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tives Survey 2012 Including the top 100 alternative investment managers July Towers Watson.

All rights r...

Description

Global Alternatives Survey 2012 Including the top 100 alternative investment managers

July 2012

© 2012 Towers Watson.

All rights reserved.

Survey statistics l

This year we expanded our analysis outside pension fund assets to also include the ranking of total assets under management (AuM) as well as non-pension fund assets

This is the first year we are including direct hedge funds (HF) and direct private equity funds (PE) results.

These asset classes are not included for year-on-year comparisons

Total AuM and pension fund AuM were mandatory requirements for participating in the survey.

Non-pension fund AuM data were recommended but not mandatory

Please note this year’s top 100 asset managers ranking is based on total AuM,

We also show top 100 asset managers ranking by four different client types (pension funds,

sovereign wealth funds and endowments/foundations)

The top ranked managers by asset class for Private Equity Fund of Funds,

Fund of Hedge Funds,

Infrastructure and Commodities are ranked by pension fund AuM.

The top ranked Hedge Funds,

Private Equity and Real Estate managers are ranked by both total AuM and pension fund AuM

We would like to note that manager participation varies from year to year,

and one data point from a large asset manager may significantly affect the survey results.

There is potential overlap between fund of funds and directs for hedge funds and private equity,

All rights reserved.

Proprietary and Confidential.

For Towers Watson and Towers Watson client use only.

Survey statistics l

Total survey AuM: USD 4,871 bn as at 31 December 2011

The majority of the data (441 entries) comes directly from investment managers with the remainder coming from publicly available sources.

Certain direct Hedge Fund data was sourced using data derived from the Global Billion Dollar Club,

published by HedgeFund Intelligence

(In USD billions) PEFoFs

FoHFs

Real Estate

Hedge Funds*

Private Equity*

Infrastructure

Commodities

Total

Total AuM for the top 100 alternative investment managers

288.5

187.2

1,101.3

643.0

696.2

119.0

101.2

3,136.5

Pension fund AuM for the top 100 alternative investment managers

220.5

490.0

120.6

173.4

106.0

1,234

Total AuM of all managers

459.8

438.2

1,379.4

1,115.6

1,020.4

266.1

191.3

4,871

Total number of manager entries

published by HedgeFund Intelligence

All rights reserved.

Proprietary and Confidential.

For Towers Watson and Towers Watson client use only.

Sections

Section I Top 100 asset managers by total assets

Section II Analysis of top alternative asset managers by client type

The largest 100 alternative managers globally by total assets Comparisons between the top 100 in 2010 and 2011 (Excluding direct funds)

Top 100 Pension funds’ asset managers Top 100 Insurance firms’ asset managers Top 100 Sovereign wealth funds’ asset managers Top 100 Endowments and Foundations’ asset managers

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For Towers Watson and Towers Watson client use only.

Sections • • Section III • Analysis of top • managers by pension • fund assets • •

Section IV Total universe

Top 50 Private Equity Fund of Funds managers Top 50 Fund of Hedge Funds managers Top 50 Real Estate managers* Top 50 Hedge Funds managers* Top 50 Private Equity managers* Top 20 Infrastructure managers Top 20 Commodities managers

Analysis of all 493 asset managers entries Five-year comparison

Fund of Hedge Funds and Private Equity Fund of Funds

direct hedge funds and direct private equity managers

All rights reserved.

Proprietary and Confidential.

For Towers Watson and Towers Watson client use only.

Section 1 Towers Watson / Financial Times top 100 alternative asset managers by total assets

How to read this section This section shows the top 100 managers ranked by total assets under management.

Each manager is counted separately for individual asset classes,

so they may appear multiple times if their AuM is large in more than one asset class.

These top 100 are analysed in relation to the alternative investment vehicles used,

to the regions they invest in and in relation to assets managed by client type.

All rights reserved.

Proprietary and Confidential.

For Towers Watson and Towers Watson client use only.

Top 100 Asset Managers

Executive summary Top 100 alternative investment managers Including direct funds l

Alternative total assets managed on behalf of all clients by the Top 100 managers amounted to around USD 3,136 bn in 2011

Of the alternative asset classes reported,

Real Estate is the largest block (around 35%) followed by Private Equity,

Hedge Funds,

Private Equity Fund of Funds,

Fund of Hedge Funds,

Infrastructure and Commodities

Direct funds have been included this year,

Private Equity represents 22% of assets in the top 100 managers and Hedge Funds 21%

Pension fund assets represent the 33% of the total AuM (including direct private equity and hedge funds) followed by Insurance firms,

Sovereign wealth funds and Endowments and Foundations.

The 55% of the total AuM managed by the top 100 asset managers where not disclosed by type of client

In terms of where assets are invested,

North America accounts for the largest amount of alternative assets,

followed by Europe and Asia Pacific

Please note that year-on-year comparisons in this report excludes direct funds

All rights reserved.

Proprietary and Confidential.

For Towers Watson and Towers Watson client use only.

Top 100 Asset Managers

Top 100 alternative investment managers 9%

Private Equity FoF Hedge Funds

Fund of Hedge Funds Private Equity

Real Estate Infrastructure

Com modities

Asset class

Total AuM

Average

Smallest

Largest

Number of funds

USD million Private Equity FoF

288,461

26,224

17,422

40,911

Fund of Hedge Funds

187,197

23,400

14,300

39,042

Real Estate

1,101,321

36,711

14,291

94,100

Hedge Funds

643,032

24,732

14,000

76,100

Private Equity

696,191

33,152

15,900

90,741

Infrastructure

119,087

59,544

30,422

88,665

Commodities

101,187

50,593

23,851

77,335

Total

3,136,476

31,365

14,000

94,100

All rights reserved.

Proprietary and Confidential.

For Towers Watson and Towers Watson client use only.

Top 100 Asset Managers

Distribution by type of client • Please note that it was not mandatory to break down client categories beyond pension funds,

so the “other” category may include the client types shown separately in this chart

7% 3%2%

Pension funds Sovereign w e alth funds

Insurance firms Endow ments and Foundations

Other

Asset class

Total AuM

Average

Smallest

Largest

Number of funds

USD million Pension funds

1,046,951

13,776

1,261

59,070

Insurance firms

215,682

4,069

38,971

Sovereign wealth funds

95,369

2,326

7,990

Endowments and Foundations

56,406

1,064

9,215

Other

1,722,069

17,221

90,741

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Top 100 Asset Managers

Distribution by region and asset class •

Asset managers were requested to state where the total assets are invested

P r i v a t e Eq u i t y F oF

F u nd o f H e dg e Fu n d's

I nf r a st r u c't u r e

Eu r o p e

P r i v a t e Eq u i t y

Tot a l

18 % 46%

H e dg e Fu n d's

C o mm o di t i e s

R e a l'Est a t e

9% 3%

9% 9% 4%

A si a P a c'i f i c

© 2012 Towers Watson.

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Proprietary and Confidential.

For Towers Watson and Towers Watson client use only.

Top 100 Asset Managers

Total AuM – Comparison 2010

The Gini Index of 0.40 shows an equitative concentration of assets among managers

1,972,722

2,247,977

USD million

Total AuM

Private Equity FoF

Fund of Hedge Funds

Infrastructure

Com m odities

All rights reserved.

Proprietary and Confidential.

For Towers Watson and Towers Watson client use only.

Top 100 Asset Managers

Total AuM – Comparison 2010

Fund of Hedge Funds

• total AuM increased 21% from last year • its weight increased from 15% to 16% • 54% of the AuM was invested in North America • decreased its weight from 16% to 13% with a decrease of 6% on its dollar amount of assets

• North America and Europe together hold 72% of the AuM • remained as the biggest asset class with 57% of the AuM Real Estate

• near 81% of the assets were invested in Europe and North America

Infrastructure

• increased its AuM by 4% • Europe represents almost the half of the assets invested (49%) and Asia Pacific invested 15% of its allocation

Commodities towerswatson.com

• mainly allocated to North America (76%) • showed a decrease of 7% in its assets having the lowest weight in the total AuM (6%).

All rights reserved.

Proprietary and Confidential.

For Towers Watson and Towers Watson client use only.

Top 100 Asset Managers

Top 100 ranking – Total AuM * Figures obtained from publicly available sources and data derived from the Global Billion Dollar Club,

published by HedgeFund Intelligence ** Figure obtained from Blackstone’s website

Position

Name of parent organisation

Main country of domicile

Total AuM (USD million)

Asset Class

CBRE Global Investors The Carlyle Group* Macquarie Group Brookfield Asset Management Goldman,

Sachs & Co.

BlackRock Bridgewater Associates UBS Global Asset Management RREEF Alternatives Morgan Stanley AXA Real Estate Blackstone Capital Partners TPG Capital Invesco Blackstone Capital Partners** AEW Capital Management LaSalle Investment Management Ares Management J.P.

Morgan Asset Management* Oaktree Capital Management AlpInvest Partners Bain Capital Blackstone Alternative Asset Management Credit Suisse Asset Management Principal Global Investors

United States United States Australia Canada United States United Kingdom United States United Kingdom Germany United States France United States United States United States United States United States United States United States United States United States The Netherlands United States United States United States United States

Real Estate Private Equity Infrastructure Real Estate Private Equity Commodities Hedge Funds Real Estate Real Estate Real Estate Real Estate Private Equity Private Equity Real Estate Real Estate Real Estate Real Estate Hedge Funds Hedge Funds Private Equity Private Equity FoF Private Equity Fund of Hedge Funds Private Equity FoF Real Estate

All rights reserved.

Proprietary and Confidential.

For Towers Watson and Towers Watson client use only.

Top 100 Asset Managers

Top 100 ranking – Total AuM * Figures obtained from publicly available sources and data derived from the Global Billion Dollar Club,

published by HedgeFund Intelligence

Position

Name of parent organisation

Main country of domicile

Total AuM (USD million)

Asset Class

Aviva Investors CVC Capital Partners Apax Partners Warburg Pincus Goldman Sachs Asset Management Kohlberg Kravis Roberts & Co.

Brevan Howard Cornerstone Real Estate Advisers Tishman Speyer HarbourVest Partners Cohen & Steers Capital Management Prudential Real Estate Investors Aberdeen Asset Management Brookfield Asset Management J.P.

Morgan Asset management (Global Real Assets) UBS Global Asset Management Och-Ziff Capital Management Group BlueCrest Capital Management Winton Capital Management Limited BlackRock M&G Investment Limited Heitman

United Kingdom Luxembourg United Kingdom United States United States United States United Kingdom United States United States United States United States United States United Kingdom Canada United States United Kingdom United States United Kingdom United Kingdom United Kingdom United Kingdom United States

Real Estate Private Equity Private Equity Private Equity Private Equity FoF Private Equity Hedge Funds Real Estate Real Estate Private Equity FoF Real Estate Real Estate Real Estate Infrastructure Real Estate Fund of Hedge Funds Hedge Funds Hedge Funds Hedge Funds Hedge Funds Real Estate Real Estate

48 49 50

Baupost Group* Angelo,

Gordon & Co.

PIMCO

United States United States United States

Hedge Funds Hedge Funds Commodities

All rights reserved.

Proprietary and Confidential.

For Towers Watson and Towers Watson client use only.

Top 100 Asset Managers

Top 100 ranking – Total AuM * Figures obtained from publicly available sources and data derived from the Global Billion Dollar Club,

published by HedgeFund Intelligence

Position

Name of parent organisation

Main country of domicile

Total AuM (USD million)

Asset Class

Union Investment

Germany

23,763.00

Real Estate

Pantheon Advent International Hines Goldman Sachs Asset Management Partners Group

United Kingdom United Kingdom United States United States Switzerland

Private Equity FoF Private Equity Real Estate Fund of Hedge Funds Private Equity FoF

Grosvenor Capital Management Paulson & Co.* Lyxor Asset Management J.P.

Morgan Asset Management Hamilton Lane Advisors

United States United States France United States United States

Fund of Hedge Funds Hedge Funds Fund of Hedge Funds Private Equity FoF Real Estate

Apollo Global Management* AHL Standard Life Investments* Providence Equity Partners

United States United Kingdom United Kingdom United States

Private Equity Hedge Funds Hedge Funds Private Equity

Permal Group Renaissance Technologies* AXA Private Equity Welsh,

Carson,

Anderson and Stowe Henderson Global Investors

United States United States France United States United Kingdom

Fund of Hedge Funds Hedge Funds Private Equity FoF Private Equity Real Estate

Elliot Management Corporation* Farallon Capital Management* Goodman EQT Private Equity Funds Hamilton Lane Advisors

United States United States Australia Guernsey United States

Hedge Funds Hedge Funds Real Estate Private Equity Private Equity FoF

© 2012 Towers Watson.

All rights reserved.

Proprietary and Confidential.

For Towers Watson and Towers Watson client use only.

Top 100 Asset Managers

Top 100 ranking – Total AuM * Figures obtained from publicly available sources and data derived from the Global Billion Dollar Club,

published by HedgeFund Intelligence

Position

Name of parent organisation

Main country of domicile

Total AuM (USD million)

Asset Class

Adams Street Partners First Reserve Management King Street Capital Management LGT Capital Partners Hellman & Friedman* Riverstone Holdings D.

Shaw Group General Atlantic Davidson Kempner Advisers* BlackRock Legal & General Investment Management BC Partners BNP Paribas Real Estate Standard Life Investments Adage Capital Management* Cerberus Capital Management* AMP Capital Investors GLG Goldman Sachs Asset Management Moore Capital Management* GoldenTree Asset Management Mesirow Advanced Strategies Dexus Property Group Millennium Management*

United States United States United States Switzerland United States United States United States United Kingdom United States United Kingdom United Kingdom United Kingdom France United Kingdom United States United States Australia United Kingdom United States United States United States United States Australia United States

Private Equity FoF Private Equity Hedge Funds Private Equity FoF Private Equity Private Equity Hedge Funds Private Equity Hedge Funds Fund of Hedge Funds Real Estate Private Equity Real Estate Real Estate Hedge Funds Private Equity Real Estate Hedge Funds Hedge Funds Hedge Funds Hedge Funds Fund of Hedge Funds Real Estate Hedge Funds

SAC Capital Advisors*

United States Total

Hedge Funds

© 2012 Towers Watson.

All rights reserved.

Proprietary and Confidential.

For Towers Watson and Towers Watson client use only.

Section 2 Towers Watson / Financial Times top alternative asset managers by type of client

Top 100 Pension fund assets

Top 100 Insurance firms assets

Top 100 Sovereign wealth funds assets

Top 100 Endowments and Foundations assets

How to read this section This section shows the top 100 managers ranked by total assets under management for a given alternative asset class,

managed on behalf of the above four client categories.

All rights reserved.

Proprietary and Confidential.

For Towers Watson and Towers Watson client use only.

Top Managers by clients

Top manager statistics Top 100 total AuM by client type Sovereign wealth funds: Their biggest allocations are to private equity and real estate

Foundations and Endowments: A large proportion of their assets are allocated to private equity

Pension funds: Represent the biggest proportion.

Historically this survey was only concentrated on pension funds

Insurance firms: Real estate assets account for more than half of insurance assets

excluding the “other” category.

Please note that it was not mandatory to break down client categories beyond pension funds.

All rights reserved.

Proprietary and Confidential.

For Towers Watson and Towers Watson client use only.

Section 2.a Top 100 Pension funds assets

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Proprietary and Confidential.

For Towers Watson and Towers Watson client use only.

Top 100 Asset Managers – Pension funds AuM

Executive summary

Smallest

Largest

Top 100 USD million Pension funds AuM

12,340

4,319

59,070

Total AuM

25,080

6,041

94,100

1,234,017

Average

USD million

2,508,003

Top 100 alternative investment managers Including direct funds

Pension funds AuM Total AuM in top 100 by Pension funds

Total alternative assets managed on behalf of pension funds by the top 100 managers by pension funds assets amounted to around USD 1,234 bn in 2011.

This represents 49.2% of their total AuM (USD 2,508.0 bn)

Of the alternative asset classes in this survey,

Real Estate remains the largest block of alternative assets for pension funds (around 39.7%) six of the top ten managers by pension fund are Real Estate.

It is followed by Private Equity Fund of Funds,

Private Equity and Hedge Funds

the ones with less proportion are Fund of Hedge Funds,

Infrastructure and Commodities

This year we included direct funds into our survey: Hedge Funds represents 9.8% and Private Equity 14.1%

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Proprietary and Confidential.

For Towers Watson and Towers Watson client use only.

Top 100 Asset Managers – Pension funds AuM

Distribution by asset class 18%

Private Equity FoF Hedge Funds

Fund of Hedge Funds Private Equity

9% 2%

Real Estate Infrastructure

Comm oditie s

Asset class

Total Pension AuM

Average

Smallest

Largest

Number of funds

USD million Private Equity FoF

220,468

13,779

5,100

40,797

Fund of Hedge Funds

96,579

7,429

4,600

19,275

Real Estate

489,957

13,999

4,520

53,800

Hedge Funds

120,570

12,057

4,319

47,300

Private Equity

173,416

12,387

4,950

24,209

Infrastructure

106,002

13,250

5,377

59,070

Commodities

27,025

6,756

4,396

10,691

Total

1,234,017

12,340

4,319

59,070

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Proprietary and Confidential.

For Towers Watson and Towers Watson client use only.

Top 100 Asset Managers – Pension funds AuM

Total AuM – Comparison 2010-2011

USD million

Total pension AuM increased from USD 951.7 bn in 2010 to 1,026.5 bn in 2011 (7.9%)

The asset allocation remained broadly similar but Real Estate decreased,

while Private Equity FoF increased

Pension funds assets represented 49.4% of total AuM

Total AuM in top 100 by pension fund assets 2010

Fund of Hedge Funds

Infrastructure

Com modities

11% 3%

Private Equity FoF

1,026,496

951,689

Excluding direct funds

Real Estate 22

© 2012 Towers Watson.

All rights reserved.

Proprietary and Confidential.

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Top 100 Asset Managers – Pension funds AuM

Comparison 2010 – 2011 Excluding direct funds the second largest asset class,

Private Equity FoFs

Fund of Hedge Funds

has 20 managers among the top 100

with 18 managers in the top 100 (2010: 19)

has the highest number of managers (46) in the top 100 ranking l

Real Estate

accounts for 52% of assets managed on behalf of pension funds l

Infrastructure Commodities

there are 11 managers in the top 100,

five managers remained as in 2010

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Top 100 Asset Managers – Pension funds AuM

Top 100 ranking – Pension fund assets Position

Name of parent organisation

Main country of domicile

Pension AuM (USD million)

Total AuM (USD million)

Asset Class

Macquarie Group CBRE Global Investors Bridgewater Associates AlpInvest Partners J.P.

Morgan Asset management (Global Real Assets) RREEF Alternatives LaSalle Investment Management Blackstone Capital Partners Prudential Real Estate Investors Heitman Principal Global Investors Morgan Stanley Hamilton Lane Advisors HarbourVest Partners Credit Suisse Asset Management UBS Global Asset Management AEW Capital Management Blackstone Alternative Asset Management Oaktree Capital Management Pantheon Kohlberg Kravis Roberts & Co.

Invesco Aberdeen Asset Management Apax Partners Adams Street Partners

Australia United States United States The Netherlands United States Germany United States United States United States United States United States United States United States United States United States United Kingdom United States United States United States United Kingdom United States United States United Kingdom United Kingdom United States

Infrastructure Real Estate Hedge Funds Private Equity FoF Real Estate Real Estate Real Estate Private Equity Real Estate Real Estate Real Estate Real Estate Real Estate Private Equity FoF Private Equity FoF Real Estate Real Estate Fund of Hedge Funds Private Equity Private Equity FoF Private Equity Real Estate Real Estate Private Equity Private Equity FoF

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Top 100 Asset Managers – Pension funds AuM

Top 100 ranking – Pension fund assets Position

Name of parent organisation

Main country of domicile

Pension AuM (USD million)

Total AuM (USD million)

Asset Class

Warburg Pincus Brookfield Asset Management BlackRock CVC Capital Partners Hamilton Lane Advisors J.P.

Morgan Asset Management AMP Capital Investors Partners Group Grosvenor Capital Management Goldman Sachs Asset Management Brevan Howard First Reserve Management PIMCO BlackRock Advent International Industry Funds Management Providence Equity Partners Welsh,

Carson,

Anderson and Stowe Pathway Capital Management Legal & General Investment Management LGT Capital Partners Standard Life Investments Henderson Global Investors Rockspring Property Investment Managers BlueCrest Capital Management

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