,975.0 1,975.0 1,975.0 1
Illiquid Credit 2,171.6 2,171.6 2,171.6 2,171.6 1
Total 88,824.5 3,553.0 1,677.4 8,660,0 25
Top 25 comparison 2014-2015
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Includes only managers who participated in both years
§ Fund of Funds assets for the top 25 managers participating in both 2014 and 2015 slightly increased from USD 74.1 bn in 2014 to 79.1 bn in 2015 (7%).
§ Direct Hedge Funds’ proportion increased from 43% to 44% in 2015 at the expense of Direct Private Equity Funds which decreased from 52% to 51%.
§ There are 22 managers in the top 25 that also participated in 2014.
Top 25 Alternative Asset Managers by Fund of Funds Assets
43%
44%
52%
51%
2%
2%
3%
3%
2014
2015
Direct Hedge Funds Direct Private Equity Funds Direct Real Estate Funds Illiquid Credit
* Proportions might not sum up to 100% due to rounding
Top 25 Alternative Asset Managers ranked by Fund of Funds Assets
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Top 25 Alternative Asset Managers by Fund of Funds Assets
Position Name of parent organisation Main country of domicile Fund of Funds AUM (USD million)
Total AUM (USD million) Asset Class
1 Two Sigma Investments United States 8,660.00 24,800.00 Direct Hedge Funds
2 Advent International United Kingdom 7,901.01 37,485.15 Direct Private Equity Funds
3 Bain Capital United States 6,300.00 37,900.00 Direct Private Equity Funds
4 Bridgewater Associates United States 5,979.20 88,001.10 Direct Hedge Funds
5 Millennium Management United States 5,640.00 33,210.00 Direct Hedge Funds
6 CVC Capital Partners Luxembourg 5,476.39 31,861.42 Direct Private Equity Funds
7 D. E. Shaw Group United States 5,056.00 27,418.00 Direct Hedge Funds
8 Permira United Kingdom 3,737.07 25,626.86 Direct Private Equity Funds
9 Kohlberg Kravis Roberts & Co. United States 3,613.79 55,352.39 Direct Private Equity Funds
10 Credit Suisse Asset Management Switzerland 3,451.03 19,180.85 Direct Hedge Funds
11 EQT United Kingdom 3,249.00 16,330.00 Direct Private Equity Funds
12 Riverstone Holdings United States 2,945.00 38,494.00 Direct Private Equity Funds
13 CDH Investment Singapore 2,852.00 10,524.00 Direct Private Equity Funds
14 Clayton, Dubilier & Rice United States 2,480.00 15,500.00 Direct Private Equity Funds
15 Capital Fund Management France 2,298.43 6,156.95 Direct Hedge Funds
16 CarVal Investors United States 2,171.55 12,200.74 Illiquid Credit
17 The Energy & Minerals Group United States 2,164.73 13,692.31 Direct Private Equity Funds
18 Nordic Capital United Kingdom 2,161.00 12,164.00 Direct Private Equity Funds
19 Trian Fund Management United States 2,052.58 12,519.42 Direct Hedge Funds
20 Legal & General Investment Management United Kingdom 1,975.00 26,104.00 Direct Real Estate Funds
21 Balyasny Asset Management United States 1,807.23 11,439.26 Direct Hedge Funds
22 Allianz Global Investors Germany 1,770.08 8,706.73 Direct Hedge Funds
23 Warburg Pincus United States 1,720.00 42,993.00 Direct Private Equity Funds
24 CCMP Capital Advisors United States 1,686.00 6,300.00 Direct Private Equity Funds
25 Terra Firma Capital Partners United Kingdom 1,677.40 7,604.30 Direct Private Equity Funds
Total 88,824.49 621,564.49
Top 25 Alternative Asset Managers by Wealth Manager Assets
Section 3.F
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Top 25 Alternative Asset Managers
§ Wealth Management assets managed by the top 25 fund managers amounted to USD 475.6 bn in 2015.
§ Direct Real Estate Funds are the most popular alternative assets for Wealth Management firms followed by Direct Hedge Funds, Funds of Hedge Funds, Direct Private Equity Funds, Private Equity FoF and Direct Infrastructure Funds.
§ There were no Wealth Manager investments in Real Assets, Direct Commodities Funds, Illiquid Credit and Insurance-Linked Investments in this sample.
Top 25 Alternative Asset Managers by Wealth Manager Assets
Top 25Average Smallest Largest
USD million
Wealth Manager assets 19,024.2 11,800.0 31,260.3
Total assets 43,706.4 13,606.4 95,041.1
Overall Ranking Average Total AuM No. of Managers
Wealth Manager assets 2,650.0 1,152,734.9 435
Distribution by Asset Class
16% 21% 7% 7% 44% 6%
Funds of Hedge Funds Direct Hedge Funds Direct Private Equity Funds
Direct Real Estate Funds Direct Infrastructure Funds
Top 25 Alternative Asset Managers by Wealth Manager Assets
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* Proportions might not sum up to 100% due to rounding
Asset class
Wealth Manager
assetsAverage Smallest Largest Number of
managers
USD million
Funds of Hedge Funds 74,597.6 18,649.4 11,925.4 27,043.0 4
Direct Hedge Funds 99,928.8 16,654.8 12,410.4 25,568.5 6
Private Equity FoF 31,260.3 31,260.3 31,260.3 31,260.3 1
Direct Private Equity Funds 31,260.3 16,763.7 11,800.0 21,727.5 2
Direct Real Estate Funds 207,930.7 20,793.1 13,339.0 29,635.0 10
Direct Infrastructure Funds 28,359.9 15,681.6 12,659.8 15,700.2 2
Total 475,604.7 19,024.2 11,800.0 31,260.3 25
Top 25 comparison 2014-2015
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Includes only managers who participated in both years
§ Wealth Manager assets for the top 25 managers participating in both 2014 and 2015 increased from USD 393.7 bn in 2014 to USD 408.7 bn in 2015 (4%).
§ Direct Real Estate Funds attracted the largest amount of Wealth Manager assets in 2014 and 2015, with allocations in the top 25 decreasing from 53% to 51%.
§ Proportions remained broadly unchanged for the remaining asset classes with a slight increase in Funds of Hedge Funds at the expense of Direct Infrastructure Funds.
§ There are 22 managers in the top 25 that also participated in 2014.
11%
13%
20%
21%
7%
8%
53%
51%
9%
7%
2014
2015
Funds of Hedge Funds Direct Hedge Funds Direct Private Equity Funds
Direct Real Estate Funds Direct Infrastructure Funds
Top 25 Alternative Asset Managers by Wealth Manager Assets
* Proportions might not sum up to 100% due to rounding
Top 25 Alternative Asset Managers ranked by Wealth Manager Assets
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Top 25 Alternative Asset Managers by Wealth Manager Assets
Position Name of parent organisation Main country of domicile Wealth Managers AUM (USD million)
Total AUM (USD million) Asset Class
1 Goldman Sachs Asset Management United States 31,260.25 44,534.60 Private Equity FoF
2 UBS Asset Management Switzerland 29,635.00 72,953.00 Direct Real Estate Funds
3 Hines United States 27,697.20 47,548.47 Direct Real Estate Funds
4 UBS Asset Management Switzerland 27,043.00 35,920.00 Funds of Hedge Funds
5 Union Investment Germany 25,732.00 30,112.00 Direct Real Estate Funds
6 Renaissance Technologies United States 25,568.50 30,302.70 Direct Hedge Funds
7 TIAA United States 25,018.00 72,043.00 Direct Real Estate Funds
8 Goldman Sachs Asset Management United States 23,277.17 28,896.05 Funds of Hedge Funds
9 Kohlberg Kravis Roberts & Co. United States 21,727.47 55,352.39 Direct Private Equity Funds
10 Brookfield Asset Management Canada 20,921.00 49,807.00 Direct Real Estate Funds
11 Deutsche Asset Management Germany 20,517.07 45,381.44 Direct Real Estate Funds
12 Man Group United Kingdom 18,085.00 51,419.00 Direct Hedge Funds
13 Deutsche Asset Management Germany 15,700.16 22,017.88 Direct Infrastructure Funds
14 Millennium Management United States 15,650.00 33,210.00 Direct Hedge Funds
15 LaSalle Investment Management United States 15,249.00 55,081.00 Direct Real Estate Funds
16 CBRE Global Investors United States 15,100.00 79,800.00 Direct Real Estate Funds
17 Prologis United States 14,722.40 28,425.00 Direct Real Estate Funds
18 Blackrock United States 14,514.90 31,050.50 Direct Hedge Funds
19 Platinum Asset Management Australia 13,700.00 17,560.00 Direct Hedge Funds
20 BNP Paribas REIM France 13,339.00 24,814.00 Direct Real Estate Funds
21 Macquarie Group Australia 12,659.78 95,041.05 Direct Infrastructure Funds
22 Goldman Sachs Asset Management United States 12,410.40 13,606.41 Direct Hedge Funds
23 Morgan Stanley Investment Management United States 12,352.00 22,356.00 Funds of Hedge Funds
24 Blackstone United States 11,925.39 67,528.06 Funds of Hedge Funds
25 Bain Capital United States 11,800.00 37,900.00 Direct Private Equity Funds
Total 475,604.70 1,092,659.55
Top 25 Alternative Asset Managers by Bank Assets
Section 3.G
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Top 25 Alternative Asset Managers
§ Bank assets managed by the top 25 managers amounted to USD 100.0 bn in 2015. § Bank assets are mostly allocated to Direct Real Estate Funds and Funds of Hedge Funds, thereafter
followed by Illiquid Credit, Private Equity Fund of Funds, Direct Hedge Funds, Direct Infrastructure Funds and Direct Private Equity Funds
§ There were no Direct Commodities Funds, Real Assets, nor Insurance-Linked Investments managers in this sample.
Top 25 Alternative Asset Managers by Bank Assets
Top 25Average Smallest Largest
USD million
Bank assets 4,001.8 1,466.0 8,159.1
Total assets 27,506.2 2,462.0 95,041.1
Overall Ranking Average Total AuM No. of Managers
Bank assets 618.2 163,819.1 265
22% 8% 9% 6% 37% 7% 10%
Funds of Hedge Funds Direct Hedge Funds Private Equity FoF Direct Private Equity Funds
Direct Real Estate Funds Direct Infrastructure Funds Illiquid Credit
Distribution by Asset Class
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Top 25 Alternative Asset Managers by Bank Assets
* Proportions might not sum up to 100% due to rounding
Asset classBank
assets Average Smallest Largest Number of managers
USD million
Funds of Hedge Funds 22,150.7 3,164.4 1,466.0 8,050.0 7
Direct Hedge Funds 8,214.6 4,107.3 2,679.6 5,535.0 2
Private Equity FoF 9,190.7 4,595.3 2,240.7 6,950.0 2
Direct Private Equity Funds 5,815.4 2,907.7 1,660.8 4,154.6 2
Direct Real Estate Funds 36,935.3 4,616.9 1,631.0 8,159.1 8
Direct Infrastructure Funds 7,321.1 7,321.1 7,321.1 7,321.1 1
Illiquid Credit 10,417.0 3,472.3 1,593.0 5,498.0 3
Total 100,044.7 4,001.8 1,466.0 8,159.1 25
Top 25 comparison 2014-2015
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Includes only managers who participated in both years
§ Bank assets for the top 25 managers that also participated in 2015 decreased from USD 96.7 bn in 2014 to USD 88.5 bn in 2015 (9%).
§ Direct Real Estate Funds accounted for highest proportion of Banks’ alternative assets with 42%, up from 37% in 2014, followed by Funds of Hedge Funds with 22%, up from 20% in 2014.
§ Proportions remained broadly unchanged for the remaining asset classes with slight decreases on Private Equity Fund of Funds and Illiquid Credit.
§ There are 21 managers in the top 25 that also participated in 2014.
20%
22%
9%
9%
13%
10%
4%
2%
37%
42%
7%
8%
9%
6%
2014
2015
Funds of Hedge Funds Direct Hedge Funds Private Equity FoFDirect Private Equity Funds Direct Real Estate Funds Direct Infrastructure FundsIlliquid Credit
Top 25 Alternative Asset Managers by Bank Assets
* Proportions might not sum up to 100% due to rounding
Top 25 Alternative Asset Managers ranked by Bank Assets
Top 25 Alternative Asset Managers by Bank Assets
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Position Name of parent organisation Main country of domicile Banks AUM (USD million)
Total AUM (USD million) Asset Class
1 Amundi France 8,159.14 13,727.39 Direct Real Estate Funds
2 Pictet Asset Management Switzerland 8,050.00 10,600.00 Funds of Hedge Funds
3 Credit Suisse Asset Management Switzerland 7,498.15 43,296.29 Direct Real Estate Funds
4 Macquarie Group Australia 7,321.11 95,041.05 Direct Infrastructure Funds
5 Pictet Asset Management Switzerland 6,950.00 7,300.00 Private Equity FoF
6 Standard Life Investments United Kingdom 6,127.00 25,009.20 Direct Real Estate Funds
7 Man Group United Kingdom 5,535.00 51,419.00 Direct Hedge Funds
8 Alcentra United Kingdom 5,498.00 27,505.00 Illiquid Credit
9 UBS Asset Management Switzerland 5,453.00 72,953.00 Direct Real Estate Funds
10 CVC Capital Partners Luxembourg 4,154.55 31,861.42 Direct Private Equity Funds
11 Union Investment Germany 4,008.00 30,112.00 Direct Real Estate Funds
12 Grosvenor Capital Management United States 3,465.57 26,774.57 Funds of Hedge Funds
13 Ares Management United States 3,326.00 11,811.00 Illiquid Credit
14 Balyasny Asset Management United States 2,679.59 11,439.26 Direct Hedge Funds
15 Man Group United Kingdom 2,556.00 12,260.00 Funds of Hedge Funds
16 Allianz Global Investors Germany 2,449.00 3,018.00 Funds of Hedge Funds
17 The Permal Group United States 2,351.00 19,432.00 Funds of Hedge Funds
18 Aberdeen Asset Management United Kingdom 2,240.66 12,899.10 Private Equity FoF
19 Columbia Threadneedle Investments United States 2,149.00 11,580.00 Direct Real Estate Funds
20 AEW Capital Management (1) United States 1,910.00 42,442.00 Direct Real Estate Funds
21 LGT Capital Partners Switzerland 1,813.13 8,625.59 Funds of Hedge Funds
22 Kohlberg Kravis Roberts & Co. United States 1,660.81 55,352.39 Direct Private Equity Funds
23 BNP Paribas REIM France 1,631.00 24,814.00 Direct Real Estate Funds
24 Allianz Global Investors Germany 1,593.00 2,462.00 Illiquid Credit
25 UBS Asset Management Switzerland 1,466.00 35,920.00 Funds of Hedge Funds
Total 100,044.70 687,654.26
(1) AEW Capital Management is an affi liated investment management firm of Natixis Global Asset Management, thus contributing to the il lustration of Natixis' overall capabilities in global alternative offerings
Total UniverseSection 4
How to read this sectionThis section shows the total universe of all survey participants, ranked by total assets under management in each individual alternatives asset class. It also includes regions in which they invest and where the managers are domiciled.
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8% 23% 10% 18% 26%
1%
6%
1%
6%
<1%
Funds of Hedge Funds Direct Hedge Funds Private Equity FoF Direct Private Equity FundsDirect Real Estate Funds Direct Commodities Funds Direct Infrastructure Funds Real AssetsIlliquid Credit Insurance-Linked Investments
Asset classTotal AuM Average Smallest Largest Number of
managersUSD million
Funds of Hedge Funds* 517,747.1 8,926.7 56.6 67,528.1 58
Direct Hedge Funds* 1,399,349.9 10,140.2 72.0 88,001.1 138
Private Equity FoF* 632,845.2 11,719.4 95.1 44,534.6 54
Direct Private Equity Funds* 1,131,692.7 12,860.1 61.6 94,300.0 88
Direct Real Estate Funds 1,619,070.4 17,598.6 56.6 93,900.0 92
Direct Commodities Funds 65,019.6 2,500.8 5.0 14,923.5 26
Direct Infrastructure Funds 375,255.8 6,469.9 65.2 95,041.1 58
Real Assets 45,896.4 2,086.2 30.0 7,507.5 22
Illiquid Credit 348,256.9 6,570.9 118.0 33,128.0 53
Insurance-Linked Investments 30,149.6 2,319.2 50.0 9,317.0 13
Total 6,165,283.64 10,241.3 5.0 95,041.1 602
Total Universe
* Figures for some of these managers were obtained from publicly available sources and using data derived from the Global Billion Dollar Club, published by HedgeFund Intelligence** Proportions might not sum up to 100% due to rounding
Aggregate survey statistics
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Aggregate survey statistics by investor type
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Total Universe
34% 9% 6% 3% 3% 19% 3% 24%
Pension Fund Insurance Company Sovereign Wealth FundEndowment and Foundation Fund of Funds Wealth ManagerBank 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.
Asset classTotal AuM Average Smallest Largest Number of
managersUSD million
Pension Fund 2,106,749.3 4,221.9 0.2 60,840.1 499
Insurance Company 530,350.6 1,399.3 0.1 37,582.8 379
Sovereign Wealth Funds 343,312.9 1,266.8 <0.1 16,966.5 271
Endowment and Foundation 201,201.4 543.8 0.5 7,750.8 370
Fund of Funds 179,130.8 689.0 0.3 8,660.0 260
Wealth Manager 1,152,734.9 2,650.0 <0.1 31,260.3 435
Bank 163,819.1 618.2 0.3 8,159.1 265
Aggregate survey statistics by investor type
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Top Asset Managers by Investor Type
33%
8%5%3%4%
17%
4%
27%
2014
Pension Fund Insurance Company Sovereign Wealth FundEndowment and Foundation Fund of Funds Wealth ManagerBank Other
34%
9%6%3%
3%
19%
3%
24%
2015
Total Universe
59%
49%
23%
45%
14%
44%
36%
27%
28%
21%
17%
2%
21%
18%
3%
9%
14%
8%
9%
12%
22%
48%
46%
32%
72%
44%
44%
58%
50%
53%
2%
1%
10%
4%
10%
3%
6%
7%
13%
13%
Insurance-Linked Investments
Illiquid Credit
Real Assets
Direct Infrastructure Funds
Direct Commodities 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* Proportions might not sum 100% due to rounding
Region of investment
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§ Asset managers were requested to state where their assets are invested
Region of investment (aggregated) and domicile
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§ Around 54% of the managers domiciled in Europe are based in the UK; 19% are in Switzerland and 13% are in France.
§ Around 91% of North America managers are domiciled in the US.§ Asia Pacific is represented by 48 managers from Australia, China, Hong Kong, New Zealand and
Singapore.
Total Universe
37% 10% 47% 6%
* Proportions might not sum 100% due to rounding
Distribution by investmentDistribution by investment
Distribution by domicileDistribution by domicile
30% 5% 65%
Europe Asia Pacific Central/North America Other
<1%
Five-year comparison
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§ Year-on-year growth in the total assets managed by the 41 Funds of Hedge Fund managers that participated in the last five years has averaged 5%.
§ Total assets managed by the 37 Private Equity FoFmanagers that participated in the last five years have shown continuous growth over the period, however the 6% growth in 2015 was lower than in previous years.
§ After a modest decline in 2013, total assets managed by the Direct Real Estate Fund managers that participated in the last five years grew significantly in 2015, up 9% on the previous year.
§ Total assets managed by the 16 Direct Commodities Fund Managers that have participated in the last five years remained steady up to 2012, but declined in the last three years. Total assets fell 29% in 2015.
§ Total assets managed by the 35 Direct Infrastructure Fund Managers that have participated in the last five years have been growing steadily since 2011 and increased by 4% in 2015.
§ Total assets managed by the 56 Direct Hedge Fund managers that have participated in the last five years have seen a steady increase, averaging 7% year-on-year growth since 2011.
§ Total assets managed by the 41 Direct Private Equity Fund Managers that participated in the last five years grew by 6% in 2015 after a slight decrease in 2014.
Managers that have participated for the past five years
0
20
40
60
80
100
120
140
160
Dec-11 Dec-12 Dec-13 Dec-14 Dec-15
Inde
x D
ec 2
011
= 10
0
Funds of Hedge Funds Private Equity FoFDirect Real Estate Funds Direct Commodities FundsDirect Infrastructure Funds Direct Hedge FundsDirect Private Equity Funds
AuM VariationAuM Variation
Total Universe
Total assets by asset class
Alternative Asset Managers
* Data derived from the Global Billion Dollar Club, published by HedgeFund Intelligence** Figures show total assets under management, obtained from publicly available sources
Alternative Asset Managers Ranking
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Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class
1 Macquarie Group Australia 95,041.05 Direct Infrastructure Funds
2 Blackstone United States 94,300.00 Direct Private Equity Funds
3 Blackstone United States 93,900.00 Direct Real Estate Funds
4 Bridgewater Associates United States 88,001.10 Direct Hedge Funds
5 CBRE Global Investors United States 79,800.00 Direct Real Estate Funds
6 UBS Asset Management Switzerland 72,953.00 Direct Real Estate Funds
7 TIAA United States 72,043.00 Direct Real Estate Funds
8 TPG Capital** United States 70,000.00 Direct Private Equity Funds
9 Blackstone United States 67,528.06 Funds of Hedge Funds
10 The Carlyle Group** United States 63,144.00 Direct Private Equity Funds
11 J.P. Morgan Asset Management United States 57,130.40 Direct Real Estate Funds
12 Kohlberg Kravis Roberts & Co. United States 55,352.39 Direct Private Equity Funds
13 LaSalle Investment Management United States 55,081.00 Direct Real Estate Funds
14 Principal Global Investors United States 53,486.65 Direct Real Estate Funds
15 AXA Investment Managers France 52,846.98 Direct Real Estate Funds
16 Man Group United Kingdom 51,419.00 Direct Hedge Funds
17 AQR Capital Management United States 50,996.06 Direct Hedge Funds
18 Brookfield Asset Management Canada 49,807.00 Direct Real Estate Funds
19 J. P. Morgan Asset Management* United States 49,200.00 Direct Hedge Funds
20 Hines United States 47,548.47 Direct Real Estate Funds
21 Aviva Investors United Kingdom 45,759.00 Direct Real Estate Funds
22 Deutsche Asset Management Germany 45,381.44 Direct Real Estate Funds
23 Cornerstone Real Estate Advisers United States 45,093.40 Direct Real Estate Funds
24 Providence Equity Partners** United States 45,000.00 Direct Private Equity Funds
25 Och-Ziff Capital Management Group United States 44,600.00 Direct Hedge Funds
Total assets by asset class
Alternative Asset Managers
(1) AEW Capital Management is an affi liated investment management firm of Natixis Global Asset Management, thus contributing to the il lustration of Natixis' overall capabilities in global alternative offerings
Alternative Asset Managers Ranking
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* Data derived from the Global Billion Dollar Club, published by HedgeFund Intelligence** Figures show total assets under management, obtained from publicly available sources
Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class
26 Goldman Sachs Asset Management United States 44,534.60 Private Equity FoF
27 Credit Suisse Asset Management Switzerland 43,296.29 Direct Real Estate Funds
28 Warburg Pincus United States 42,993.00 Direct Private Equity Funds
29 AEW Capital Management United States 42,442.00 Direct Real Estate Funds
30 AlpInvest Partners Netherlands 42,328.80 Private Equity FoF
31 Prudential Real Estate Investors United States 42,251.60 Direct Real Estate Funds
32 HarbourVest Partners United States 39,205.00 Private Equity FoF
33 Riverstone Holdings United States 38,494.00 Direct Private Equity Funds
34 Bain Capital United States 37,900.00 Direct Private Equity Funds
35 Advent International United Kingdom 37,485.15 Direct Private Equity Funds
36 Ardian France 36,016.00 Private Equity FoF
37 UBS Asset Management Switzerland 35,920.00 Funds of Hedge Funds
38 M&G Investments United Kingdom 34,445.00 Direct Real Estate Funds
39 Hamilton Lane Advisors United States 33,983.90 Private Equity FoF
40 Millennium Management United States 33,210.00 Direct Hedge Funds
41 M&G Investments United Kingdom 33,128.00 Illiquid Credit
42 Adams Street Partners United States 32,394.60 Private Equity FoF
43 CVC Capital Partners Luxembourg 31,861.42 Direct Private Equity Funds
44 Blackrock United States 31,050.50 Direct Hedge Funds
45 Goldman Sachs United States 30,800.00 Direct Private Equity Funds
46 Renaissance Technologies United States 30,302.70 Direct Hedge Funds
47 Union Investment Germany 30,112.00 Direct Real Estate Funds
48 Pantheon United Kingdom 29,838.00 Private Equity FoF
49 Goldman Sachs Asset Management United States 28,896.05 Funds of Hedge Funds
50 Aberdeen Asset Management United Kingdom 28,520.70 Direct Real Estate Funds
Alternative Asset Managers
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Total assets by asset class
Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class
51 Baupost Group* United States 28,500.00 Direct Hedge Funds
52 Prologis United States 28,425.00 Direct Real Estate Funds
53 Brookfield Asset Management Canada 27,643.00 Direct Infrastructure Funds
54 Alcentra United Kingdom 27,505.00 Illiquid Credit
55 Heitman United States 27,497.00 Direct Real Estate Funds
56 Adage Capital Management* United States 27,470.00 Direct Hedge Funds
57 D. E. Shaw Group United States 27,418.00 Direct Hedge Funds
58 Grosvenor Capital Management United States 26,774.57 Funds of Hedge Funds
59 Elliot Management* United States 26,500.00 Direct Hedge Funds
60 Invesco United States 26,154.00 Direct Real Estate Funds
61 Legal & General Investment Management United Kingdom 26,104.00 Direct Real Estate Funds
62 Permira United Kingdom 25,626.86 Direct Private Equity Funds
63 Davidson Kempner Capital Management* United States 25,260.00 Direct Hedge Funds
64 Clarion Partners United States 25,094.60 Direct Real Estate Funds
65 Standard Life Investments United Kingdom 25,009.20 Direct Real Estate Funds
66 Babson Capital United States 24,911.00 Illiquid Credit
67 BNP Paribas REIM France 24,814.00 Direct Real Estate Funds
68 Hellman & Friedman** United States 24,812.00 Direct Private Equity Funds
69 Two Sigma Investments United States 24,800.00 Direct Hedge Funds
70 Citadel United States 24,600.00 Direct Hedge Funds
71 LGT Capital Partners Switzerland 24,465.10 Private Equity FoF
72 Lexington Partners** United States 24,453.94 Private Equity FoF
73 Silver Lake** United States 24,000.00 Direct Private Equity Funds
74 Brevan Howard Capital Management United Kingdom 23,677.00 Direct Hedge Funds
75 Goldman Sachs United States 23,600.00 Illiquid Credit
* Data derived from the Global Billion Dollar Club, published by HedgeFund Intelligence** Figures show total assets under management, obtained from publicly available sources
Alternative Asset Managers
Alternative Asset Managers Ranking
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Total assets by asset class
Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class
76 Morgan Stanley Investment Management United States 23,588.10 Direct Real Estate Funds
77 J.P. Morgan Asset Management – Private Equity United States 23,562.00 Private Equity FoF
78 GAM United Kingdom 23,057.00 Direct Hedge Funds
79 Partners Group Switzerland 22,743.80 Private Equity FoF
80 Grosvenor Capital Management United States 22,669.14 Private Equity FoF
81 Mashall Wace* United Kingdom 22,410.00 Direct Hedge Funds
82 IFM Investors Australia 22,386.00 Direct Infrastructure Funds
83 Morgan Stanley Investment Management United States 22,356.00 Funds of Hedge Funds
84 York Capital Management* United States 22,300.00 Direct Hedge Funds
85 Neuberger Berman United States 22,170.00 Private Equity FoF
86 Deutsche Asset Management Germany 22,017.88 Direct Infrastructure Funds
87 Blackrock United States 21,974.80 Direct Real Estate Funds
88 AXA Investment Managers France 21,849.59 Illiquid Credit
89 Viking Global Investors* United States 21,500.00 Direct Hedge Funds
90 Blackrock United States 21,371.90 Private Equity FoF
91 Blackrock United States 21,334.30 Funds of Hedge Funds
92 Starwood Capital Group United States 21,294.18 Direct Real Estate Funds
93 Hillhouse* China 20,000.00 Direct Hedge Funds
94 King Street Capital Management United States 19,600.00 Direct Hedge Funds
95 GSO Capital Partners United States 19,600.00 Illiquid Credit
96 Farallon Capital Management* United States 19,500.00 Direct Hedge Funds
97 The Permal Group United States 19,432.00 Funds of Hedge Funds
98 Credit Suisse Asset Management Switzerland 19,180.85 Direct Hedge Funds
99 Oak Hill Advisors United States 18,514.00 Illiquid Credit
100 Apollo Global Management United States 18,400.00 Direct Private Equity Funds
* Data derived from the Global Billion Dollar Club, published by HedgeFund Intelligence** Figures show total assets under management, obtained from publicly available sources
Alternative Asset Managers
Alternative Asset Managers Ranking
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Total assets by asset class
Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class
101 Bentall Kennedy Canada 18,236.00 Direct Real Estate Funds
102 Appaloosa Management* United States 18,000.00 Direct Hedge Funds
103 General Atlantic United States 17,900.00 Direct Private Equity Funds
104 AMP Capital Australia 17,862.30 Direct Real Estate Funds
105 ValueAct Capital Management* United States 17,640.00 Direct Hedge Funds
106 Platinum Asset Management Australia 17,560.00 Direct Hedge Funds
107 Vista Equity Partners** United States 16,905.42 Direct Private Equity Funds
108 EQT United Kingdom 16,330.00 Direct Private Equity Funds
109 Third Point* United States 16,300.00 Direct Hedge Funds
110 Coller Capital United Kingdom 16,167.00 Private Equity FoF
111 Savills Investment Management United Kingdom 15,938.00 Direct Real Estate Funds
112 PIMCO United States 15,826.00 Direct Hedge Funds
113 La Française France 15,702.00 Direct Real Estate Funds
114 Landmark Partners United States 15,501.90 Private Equity FoF
115 Clayton, Dubilier & Rice United States 15,500.00 Direct Private Equity Funds
116 Canyon Partners United States 15,500.00 Direct Hedge Funds
117 Moore Capital Management* United States 15,500.00 Direct Hedge Funds
118 Intermediate Capital Group United Kingdom 15,250.00 Illiquid Credit
119 Blackrock United States 14,923.50 Direct Commodities Funds
120 Portfolio Advisors United States 14,678.61 Private Equity FoF
121 Lansdowne Partners United Kingdom 14,654.00 Direct Hedge Funds
122 Highbridge Capital Management United States 14,597.40 Illiquid Credit
123 BlueMountain Capital Management* United States 14,500.00 Direct Hedge Funds
124 Pershing Square Capital Management* United States 14,410.00 Direct Hedge Funds
125 Grantham. Mayo, Van Otterloo* United States 14,280.00 Direct Hedge Funds
* Data derived from the Global Billion Dollar Club, published by HedgeFund Intelligence** Figures show total assets under management, obtained from publicly available sources
Alternative Asset Managers
Alternative Asset Managers Ranking
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Total assets by asset class
Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class
126 Paulson & Co.* United States 14,210.00 Direct Hedge Funds
127 Winton Capital Management United Kingdom 14,135.30 Direct Hedge Funds
128 Leonard Green** United States 14,056.70 Direct Private Equity Funds
129 Ares Management United States 14,026.00 Direct Private Equity Funds
130 Bridgepoint United Kingdom 13,965.00 Direct Private Equity Funds
131 Onex** Canada 13,751.00 Direct Private Equity Funds
132 Amundi France 13,727.39 Direct Real Estate Funds
133 The Energy & Minerals Group United States 13,692.31 Direct Private Equity Funds
134 Insight Venture Partners** United States 13,659.10 Direct Private Equity Funds
135 Goldman Sachs Asset Management United States 13,606.41 Direct Hedge Funds
136 Magnetar Capital United States 13,500.00 Direct Hedge Funds
137 BC Partners** United Kingdom 13,377.36 Direct Private Equity Funds
138 Henderson Global Investors United Kingdom 13,316.00 Direct Hedge Funds
139 Mesirow Financial Holdings United States 12,947.40 Funds of Hedge Funds
140 SkyBridge Capital United States 12,900.00 Funds of Hedge Funds
141 Aberdeen Asset Management United Kingdom 12,899.10 Private Equity FoF
142 Cheyne Capital United Kingdom 12,779.00 Direct Hedge Funds
143 First Reserve** United States 12,707.90 Direct Private Equity Funds
144 Kennedy Wilson United States 12,698.00 Direct Real Estate Funds
145 J.P. Morgan Alternative Asset Management: Hedge Fund Solutions United States 12,653.00 Funds of Hedge Funds
146 Anchorage Capital Group United States 12,630.00 Direct Hedge Funds
147 Kohlberg Kravis Roberts & Co. United States 12,608.91 Illiquid Credit
148 Wellington Management United States 12,594.00 Direct Hedge Funds
149 Trian Fund Management United States 12,519.42 Direct Hedge Funds
150 Goldman Sachs United States 12,500.00 Direct Infrastructure Funds
* Data derived from the Global Billion Dollar Club, published by HedgeFund Intelligence** Figures show total assets under management, obtained from publicly available sources
Alternative Asset Managers
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Total assets by asset class
Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class
151 TA Realty United States 12,375.00 Direct Real Estate Funds
152 American Securities** United States 12,327.66 Direct Private Equity Funds
153 Avenue Capital Group United States 12,326.00 Direct Hedge Funds
154 Man Group United Kingdom 12,260.00 Funds of Hedge Funds
155 FRM* United Kingdom 12,260.00 Funds of Hedge Funds
156 CarVal Investors United States 12,200.74 Illiquid Credit
157 Energy Capital Partners United States 12,200.00 Direct Private Equity Funds
158 Brigade Capital Management United States 12,184.00 Direct Hedge Funds
159 Nordic Capital United Kingdom 12,164.00 Direct Private Equity Funds
160 Charter Hall Australia 12,071.45 Direct Real Estate Funds
161 Deutsche Asset Management** Germany 12,000.00 Private Equity FoF
162 Neuberger Berman United Kingdom 11,982.00 Direct Private Equity Funds
163 Aberdeen Asset Management United Kingdom 11,948.83 Funds of Hedge Funds
164 Schroders Investment Management United Kingdom 11,828.06 Direct Real Estate Funds
165 EnTrust Capital United States 11,820.10 Funds of Hedge Funds
166 Ares Management United States 11,811.00 Illiquid Credit
167 Odey Asset Management United Kingdom 11,594.00 Direct Hedge Funds
168 Columbia Threadneedle Investments United States 11,580.00 Direct Real Estate Funds
169 Oaktree Capital Management United States 11,541.00 Direct Private Equity Funds
170 DTZ Investors United Kingdom 11,516.00 Direct Real Estate Funds
171 Cinven United Kingdom 11,507.47 Direct Private Equity Funds
172 New Mountain Capital** United States 11,500.00 Direct Private Equity Funds
173 Balyasny Asset Management United States 11,439.26 Direct Hedge Funds
174 Cevian Capital United Kingdom 11,433.00 Direct Hedge Funds
175 Angelo, Gordon & Co. United States 11,291.00 Direct Hedge Funds
* Data derived from the Global Billion Dollar Club, published by HedgeFund Intelligence** Figures show total assets under management, obtained from publicly available sources
Alternative Asset Managers
Alternative Asset Managers Ranking
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Total assets by asset class
Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class
176 Graham Capital Management United States 11,160.47 Direct Hedge Funds
177 Partners Group Switzerland 11,104.91 Direct Real Estate Funds
178 Lendlease Australia 11,020.00 Direct Real Estate Funds
179 Kohlberg Kravis Roberts & Co. United States 11,000.00 Funds of Hedge Funds
180 Apollo Global Management United States 11,000.00 Direct Real Estate Funds
181 Kelso & Company United States 11,000.00 Direct Private Equity Funds
182 Fir Tree Partners United States 11,000.00 Direct Hedge Funds
183 Bain Capital Credit United States 10,998.36 Illiquid Credit
184 Fidelity International Bermuda 10,857.00 Direct Real Estate Funds
185 Hermes Investment Management United Kingdom 10,829.10 Direct Real Estate Funds
186 Stone Point Capital** United States 10,812.50 Direct Private Equity Funds
187 The Rock Creek Group United States 10,710.00 Funds of Hedge Funds
188 Aetos Capital* United States 10,640.00 Funds of Hedge Funds
189 Pictet Asset Management Switzerland 10,600.00 Funds of Hedge Funds
190 Golden Gate Capital** United States 10,588.77 Direct Private Equity Funds
191 CDH Investment Singapore 10,524.00 Direct Private Equity Funds
192 Natural Gas Partners** United States 10,512.67 Direct Private Equity Funds
193 K2 Advisors* United States 10,460.00 Funds of Hedge Funds
194 BMO Real Estate Partners United Kingdom 10,313.00 Direct Real Estate Funds
195 Morgan Stanley Investment Management United States 10,105.00 Private Equity FoF
196 PIMCO United States 10,043.00 Direct Commodities Funds
197 Russian Direct Investment Fund (RDIF)** Russia 10,000.00 Direct Private Equity Funds
198 SL Capital Partners United Kingdom 9,989.00 Private Equity FoF
199 Colonial First State Global Asset Management Australia 9,934.66 Direct Infrastructure Funds
200 QIC Australia 9,890.95 Direct Real Estate Funds
* Data derived from the Global Billion Dollar Club, published by HedgeFund Intelligence** Figures show total assets under management, obtained from publicly available sources
Alternative Asset Managers
Alternative Asset Managers Ranking
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Total assets by asset class
Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class
201 J.P. Morgan Asset Management United States 9,867.10 Direct Infrastructure Funds
202 Invesco United States 9,819.00 Direct Private Equity Funds
203 Robeco Group Netherlands 9,737.00 Direct Hedge Funds
204 Aurora Investment Management* United States 9,660.00 Funds of Hedge Funds
205 Siguler Guff & Company United States 9,651.70 Private Equity FoF
206 Partners Group Switzerland 9,477.47 Illiquid Credit
207 Crescent Capital Group United States 9,443.00 Illiquid Credit
208 Alinda Capital Partners United States 9,440.55 Direct Infrastructure Funds
209 HBK Capital Management United States 9,384.00 Direct Hedge Funds
210 Nephila Capital Bermuda 9,316.96 Insurance-Linked Investments
211 The Abraaj Group United Arab Emirates 9,170.03 Direct Private Equity Funds
212 Triton Partners** United Kingdom 9,141.20 Direct Private Equity Funds
213 Partners Group Switzerland 9,128.70 Direct Private Equity Funds
214 PAI Partners France 9,118.71 Direct Private Equity Funds
215 UBS Asset Management Switzerland 9,060.00 Private Equity FoF
216 Hastings Funds Management Australia 9,048.40 Direct Infrastructure Funds
217 PAAMCO United States 9,026.70 Funds of Hedge Funds
218 Ardian France 9,005.00 Direct Private Equity Funds
219 UBP Alternative Investments Switzerland 9,000.00 Funds of Hedge Funds
220 AllianceBernstein* United States 8,970.00 Funds of Hedge Funds
221 AXA Investment Managers France 8,873.91 Funds of Hedge Funds
222 AMP Capital Australia 8,822.50 Direct Infrastructure Funds
223 Allianz Global Investors Germany 8,706.73 Direct Hedge Funds
224 LGT Capital Partners Switzerland 8,625.59 Funds of Hedge Funds
225 Lighthouse Partners* United States 8,560.00 Funds of Hedge Funds
* Data derived from the Global Billion Dollar Club, published by HedgeFund Intelligence** Figures show total assets under management, obtained from publicly available sources
Alternative Asset Managers
Alternative Asset Managers Ranking
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Total assets by asset class
Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class
226 Greystone Managed Investments Canada 8,430.00 Direct Real Estate Funds
227 Lyxor Asset Management France 8,359.00 Direct Hedge Funds
228 GTCR** United States 8,251.44 Direct Private Equity Funds
229 MKP Capital Management United States 8,239.00 Direct Hedge Funds
230 Bouwinvest REIM Netherlands 8,171.00 Direct Real Estate Funds
231 KGAL Group Germany 8,064.50 Direct Real Estate Funds
232 Sun Capital Partners United States 8,001.51 Direct Private Equity Funds
233 Gresham Investment Management United States 7,904.00 Direct Commodities Funds
234 Hall Capital Partners* United States 7,890.00 Funds of Hedge Funds
235 Lyxor Asset Management France 7,840.00 Funds of Hedge Funds
236 PIMCO United States 7,840.00 Direct Real Estate Funds
237 Pathway Capital Management United States 7,801.00 Private Equity FoF
238 Goldman Sachs Asset Management United States 7,775.86 Direct Real Estate Funds
239 Orchard Street Investment Management United Kingdom 7,648.00 Direct Real Estate Funds
240 Terra Firma Capital Partners United Kingdom 7,604.30 Direct Private Equity Funds
241 Blackrock United States 7,601.30 Direct Infrastructure Funds
242 TIAA United States 7,507.50 Real Assets
243 Credit Suisse Asset Management Switzerland 7,503.28 Direct Commodities Funds
244 Ares Management United States 7,489.00 Direct Real Estate Funds
245 Oaktree Capital Management United States 7,470.00 Direct Real Estate Funds
246 Abbott Capital United States 7,369.00 Private Equity FoF
247 Gottex Fund Management Switzerland 7,364.00 Funds of Hedge Funds
248 GE Asset Management United States 7,360.60 Direct Private Equity Funds
249 Pictet Asset Management Switzerland 7,300.00 Private Equity FoF
250 Taconic Capital Advisors United States 7,128.77 Direct Hedge Funds
* Data derived from the Global Billion Dollar Club, published by HedgeFund Intelligence** Figures show total assets under management, obtained from publicly available sources
Alternative Asset Managers
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Total assets by asset class
Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class
251 Morgan Stanley Investment Management United States 7,060.00 Direct Private Equity Funds
252 Ardian France 7,003.00 Direct Infrastructure Funds
253 Marathon Asset Management United States 6,839.00 Direct Hedge Funds
254 Angelo, Gordon & Co. United States 6,829.00 Illiquid Credit
255 Värde Partners United States 6,809.42 Illiquid Credit
256 InfraRed Capital Partners United Kingdom 6,799.90 Direct Infrastructure Funds
257 CQS United Kingdom 6,654.00 Direct Hedge Funds
258 Beach Point Capital Management United States 6,565.00 Direct Hedge Funds
259 Credit Suisse Asset Management Switzerland 6,501.91 Insurance-Linked Investments
260 Angelo, Gordon & Co. United States 6,455.00 Direct Real Estate Funds
261 RARE Infrastructure Australia 6,447.00 Direct Infrastructure Funds
262 Perry Capital United States 6,425.00 Direct Hedge Funds
263 CCMP Capital Advisors United States 6,300.00 Direct Private Equity Funds
264 Actis United Kingdom 6,241.00 Direct Private Equity Funds
265 Capital Fund Management France 6,156.95 Direct Hedge Funds
266 Henderson Global Investors United Kingdom 6,146.00 Direct Real Estate Funds
267 HQ Capital Private Equity United States 6,035.00 Private Equity FoF
268 Partners Group Switzerland 6,030.55 Direct Infrastructure Funds
269 ASB Real Estate Investments United States 5,989.00 Direct Real Estate Funds
270 Lynx Asset Management Sweden 5,981.00 Direct Hedge Funds
271 The GPT Group Australia 5,968.00 Direct Real Estate Funds
272 Credit Suisse Asset Management Switzerland 5,906.01 Funds of Hedge Funds
273 Adveq Management Switzerland 5,899.80 Private Equity FoF
274 Stonepeak Partners United States 5,828.00 Direct Infrastructure Funds
275 Morgan Stanley Investment Management United States 5,825.00 Direct Infrastructure Funds
Alternative Asset Managers
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Total assets by asset class
Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class
276 UBS Asset Management Switzerland 5,784.00 Direct Hedge Funds
277 Audax Group United States 5,778.54 Direct Private Equity Funds
278 Allianz Global Investors Germany 5,776.00 Direct Infrastructure Funds
279 Kohlberg Kravis Roberts & Co. United States 5,768.87 Direct Infrastructure Funds
280 Transtrend Netherlands 5,700.00 Direct Hedge Funds
281 H.R.L. Morrison & Co New Zealand 5,689.90 Direct Infrastructure Funds
282 Amundi France 5,588.00 Illiquid Credit
283 Neuberger Berman United States 5,495.00 Funds of Hedge Funds
284 UBS Asset Management Switzerland 5,439.00 Direct Infrastructure Funds
285 Waterfall Asset Management United States 5,310.00 Direct Hedge Funds
286 Grove Street Advisors United States 5,307.90 Private Equity FoF
287 HgCapital United Kingdom 5,243.00 Direct Private Equity Funds
288 Evanston Capital Management United States 5,237.00 Funds of Hedge Funds
289 Brookfield Asset Management Canada 5,236.00 Direct Private Equity Funds
290 Arrowgrass Capital Partners United Kingdom 5,196.07 Direct Hedge Funds
291 RCP Advisors United States 5,172.04 Private Equity FoF
292 Hermes Investment Management United Kingdom 5,132.50 Direct Infrastructure Funds
293 ABS Investment Management United States 5,123.00 Funds of Hedge Funds
294 TIAA United States 5,110.00 Direct Private Equity Funds
295 QIC Australia 5,100.00 Real Assets
296 Park Square Capital United Kingdom 5,016.00 Illiquid Credit
297 Aspect Capital United Kingdom 4,981.00 Direct Hedge Funds
298 Access Capital Partners France 4,930.00 Private Equity FoF
299 Campbell & Company United States 4,898.00 Direct Hedge Funds
300 Forum Partners United Kingdom 4,880.00 Direct Real Estate Funds
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Total assets by asset class
Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class
301 QIC Australia 4,854.41 Direct Infrastructure Funds
302 Candriam Investor Group France 4,834.75 Direct Hedge Funds
303 Lion Capital United Kingdom 4,764.30 Direct Private Equity Funds
304 Ares Management United States 4,750.00 Direct Infrastructure Funds
305 Pictet Asset Management Switzerland 4,714.00 Direct Hedge Funds
306 GMT Capital Corp. United States 4,706.00 Direct Hedge Funds
307 GE Asset Management United States 4,703.60 Direct Real Estate Funds
308 PineBridge Investments United States 4,694.90 Private Equity FoF
309 CoreCommodity Management United States 4,610.00 Direct Commodities Funds
310 BlueBay Asset Management United Kingdom 4,604.00 Illiquid Credit
311 Crestline Investors United States 4,429.00 Funds of Hedge Funds
312 Aviva Investors United Kingdom 4,398.00 Direct Infrastructure Funds
313 Wellington Management United States 4,344.00 Direct Commodities Funds
314 Magellan Asset Management Australia 4,280.70 Direct Infrastructure Funds
315 Patron Capital United Kingdom 4,244.00 Direct Real Estate Funds
316 Wellington Management United States 4,205.00 Real Assets
317 Campbell Global United States 4,188.60 Real Assets
318 Macquarie Group Australia 4,177.80 Direct Real Estate Funds
319 Camden Asset Management United States 4,130.00 Direct Hedge Funds
320 Cantab Capital Partners United Kingdom 4,075.00 Direct Hedge Funds
321 Amundi France 4,056.90 Private Equity FoF
322 Danske Bank Denmark 4,000.00 Private Equity FoF
323 LGT Capital Partners Switzerland 3,988.62 Insurance-Linked Investments
324 Magnitude Capital United States 3,957.52 Funds of Hedge Funds
325 Neuberger Berman United States 3,957.00 Direct Hedge Funds
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Total assets by asset class
Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class
326 GSA Capital United Kingdom 3,945.00 Direct Hedge Funds
327 Tristan Capital Partners United Kingdom 3,923.00 Direct Real Estate Funds
328 GSO Capital Partners United States 3,883.40 Direct Hedge Funds
329 Northleaf Capital Partners Canada 3,844.87 Private Equity FoF
330 Amundi France 3,826.77 Funds of Hedge Funds
331 Hermes Investment Management United Kingdom 3,812.50 Private Equity FoF
332 Macquarie Group Australia 3,811.50 Direct Hedge Funds
333 Greenspring Associates United States 3,800.00 Private Equity FoF
334 Berkshire Group United States 3,741.49 Direct Real Estate Funds
335 Principal Global Investors United States 3,659.80 Direct Hedge Funds
336 Arcus Infrastructure Partners United Kingdom 3,656.00 Direct Infrastructure Funds
337 Mesirow Financial Holdings United States 3,646.53 Private Equity FoF
338 MatlinPatterson United States 3,623.26 Direct Private Equity Funds
339 Capital Dynamics Switzerland 3,529.53 Private Equity FoF
340 Securis Investment Partners United Kingdom 3,529.00 Insurance-Linked Investments
341 Silver Creek Capital Management United States 3,500.48 Funds of Hedge Funds
342 M3 Capital Partners United States 3,500.00 Direct Private Equity Funds
343 Infracapital United Kingdom 3,473.04 Direct Infrastructure Funds
344 III Capital Management United States 3,432.19 Direct Hedge Funds
345 PCCP United States 3,391.77 Direct Real Estate Funds
346 Antin Infrastructure Partners France 3,373.80 Direct Infrastructure Funds
347 Ascend Capital United States 3,362.22 Direct Hedge Funds
348 Equistone Partners Europe United Kingdom 3,346.00 Direct Private Equity Funds
349 QIC Australia 3,288.92 Private Equity FoF
350 Capstone Investment Advisors United States 3,285.00 Direct Hedge Funds
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Total assets by asset class
Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class
351 Monarch Alternative Capital United States 3,203.52 Direct Hedge Funds
352 BTG Pactual Brazil 3,200.00 Direct Hedge Funds
353 Värde Partners United States 3,196.27 Direct Hedge Funds
354 Ivory Investment Management United States 3,178.00 Direct Hedge Funds
355 Aquila Capital Germany 3,127.00 Real Assets
356 Aberdeen Asset Management United Kingdom 3,120.30 Real Assets
357 Orchard Global Asset Management Singapore 3,112.50 Illiquid Credit
358 Gramercy Funds Management United States 3,103.50 Direct Hedge Funds
359 Marathon Asset Management United States 3,064.00 Illiquid Credit
360 Top Tier Capital Partners United States 3,059.44 Private Equity FoF
361 Aberdeen Asset Management United Kingdom 3,031.81 Direct Infrastructure Funds
362 Allianz Global Investors Germany 3,018.00 Funds of Hedge Funds
363 Abbey Capital Ireland 3,016.00 Funds of Hedge Funds
364 GE Asset Management United States 3,014.90 Direct Hedge Funds
365 Ardian France 3,001.00 Illiquid Credit
366 Tikehau Investment Management France 2,986.63 Illiquid Credit
367 Audax Group United States 2,960.73 Illiquid Credit
368 Whitehelm Capital Australia 2,918.58 Direct Infrastructure Funds
369 Macquarie Group Australia 2,896.00 Illiquid Credit
370 Kohlberg Kravis Roberts & Co. United States 2,823.20 Real Assets
371 Lothbury Investment Management United Kingdom 2,678.00 Direct Real Estate Funds
372 HSBC Alternative Investment Group United Kingdom 2,677.71 Funds of Hedge Funds
373 Europa Capital United Kingdom 2,636.00 Direct Real Estate Funds
374 Amundi France 2,627.90 Direct Hedge Funds
375 Aristeia Capital United States 2,627.00 Direct Hedge Funds
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Total assets by asset class
Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class
376 Dalmore Capital United Kingdom 2,622.00 Direct Infrastructure Funds
377 Navis Asia Funds Cayman Islands 2,619.00 Direct Private Equity Funds
378 Legal & General Investment Management United Kingdom 2,618.00 Illiquid Credit
379 EQT United Kingdom 2,607.00 Direct Infrastructure Funds
380 Notz, Stucki Europe Luxembourg 2,602.00 Funds of Hedge Funds
381 Pantheon United Kingdom 2,590.00 Real Assets
382 Boussard & Gavaudan United Kingdom 2,589.00 Direct Hedge Funds
383 KGAL Group Germany 2,582.58 Direct Infrastructure Funds
384 RWC Asset Management United Kingdom 2,549.64 Direct Hedge Funds
385 Goldman Sachs Asset Management United States 2,531.63 Direct Commodities Funds
386 IK Investment Partners United Kingdom 2,526.00 Direct Private Equity Funds
387 Highbridge Capital Management United States 2,524.00 Direct Hedge Funds
388 Equitix Investment Management United Kingdom 2,511.00 Direct Infrastructure Funds
389 Silver Creek Capital Management United States 2,501.41 Illiquid Credit
390 Allianz Global Investors Germany 2,462.00 Illiquid Credit
391 Oaktree Capital Management United States 2,444.00 Direct Infrastructure Funds
392 InfraRed Capital Partners United Kingdom 2,407.30 Direct Real Estate Funds
393 Christofferson Robb & Co. United Kingdom 2,400.00 Illiquid Credit
394 AlphaCat Managers Bermuda 2,386.00 Insurance-Linked Investments
395 Robeco Group Netherlands 2,357.00 Private Equity FoF
396 Crestline Investors United States 2,340.00 Direct Private Equity Funds
397 Highland Capital Management United States 2,333.24 Direct Hedge Funds
398 Blackrock United States 2,332.49 Illiquid Credit
399 Capital Dynamics Switzerland 2,331.64 Direct Infrastructure Funds
400 Greystone Managed Investments Canada 2,330.00 Illiquid Credit
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Total assets by asset class
Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class
401 Optima Fund Management United States 2,289.00 Funds of Hedge Funds
402 Chilton Investment Company United States 2,288.00 Direct Hedge Funds
403 Timbercreek Asset Management Canada 2,284.50 Direct Real Estate Funds
404 Starwood Capital Group United States 2,263.04 Direct Infrastructure Funds
405 JHL Capital Group United States 2,246.00 Direct Hedge Funds
406 P.Schoenfeld Asset Management United States 2,237.62 Direct Hedge Funds
407 Pinnacle Asset Management United States 2,237.00 Funds of Hedge Funds
408 Amber Infrastructure United Kingdom 2,237.00 Direct Infrastructure Funds
409 One William Street Capital Management United States 2,219.00 Direct Hedge Funds
410 SteelRiver Infrastructure Partners United States 2,207.60 Direct Infrastructure Funds
411 Tages (1) United Kingdom 2,200.00 Funds of Hedge Funds
412 Akina Switzerland 2,200.00 Private Equity FoF
413 Fulcrum Asset Management United Kingdom 2,180.00 Direct Hedge Funds
414 TIAA United States 2,142.80 Direct Infrastructure Funds
415 SAIL Advisors Hong Kong 2,141.90 Funds of Hedge Funds
416 Brookfield Asset Management Canada 2,073.00 Real Assets
417 Legal & General Investment Management United Kingdom 2,070.00 Direct Infrastructure Funds
418 Investa Australia 2,066.39 Direct Real Estate Funds
419 KLS Diversified Management United States 2,042.00 Direct Hedge Funds
420 Kohlberg Kravis Roberts & Co. United States 2,014.00 Direct Real Estate Funds
421 Macquarie Group Australia 2,003.00 Real Assets
422 Aurum Fund Management Bermuda 1,922.30 Funds of Hedge Funds
423 UBS Asset Management Switzerland 1,920.00 Direct Commodities Funds
424 SteelRiver Infrastructure Partners United States 1,913.30 Private Equity FoF
425 Vontobel Asset Management Switzerland 1,908.00 Funds of Hedge Funds(1) Since 2014, La Française has a strategic partnership with Tages Capital and hold 40% of Tages Capital
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Total assets by asset class
Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class
426 Actis United Kingdom 1,902.00 Direct Infrastructure Funds
427 Atalaya Capital United States 1,895.81 Illiquid Credit
428 Stafford Capital Partners Australia 1,885.70 Real Assets
429 The Sentient Group Cayman Islands 1,881.00 Real Assets
430 Protege Partners United States 1,871.50 Funds of Hedge Funds
431 MetLife Investment Advisors United States 1,867.70 Direct Real Estate Funds
432 Tremblant Capital United States 1,835.00 Direct Hedge Funds
433 Mesa West Capital United States 1,786.35 Direct Real Estate Funds
434 Mesa West Capital United States 1,786.35 Illiquid Credit
435 Investcorp United States 1,777.00 Direct Hedge Funds
436 MatlinPatterson United States 1,754.25 Direct Hedge Funds
437 TIAA United States 1,754.00 Direct Commodities Funds
438 Investec Asset Management United Kingdom 1,739.70 Direct Commodities Funds
439 Schroders Investment Management United Kingdom 1,738.73 Direct Commodities Funds
440 Stafford Capital Partners Australia 1,733.70 Private Equity FoF
441 Neuberger Berman United States 1,710.00 Illiquid Credit
442 Spinnaker Capital United Kingdom 1,700.00 Direct Hedge Funds
443 Wellington Management United States 1,695.00 Direct Infrastructure Funds
444 Edesia Asset Management Switzerland 1,690.00 Direct Commodities Funds
445 Anchorage Capital Group United States 1,690.00 Illiquid Credit
446 CVC Capital Partners Luxembourg 1,638.65 Illiquid Credit
447 Deutsche Asset Management Germany 1,621.40 Direct Private Equity Funds
448 Equis Singapore 1,608.02 Direct Private Equity Funds
449 Litespeed Management United States 1,600.00 Direct Hedge Funds
450 Hermes Investment Management United Kingdom 1,591.90 Direct Private Equity Funds
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Total assets by asset class
Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class
451 Sloane Robinson United Kingdom 1,558.00 Direct Hedge Funds
452 Wolverine Asset Management United States 1,551.00 Direct Hedge Funds
453 Wexford Capital United States 1,545.00 Direct Hedge Funds
454 Palisade Investment Partners Australia 1,532.95 Direct Infrastructure Funds
455 Crestline Investors United States 1,527.00 Illiquid Credit
456 Picton Mahoney Asset Management Canada 1,526.20 Direct Hedge Funds
457 Palmer Capital United Kingdom 1,513.00 Direct Real Estate Funds
458 Lombard Odier Investment Managers Switzerland 1,504.50 Direct Hedge Funds
459 Morgan Stanley Investment Management United States 1,482.00 Illiquid Credit
460 Mirova (1) France 1,473.00 Direct Infrastructure Funds
461 Investcorp United States 1,448.00 Funds of Hedge Funds
462 Pioneer Investments Italy 1,409.00 Funds of Hedge Funds
463 IFM Investors Australia 1,409.00 Private Equity FoF
464 EQT United Kingdom 1,370.00 Illiquid Credit
465 Amplitude Capital International Cayman Islands 1,358.00 Direct Hedge Funds
466 Schroders Investment Management United Kingdom 1,344.74 Insurance-Linked Investments
467 Fore Research & Management United States 1,320.62 Direct Hedge Funds
468 Equilibrium United Kingdom 1,300.00 Real Assets
469 CVC Capital Partners Luxembourg 1,291.60 Direct Hedge Funds
470 Blue Sky Alternative Investments Australia 1,285.00 Direct Private Equity Funds
471 Global Thematic Partners United States 1,271.00 Real Assets
472 Millburn Ridgefield Corporation United States 1,220.00 Direct Hedge Funds
473 Oaktree Capital Management United States 1,211.00 Direct Hedge Funds
474 Northleaf Capital Partners Canada 1,210.62 Direct Infrastructure Funds
475 West Face Capital Canada 1,203.96 Direct Hedge Funds(1) Mirova, a subsidiary of Natixis Asset Management, is an affi liated investment management firm of Natixis Global Asset Management, thus contributing to the illustration of Na tixis Global Asset Management’s overall capabilities in global alternative offerings
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Total assets by asset class
Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class
476 Meyer Bergman United Kingdom 1,201.84 Direct Real Estate Funds
477 Fondinvest Capital France 1,200.00 Private Equity FoF
478 SC Capital Partners Singapore 1,200.00 Direct Real Estate Funds
479 Clessidra SGR Italy 1,198.93 Direct Private Equity Funds
480 Prologue Capital United States 1,162.00 Direct Hedge Funds
481 First Quadrant United States 1,153.00 Direct Hedge Funds
482 PineBridge Investments United States 1,152.50 Direct Private Equity Funds
483 Monarch Alternative Capital United States 1,151.02 Direct Private Equity Funds
484 Amundi France 1,147.41 Direct Infrastructure Funds
485 Franklin Templeton United States 1,137.80 Direct Infrastructure Funds
486 Brookfield Asset Management Canada 1,129.00 Direct Hedge Funds
487 3i Debt Management United Kingdom 1,127.59 Illiquid Credit
488 Morgan Creek Capital Management United States 1,116.00 Private Equity FoF
489 Twelve Capital Switzerland 1,096.06 Insurance-Linked Investments
490 Amundi France 1,094.93 Direct Private Equity Funds
491 Lombard Odier Investment Managers Switzerland 1,094.70 Private Equity FoF
492 Colliers Capital United Kingdom 1,086.00 Direct Real Estate Funds
493 Invesco United States 1,073.00 Direct Commodities Funds
494 Mesirow Financial Holdings United States 1,052.20 Direct Real Estate Funds
495 Moon Capital Management United States 1,051.00 Direct Hedge Funds
496 Axium Infrastructure Canada 1,047.00 Direct Infrastructure Funds
497 Vontobel Asset Management Switzerland 1,044.00 Illiquid Credit
498 KGAL Group Germany 1,035.55 Direct Private Equity Funds
499 PineBridge Investments United States 1,014.80 Illiquid Credit
500 Presima Canada 1,001.67 Direct Real Estate Funds
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Total assets by asset class
Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class
501 BMO Global Asset Management United Kingdom 1,000.00 Private Equity FoF
502 Pradera United Kingdom 985.40 Direct Real Estate Funds
503 Investec Asset Management United Kingdom 966.00 Direct Real Estate Funds
504 Silver Creek Capital Management United States 953.33 Real Assets
505 Wellington Management United States 953.00 Direct Private Equity Funds
506 Siguler Guff & Company United States 946.60 Direct Private Equity Funds
507 BlueBay Asset Management United Kingdom 925.00 Direct Hedge Funds
508 Greylock Capital Management United States 915.00 Direct Hedge Funds
509 QIC Australia 910.68 Direct Hedge Funds
510 Optima Fund Management United States 908.00 Direct Hedge Funds
511 Fengate Capital Management Canada 887.00 Direct Real Estate Funds
512 Beach Point Capital Management United States 872.00 Illiquid Credit
513 AMP Capital Australia 848.70 Private Equity FoF
514 Ethos Private Equity South Africa 830.67 Direct Private Equity Funds
515 Permira United Kingdom 830.00 Illiquid Credit
516 Kempen Capital Management Netherlands 822.30 Funds of Hedge Funds
517 Fengate Capital Management Canada 822.00 Direct Infrastructure Funds
518 Infrastructure Capital Group Australia 802.00 Direct Infrastructure Funds
519 Actis United Kingdom 797.40 Direct Real Estate Funds
520 AXA Investment Managers France 771.27 Insurance-Linked Investments
521 Aalto Invest United Kingdom 764.00 Illiquid Credit
522 Blue Sky Alternative Investments Australia 756.00 Direct Real Estate Funds
523 CarVal Investors United States 755.85 Direct Real Estate Funds
524 Wexford Capital United States 755.00 Direct Private Equity Funds
525 Lombard Odier Investment Managers Switzerland 742.70 Direct Infrastructure Funds
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Total assets by asset class
Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class
526 Loomis, Sayles & Co. United States 741.00 Direct Hedge Funds
527 Lombard Odier Investment Managers Switzerland 677.40 Funds of Hedge Funds
528 Visio Capital Management South Africa 670.00 Direct Hedge Funds
529 Blue Capital Bermuda 670.00 Insurance-Linked Investments
530 D. E. Shaw Group United States 641.00 Illiquid Credit
531 Angelo, Gordon & Co. United States 608.00 Direct Private Equity Funds
532 Henderson Global Investors United Kingdom 607.20 Real Assets
533 Deutsche Asset Management Germany 603.15 Direct Commodities Funds
534 QIC Australia 596.79 Direct Private Equity Funds
535 BMO Global Asset Management United Kingdom 587.00 Direct Hedge Funds
536 Tikehau Investment Management France 582.71 Direct Real Estate Funds
537 Allianz Global Investors Germany 579.00 Real Assets
538 Aalto Invest United Kingdom 567.00 Direct Real Estate Funds
539 Kaiser Trading Group Australia 560.00 Direct Hedge Funds
540 Franklin Templeton United States 549.12 Direct Private Equity Funds
541 CenterSquare Investment Management United States 529.16 Direct Real Estate Funds
542 Henderson Global Investors United Kingdom 524.10 Direct Commodities Funds
543 Meridian Capital Partners United States 523.00 Funds of Hedge Funds
544 Twelve Capital Switzerland 514.00 Illiquid Credit
545 Orchard Global Asset Management Singapore 508.61 Direct Hedge Funds
546 Impax Asset Management United Kingdom 484.31 Direct Infrastructure Funds
547 Aquila Capital Germany 460.00 Direct Hedge Funds
548 Senrigan Capital Group Hong Kong 456.10 Direct Hedge Funds
549 KanAm Grund Group Germany 436.60 Real Assets
550 Vontobel Asset Management Switzerland 436.00 Direct Commodities Funds
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Total assets by asset class
Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class
551 Candriam Investor Group France 431.12 Funds of Hedge Funds
552 West Face Capital Canada 428.03 Illiquid Credit
553 QIC Australia 417.00 Direct Commodities Funds
554 ZAIS Group United States 416.64 Direct Hedge Funds
555 Investec Asset Management United Kingdom 396.10 Direct Private Equity Funds
556 Columbia Threadneedle Investments United States 393.70 Direct Commodities Funds
557 KGAL Group Germany 391.35 Private Equity FoF
558 Kohlberg Kravis Roberts & Co. United States 386.10 Direct Hedge Funds
559 Bronson Point Management United States 386.00 Direct Hedge Funds
560 Morgan Creek Capital Management United States 355.00 Funds of Hedge Funds
561 Riverstone Holdings United States 339.00 Illiquid Credit
562 Wellington Management United States 334.00 Direct Real Estate Funds
563 Pictet Asset Management Switzerland 315.74 Direct Commodities Funds
564 OFI Global Asset Management United States 304.20 Insurance-Linked Investments
565 D. E. Shaw Group United States 290.00 Direct Private Equity Funds
566 BMO Global Asset Management United Kingdom 265.00 Funds of Hedge Funds
567 Credit Suisse Asset Management Switzerland 251.66 Direct Private Equity Funds
568 Capital Dynamics Switzerland 243.29 Direct Private Equity Funds
569 Spinnaker Capital United Kingdom 239.00 Illiquid Credit
570 Highland Capital Management United States 237.50 Direct Private Equity Funds
571 PIMCO United States 220.00 Illiquid Credit
572 Credit Suisse Asset Management Switzerland 215.65 Direct Infrastructure Funds
573 CZ Capital United Kingdom 215.60 Direct Hedge Funds
574 IFM Investors Australia 185.00 Direct Private Equity Funds
575 Millburn Ridgefield Corporation United States 151.00 Funds of Hedge Funds
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Total assets by asset class
Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class
576 Intermediate Capital Group United Kingdom 149.00 Private Equity FoF
577 Whitehelm Capital Australia 148.39 Direct Real Estate Funds
578 Neuberger Berman United States 142.00 Direct Commodities Funds
579 Aalto Invest United Kingdom 141.00 Direct Hedge Funds
580 DDJ Capital Management United States 118.00 Illiquid Credit
581 Lombard Odier Investment Managers Switzerland 107.10 Direct Commodities Funds
582 Union Investment Germany 104.00 Direct Infrastructure Funds
583 Deutsche Asset Management United Kingdom 100.00 Insurance-Linked Investments
584 First Quadrant United States 97.00 Direct Commodities Funds
585 Whitehelm Capital Australia 95.05 Private Equity FoF
586 Millburn Ridgefield Corporation United States 95.00 Direct Commodities Funds
587 Pioneer Investments Italy 90.88 Insurance-Linked Investments
588 Blue Sky Alternative Investments Australia 89.00 Real Assets
589 Greystone Managed Investments Canada 77.00 Direct Infrastructure Funds
590 Gunn Agri Partners Australia 75.00 Real Assets
591 Intermediate Capital Group United Kingdom 72.00 Direct Hedge Funds
592 Schroders Investment Management United Kingdom 65.18 Direct Infrastructure Funds
593 Henderson Global Investors United Kingdom 61.80 Direct Private Equity Funds
594 Whitehelm Capital Australia 61.60 Direct Private Equity Funds
595 Fulcrum Asset Management United Kingdom 60.00 Direct Commodities Funds
596 Henderson Global Investors United Kingdom 56.60 Funds of Hedge Funds
597 Impax Asset Management United Kingdom 56.55 Direct Real Estate Funds
598 BMO Global Asset Management United Kingdom 51.00 Real Assets
599 Tages (1) United Kingdom 50.00 Insurance-Linked Investments
600 Allianz Global Investors Germany 49.00 Direct Commodities Funds(1) Since 2014, La Française has a strategic partnership with Tages Capital and hold 40% of Tages Capital
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Total assets by asset class
Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class
601 Loomis, Sayles & Co. United States 30.00 Real Assets
602 Loomis, Sayles & Co. United States 5.00 Direct Commodities Funds
Total 6,165,283.64
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Survey statistics
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§ 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
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Funds of Hedge Funds: A Hedge Fund of Funds is an investment structure that pools capital from investors within a commingled vehicle that allocates it to Hedge Funds, instead of investing directly into opportunities.
Direct Hedge Funds: Hedge Funds are private, offshore domiciled investment vehicles seeking to generate absolute returns regardless of the performance of overall markets. To achieve that, hedge funds can take advantage of a broad spectrum of tools including leverage and short selling and they are typically not subject to any formal investment restrictions. Hedge Funds are usually at the more liquid end of the investment spectrum.
Private Equity FoF: A Private Equity Fund of Funds is an investment structure that pools capital from investors and commits it to direct private equity funds, this includes secondary managers.
Direct Private Equity Funds: Private Equity is equity capital that is not quoted on a public exchange. It consists of investors and funds that make investments directly into private companies or conduct buyouts of public companies that result in a delisting of public equity.
Direct Real Estate Funds: Real estate strategies are those substantially investing directly or indirectly in buildings or land, largely without any operational business exposure attached (aside from hotels). This would include both listed and unlisted securities, and equity and debt investments in real estate. We would exclude securities debt from our definition (e.g. RMBS or CMBS).
Direct Commodities Funds: Commodities are a distinct asset used in the production of good and services. Price is determined by supply and demand dynamicsrather than future cash flows, which implies that traditional valuation methods do not apply. Participants in this market include commodity producers and speculators. Producers trade mostly physical assets, but use derivatives to hedge against price movement, whilst speculators trade mostly derivatives given the costs associated with storage. Some examples of commodities include coffee, oil and gold.
Direct Infrastructure Funds: Infrastructure assets are the facilities and structures essential for the orderly operations of an economy. Infrastructure assets generally also demonstrate monopolistic characteristics and high barriers to entry for competitors. Examples of infrastructure assets include transportation networks, health and education facilities, communications networks, water and energy distribution systems provide essential services to communities.
Real Assets (eg agriculture, timber, water): Real assets strategies include a wide range of investment opportunities, ie in agriculture/farmland, timberland, water (including water rights), natural resources, etc. The distinctive characteristic of real asset is tangible underlying asset and its connection to food and resource scarcity theme. The strategies may be focused either on delivering cash yield to investors (limited exposure to operational business) or on capital appreciation (significant exposure to operational business).
Illiquid Credit: Illiquid credit strategies encompass private debt opportunities, for example real estate debt, direct lending, mezzanine etc., and other private equity style funds with a predominant focus on distressed debt-biased strategies (for example non-performing loans) where there is not expected to be equity control.
Insurance-Linked Investments: An Insurance-Linked Investment product is an investment fund that offers investors exposure to insurance-related premium, predominantly related to P&C risk (mainly property catastrophe risk).
Pension funds: Includes public pension funds, private sector pension funds and superannuation schemes.
Wealth managers: Includes high net worth individuals, family offices, asset managers, corporate investors, private companies and investment companies.
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