Global Alternatives Survey 2015

Transcription

1 Global Alternatives Survey 2015 Including the top alternative asset manager rankings July Towers Watson. All rights reserved.

2 Survey statistics 623 entries are included in the survey. The majority of the data (547 entries) comes directly from investment managers with the remainder coming from publicly available sources. This includes the Global Billion Dollar Club list, published by HedgeFund Intelligence. Investor Type Manager Type FoHF* Direct Hedge Funds* Private Equity FoF* Direct Private Equity Funds* Direct Real Estate Funds Direct Commodities Funds USD billion Direct Infrastructure Funds Real Assets Illiquid Credit Total Top 100 total assets Top 100 Pension Fund assets Top 25 Insurance Company assets Top 25 Sovereign Wealth Fund assets Top 25 Endowment & Foundation assets Top 25 Fund of Funds assets Top 25 Wealth Manager assets Top 25 Bank assets , , % , % % % % % % % * 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 2

3 Sections Section I Asset Class Trends Hedge Funds Private Equity Real Estate Infrastructure Commodities Real Assets Illiquid Credit Section II Top 100 alternative asset managers by AuM The top 100 alternative asset managers globally by total assets under management (AuM) 3

4 Sections Section III Analysis of top alternative asset managers by investor type Top 100 alternative asset managers by Pension Fund assets Top 25 alternative asset managers by Insurance Company assets Top 25 alternative asset managers by Sovereign Wealth Fund assets Top 25 alternative asset managers by Endowment & Foundation assets Top 25 alternative asset managers by Fund of Funds assets Top 25 alternative asset managers by Wealth Manager assets Top 25 alternative asset managers by Bank assets Section IV Total universe Analysis of all asset managers Complete ranking of all asset managers 4

5 Section 1 Asset Class Trends

6 Asset Class Trends Hedge Funds - Key Trends The evolving HF landscape Institutional investors continue to use hedge funds to access skill and build diversity into portfolios. This is particularly true at a time when beta valuations are coming under pressure, and the best way to protect value into the next phase of the cycle is through manager skill and by constructing portfolios with differentiated strategies. The hedge fund industry has come under increasing pressure in recent times with accusations of high fees and dispersed returns; and diminishing skill levels across the industry have led to benchmark returns remaining uninteresting. Notwithstanding, the top managers in the industry continue to add value and crucial diversity to portfolios. However, during the next stage of the market cycle it will be critical for hedge funds to prove their worth and diversifying characteristics as volatility picks up and investors rely more on alternatives to generate returns. Future outlook Large institutional investors no longer select managers based purely on talent, although skill remains the most important criteria. As the industry has evolved, investors are increasingly seeking more than just pooled fund investments from managers focusing on partnerships around terms, strategy focus, implementation and idea sharing. In addition, research from across the industry is increasingly highlighting areas where returns comprise not only investment skill, or alpha, but also where a portion of the returns generated are often attributable to beta. This includes bulk beta such as equity or credit, or more esoteric, or 'alternative' beta, such as insurance premia, carry, volatility and momentum. The ability to break down hedge fund returns into its component parts of alpha, beta and alternative beta allows investors to more efficiently access these returns. Furthermore, this hedge fund return deconstruction process is contributing to an increased focus by advisors and investors on building their asset allocations from a more granular return-driver perspective, instead of a traditional asset class approach. While the 'decompartmentalising' of return and risk drivers and the creation of alternative beta solutions is being seen as a threat to some hedge fund strategies, moving away from an asset class approach could very well lead to a larger alternatives allocation than clients held previously, often funded from traditional beta and indeed 'traditional' alpha. Genuine alpha remains relatively scarce and those who can access it will rightly continue to attract flows; but for those hedge fund managers who have been selling overpriced beta masked as alpha, the game is likely over. 6

7 Asset Class Trends Private Equity - Key Trends The evolving private equity landscape Fundraising in private equity is buoyant with rising markets allowing private equity managers to generate significant distributions back to their investors who in turn are looking to reinvest as the asset class has proven to generate positive returns in good and bad markets. The market had been somewhat bifurcated with those managers boasting exceptional short- and long-term track records raising capital particularly quickly while others took longer to secure capital. However, this trend has been less prevalent recently with the fund-raising tailwind meaning most institutional quality managers have been able to raise capital, especially in the larger end of the market. With all this influx of capital and cheap financing with little to no covenants, pricing both in the US and Europe is reaching all-time highs. Meticulous selectivity with managers who have proven discipline in prior cycles and have a range of skills to bring to bear on their portfolio companies will become critical in the next phase of the cycle. Future outlook Whilst the pressure on fees will be volatile and tends tobe inversely correlated with positive market sentiment, we expect continued downward pressure on fees over the long term. Part of that pressure will be from the on-going disintermediation story in private equity. This includes continued limited appetite for traditional fund of funds and increasing activity from large asset owners buying businesses directly (ie, competing with private equity managers). The secondary market continues to mature and grow in prominence, increasing the liquidity of the asset class. Of late, we are seeing some larger managers implement longer dated funds, targeting longer hold periods and charging lower fees than the traditional 12 year vehicles. In principle, we find this theme compelling, but note that getting the structure and incentives right whilst finding sufficient high quality businesses to warrant ownership for 10+ years will be critical. This is all part of the continued theme of evolution of the manager / investor relationship which we expect to continue to gather momentum as the asset class matures. We expect this trend to change the nature of the private equity relationship with increased implementation options providing more flexibility for sophisticated investors. Primary fund investing will become just one tool that large sophisticated investors use to get their private equity exposure. This will be supplemented with increased co-investing, secondary activity and strategic partnerships for investors with the scale and governance to successfully execute such strategies. 7

8 Asset Class Trends Real Estate - Key Trends The evolving real estate landscape Real estate markets have continued to perform strongly driven by investors desire for attractive yields in a low bond yield environment and, in many markets, healthy rental growth in light of stronger economic growth. In many ways it feels like Double digit returns, transaction volumes at multi-year highs, yields reaching multi-year lows, debt costs at ever lower levels on higher loan-to-value terms, regional (non-gateway) locations seeing increased investor interest, speculative development starting to re-emerge and fund raising breaking records in terms of speed and size. This being said, unlike 2007, the property yield spread relative to long term go vernment bonds shows a healthy spread, which provides some investor comfort. Further, much of continental Europe has missed much of the rally in recent years and appears some way from peak cycle behaviors. Long lease property strategies in Europe have continued to see interest from pension fund clients given the expected return differential relative to bonds. However, for the first time in several years, long lease property strategies have challenges from a weak supermarket sector where many funds have large allocations. In many regions around the world we are seeing growing interest in alternative property sectors such as healthcare, storage, student assets or the Private Rented Sector (PRS) in the UK. Strategically, the addition of these alternative sectors generally helps diversify against the cyclicality of offices which can often be a disproportional contributor to risk in portfolios. Future outlook Despite real estate looking attractive relative to bonds, we believe investors should be more patient and selective when investing new real estate allocations at the current time. We have seen growing interest in co-investments, joint ventures and direct deals as investor aim to have more control and visibility on both assets and pricing. At higher points in the market cycle this visibility appears valuable. We expect continued interest in long lease property strategies in Europe in particular growing interest in Continental European institutional clients given the launch of several new products in this market and the attractiveness of the yield spread given the very low bond yield environment. We are starting to see the development of several core open end Asian property funds in recent years. This has been a difficult market for core products given the divergence in nature of underlying real estate markets and also the fact that institutional asset lot sizes tend to be quite high. Both of these factors have led to difficulties in core funds reaching a critical mass size. The establishment of several new entrants could lead to institutions making more direct allocations to Asia in a core vehicle rather than higher risk private equity like vehicles. We expect the continued growth in alternative property sectors as investor better diversify their property allocations and take advantage of the thematic tailwinds associated with many of these subsectors like student assets (growing emerging market wealth), property healthcare (demographics) and residential/storage (urbanization). 8

9 Asset Class Trends Infrastructure - Key Trends The evolving infrastructure landscape Over recent periods fund-raising in the asset class has accelerated, although the key winners in this trend have been established managers with track-records. While there remains a trend for greater co-investment and direct deals from investors, the very largest investors in the asset class are actually reversing this trend and starting to again re-engage with traditional asset managers to assist in asset execution (both origination and asset management). However, this increased interaction has not been through traditional fund structures, but largely in the form of segregated accounts. These segregated accounts are often focused on areas where the asset owner would struggle to access without the assistance of professional expertise. Future outlook With the (justifiable) perception of higher prices in the larger infrastructure assets, there is an increasing marketing effort from managers positioning themselves as mid-market infrastructure investors. While we believe that the best midmarket managers have a structural advantage over those focusing on larger assets, there are a number of warnings; Mid-market has the potential to become a more competitive market Increasingly larger mid-market funds and a desire by many investors for co-investment are intellectually incoherent, and will lead to either disappointment of the level of co-investment offered to asset owners or asset managers potentially have to migrate towards larger investment opportunities Similar to last year, the greatest challenge (together with opportunity) is around the role that institutional investors may play in funding government - supported infrastructure projects globally. In economies where government budgets are heavily constrained, it is vital that those governments provide sufficient incentives for private capital to help address funding gaps. Renewed thinking about regulatory frameworks and risk transfer between the public and private sectors will significantly impact the amount of capital that ultimately gets invested in infrastructure assets around the world. This debate has not really moved forward over the past 12 months, and a more joined-up discussion by asset owners would help push this forward. 9

10 Asset Class Trends Commodities - Key Trends The evolving commodity landscape Trends in commodity prices have changed significantly since 2000 when average commodity prices have more than doubled compared to what we have seen in years pre In 2014 we witnessed weakening in some commodity markets, particularly the energy markets, and while the situation has somewhat stabilized now there is still a lot of uncertainty about the future outlook. Over the past 15 years, the average annual volatility of resource prices has increased significantly as well. This year oil prices have seen the most significant decline, the third largest since World War II. Similar trend was observed for other commodities which have been gradually weakening. This sentiment impacts investment decisions made by both institutional investors and asset managers. Future outlook The outlook for commodities markets remains uncertain and we have a neutral view on commodities over the short-term. Oil markets have undergone many changes and we still see uncertainty around supply and demand dynamics in the oil market. We expect that US oil production will experience further falls if the number of active rigs continues to fall. A few oil producers around the globe have suffered from unplanned disruption in 2015 owing to geopolitical tensions. On the demand side, we anticipate it to remain healthy over the rest of the year as growth conditions in most developed economies and some emerging economies remain robust. 10

11 Asset Class Trends Real Assets - Key Trends The evolving real asset landscape One of the key benefits of investing in real assets is their role as a diversifier, in terms of risks and returns in the overall portfolio. Investing in real assets is also a direct way to access resource scarcity theme and other themes such as demographic trends, climate change, technology and emerging wealth. These and some other investment characteristics of real assets continue attracting more interest from institutional investors globally. There is a wider range of strategies and implementation routes to choose from now compared to several years ago: traditional farmland strategies ranging from cash-lease to operating farms, private equity investments in agriculture across the whole value chain, investments in water via either water rights or water infrastructure, club deals formed by large like-minded investors, direct investments driven by SWFs from Middle East and Asia, investments in pooled funds, etc. This year is also characterized by growing number of offerings in global timberland, Australian livestock (beef production), aquaculture strategies and mixed strategies (eg including water rights, private equity agriculture and farming). We see emergence of relatively new strategies, such as real assets debt, water strategies and real assets strategies focused on sustainability. ESG remains an important area of focus for both investors and fund managers in real assets space. Future outlook In the low return environment investors tend to look for investments which provide strong down-side protection. Real assets due to their unique investment characteristics and in most cases their resilience to economic shocks, can serve this role to some extent. We expect that allocation to this asset class will continue to grow over time. We also expect to see more institutional platforms being built in agriculture (eg a large institutional investor/asset manager partners up with a local player), more separate accounts being offered to Asian investors in timber and agriculture, more direct investments from SWFs globally in both direct farmland and also in agriculture-related businesses. We see more interest from governments in forming partnerships and investing in farmland as a way to hedge against resource and food scarcity (eg recent agreement by China and Russia to launch a $2 billion investment fund to develop agricultural projects in the two countries and set up a free-trade zone between their key farming belts). This interest will continue to strengthen based on current demographic trends and continuously growing demand for food and resources driven by emerging wealth in developing countries. We anticipate to see further evolution of product and mandate development and expect improvements in this area going forward. 11

12 Asset Class Trends Illiquid Credit - Key Trends The evolving illiquid credit landscape The illiquid credit category is inclusive of all closed-end funds with a predominant focus on credit, with the most common being private debt (e.g. direct lending, commercial real estate debt, mezzanine etc) and distressed debt. The key trend has been the pace of development of an institutional lending landscape in Europe, with numerous new funds being raised, and increasing interest in private debt strategies by investors globally. There has been an increasing trend for US based credit firms to raise funds in Europe and also for existing European mezzanine firms to raise new senior lending products. We expect this trend to continue. Investor appetite also continues apace as investors consider taking on both greater illiquidity and risk in their credit portfolios to compensate for lower yields in public markets. There are some concerns that as competition has increased in some markets that yields are not always offering sufficient compensation for the illiquidity and risk being assumed, so we would urge caution when reviewing private debt strategies today. Talking to distressed debt, with credit availability still strong managers are finding it more challenging to find opportunities. Those managers that have had more success have been those with a somewhat broader mandate in distressed debt, for example those focused on purchasing nonperforming loans from banks. European biased strategies appear to be preferred by investors currently, however there has been increased focus on the US energy sector in particular. Future outlook We expect that demand for private debt strategies will remain high, particularly for those asset classes offering floating rate yields. Some asset classes will, however, become less attractive as ever more institutional capital flows into the asset class. We would also expect that distressed debt strategies will attract greater interest, with commentators talking to buoyant credit markets as possibly sowing the seed of an elevated default cycle 2-3 years out. 12

13 Section 2 Towers Watson / Financial Times Top 100 Alternative Asset Managers by Total AuM How to read this section This section shows the top 100 managers ranked by total AuM. Each manager is counted separately in each individual asset class, so they may appear multiple times if their AuM are large in more than one asset class. These top 100 are analysed in relation to the regions they invest in and in relation to assets managed by investor type.

14 Top 100 Alternative Asset Managers Executive summary Top 100 Alternative Asset Managers The top 100 alternative asset managers, ranked by total AuM, managed USD 3,501.1 bn on behalf of their investors in 2014 compared to USD 3,268.2 bn in The largest block of alternative assets is managed in Direct Real Estate Funds followed by Direct Hedge Funds, Direct Private Equity Funds, Private Equity Fund of Funds, Funds of Hedge Funds, Direct Infrastructure Funds and Illiquid Credit. There were no Real Assets nor Direct Commodities Fund managers among the top 100 ranking by total AuM. Pension Funds are the largest investors in alternative assets (33%), among the top 100 alternative asset managers, followed by Wealth Managers, Insurance Companies, Sovereign Wealth Funds, Banks, Fund of Funds and Endowments and Foundations. In terms of where the assets are invested, North America (47%) accounts for the largest amount of alternative assets, followed by Europe (36%) and Asia Pacific (9%). 14

15 Top 100 Alternative Asset Managers Top 100 Alternative Asset Managers 6% 23% 10% 22% 33% 4% 3% Funds of Hedge Funds Direct Hedge Funds Private Equity FoF Direct Private Equity Funds Direct Real Estate Funds Direct Infrastructure Funds Illiquid Credit Asset class Total AuM Average Smallest Largest USD million Number of managers Funds of Hedge Funds* 213, , , , Direct Hedge Funds* 791, , , , Private Equity FoF* 342, , , , Direct Private Equity Funds* 767, , , , Direct Real Estate Funds 1,139, , , , Direct Infrastructure Funds 148, , , , Illiquid Credit 97, , , , Total 3,501, , , , * 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 15

16 Top 100 Alternative Asset Managers Distribution by Investor Type 33% 8% 5% 2% 3% 19% 4% 26% Pension Fund Insurance Company Sovereign Wealth Fund Endowment and Foundation Fund of Funds Wealth Manager Bank Other Asset class Total assets Average Smallest Largest Number of managers USD million Pension Fund 1,138, , , Insurance Company 296, , , Sovereign Wealth Fund 191, , , Endowment and Foundation 84, , , Fund of Funds 116, , , Wealth Manager 652, , , Bank 127, , , * 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 16

17 Top 100 Alternative Asset Managers Distribution by Region and Asset Class Asset managers were requested to state where their assets are invested. Funds of Hedge Funds 14% 17% 59% 10% Direct Hedge Funds 35% 11% 45% 10% Private Equity FoF 26% 8% 60% 7% Direct Private Equity Funds 23% 9% 44% 24% Direct Real Estate Funds 44% 7% 47% 3% Direct Infrastructure Funds 40% 20% 37% 2% Illiquid Credit 53% 3% 20% 24% Total 36% 9% 47% 8% Europe Asia Pacific North America Other * Direct Commodities Fund and Real Asset managers did not present a regional breakdown ** Proportions may not sum up to100% due to rounding 17

18 Top 100 Alternative Asset Managers Comparison Includes only managers who participated in both years Total assets for the top 100 alternative asset managers increased from USD 3,126.8 bn in 2013 to USD 3,392.6 in 2014 (9%) The split by asset class is broadly similar to last year with an increase in Direct Real Estate Funds at the expense of a decrease in Direct Private Equity Funds. There are 95 managers in the top 100 that also participated in % % 22% 10% 22% 34% 4% 2% % 22% 10% 24% 32% 4% Funds of Hedge Funds Direct Hedge Funds Private Equity FoF Direct Private Equity Funds Direct Real Estate Funds Direct Infrastructure Funds Illiquid Credit * Proportions might not sum up to 100% due to rounding 18

19 Top 100 Alternative Asset Managers Comparison Includes only managers who participated in both years Funds of Hedge Funds Funds of Hedge Funds assets account for 6% of all assets managed by the top 100 managers. There are 7 Funds of Hedge Funds managers in the top 100 ranking. Direct Hedge Funds There are 24 Direct Hedge Fund managers in the top 100 ranking. Direct Hedge Fund assets increased by 9%. Private Equity FoF The proportion of Private Equity FoF AuM remained steady at 10%. The are 10 Private Equity FoF managers in the top 100 ranking. Direct Private Equity Funds Direct Real Estate Funds Direct Private Equity assets proportion in the top 100 decreased from 24% to 22% in There are 19 Direct Private Equity managers in the top 100 ranking. There are 29 Direct Real Estate Funds managers in the top 100 ranking, more than any other asset class. Direct Real Estate remains the largest asset class having 34% of all assets managed by the top 100 asset managers. Direct Infrastructure Funds There are 3 Direct Infrastructure managers in the top 100 ranking. Assets increased by 8% from 2013 to Illiquid Credit There are 3 Illiquid Credit managers in the top 100 ranking. Assets increased by 5% from 2013 to

20 Top 100 Alternative Asset Managers Top 100 ranking ranked by Total AuM * Data derived from the Global Billion Dollar Club, published by HedgeFund Intelligence ** Figures show total capital raised since inception, obtained from publicly available sources *** Figures show total assets under management, obtained from publicly available sources Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 1 Macquarie Group Australia 92, Direct Infrastructure Funds 2 Bridgewater Associates United States 89, Direct Hedge Funds 3 CBRE Global Investors United States 82, Direct Real Estate Funds 4 Blackstone United States 80, Direct Real Estate Funds 5 TPG Capital*** United States 67, Direct Private Equity Funds 6 The Carlyle Group*** United States 64, Direct Private Equity Funds 7 TIAA-CREF United States 63, Direct Real Estate Funds 8 Blackstone United States 63, Funds of Hedge Funds 9 CVC Capital Partners** Luxembourg 60, Direct Private Equity Funds 10 UBS Global Asset Management Switzerland 60, Direct Real Estate Funds 11 J. P. Morgan Asset Management* United States 59, Direct Hedge Funds 12 AXA Investment Managers France 55, Direct Real Estate Funds 13 LaSalle Investment Management United States 55, Direct Real Estate Funds 14 Kohlberg Kravis Roberts & Co. United States 53, Direct Private Equity Funds 15 Hines United States 50, Direct Real Estate Funds 16 Principal Global Investors United States 48, Direct Real Estate Funds 17 Carlyle Investment Solutions United States 46, Private Equity FoF 18 Och-Ziff Capital Management Group United States 46, Direct Hedge Funds 19 Blackstone United States 44, Direct Private Equity Funds 20 J.P. Morgan Asset Management United States 44, Direct Real Estate Funds 21 Man Group United Kingdom 43, Direct Hedge Funds 22 Cornerstone Real Estate Advisers United States 42, Direct Real Estate Funds 23 Credit Suisse Asset Management United States 42, Direct Real Estate Funds 24 Goldman Sachs Asset Management United States 42, Private Equity FoF 25 Apollo Global Management United States 41, Direct Private Equity Funds 20

21 Top 100 Alternative Asset Managers Top 100 ranking ranked by Total AuM * Data derived from the Global Billion Dollar Club, published by HedgeFund Intelligence ** Figures show total capital raised since inception, obtained from publicly available sources *** Figures show total assets under management, obtained from publicly available sources Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 26 Bain Capital United States 40, Direct Private Equity Funds 27 Brookfield Asset Management Canada 40, Direct Real Estate Funds 28 Providence Equity Partners*** United States 40, Direct Private Equity Funds 29 AQR Capital Management United States 39, Direct Hedge Funds 30 Prudential Real Estate Investors United States 38, Direct Real Estate Funds 31 HarbourVest Partners United States 37, Private Equity FoF 32 Apax Partners** United Kingdom 37, Direct Private Equity Funds 33 Deutsche Asset & Wealth Management Germany 37, Direct Real Estate Funds 34 Advent International United States 37, Direct Private Equity Funds 35 AEW Capital Management (1) United States 37, Direct Real Estate Funds 36 Warburg Pincus United States 36, Direct Private Equity Funds 37 Union Investment Germany 33, Direct Real Estate Funds 38 M&G Investments United Kingdom 33, Direct Real Estate Funds 39 M&G Investments United Kingdom 33, Illiquid Credit 40 Lexington Partners** United States 33, Private Equity FoF 41 Brevan Howard Capital Management United Kingdom 32, Direct Hedge Funds 42 UBS Global Asset Management Switzerland 32, Funds of Hedge Funds 43 Hamilton Lane Advisors United States 32, Private Equity FoF 44 Ardian France 32, Private Equity FoF 45 Riverstone Holdings United States 32, Direct Private Equity Funds 46 BlackRock United States 31, Direct Hedge Funds 47 Pantheon United Kingdom 31, Private Equity FoF 48 Aberdeen Asset Management United Kingdom 30, Direct Real Estate Funds 49 Aviva Investors United Kingdom 30, Direct Real Estate Funds 50 Goldman Sachs United States 30, Direct Private Equity Funds (1) [AEW / Aurora / Mirova] is an affiliated investment management firm of NatixisGlobal Asset Management, thus contributing to the illustration of Natixis overall capabilities in global alternative offerings 21

22 Top 100 Alternative Asset Managers Top 100 ranking ranked by Total AuM * Data derived from the Global Billion Dollar Club, published by HedgeFund Intelligence ** Figures show total capital raised since inception, obtained from publicly available sources *** Figures show total assets under management, obtained from publicly available sources Position Name of parent organization Main country of domicile Total AuM (USD million) Asset Class 51 Oaktree Capital Management United States 30, Direct Private Equity Funds 52 Deutsche Asset & Wealth Management Germany 29, Direct Infrastructure Funds 53 Permira Advisers United Kingdom 28, Direct Private Equity Funds 54 Baupost Group* United States 28, Direct Hedge Funds 55 Adage Capital Management* United States 28, Direct Hedge Funds 56 Winton Capital Group United Kingdom 28, Direct Hedge Funds 57 Goldman Sachs Asset Management United States 27, Funds of Hedge Funds 58 EnCap Investments** United States 27, Direct Private Equity Funds 59 Renaissance Technologies United States 27, Direct Hedge Funds 60 Brookfield Asset Management Canada 27, Direct Infrastructure Funds 61 Grosvenor Capital Management United States 26, Funds of Hedge Funds 62 Silver Lake*** United States 26, Direct Private Equity Funds 63 BlueCrest Capital Management United Kingdom 25, Direct Hedge Funds 64 Millennium Management United States 25, Direct Hedge Funds 65 Standard Life Investments United Kingdom 25, Direct Real Estate Funds 66 Elliot Management* United States 25, Direct Hedge Funds 67 Hellman & Friedman** United States 25, Direct Private Equity Funds 68 Davidson Kempner Capital Management* United States 24, Direct Hedge Funds 69 Morgan Stanley Investment Management United States 24, Direct Real Estate Funds 70 Clayton, Dubilier & Rice United States 24, Direct Private Equity Funds 71 D. E. Shaw Group United States 24, Direct Hedge Funds 72 Legal & General Property United Kingdom 24, Direct Real Estate Funds 73 J.P. Morgan Asset Management United States 24, Private Equity FoF 74 LGT Capital Partners Switzerland 23, Private Equity FoF 75 Invesco United States 23, Direct Real Estate Funds 22

23 Top 100 Alternative Asset Managers Top 100 ranking ranked by Total AuM * Data derived from the Global Billion Dollar Club, published by HedgeFund Intelligence ** Figures show total capital raised since inception, obtained from publicly available sources *** Figures show total assets under management, obtained from publicly available sources Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 76 Citadel United States 23, Direct Hedge Funds 77 Alcentra United Kingdom 23, Illiquid Credit 78 BlackRock United States 22, Direct Real Estate Funds 79 Starwood Capital Group United States 22, Direct Real Estate Funds 80 HSBC Alternative Investments United Kingdom 22, Direct Hedge Funds 81 Prologis United States 22, Direct Real Estate Funds 82 Heitman United States 22, Direct Real Estate Funds 83 GAM United Kingdom 22, Direct Hedge Funds 84 Goldman Sachs United States 22, Illiquid Credit 85 The Permal Group United States 21, Funds of Hedge Funds 86 King Street Capital Management United States 21, Direct Hedge Funds 87 Clarion Partners United States 21, Direct Real Estate Funds 88 York Capital Management* United States 21, Direct Hedge Funds 89 BNP Paribas Investment Partners France 21, Direct Real Estate Funds 90 Morgan Stanley Investment Management United States 21, Funds of Hedge Funds 91 BlackRock United States 20, Funds of Hedge Funds 92 Viking Global Investors* United States 20, Direct Hedge Funds 93 Credit Suisse Asset Management United States 20, Direct Hedge Funds 94 Deutsche Asset & Wealth Management Germany 20, Direct Hedge Funds 95 Partners Group Switzerland 19, Private Equity FoF 96 Farallon Capital Management* United States 19, Direct Hedge Funds 97 Babson Capital Management United States 19, Illiquid Credit 98 EQT United Kingdom 19, Direct Private Equity Funds 99 Two Sigma Investments United States 19, Direct Hedge Funds 100 Grosvenor Capital Management United States 18, Private Equity FoF Total 3,501,

24 Section 3 Towers Watson / Financial Times Top Alternative Asset Managers by Investor Type A. Top 100 Alternative Asset Managers by Pension Fund Assets B. Top 25 Alternative Asset Managers by Insurance Company Assets C. Top 25 Alternative Asset Managers by Sovereign Wealth Fund Assets D. Top 25 Alternative Asset Managers by Endowment and Foundation Assets E. Top 25 Alternative Asset Managers by Fund of Funds Assets F. Top 25 Alternative Asset Managers by Wealth Manager Assets G. Top 25 Alternative Asset Managers by Bank Assets How to read this section This section shows the top 100 or 25 managers ranked by alternative assets, managed on behalf of the above seven investor types. Note: This section uses only data sourced directly from managers and excludes data derived from public sources.

25 Section 3.A Top 100 Alternative Asset Managers by Pension Fund Assets

26 Top 100 Alternative Asset Managers by Pension Fund Assets Executive summary Top 100 Alternative Asset Managers Pension fund assets managed by the top 100 alternative asset managers in the sector amount to USD 1,425.3 bn in This represents 52% of their total AuM (USD 2,749.3 bn). Direct Real Estate Funds remain the most popular alternative asset for Pension Funds (36% of assets) with six such managers in the top ten. It is followed in popularity by Private Equity FoF, Direct Private Equity Funds, Direct Hedge Funds, Direct Infrastructure Funds, Funds of Hedge Funds and Illiquid Credit. Direct Commodities Funds and Real Assets have smaller allocations relative to the other asset classes. Top 100 Average Smallest Largest USD million Pension fund assets 14, , ,329.2 Total assets 27, , ,337.8 Overall Ranking Average Total AuM No. of Managers Pension fund assets 4, ,050,

27 Top 100 Alternative Asset Managers by Pension Fund Assets Distribution by Asset Class 1% <1%% 6% 12% 20% 12% 36% 8% 4% Funds of Hedge Funds Direct Hedge Funds Private Equity FoF Direct Private Equity Funds Direct Real Estate Funds Direct Commodities Funds Direct Infrastructure Funds Real Assets Illiquid Credit Asset class Pension Fund assets Average Smallest Largest Number of managers USD million Funds of Hedge Funds 88, , , , Direct Hedge Funds 166, , , , Private Equity FoF 285, , , , Direct Private Equity Funds 171, , ,412,3 20, Direct Real Estate Funds 517, , , , Direct Commodities Funds 14, , , , Direct Infrastructure Funds 120, , , , Real Assets 6, , , , Illiquid Credit 53, , , , Total 1,425, , , , * Proportions might not sum up to 100% due to rounding 27

28 Comparison Includes only managers who participated in both years Top 100 Alternative Asset Managers by Pension Fund Assets Total Pension Fund assets of managers participating in 2013 and 2014 increased from USD 1,280.6 bn in 2013 to 1,373.7 USD bn in 2014 (7%). Pension fund asset allocation to alternatives remained broadly similar to the previous year. Direct Real Estate showed the largest increase at the expense of Private Equity FoF. There are 96 managers in the top 100 that also participated in % 1% % 12% 20% 12% 38% 9% 2% 1% 1% % 12% 21% 12% 36% 9% 2% Funds of Hedge Funds Direct Hedge Funds Private Equity FoF Direct Private Equity Funds Direct Real Estate Funds Direct Commodities Funds Direct Infrastructure Funds Real Assets Illiquid Credit * Proportions might not sum up to 100% due to rounding 28

29 Comparison Includes only managers who participated in both years 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 Top 100 Asset Asset Managers by Pension Fund funds Assets AuM Funds of Hedge Funds Direct Hedge Funds Private Equity FoF Direct Private Equity Funds Direct Real Estate Funds Direct Commodities Funds Direct Infrastructure Funds Real Assets Account for 6% of total Pension Fund assets, the same as in There are 8 managers in the top 100 that also participated in Account for 12% of Pension Fund assets, remaining steady as in 2013 There are 12 managers in the top 100 that also participated in Private Equity FoF managers have the second largest amount of Pension Fund assets in the survey with 19 managers in the top 100 that also participated in 2013 The proportion in total Pension Fund assets decreased marginally from 21% to 20%. There are 14 managers in the top 100 which participated in both years. Pension Fund assets have increased by 5% from 2013 to 2014 but the proportion remained broadly unchanged. Account for over 38% of Pension Fund assets in this ranking, up from 36% in Direct Real Estate Funds have the maximum number of funds (30) in the top 100 participating in both years. There are two managers in this ranking who participated in both years. The proportion of Pension Fund assets marginally decreased to 1% in Account for almost 9% of the total Top 100, remaining flat since There are 8 managers participating in both 2013 and There is only one manager which participated in both years whose proportion of Pension Fund assets remained steady at 1%. Illiquid Credit The proportion of Pension Fund assets remained steady at 2% in There are 2 managers which participated in both 2013 and

30 Top 100 Alternative Asset Managers by Pension Fund Assets Top 100 Alternative Asset Managers ranked by Total Pension Fund Assets Position Name of parent organisation Main country of domicile Pension AUM (USD million) Total AUM (USD million) Asset Class 1 Macquarie Group Australia 59, , Direct Infrastructure Funds 2 Bridgewater Associates United States 53, , Direct Hedge Funds 3 Carlyle Investment Solutions United States 45, , Private Equity FoF 4 CBRE Global Investors United States 44, , Direct Real Estate Funds 5 TIAA-CREF United States 39, , Direct Real Estate Funds 6 J.P. Morgan Asset Management United States 37, , Direct Real Estate Funds 7 Blackstone United States 36, , Direct Real Estate Funds 8 Prudential Real Estate Investors United States 31, , Direct Real Estate Funds 9 LaSalle Investment Management United States 30, , Direct Real Estate Funds 10 Blackstone United States 28, , Funds of Hedge Funds 11 Pantheon United Kingdom 26, , Private Equity FoF 12 HarbourVest Partners United States 26, , Private Equity FoF 13 Goldman Sachs United States 22, , Illiquid Credit 14 Hamilton Lane Advisors United States 21, , Private Equity FoF 15 Blackstone United States 20, , Direct Private Equity Funds 16 Kohlberg Kravis Roberts & Co. United States 20, , Direct Private Equity Funds 17 Credit Suisse Asset Management United States 18, , Direct Real Estate Funds 18 Bentall Kennedy Canada 17, , Direct Real Estate Funds 19 Deutsche Asset & Wealth Management Germany 16, , Direct Real Estate Funds 20 Invesco United States 16, , Direct Real Estate Funds 21 Warburg Pincus United States 16, , Direct Private Equity Funds 22 Brookfield Asset Management Canada 16, , Direct Real Estate Funds 23 Principal Global Investors United States 16, , Direct Real Estate Funds 24 Clarion Partners United States 16, , Direct Real Estate Funds 25 Advent International United States 15, , Direct Private Equity Funds 30

31 Top 100 Alternative Asset Managers by Pension Fund Assets Top 100 Alternative Asset Managers ranked by Total Pension Fund Assets Position Name of parent organisation Main country of domicile Pension AUM (USD million) Total AUM (USD million) Asset Class 26 BlackRock United States 15, , Direct Real Estate Funds 27 Grosvenor Capital Management United States 15, , Private Equity FoF 28 M&G Investments United Kingdom 15, , Illiquid Credit 29 IFM Investors Australia 15, , Direct Infrastructure Funds 30 Och-Ziff Capital Management Group United States 15, , Direct Hedge Funds 31 LGT Capital Partners Switzerland 15, , Private Equity FoF 32 Man Group United Kingdom 15, , Direct Hedge Funds 33 Oaktree Capital Management United States 14, , Direct Private Equity Funds 34 Heitman United States 14, , Direct Real Estate Funds 35 J.P. Morgan Asset Management United States 14, , Private Equity FoF 36 AEW Capital Management (1) United States 13, , Direct Real Estate Funds 37 Legal & General Property United Kingdom 13, , Direct Real Estate Funds 38 Grosvenor Capital Management United States 13, , Funds of Hedge Funds 39 Brevan Howard Capital Management United Kingdom 13, , Direct Hedge Funds 40 Standard Life Investments United Kingdom 13, , Direct Real Estate Funds 41 Riverstone Holdings United States 12, , Direct Private Equity Funds 42 Goldman Sachs Asset Management United States 12, , Private Equity FoF 43 UBS Global Asset Management Switzerland 12, , Direct Real Estate Funds 44 Morgan Stanley Investment Management United States 12, , Direct Real Estate Funds 45 Permira Advisers United Kingdom 12, , Direct Private Equity Funds 46 Pathway Capital Management United States 11, , Private Equity FoF 47 Brookfield Asset Management Canada 11, , Direct Infrastructure Funds 48 Aberdeen Asset Management United Kingdom 11, , Direct Real Estate Funds 49 AMP Capital Australia 11, , Direct Real Estate Funds 50 Adams Street Partners United States 10, , Private Equity FoF (1) [AEW / Aurora / Mirova] is an affiliated investment management firm of NatixisGlobal Asset Management, thus contributing to the illustration of Natixis overall capabilities in global alternative offerings 31

32 Top 100 Alternative Asset Managers by Pension Fund Assets Top 100 Alternative Asset Managers ranked by Total Pension Fund Assets Position Name of parent organisation Main country of domicile Pension AUM (USD million) Total AUM (USD million) Asset Class 51 Oak Hill Advisors United States 10, , Direct Hedge Funds 52 Partners Group Switzerland 10, , Private Equity FoF 53 Portfolio Advisors United States 10, , Private Equity FoF 54 Ardian France 10, , Private Equity FoF 55 PIMCO United States 10, , Direct Hedge Funds 56 Starwood Capital Group United States 9, , Direct Real Estate Funds 57 Landmark Partners United States 9, , Private Equity FoF 58 Capital Dynamics Switzerland 9, , Private Equity FoF 59 Hermes Investment Management United Kingdom 9, , Direct Real Estate Funds 60 BlueCrest Capital Management United Kingdom 9, , Direct Hedge Funds 61 Pathway Capital Management United States 9, , Direct Private Equity Funds 62 Mesirow Financial Holdings United States 8, , Funds of Hedge Funds 63 The Permal Group United States 8, , Funds of Hedge Funds 64 GoldenTree Asset Management United States 8, , Direct Hedge Funds 65 Brigade Capital Management United States 8, , Direct Hedge Funds 66 Bridgepoint United Kingdom 8, , Direct Private Equity Funds 67 The Rock Creek Group United States 8, , Funds of Hedge Funds 68 SL Capital Partners United Kingdom 8, , Private Equity FoF 69 Bouwinvest REIM The Netherlands 8, , Direct Real Estate Funds 70 BlackRock United States 8, , Direct Hedge Funds 71 Babson Capital Management United States 7, , Illiquid Credit 72 Neuberger Berman United States 7, , Private Equity FoF 73 GE Asset Management United States 7, , Direct Private Equity Funds 74 Hines United States 7, , Direct Real Estate Funds 75 Alinda Capital Partners United States 7, , Direct Infrastructure Funds 32

33 Top 100 Alternative Asset Managers by Pension Fund Assets Top 100 Alternative Asset Managers ranked by Total Pension Fund Assets Position Name of parent organisation Main country of domicile Pension AUM (USD million) Total AUM (USD million) Asset Class 76 PAAMCO United States 7, , Funds of Hedge Funds 77 GSO Capital Partners United Kingdom 7, , Illiquid Credit 78 PIMCO United States 7, , Direct Commodities Funds 79 Nephila Capital Bermuda 7, , Direct Hedge Funds 80 DTZ Investors United Kingdom 7, , Direct Real Estate Funds 81 Winton Capital Group United Kingdom 7, , Direct Hedge Funds 82 Aviva Investors United Kingdom 6, , Direct Real Estate Funds 83 TIAA-CREF United States 6, , Real Assets 84 BC Partners United Kingdom 6, , Direct Private Equity Funds 85 EnTrust Capital United States 6, , Funds of Hedge Funds 86 Gresham Investment Management United States 6, , Direct Commodities Funds 87 Lend Lease Investment Management Australia 6, , Direct Real Estate Funds 88 Colonial First State Global Asset Management Australia 6, , Direct Infrastructure Funds 89 BlackRock United States 6, , Private Equity FoF 90 Bain Capital United States 6, , Direct Private Equity Funds 91 Cinven United Kingdom 6, , Direct Private Equity Funds 92 BlackRock United States 6, , Funds of Hedge Funds 93 AMP Capital Australia 6, , Direct Infrastructure Funds 94 Morgan Stanley Investment Management United States 6, , Private Equity FoF 95 Abbott Capital Management United States 6, , Private Equity FoF 96 New Mountain Capital United States 6, , Direct Private Equity Funds 97 Threadneedle Investments United Kingdom 6, , Direct Real Estate Funds 98 Clayton, Dubilier & Rice United States 6, , Direct Private Equity Funds 99 Deutsche Asset & Wealth Management Germany 6, , Direct Infrastructure Funds 100 Goldman Sachs United States 6, , Direct Infrastructure Funds Total 1,425, ,749,

34 Index Dec 2010 = 100* Five-year comparison Managers that have participated for the past five years AuM Variation Total Universe Pension Fund Assets Pension fund assets managed by the 36 Fund of Hedge Funds managers that participated in the last five years rose by 3% in Average annual growth since 2010 has been 4%. Growth in pension fund assets managed by the 35 PEFoF that participated in the last five years slowed somewhat in 2014, with a rise in assets of 3%. This followed a period of steady growth between 2010 and saw significant growth in pension fund assets managed by the 46 Direct Real Estate managers that participated in the last five years, rising 13% on assets managed in This followed three years of modest decline Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Funds of Hedge Funds Direct Real Estate Funds Direct Infrastructure Funds Direct Private Equity Funds Private Equity FoF Direct Commodities Funds Direct Hedge Funds Pension fund assets managed by the 16 Direct Commodities Fund Managers that participated in the last five years increased up to 2012 but declined in the last two years, falling 18% in Pension fund assets managed by the 33 Direct Infrastructure Fund Managers that participated in the last five years rose by 3% in 2014 and have been growing steadily since Pension fund assets managed by the 47 Direct Hedge Fund Managers that have participated in the last four years have grown by 30% since 2011, rising 5% in the past year. Pension fund assets managed by the 30 Direct Private Equity Fund Managers that have participated in the last four years fell by 5% in 2014, following a period of steady growth between 2011 and *For Direct Hedge Funds and Direct Private Equity Funds index starts at Dec

35 Section 3.B Top 25 Alternative Asset Managers by Insurance Company Assets

36 Top 25 Alternative Asset Managers by Insurance Company Assets Executive summary Top 25 Alternative Asset Managers Insurance company assets managed by the top 25 managers in the sector amounted to USD bn in Direct Real Estate Funds represent the largest block of alternative assets for Insurance companies (nearly 63%) followed by Illiquid Credit, Private Equity FoF, Funds of Hedge Funds, Direct Infrastructure Funds, Direct Private Equity and Funds Direct Hedge Funds. In this dataset, there were no investments in Direct Commodities Funds, Real Assets and Direct Hedge Funds by Insurance companies. Top 25 Average Smallest Largest USD million Insurance Company assets 11, , ,138.3 Total assets 32, , ,337.8 Overall Ranking Average Total AuM No. of Managers Insurance Company assets 1, ,

37 Top 25 Alternative Asset Managers by Insurance Company Assets Distribution by Asset Class 1% 2% 6% 11% 63% 15% Funds of Hedge Funds Private Equity FoF Direct Private Equity Funds Direct Real Estate Funds Direct Infrastructure Funds Illiquid Credit Asset class Insurance Company assets Average Smallest Largest USD million Number of managers Funds of Hedge Funds 18, , , , Private Equity FoF 33, , , , Direct Private Equity Funds 4, , , , Direct Real Estate Funds 183, , , , Direct Infrastructure Funds 6, , , , Illiquid Credit 43, , , , Total 288, , , , * Proportions might not sum up to 100% due to rounding 37

38 Top 25 Alternative Asset Managers by Insurance Company Assets Top 25 comparison Includes only managers who participated in both years Insurance company assets from managers participating in 2013 and 2014 increased from USD bn in 2013 to USD bn in Insurance companies have tended to invest in Direct Real Estate and that trend has remained constant, with proportions increasing from 61% to 64%. There are 24 managers in the top 25 that also participated in % 2% % 12% 64% 14% 2% 2% % 13% 61% 14% Funds of Hedge Funds Private Equity FoF Direct Private Equity Funds Direct Real Estate Funds Direct Infrastructure Funds Illiquid Credit * Proportions might not sum up to 100% due to rounding 38

39 Top 25 Alternative Asset Managers by Insurance Company Assets Top 25 Alternative Asset Managers ranked by Insurance Company Assets Position Name of parent organisation Main country of domicile Insurance AUM (USD million) Total AUM (USD million) Asset Class 1 AXA Investment Managers France 39, , Direct Real Estate Funds 2 Cornerstone Real Estate Advisers United States 33, , Direct Real Estate Funds 3 M&G Investments United Kingdom 23, , Direct Real Estate Funds 4 Aviva Investors United Kingdom 20, , Direct Real Estate Funds 5 M&G Investments United Kingdom 15, , Illiquid Credit 6 Ardian France 14, , Private Equity FoF 7 AXA Investment Managers France 13, , Illiquid Credit 8 Principal Global Investors United States 13, , Direct Real Estate Funds 9 La Française Group France 13, , Direct Real Estate Funds 10 CBRE Global Investors United States 10, , Direct Real Estate Funds 11 AEW Capital Management (1) United States 10, , Direct Real Estate Funds 12 Aberdeen Asset Management United Kingdom 9, , Direct Real Estate Funds 13 BlackRock United States 7, , Private Equity FoF 14 AXA Investment Managers France 6, , Funds of Hedge Funds 15 Blackstone United States 6, , Funds of Hedge Funds 16 Macquarie Group Australia 6, , Direct Infrastructure Funds 17 Capital Dynamics Switzerland 6, , Private Equity FoF 18 HarbourVest Partners United States 5, , Private Equity FoF 19 Standard Life Investments United Kingdom 5, , Direct Real Estate Funds 20 Babson Capital Management United States 4, , Illiquid Credit 21 Highbridge Capital Management United States 4, , Illiquid Credit 22 Amundi France 4, , Funds of Hedge Funds 23 Amundi France 4, , Illiquid Credit 24 Hines United States 4, , Direct Real Estate Funds 25 Ardian France 4, , Direct Private Equity Funds Total 288, , (1) [AEW / Aurora / Mirova] is an affiliated investment management firm of NatixisGlobal Asset Management, thus contributing to the illustration of Natixis overall capabilities in global alternative offerings 39

40 Section 3.C Top 25 Alternative Asset Managers by Sovereign Wealth Fund Assets

41 Top 25 Alternative Asset Managers by Sovereign Wealth Fund Assets Executive summary Top 25 Alternative Asset Managers Sovereign Wealth Fund assets managed by the top 25 alternative asset managers amounted to USD bn in Direct Real Estate Funds and Direct Private Equity Funds have the largest share of Sovereign Wealth Fund assets with 35% and 24% respectively, followed by Direct Hedge Funds, Funds of Hedge Funds, Private Equity Fund of Funds and Direct Infrastructure Funds. Sovereign Wealth Funds continued to shun under Direct Commodities Funds, Real Assets and Illiquid Credit. Top 25 Average Smallest Largest USD million Sovereign Wealth Fund assets 6, , ,649.7 Total assets 45, , ,337.8 Overall Ranking Average Total AuM No. of Managers Sovereign Wealth Fund assets 1, ,

42 Top 25 Alternative Asset Managers by Sovereign Wealth Fund Assets Distribution by Asset Class 16% 19% 3% 24% 35% 3% Funds of Hedge Funds Direct Hedge Funds Private Equity FoF Direct Private Equity Funds Direct Real Estate Funds Direct Infrastructure Funds Asset class Sovereign Wealth Fund assets Average Smallest Largest USD million Number of managers Funds of Hedge Funds 24, , , , Direct Hedge Funds 29, , , , Private Equity Fund of Funds 5, , , , Direct Private Equity Funds 36, , , , Direct Real Estate Funds 54, , , , Direct Infrastructure Funds 4, , , , Total 155, , , , * Proportions might not sum up to 100% due to rounding 42

43 Top 25 comparison Includes only managers who participated in both years Top 25 Alternative Asset Managers by Sovereign Wealth Fund Assets Sovereign Wealth Fund assets of managers participating in 2013 and 2014 surveys increased from USD bn in 2013 to USD bn in 2014 (12%). Direct Real Estate Funds continued to attracted the largest proportion of Sovereign Wealth Fund assets in 2014, up 3% compared to In 2014 allocations by Sovereign Wealth Funds to Direct Private Equity decreased by 5% (to 22%), while they increased allocations to Funds of Hedge Funds by 1% (to 16%). There are 24 managers in the top 25 that also participated in the previous survey. 3% % 19% 3% 22% 36% 3% % 19% 3% 27% 33% Funds of Hedge Funds Direct Hedge Funds Private Equity FoF Direct Private Equity Funds Direct Real Estate Funds Direct Infrastructure Funds * Proportions might not sum up to 100% due to rounding 43

44 Top 25 Alternative Asset Managers by Sovereign Wealth Fund Assets Top 25 Alternative Asset Managers ranked 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 Blackstone United States 16, , Direct Real Estate Funds 2 Bridgewater Associates United States 16, , Direct Hedge Funds 3 Blackstone United States 13, , Funds of Hedge Funds 4 BlackRock United States 7, , Funds of Hedge Funds 5 Blackstone United States 6, , Direct Private Equity Funds 6 LaSalle Investment Management United States 6, , Direct Real Estate Funds 7 Hines United States 6, , Direct Real Estate Funds 8 AXA Investment Managers France 6, , Direct Real Estate Funds 9 Kohlberg Kravis Roberts & Co. United States 5, , Direct Private Equity Funds 10 Brookfield Asset Management Canada 5, , Direct Real Estate Funds 11 Bain Capital United States 5, , Direct Private Equity Funds 12 Ardian France 5, , Private Equity FoF 13 Advent International United States 5, , Direct Private Equity Funds 14 Prologis United States 5, , Direct Real Estate Funds 15 Macquarie Group Australia 4, , Direct Infrastructure Funds 16 Oaktree Capital Management United States 4, , Direct Private Equity Funds 17 Man Group United Kingdom 4, , Direct Hedge Funds 18 BlueCrest Capital Management United Kingdom 4, , Direct Hedge Funds 19 CBRE Global Investors United States 4, , Direct Real Estate Funds 20 Winton Capital Group United Kingdom 4, , Direct Hedge Funds 21 Morgan Stanley Investment Management United States 3, , Funds of Hedge Funds 22 J.P. Morgan Asset Management United States 3, , Direct Real Estate Funds 23 Pathway Capital Management United States 3, , Direct Private Equity Funds 24 Warburg Pincus United States 3, , Direct Private Equity Funds 25 Riverstone Holdings United States 3, , Direct Private Equity Funds Total 155, ,135,

45 Section 3.D Top 25 Alternative Asset Managers by Endowment and Foundation Assets

46 Top 25 Alternative Asset Managers by Endowment and Foundation Assets Executive summary Top 25 Alternative Asset Managers Endowment and Foundation assets managed by the top 25 managers amounted to USD 80.7 bn in Of the alternative asset classes surveyed, Endowment and Foundation assets are the most evenly distributed: Direct Private Equity Funds have the largest allocation, followed closely by Direct Hedge Funds and Direct Real Estate Funds. Next in order are Funds of Hedge Funds and Private Equity FoF. Direct Commodities Funds, Illiquid Credit and Real Assets have the lowest allocations from Endowments and Foundations, and there are no allocations to Direct Infrastructure Funds in this sample. Top 25 Average Smallest Largest USD million Endowment & Foundation assets 3, , ,700.0 Total assets 26, , ,601.0 Overall Ranking Average Total AuM No. of Managers Endowment & Foundation assets ,

47 Top 25 Alternative Asset Managers by Endowment and Foundation Assets Distribution by asset class 11% 23% 11% 33% 13% 3% 3% 3% Funds of Hedge Funds Direct Hedge Funds Private Equity FoF Direct Private Equity Funds Direct Real Estate Funds Direct Commodities Funds Real Assets Asset class Endowment and Foundation assets Illiquid Credit Average Smallest Largest USD million Number of managers Funds of Hedge Funds 9, , , , Direct Hedge Funds 18, , , , Private Equity FoF 8, , , , Direct Private Equity Funds 26, , , , Direct Real Estate Funds 10, , , , Direct Commodities Funds 2, , , , Real Assets 2, , , , Illiquid Credit 2, , , , Total 80, , , , * Proportions might not sum up to 100% due to rounding 47

48 Top 25 Alternative Asset Managers by Endowment and Foundation Assets Top 25 comparison Includes only managers who participated in both years Endowment and Foundation assets for managers in the top 25 participating in 2013 and 2014 increased from USD 74.5 bn in 2013 to USD 75.3 bn in 2014 (1%). There were no notable changes in asset allocation among the top 25 managers of E&F assets during There are 23 Endowment and Foundation managers that also participated in % 24% 12% 28% 14% 3% 3% 3% % 24% 11% 28% 15% 3% 4% 3% Funds of Hedge Funds Direct Hedge Funds Private Equity FoF Direct Private Equity Funds Direct Real Estate Funds Direct Commodities Funds Real Assets Illiquid Credit * Proportions might not sum up to 100% due to rounding 48

49 Top 25 Alternative Asset Managers ranked by Endowment and Foundation Assets Top 25 Alternative Asset Managers by Endowment and Foundation Assets Position Name of parent organisation Main country of domicile E&F AUM (USD million) Total AUM (USD million) Asset Class 1 Bain Capital United States 7, , Direct Private Equity Funds 2 Bridgewater Associates United States 7, , Direct Hedge Funds 3 Blackstone United States 5, , Funds of Hedge Funds 4 Blackstone United States 5, , Direct Real Estate Funds 5 Credit Suisse Asset Management United States 3, , Direct Real Estate Funds 6 Fir Tree Partners United States 3, , Direct Hedge Funds 7 Clayton, Dubilier & Rice United States 3, , Direct Private Equity Funds 8 Evanston Capital Management United States 3, , Funds of Hedge Funds 9 Riverstone Holdings United States 3, , Direct Private Equity Funds 10 Oaktree Capital Management United States 2, , Direct Private Equity Funds 11 Advent International United States 2, , Direct Private Equity Funds 12 Wellington Management United States 2, , Direct Hedge Funds 13 LGT Capital Partners Switzerland 2, , Private Equity FoF 14 Lime Rock Partners United States 2, , Direct Private Equity Funds 15 Wellington Management United States 2, , Direct Commodities Funds 16 Neuberger Berman United States 2, , Private Equity FoF 17 Lansdowne Partners United Kingdom 2, , Direct Hedge Funds 18 Varde Partners United States 2, , Illiquid Credit 19 Patron Capital United Kingdom 2, , Direct Real Estate Funds 20 Energy Capital Partners United States 2, , Direct Private Equity Funds 21 BlueCrest Capital Management United Kingdom 2, , Direct Hedge Funds 22 Wellington Management United States 2, , Real Assets 23 HarbourVest Partners United States 1, , Private Equity FoF 24 Siguler Guff & Company United States 1, , Private Equity FoF 25 BC Partners United Kingdom 1, , Direct Private Equity Funds Total 80, ,

50 Section 3.E Top 25 Alternative Asset Managers by Fund of Funds Assets

51 Top 25 Alternative Asset Managers by Fund of Funds Assets Executive summary Top 25 Alternative Asset Managers Fund of Funds assets managed by the top 25 fund managers amounted to USD bn in Direct Hedge Funds and Direct Private Equity Funds made up the majority of Fund of Funds assets. Fund of Funds also allocated to Direct Real Estate Funds, Direct Infrastructure Funds and Direct Commodities Funds in smaller amounts. There were no allocations to Real Assets and Illiquid Credit in this sample. Top 25 Average Smallest Largest USD million Fund of Funds assets 4, , ,237.8 Total assets 30, , ,601.0 Overall Ranking Average Total AuM No. of Managers Fund of Funds assets ,

52 Top 25 Alternative Asset Managers by Fund of Funds Assets Distribution by Asset Class 42% 38% 11% 3% 5% Direct Hedge Funds Direct Private Equity Funds Direct Real Estate Funds Direct Commodities Funds Direct Infrastructure Funds Asset class Fund of Funds assets Average Smallest Largest USD million Number of managers Direct Hedge Funds 51, , , , Direct Private Equity Funds 46, , , , Direct Real Estate Funds 13, , , , Direct Commodities Funds 3, , , , Direct Infrastructure Funds 6, , , , Total 122, , , ,237,0 25 * Proportions might not sum up to 100% due to rounding 52

53 Top 25 Alternative Asset Managers by Fund of Funds Assets Top 25 comparison Includes only managers who participated in both years Fund of Funds assets for the top 25 managers participating in both 2013 and 2014 increased from USD 70.4 bn in 2013 to USD 87.4 bn in 2014 (24%). Direct Real Estate Funds proportion doubled from 6% to 12% in 2014 at the expense of Direct Private Equity Funds which decreased from 48% to 41%. There are 20 managers in the top 25 that also participated in % 41% 12% 4% 8% % 48% 6% 5% 8% Direct Hedge Funds Direct Real Estate Funds Direct Infrastructure Funds Direct Private Equity Funds Direct Commodities Funds * Proportions might not sum up to 100% due to rounding 53

54 Top 25 Alternative Asset Managers by Fund of Funds Assets Top 25 Alternative Asset Managers ranked by Fund of Funds Assets Position Name of parent organisation Main country of domicile Fund of Funds AUM (USD million) Total AUM (USD million) Asset Class 1 BlackRock United States 21, , Direct Hedge Funds 2 Advent International United States 7, , Direct Private Equity Funds 3 Two Sigma Investments United States 7, , Direct Hedge Funds 4 Bain Capital United States 6, , Direct Private Equity Funds 5 Bridgewater Associates United States 6, , Direct Hedge Funds 6 Credit Suisse Asset Management United States 4, , Direct Hedge Funds 7 Warburg Pincus United States 4, , Direct Private Equity Funds 8 Blackstone United States 4, , Direct Private Equity Funds 9 D. E. Shaw Group United States 4, , Direct Hedge Funds 10 Starwood Capital Group United States 4, , Direct Real Estate Funds 11 EQT United Kingdom 4, , Direct Private Equity Funds 12 RARE Infrastructure Australia 4, , Direct Infrastructure Funds 13 Kohlberg Kravis Roberts & Co. United States 3, , Direct Private Equity Funds 14 Millennium Management United States 3, , Direct Hedge Funds 15 PIMCO United States 3, , Direct Commodities Funds 16 CBRE Global Investors United States 3, , Direct Real Estate Funds 17 Permira Advisers United Kingdom 3, , Direct Private Equity Funds 18 Pine River Capital Management United States 3, , Direct Hedge Funds 19 BC Partners United Kingdom 3, , Direct Private Equity Funds 20 AMP Capital Australia 2, , Direct Real Estate Funds 21 CDH Investments China 2, , Direct Private Equity Funds 22 UBS Global Asset Management Switzerland 2, , Direct Infrastructure Funds 23 Blackstone United States 2, , Direct Real Estate Funds 24 Sun Capital Partners United States 2, , Direct Private Equity Funds 25 Nordic Capital United Kingdom 2, , Direct Private Equity Funds Total 122, ,

55 Section 3.F Top 25 Alternative Asset Managers by Wealth Manager Assets

56 Top 25 Alternative Asset Managers by Wealth Manager Assets Executive summary Top 25 Alternative Asset Managers Wealth Management assets managed by the top 25 fund managers amounted to USD bn in Direct Real Estate Funds are the most popular alternative assets for Wealth Management firms followed by Direct Hedge Funds, Direct Infrastructure Funds, Funds of Hedge Funds, Direct Private Equity Funds and Illiquid Credit. There were no Wealth Manager investments in Real Assets, Direct Commodities Funds and Private Equity Fund of Funds in this sample. Top 25 Average Smallest Largest USD million Wealth Manager assets 18, , ,118.0 Total assets 41, , ,337.8 Overall Ranking Average Total AuM No. of Managers Wealth Manager assets 2, ,087,

57 Top 25 Alternative Asset Managers by Wealth Manager Assets Distribution by Asset Class 2% 8% 19% 6% 54% 10% Funds of Hedge Funds Direct Hedge Funds Direct Private Equity Funds Direct Real Estate Funds Direct Infrastructure Funds Illiquid Credit Asset class Wealth Manager assets Average Smallest Largest Number of managers USD million Funds of Hedge Funds 36, , , , Direct Hedge Funds 87, , , , Direct Private Equity Funds 28, , , , Direct Real Estate Funds 244, , , , Direct Infrastructure Funds 47, , , , Illiquid Credit 9, , , , Total 453, , , , * Proportions might not sum up to 100% due to rounding 57

58 Top 25 Alternative Asset Managers by Wealth Manager Assets Top 25 comparison Includes only managers who participated in both years Wealth Manager assets for the top 25 managers participating in both 2013 and 2014 increased from USD bn in 2013 to USD bn in 2014 (32%). Direct Real Estate Funds attracted the largest amount of Wealth Manager assets in 2013 and 2014, with allocations in the top 25 increasing marginally to 61% in Proportions remained broadly unchanged for the remaining asset classes. There are 22 managers in the top 25 that also participated in % 9% 7% 61% 12% % 10% 8% 60% 12% Funds of Hedge Funds Direct Hedge Funds Direct Private Equity Funds Direct Real Estate Funds Direct Infrastructure Funds * Proportions might not sum up to 100% due to rounding 58

59 Top 25 Alternative Asset Managers by Wealth Manager Assets Top 25 Alternative Asset Managers ranked 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 UBS Global Asset Management Switzerland 41, , Direct Real Estate Funds 2 Hines United States 28, , Direct Real Estate Funds 3 Union Investment Germany 26, , Direct Real Estate Funds 4 UBS Global Asset Management Switzerland 25, , Funds of Hedge Funds 5 Renaissance Technologies United States 23, , Direct Hedge Funds 6 TIAA-CREF United States 22, , Direct Real Estate Funds 7 HSBC Alternative Investments United Kingdom 21, , Direct Hedge Funds 8 Deutsche Asset & Wealth Management Germany 21, , Direct Infrastructure Funds 9 Principal Global Investors United States 17, , Direct Real Estate Funds 10 CBRE Global Investors United States 17, , Direct Real Estate Funds 11 Deutsche Asset & Wealth Management Germany 17, , Direct Hedge Funds 12 Brookfield Asset Management Canada 17, , Direct Real Estate Funds 13 LaSalle Investment Management United States 15, , Direct Real Estate Funds 14 Deutsche Asset & Wealth Management Germany 15, , Direct Real Estate Funds 15 Blackstone United States 15, , Direct Real Estate Funds 16 Kohlberg Kravis Roberts & Co. United States 15, , Direct Private Equity Funds 17 Kennedy Wilson United States 14, , Direct Real Estate Funds 18 Macquarie Group Australia 13, , Direct Infrastructure Funds 19 Platinum Asset Management Australia 13, , Direct Hedge Funds 20 Bain Capital United States 13, , Direct Private Equity Funds 21 Millennium Management United States 11, , Direct Hedge Funds 22 Morgan Stanley Investment Management United States 11, , Funds of Hedge Funds 23 Brookfield Asset Management Canada 11, , Direct Infrastructure Funds 24 Prologis United States 11, , Direct Real Estate Funds 25 Alcentra United Kingdom 9, , Illiquid Credit Total 453, ,026,

60 Section 3.G Top 25 Alternative Asset Managers by Bank Assets

61 Top 25 Alternative Asset Managers by Bank Assets Executive summary Top 25 Alternative Asset Managers Bank assets managed by the top 25 managers amounted to USD bn in Bank assets are mostly allocated to Direct Real Estate Funds and Direct Hedge Funds, thereafter followed by, Funds of Hedge Funds, Direct Private Equity Funds, Private Equity Fund of Funds, Illiquid Credit and Direct Infrastructure Funds. There were no Direct Commodities Funds nor Real Assets managers in this sample. Top 25 Average Smallest Largest USD million Bank assets 5, , ,563.0 Total assets 30, , ,337.8 Overall Ranking Average Total AuM No. of Managers Bank assets ,

62 Top 25 Alternative Asset Managers by Bank Assets Distribution by Asset Class 11% 19% 9% 12% 36% 5% 8% Funds of Hedge Funds Direct Hedge Funds Private Equity FoF Direct Private Equity Funds Direct Real Estate Funds Direct Infrastructure Funds Illiquid Credit Asset class Bank assets Average Smallest Largest Number of managers USD million Funds of Hedge Funds 15, , , , Direct Hedge Funds 26, , , , Private Equity FoF 12, , , , Direct Private Equity Funds 17, , , , Direct Real Estate Funds 50, , , , Direct Infrastructure Funds 6, , , , Illiquid Credit 10, , , , Total 139, , , , * Proportions might not sum up to 100% due to rounding 62

63 Top 25 Alternative Asset Managers by Bank Assets Top 25 comparison Includes only managers who participated in both years Bank assets for the top 25 managers that also participated in 2014 increased from USD 90.7 bn in 2013 and USD bn in 2014 (14%). Direct Hedge Funds accounted for highest proportion of Banks alternative assets with 25%, up from 22% in 2013, followed by Direct Real Estate Funds with 20%. Private Equity FoF had the biggest increase in allocation from 6% to 13% respectively at the expense in Direct Private Equity, Illiquid Credit and Funds of Hedge Funds. There are 19 managers in the top 25 that also participated in % 25% 13% 11% 20% 7% 10% % 22% 6% 14% 21% 7% 15% Funds of Hedge Funds Direct Hedge Funds Private Equity FoF Direct Private Equity Funds Direct Real Estate Funds Direct Infrastructure Funds Illiquid Credit * Proportions might not sum up to 100% due to rounding 63

64 Top 25 Alternative Asset Managers ranked by Bank Assets Position Name of parent organisation Main country of domicile Banks AUM (USD million) Total AUM (USD million) Asset Class 1 BNP Paribas Investment Partners France 15, , Direct Real Estate Funds 2 Man Group United Kingdom 13, , Direct Hedge Funds 3 Credit Suisse Asset Management United States 9, , Direct Real Estate Funds 4 Pictet Asset Management Switzerland 8, , Funds of Hedge Funds 5 Pictet Asset Management Switzerland 8, , Private Equity FoF 6 Alcentra United Kingdom 8, , Illiquid Credit 7 Winton Capital Group United Kingdom 7, , Direct Hedge Funds 8 Macquarie Group Australia 6, , Direct Infrastructure Funds 9 Amundi France 6, , Direct Real Estate Funds 10 UBS Global Asset Management Switzerland 5, , Direct Real Estate Funds 11 Riverstone Holdings United States 4, , Direct Private Equity Funds 12 Standard Life Investments United Kingdom 4, , Direct Real Estate Funds 13 Aberdeen Asset Management United Kingdom 4, , Private Equity FoF 14 Warburg Pincus United States 4, , Direct Private Equity Funds 15 Union Investment Germany 3, , Direct Real Estate Funds 16 Kohlberg Kravis Roberts & Co. United States 3, , Direct Private Equity Funds 17 AEW Capital Management (1) United States 3, , Direct Real Estate Funds 18 Grosvenor Capital Management United States 3, , Funds of Hedge Funds 19 The Permal Group United States 2, , Funds of Hedge Funds 20 BlueCrest Capital Management United Kingdom 2, , Direct Hedge Funds 21 Balyasny Asset Management United States 2, , Direct Hedge Funds 22 Babson Capital Management United States 2, , Illiquid Credit 23 Blackstone United States 2, , Direct Private Equity Funds 24 Invesco United States 2, , Direct Real Estate Funds 25 BC Partners United Kingdom 2, , Direct Private Equity Funds Total 139, , Top 25 Alternative Asset Managers by Bank Assets (1) [AEW / Aurora / Mirova] is an affiliated investment management firm of NatixisGlobal Asset Management, thus contributing to the illustration of Natixis overall capabilities in global alternative offerings 64

65 Section 4 Total Universe How to read this section This section shows the total universe of all survey participants, ranked by total assets under management in each individual alternatives asset class. It also includes regions in which they invest and where the managers are domiciled.

66 Total Universe Aggregate survey statistics 1% 1% 8% 27% 10% 20% 23% 5% 4% Funds of Hedge Funds Direct Hedge Funds Private Equity FoF Direct Private Equity Funds Direct Real Estate Funds Direct Commodities Funds Direct Infrastructure Funds Real Assets Illiquid Credit Asset class Total AuM Average Smallest Largest USD million Number of managers Funds of Hedge Funds* 523, , , Direct Hedge Funds* 1,723, , , Private Equity FoF* 615, , , Direct Private Equity Funds* 1,250, , , Direct Real Estate Funds 1,467, , , Direct Commodities Funds 91, , , Direct Infrastructure Funds 344, , , Real Assets 42, , , Illiquid Credit 231, , , Total 6,291, , , * 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 66

67 Total Universe Aggregate survey statistics by investor type 33% 8% 5% 3% 4% 17% 4% 27% Pension Fund Insurance Company Sovereign Wealth Fund Endowment and Foundation Fund of Funds Wealth Manager Bank Other Asset class Total AuM Average Smallest Largest USD million Number of managers Pension Fund 2,050, , , Insurance Company 491, , , Sovereign Wealth Funds 311, , , Endowment and Foundation 193, <0.1 7, Fund of Funds 226, <0.1 21, Wealth Manager 1,087, , , Bank 226, , * 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. 67

68 Top Asset Managers by Investor Type Aggregate survey statistics by investor type % 27% 3% 18% 34% 17% 33% 4% 3% 5% 8% 4% 4% 3% 5% 8% Pension Fund Insurance Company Sovereign Wealth Fund Endowment and Foundation Fund of Funds Wealth Manager Bank Other 68

69 Total Universe Region of investment Asset managers were requested to state where their assets are invested Funds of Hedge Funds 21% 14% 56% 9% Direct Hedge Funds 31% 10% 49% 9% Private Equity FoF 31% 7% 54% 8% Direct Private Equity Funds 29% 8% 46% 17% Direct Real Estate Funds 44% 9% 44% 3% Direct Commodities Funds 12% 2% 64% 22% Direct Infrastructure Funds 40% 21% 29% 10% Real Assets 14% 13% 53% 20% Illiquid Credit 48% 36% Europe Asia Pacific North America Other 3% 13% * Proportions might not sum 100% due to rounding 69

70 Total Universe Region of investment (aggregated) and domicile Distribution by investment 35% 10% 46% 9% Distribution by domicile 28% 4% 68% <1% Europe Asia Pacific Central/North America Other Around 55% of the managers domiciled in Europe are based in the UK; 19% are in Switzerland and 14% are in France. Around 96% of North America managers are domiciled in the US. Asia Pacific is represented by 44 managers from Australia, China, Hong Kong, India, New Zealand and Singapore. * Proportions might not sum 100% due to rounding 70

71 Index Dec 2010 = 100* Five-year comparison Managers that have participated for the past five years Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Funds of Hedge Funds Direct Real Estate Funds Direct Infrastructure Funds Direct Private Equity Funds AuM Variation Private Equity FoF Direct Commodities Funds Direct Hedge Funds *For Direct Hedge Funds and Direct Private Equity Funds index starts at Dec Total Universe Year-on-year growth in the total assets managed by the 42 Funds of Hedge Fund managers that participated in the last five years has averaged 5%, with a 6% rise in Total assets managed by the 35 Private Equity FoF managers that participated in the last five years have shown continuous growth over the period, however the 7% growth in 2014 was lower than in previous years. After a modest decline in 2013, total assets managed by the Direct Real Estate Fund managers that participated in the last five years grew significantly in 2014, up 12% on the previous year. Total assets managed by the 16 Direct Commodities Fund Managers that have participated in the last five years remained steady up to 2012, but declined in the last two years. Total assets fell 39% in Total assets managed by the 33 Direct Infrastructure Fund Managers that have participated in the last five years have been growing steadily since 2010 and increased by 9% in Total assets managed by the 57 Direct Hedge Fund managers that have participated in the last four years have seen a steady increase, averaging 10% year-on-year growth since 2011 and growing by 9% in 2014 alone. Total assets managed by the 50 Direct Private Equity Fund Managers that participated in the last four years fell by 1% in 2014 although year-on-year growth has averaged 4% since

72 Alternative Asset Managers Ranking Total assets by asset class Alternative Asset Managers * Data derived from the Global Billion Dollar Club, published by HedgeFund Intelligence ** Figures show total capital raised since inception, obtained from publicly available sources *** Figures show total assets under management, obtained from publicly available sources Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 1 Macquarie Group Australia 92, Direct Infrastructure Funds 2 Bridgewater Associates United States 89, Direct Hedge Funds 3 CBRE Global Investors United States 82, Direct Real Estate Funds 4 Blackstone United States 80, Direct Real Estate Funds 5 TPG Capital*** United States 67, Direct Private Equity Funds 6 The Carlyle Group*** United States 64, Direct Private Equity Funds 7 TIAA-CREF United States 63, Direct Real Estate Funds 8 Blackstone United States 63, Funds of Hedge Funds 9 CVC Capital Partners** Luxembourg 60, Direct Private Equity Funds 10 UBS Global Asset Management Switzerland 60, Direct Real Estate Funds 11 J. P. Morgan Asset Management* United States 59, Direct Hedge Funds 12 AXA Investment Managers France 55, Direct Real Estate Funds 13 LaSalle Investment Management United States 55, Direct Real Estate Funds 14 Kohlberg Kravis Roberts & Co. United States 53, Direct Private Equity Funds 15 Hines United States 50, Direct Real Estate Funds 16 Principal Global Investors United States 48, Direct Real Estate Funds 17 Carlyle Investment Solutions United States 46, Private Equity FoF 18 Och-Ziff Capital Management Group United States 46, Direct Hedge Funds 19 Blackstone United States 44, Direct Private Equity Funds 20 J.P. Morgan Asset Management United States 44, Direct Real Estate Funds 21 Man Group United Kingdom 43, Direct Hedge Funds 22 Cornerstone Real Estate Advisers United States 42, Direct Real Estate Funds 23 Credit Suisse Asset Management United States 42, Direct Real Estate Funds 24 Goldman Sachs Asset Management United States 42, Private Equity FoF 25 Apollo Global Management United States 41, Direct Private Equity Funds 72

73 Alternative Asset Managers Ranking Total assets by asset class Alternative Asset Managers * Data derived from the Global Billion Dollar Club, published by HedgeFund Intelligence ** Figures show total capital raised since inception, obtained from publicly available sources *** Figures show total assets under management, obtained from publicly available sources Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 26 Bain Capital United States 40, Direct Private Equity Funds 27 Brookfield Asset Management Canada 40, Direct Real Estate Funds 28 Providence Equity Partners*** United States 40, Direct Private Equity Funds 29 AQR Capital Management United States 39, Direct Hedge Funds 30 Prudential Real Estate Investors United States 38, Direct Real Estate Funds 31 HarbourVest Partners United States 37, Private Equity FoF 32 Apax Partners** United Kingdom 37, Direct Private Equity Funds 33 Deutsche Asset & Wealth Management Germany 37, Direct Real Estate Funds 34 Advent International United States 37, Direct Private Equity Funds 35 AEW Capital Management (1) United States 37, Direct Real Estate Funds 36 Warburg Pincus United States 36, Direct Private Equity Funds 37 Union Investment Germany 33, Direct Real Estate Funds 38 M&G Investments United Kingdom 33, Direct Real Estate Funds 39 M&G Investments United Kingdom 33, Illiquid Credit 40 Lexington Partners** United States 33, Private Equity FoF 41 Brevan Howard Capital Management United Kingdom 32, Direct Hedge Funds 42 UBS Global Asset Management Switzerland 32, Funds of Hedge Funds 43 Hamilton Lane Advisors United States 32, Private Equity FoF 44 Ardian France 32, Private Equity FoF 45 Riverstone Holdings United States 32, Direct Private Equity Funds 46 BlackRock United States 31, Direct Hedge Funds 47 Pantheon United Kingdom 31, Private Equity FoF 48 Aberdeen Asset Management United Kingdom 30, Direct Real Estate Funds 49 Aviva Investors United Kingdom 30, Direct Real Estate Funds 50 Goldman Sachs United States 30, Direct Private Equity Funds (1) [AEW / Aurora / Mirova] is an affiliated investment management firm of NatixisGlobal Asset Management, thus contributing to the illustration of Natixis overall capabilities in global alternative offerings 73

74 Alternative Asset Managers Ranking Total assets by asset class Alternative Asset Managers * Data derived from the Global Billion Dollar Club, published by HedgeFund Intelligence ** Figures show total capital raised since inception, obtained from publicly available sources *** Figures show total assets under management, obtained from publicly available sources Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 51 Oaktree Capital Management United States 30, Direct Private Equity Funds 52 Deutsche Asset & Wealth Management Germany 29, Direct Infrastructure Funds 53 Permira Advisers United Kingdom 28, Direct Private Equity Funds 54 Baupost Group* United States 28, Direct Hedge Funds 55 Adage Capital Management* United States 28, Direct Hedge Funds 56 Winton Capital Group United Kingdom 28, Direct Hedge Funds 57 Goldman Sachs Asset Management United States 27, Funds of Hedge Funds 58 EnCap Investments** United States 27, Direct Private Equity Funds 59 Renaissance Technologies United States 27, Direct Hedge Funds 60 Brookfield Asset Management Canada 27, Direct Infrastructure Funds 61 Grosvenor Capital Management United States 26, Funds of Hedge Funds 62 Silver Lake*** United States 26, Direct Private Equity Funds 63 BlueCrest Capital Management United Kingdom 25, Direct Hedge Funds 64 Millennium Management United States 25, Direct Hedge Funds 65 Standard Life Investments United Kingdom 25, Direct Real Estate Funds 66 Elliot Management* United States 25, Direct Hedge Funds 67 Hellman & Friedman** United States 25, Direct Private Equity Funds 68 Davidson Kempner Capital Management* United States 24, Direct Hedge Funds 69 Morgan Stanley Investment Management United States 24, Direct Real Estate Funds 70 Clayton, Dubilier & Rice United States 24, Direct Private Equity Funds 71 D. E. Shaw Group United States 24, Direct Hedge Funds 72 Legal & General Property United Kingdom 24, Direct Real Estate Funds 73 J.P. Morgan Asset Management United States 24, Private Equity FoF 74 LGT Capital Partners Switzerland 23, Private Equity FoF 75 Invesco United States 23, Direct Real Estate Funds 74

75 Alternative Asset Managers Ranking Total assets by asset class Alternative Asset Managers * Data derived from the Global Billion Dollar Club, published by HedgeFund Intelligence ** Figures show total capital raised since inception, obtained from publicly available sources *** Figures show total assets under management, obtained from publicly available sources Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 76 Citadel United States 23, Direct Hedge Funds 77 Alcentra United Kingdom 23, Illiquid Credit 78 BlackRock United States 22, Direct Real Estate Funds 79 Starwood Capital Group United States 22, Direct Real Estate Funds 80 HSBC Alternative Investments United Kingdom 22, Direct Hedge Funds 81 Prologis United States 22, Direct Real Estate Funds 82 Heitman United States 22, Direct Real Estate Funds 83 GAM United Kingdom 22, Direct Hedge Funds 84 Goldman Sachs United States 22, Illiquid Credit 85 The Permal Group United States 21, Funds of Hedge Funds 86 King Street Capital Management United States 21, Direct Hedge Funds 87 Clarion Partners United States 21, Direct Real Estate Funds 88 York Capital Management* United States 21, Direct Hedge Funds 89 BNP Paribas Investment Partners France 21, Direct Real Estate Funds 90 Morgan Stanley Investment Management United States 21, Funds of Hedge Funds 91 BlackRock United States 20, Funds of Hedge Funds 92 Viking Global Investors* United States 20, Direct Hedge Funds 93 Credit Suisse Asset Management United States 20, Direct Hedge Funds 94 Deutsche Asset & Wealth Management Germany 20, Direct Hedge Funds 95 Partners Group Switzerland 19, Private Equity FoF 96 Farallon Capital Management* United States 19, Direct Hedge Funds 97 Babson Capital Management United States 19, Illiquid Credit 98 EQT United Kingdom 19, Direct Private Equity Funds 99 Two Sigma Investments United States 19, Direct Hedge Funds 100 Grosvenor Capital Management United States 18, Private Equity FoF 75

76 Alternative Asset Managers Ranking Total assets by asset class Alternative Asset Managers * Data derived from the Global Billion Dollar Club, published by HedgeFund Intelligence ** Figures show total capital raised since inception, obtained from publicly available sources *** Figures show total assets under management, obtained from publicly available sources Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 101 Platinum Asset Management Australia 18, Direct Hedge Funds 102 PIMCO United States 18, Direct Commodities Funds 103 AMP Capital Australia 18, Direct Real Estate Funds 104 BlackRock United States 18, Private Equity FoF 105 IFM Investors Australia 18, Direct Infrastructure Funds 106 Bentall Kennedy Canada 18, Direct Real Estate Funds 107 Capital Dynamics Switzerland 18, Private Equity FoF 108 Kennedy Wilson United States 18, Direct Real Estate Funds 109 Appaloosa Management* United States 18, Direct Hedge Funds 110 BC Partners United Kingdom 17, Direct Private Equity Funds 111 Paulson & Co.* United States 17, Direct Hedge Funds 112 Pershing Square Capital Management* United States 17, Direct Hedge Funds 113 Canyon Partners United States 17, Direct Hedge Funds 114 BlackRock United States 17, Direct Commodities Funds 115 Oak Hill Advisors United States 17, Direct Hedge Funds 116 GoldenTree Asset Management United States 17, Direct Hedge Funds 117 Third Point* United States 16, Direct Hedge Funds 118 ValueAct Capital Management* United States 16, Direct Hedge Funds 119 Neuberger Berman United States 16, Private Equity FoF 120 La Française Group France 16, Direct Real Estate Funds 121 AXA Investment Managers France 16, Illiquid Credit 122 Moore Capital Management* United States 15, Direct Hedge Funds 123 GSO Capital Partners United Kingdom 15, Illiquid Credit 124 Leonard Green** United States 15, Direct Private Equity Funds 125 Ares Management*** United States 15, Direct Private Equity Funds 76

77 Alternative Asset Managers Ranking Total assets by asset class Alternative Asset Managers * Data derived from the Global Billion Dollar Club, published by HedgeFund Intelligence ** Figures show total capital raised since inception, obtained from publicly available sources *** Figures show total assets under management, obtained from publicly available sources Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 126 Grantham. Mayo, Van Otterloo* United States 15, Direct Hedge Funds 127 BlueMountain Capital Management* United States 14, Direct Hedge Funds 128 Landmark Partners United States 14, Private Equity FoF 129 Discovery Capital Management* United States 14, Direct Hedge Funds 130 Bridgepoint United Kingdom 14, Direct Private Equity Funds 131 PIMCO United States 14, Direct Hedge Funds 132 Lansdowne Partners United Kingdom 14, Direct Hedge Funds 133 Angelo, Gordon & Co. United States 14, Direct Hedge Funds 134 Fortress Investment Group* United States 14, Direct Hedge Funds 135 Triton Partners*** United Kingdom 14, Direct Private Equity Funds 136 Goldman Sachs Asset Management United States 14, Direct Hedge Funds 137 Vista Equity Partners** United States 14, Direct Private Equity Funds 138 MSD Capital* United States 14, Direct Hedge Funds 139 Cinven United Kingdom 13, Direct Private Equity Funds 140 Brigade Capital Management United States 13, Direct Hedge Funds 141 Cevian Capital United Kingdom 13, Direct Hedge Funds 142 Mesirow Financial Holdings United States 13, Funds of Hedge Funds 143 Wellington Management United States 13, Direct Hedge Funds 144 Nordic Capital United Kingdom 13, Direct Private Equity Funds 145 Avenue Capital Group United States 13, Direct Hedge Funds 146 Portfolio Advisors United States 13, Private Equity FoF 147 Tudor Investment* United Kingdom 13, Direct Hedge Funds 148 American Securities*** United States 13, Direct Private Equity Funds 149 Stone Point Capital** United States 13, Direct Private Equity Funds 150 Anchorage Capital Group United States 12, Direct Hedge Funds 77

78 Alternative Asset Managers Ranking Total assets by asset class Alternative Asset Managers * Data derived from the Global Billion Dollar Club, published by HedgeFund Intelligence ** Figures show total capital raised since inception, obtained from publicly available sources *** Figures show total assets under management, obtained from publicly available sources Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 151 Pathway Capital Management United States 12, Private Equity FoF 152 Fir Tree Partners United States 12, Direct Hedge Funds 153 General Atlantic United States 12, Direct Private Equity Funds 154 Pathway Capital Management United States 12, Direct Private Equity Funds 155 The Energy & Minerals Group United States 12, Direct Private Equity Funds 156 Magnetar Capital United States 12, Direct Hedge Funds 157 EnTrust Capital United States 12, Funds of Hedge Funds 158 SkyBridge Capital United States 12, Funds of Hedge Funds 159 Energy Capital Partners United States 12, Direct Private Equity Funds 160 Highbridge Capital Management United States 12, Illiquid Credit 161 Adams Street Partners United States 12, Private Equity FoF 162 J.P. Morgan Alternative Asset Management United States 12, Funds of Hedge Funds 163 Golden Gate Capital** United States 12, Direct Private Equity Funds 164 Highfields Capital Management* United States 12, Direct Hedge Funds 165 Deutsche Asset & Wealth Management Germany 11, Private Equity FoF 166 Lone Pine Capital* United States 11, Direct Hedge Funds 167 Lend Lease Investment Management Australia 11, Direct Real Estate Funds 168 Greenlight Capital* United States 11, Direct Hedge Funds 169 Odey Asset Management United Kingdom 11, Direct Hedge Funds 170 FRM* United Kingdom 11, Funds of Hedge Funds 171 F&C REIT United Kingdom 11, Direct Real Estate Funds 172 New Mountain Capital United States 11, Direct Private Equity Funds 173 Gresham Investment Management United States 11, Direct Commodities Funds 174 Arden Asset Management* United States 11, Funds of Hedge Funds 175 Pine River Capital Management United States 11, Direct Hedge Funds 78

79 Alternative Asset Managers Ranking Total assets by asset class Alternative Asset Managers * Data derived from the Global Billion Dollar Club, published by HedgeFund Intelligence ** Figures show total capital raised since inception, obtained from publicly available sources *** Figures show total assets under management, obtained from publicly available sources Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 176 DTZ Investors United Kingdom 11, Direct Real Estate Funds 177 Man Group United Kingdom 11, Funds of Hedge Funds 178 Aberdeen Asset Management United Kingdom 11, Private Equity FoF 179 Centerbridge Partners* United States 11, Direct Hedge Funds 180 Goldman Sachs United States 11, Direct Infrastructure Funds 181 Convexity Capital Management* United States 10, Direct Hedge Funds 182 Schroders Investment Management United Kingdom 10, Direct Real Estate Funds 183 Morgan Stanley Investment Management United States 10, Private Equity FoF 184 Threadneedle Investments United Kingdom 10, Direct Real Estate Funds 185 Trian Fund Management United States 10, Direct Hedge Funds 186 Ares Management United States 10, Direct Real Estate Funds 187 The Rock Creek Group United States 10, Funds of Hedge Funds 188 Glenview Capital Management* United States 10, Direct Hedge Funds 189 Natural Gas Partners** United States 10, Direct Private Equity Funds 190 Henderson Global Investors United Kingdom 10, Direct Hedge Funds 191 K2 Advisors United States 10, Funds of Hedge Funds 192 Aetos Capital* United States 10, Funds of Hedge Funds 193 SL Capital Partners United Kingdom 10, Private Equity FoF 194 Prisma Capital Partners* United States 10, Funds of Hedge Funds 195 Cerberus Capital Management* United States 10, Direct Hedge Funds 196 Kohlberg Kravis Roberts & Co. United States 10, Funds of Hedge Funds 197 CarVal Investors United States 10, Illiquid Credit 198 Onex*** Canada 10, Direct Private Equity Funds 199 UBP Alternative Investments Switzerland 10, Funds of Hedge Funds 200 GTCR** United States 10, Direct Private Equity Funds 79

80 Alternative Asset Managers Ranking Total assets by asset class Alternative Asset Managers * Data derived from the Global Billion Dollar Club, published by HedgeFund Intelligence ** Figures show total capital raised since inception, obtained from publicly available sources *** Figures show total assets under management, obtained from publicly available sources Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 201 Technology Crossover Ventures** United States 10, Direct Private Equity Funds 202 Russian Direct Investment Fund (RDIF)*** Russia 10, Direct Private Equity Funds 203 Marathon Asset Management United States 9, Direct Hedge Funds 204 Bracebridge Capital* United States 9, Direct Hedge Funds 205 Perry Capital United States 9, Direct Hedge Funds 206 Amundi France 9, Direct Real Estate Funds 207 Siguler Guff & Company United States 9, Private Equity FoF 208 Hermes Investment Management United Kingdom 9, Direct Real Estate Funds 209 UBS Global Asset Management Switzerland 9, Private Equity FoF 210 Nephila Capital Bermuda 9, Direct Hedge Funds 211 Pictet Asset Management Switzerland 9, Funds of Hedge Funds 212 Apollo Global Management United States 9, Direct Real Estate Funds 213 JANA Partners* United States 9, Direct Hedge Funds 214 Credit Suisse Asset Management United States 9, Direct Commodities Funds 215 Fidelity Worldwide Investment United Kingdom 9, Direct Real Estate Funds 216 QIC Australia 9, Direct Real Estate Funds 217 Aurora Investment Management* (1) United States 9, Funds of Hedge Funds 218 PAI Partners France 9, Direct Private Equity Funds 219 Carlson Capital* United States 9, Direct Hedge Funds 220 Pictet Asset Management Switzerland 9, Private Equity FoF 221 Eton Park Capital Management* United States 9, Direct Hedge Funds 222 Maverick Capital* United States 9, Direct Hedge Funds 223 Mason Capital Management* United States 9, Direct Hedge Funds 224 Omega Advisors* United States 9, Direct Hedge Funds 225 Colonial First State Global Asset Management Australia 8, Direct Infrastructure Funds (1) [AEW / Aurora / Mirova] is an affiliated investment management firm of NatixisGlobal Asset Management, thus contributing to the illustration of Natixis overall capabilities in global alternative offerings 80

81 Alternative Asset Managers Ranking Total assets by asset class Alternative Asset Managers * Data derived from the Global Billion Dollar Club, published by HedgeFund Intelligence ** Figures show total capital raised since inception, obtained from publicly available sources *** Figures show total assets under management, obtained from publicly available sources Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 226 Coller Capital United Kingdom 8, Private Equity FoF 227 PAAMCO United States 8, Funds of Hedge Funds 228 Terra Firma Capital Partners United Kingdom 8, Direct Private Equity Funds 229 AMP Capital Australia 8, Direct Infrastructure Funds 230 HBK Capital Management United States 8, Direct Hedge Funds 231 Alinda Capital Partners United States 8, Direct Infrastructure Funds 232 Sankaty Advisors United States 8, Illiquid Credit 233 MKP Capital Management United States 8, Direct Hedge Funds 234 RARE Infrastructure Australia 8, Direct Infrastructure Funds 235 AXA Investment Managers France 8, Funds of Hedge Funds 236 Taconic Capital Advisors United States 8, Direct Hedge Funds 237 J.P. Morgan Asset Management United States 8, Direct Infrastructure Funds 238 Intermediate Capital Group United Kingdom 8, Illiquid Credit 239 Kohlberg Kravis Roberts & Co. United States 8, Illiquid Credit 240 Graham Capital Management United States 8, Direct Hedge Funds 241 CQS United Kingdom 8, Direct Hedge Funds 242 Ardian France 8, Direct Private Equity Funds 243 First Reserve United States 8, Direct Private Equity Funds 244 Gottex Fund Management Switzerland 8, Funds of Hedge Funds 245 Sun Capital Partners United States 8, Direct Private Equity Funds 246 Robeco Institutional Asset Management The Netherlands 8, Direct Hedge Funds 247 Charter Hall Group Australia 8, Direct Real Estate Funds 248 Bouwinvest REIM The Netherlands 8, Direct Real Estate Funds 249 Lyxor Asset Management France 8, Funds of Hedge Funds 250 Insight Venture Partners** United States 8, Direct Private Equity Funds 81

82 Alternative Asset Managers Ranking Total assets by asset class Alternative Asset Managers * Data derived from the Global Billion Dollar Club, published by HedgeFund Intelligence ** Figures show total capital raised since inception, obtained from publicly available sources *** Figures show total assets under management, obtained from publicly available sources Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 251 Silver Point Capital* United Kingdom 8, Direct Hedge Funds 252 Partners Group Switzerland 7, Direct Real Estate Funds 253 Hastings Funds Management Australia 7, Direct Infrastructure Funds 254 Kelso & Company United States 7, Direct Private Equity Funds 255 Beach Point Capital United States 7, Direct Hedge Funds 256 PIMCO United States 7, Direct Real Estate Funds 257 Crescent Capital Group United States 7, Illiquid Credit 258 Balyasny Asset Management United States 7, Direct Hedge Funds 259 CDH Investments China 7, Direct Private Equity Funds 260 GE Asset Management United States 7, Direct Private Equity Funds 261 Lyxor Asset Management France 7, Direct Hedge Funds 262 Cordea Savills United Kingdom 7, Direct Real Estate Funds 263 Abbott Capital Management United States 7, Private Equity FoF 264 Hony Capital*** China 7, Direct Private Equity Funds 265 Access Capital Partners France 7, Private Equity FoF 266 Welsh Carson Anderson & Stowe United States 7, Direct Private Equity Funds 267 The GPT Group Australia 7, Direct Real Estate Funds 268 Varde Partners United States 7, Illiquid Credit 269 Liongate Capital Management* United Kingdom 7, Funds of Hedge Funds 270 Orchard Street Investment Management United Kingdom 7, Direct Real Estate Funds 271 Neuberger Berman United States 7, Direct Private Equity Funds 272 TIAA-CREF United States 7, Real Assets 273 LGT Capital Partners Switzerland 7, Funds of Hedge Funds 274 FLAG Capital Management** United States 7, Private Equity FoF 275 WL Ross*** United States 7, Direct Private Equity Funds 82

83 Alternative Asset Managers Ranking Total assets by asset class Alternative Asset Managers * Data derived from the Global Billion Dollar Club, published by HedgeFund Intelligence ** Figures show total capital raised since inception, obtained from publicly available sources *** Figures show total assets under management, obtained from publicly available sources Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 276 CCMP Capital Advisors United States 6, Direct Private Equity Funds 277 Campbell Global United States 6, Real Assets 278 Wellington Management United States 6, Direct Commodities Funds 279 Angelo, Gordon & Co. United States 6, Direct Real Estate Funds 280 Oaktree Capital Management United States 6, Direct Real Estate Funds 281 Actis United Kingdom 6, Direct Private Equity Funds 282 Goldman Sachs Asset Management United States 6, Direct Real Estate Funds 283 Wellington Management United States 6, Real Assets 284 HgCapital United Kingdom 6, Direct Private Equity Funds 285 Edmond de Rothschild Capital Holdings* Curacao 6, Funds of Hedge Funds 286 H.R.L. Morrison & Co New Zealand 5, Direct Infrastructure Funds 287 InfraRed Capital Partners United Kingdom 5, Direct Infrastructure Funds 288 TIAA-CREF United States 5, Direct Private Equity Funds 289 Partners Group Switzerland 5, Direct Private Equity Funds 290 Transtrend The Netherlands 5, Direct Hedge Funds 291 UBS Global Asset Management Switzerland 5, Direct Infrastructure Funds 292 Lime Rock Partners United States 5, Direct Private Equity Funds 293 Crestline Investors United States 5, Funds of Hedge Funds 294 Auda Private Equity United States 5, Private Equity FoF 295 Lynx Asset Management Sweden 5, Direct Hedge Funds 296 UBS Global Asset Management Switzerland 5, Direct Hedge Funds 297 Adveq Management Switzerland 5, Private Equity FoF 298 Blackstone United States 5, Direct Hedge Funds 299 Silver Creek Capital Management United States 5, Funds of Hedge Funds 300 Partners Group Switzerland 5, Illiquid Credit 83

84 Alternative Asset Managers Ranking Total assets by asset class Alternative Asset Managers * Data derived from the Global Billion Dollar Club, published by HedgeFund Intelligence ** Figures show total capital raised since inception, obtained from publicly available sources *** Figures show total assets under management, obtained from publicly available sources Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 301 GSO Capital Partners United Kingdom 5, Direct Hedge Funds 302 Evanston Capital Management United States 5, Funds of Hedge Funds 303 ASB Real Estate Investments United States 5, Direct Real Estate Funds 304 GMT Capital Corp. United States 5, Direct Hedge Funds 305 Chenavari Investment Managers United Kingdom 5, Direct Hedge Funds 306 PineBridge Investments United States 5, Private Equity FoF 307 Lion Capital United Kingdom 5, Direct Private Equity Funds 308 Amundi France 5, Funds of Hedge Funds 309 Mid Europa Partners** United Kingdom 5, Direct Private Equity Funds 310 HitecVision*** Norway 5, Direct Private Equity Funds 311 CoreCommodity Management United States 4, Direct Commodities Funds 312 Arrowgrass Capital Partners United Kingdom 4, Direct Hedge Funds 313 Grove Street Advisors United States 4, Private Equity FoF 314 Morgan Stanley Investment Management United States 4, Direct Private Equity Funds 315 Amundi France 4, Illiquid Credit 316 Aspect Capital United Kingdom 4, Direct Hedge Funds 317 Hermes Investment Management United Kingdom 4, Direct Infrastructure Funds 318 Corbin Capital Partners* United States 4, Funds of Hedge Funds 319 ABS Investment Management Cayman Islands 4, Funds of Hedge Funds 320 Angelo, Gordon & Co. United States 4, Illiquid Credit 321 Morgan Stanley Investment Management United States 4, Direct Infrastructure Funds 322 QIC Australia 4, Direct Infrastructure Funds 323 Campbell & Company United States 4, Direct Hedge Funds 324 SteelRiver Infrastructure Fund North America United States 4, Direct Infrastructure Funds 325 GE Asset Management United States 4, Direct Real Estate Funds 84

85 Alternative Asset Managers Ranking Total assets by asset class Alternative Asset Managers * Data derived from the Global Billion Dollar Club, published by HedgeFund Intelligence ** Figures show total capital raised since inception, obtained from publicly available sources *** Figures show total assets under management, obtained from publicly available sources Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 326 Amundi France 4, Private Equity FoF 327 Aristeia Capital United States 4, Direct Hedge Funds 328 Highland Capital Management United States 4, Direct Hedge Funds 329 BTG Pactual Brazil 4, Direct Hedge Funds 330 BlackRock United States 4, Direct Infrastructure Funds 331 Capital Fund Management France 4, Direct Hedge Funds 332 Northleaf Capital Partners Canada 4, Private Equity FoF 333 Kohlberg Kravis Roberts & Co. United States 4, Direct Infrastructure Funds 334 Ardian France 4, Direct Infrastructure Funds 335 Henderson Global Investors United Kingdom 4, Direct Real Estate Funds 336 Highbridge Capital Management United States 4, Direct Hedge Funds 337 Macquarie Group Australia 4, Direct Hedge Funds 338 Neuberger Berman United States 4, Funds of Hedge Funds 339 Waterfall Asset Management United States 4, Direct Hedge Funds 340 Waterfall Asset Management United States 4, Illiquid Credit 341 Camden Asset Management United States 4, Direct Hedge Funds 342 Amundi France 4, Direct Hedge Funds 343 Danske Private Equity Denmark 4, Private Equity FoF 344 Montagu Private Equity*** United Kingdom 4, Direct Private Equity Funds 345 Forum Partners United States 3, Direct Real Estate Funds 346 Magellan Asset Management Australia 3, Direct Infrastructure Funds 347 Macquarie Group Australia 3, Direct Real Estate Funds 348 M3 Capital Partners/Evergreen United States 3, Direct Real Estate Funds 349 Neuberger Berman United States 3, Direct Hedge Funds 350 Hermes Investment Management United Kingdom 3, Private Equity FoF 85

86 Alternative Asset Managers Ranking Total assets by asset class Alternative Asset Managers * Data derived from the Global Billion Dollar Club, published by HedgeFund Intelligence ** Figures show total capital raised since inception, obtained from publicly available sources *** Figures show total assets under management, obtained from publicly available sources Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 351 Partners Group Switzerland 3, Direct Infrastructure Funds 352 Cantab Capital Partners United Kingdom 3, Direct Hedge Funds 353 EQT United Kingdom 3, Direct Infrastructure Funds 354 Aviva Investors United Kingdom 3, Direct Infrastructure Funds 355 Candriam Investor Group France 3, Direct Hedge Funds 356 Antin Infrastructure Partners France 3, Direct Infrastructure Funds 357 Patron Capital United Kingdom 3, Direct Real Estate Funds 358 MatlinPatterson United States 3, Direct Private Equity Funds 359 Indus Capital Partners United States 3, Direct Hedge Funds 360 Monarch Alternative Capital United States 3, Direct Hedge Funds 361 Credit Suisse Asset Management United States 3, Funds of Hedge Funds 362 Black River Asset Management United States 3, Direct Hedge Funds 363 Magnitude Capital United States 3, Funds of Hedge Funds 364 Private Advisors* United States 3, Funds of Hedge Funds 365 P.Schoenfeld Asset Management United States 3, Direct Hedge Funds 366 IK Investment Partners United Kingdom 3, Direct Private Equity Funds 367 Infracapital United Kingdom 3, Direct Infrastructure Funds 368 Schroders Investment Management United Kingdom 3, Direct Commodities Funds 369 Principal Global Investors United States 3, Direct Hedge Funds 370 Ramius United States 3, Funds of Hedge Funds 371 III Capital Management United States 3, Direct Hedge Funds 372 Ascend Capital United States 3, Direct Hedge Funds 373 Equistone Partners Europe United Kingdom 3, Direct Private Equity Funds 374 QIC Australia 3, Private Equity FoF 375 Goldman Sachs Asset Management United States 3, Direct Commodities Funds 86

87 Alternative Asset Managers Ranking Total assets by asset class Alternative Asset Managers * Data derived from the Global Billion Dollar Club, published by HedgeFund Intelligence ** Figures show total capital raised since inception, obtained from publicly available sources *** Figures show total assets under management, obtained from publicly available sources Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 376 The Archstone Partnerships* United States 3, Funds of Hedge Funds 377 Capstone Investment Advisors* United States 3, Direct Hedge Funds 378 Mesa West Capital United States 3, Direct Real Estate Funds 379 Allianz Global Investors Germany 3, Direct Hedge Funds 380 Securis Investment Partners United States 3, Direct Hedge Funds 381 Top Tier Capital Partners United States 3, Private Equity FoF 382 Brookfield Asset Management Canada 3, Direct Private Equity Funds 383 GSA Capital Partners United Kingdom 3, Direct Hedge Funds 384 Audax Group United States 3, Direct Private Equity Funds 385 Litespeed Management United States 3, Direct Hedge Funds 386 Pictet Asset Management Switzerland 3, Direct Hedge Funds 387 Unigestion Switzerland 3, Private Equity FoF 388 Anchorage Capital Group United States 3, Illiquid Credit 389 Navis Capital Partners Cayman Islands 2, Direct Private Equity Funds 390 GE Asset Management United States 2, Direct Hedge Funds 391 Twelve Capital Switzerland 2, Direct Hedge Funds 392 Berkshire Group United States 2, Direct Real Estate Funds 393 Greenspring Associates United States 2, Private Equity FoF 394 Whitehelm Capital Australia 2, Direct Infrastructure Funds 395 PCCP United States 2, Direct Real Estate Funds 396 Optima Fund Management United States 2, Funds of Hedge Funds 397 Notz, Stucki Europe* Luxembourg 2, Funds of Hedge Funds 398 Conatus Capital Management United States 2, Direct Hedge Funds 399 Grosvenor Capital Management United States 2, Direct Infrastructure Funds 400 Varde Partners United States 2, Direct Hedge Funds 87

88 Alternative Asset Managers Ranking Total assets by asset class Alternative Asset Managers * Data derived from the Global Billion Dollar Club, published by HedgeFund Intelligence ** Figures show total capital raised since inception, obtained from publicly available sources *** Figures show total assets under management, obtained from publicly available sources Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 401 Boussard & Gavaudan United Kingdom 2, Direct Hedge Funds 402 Ivory Investment Management United States 2, Direct Hedge Funds 403 Aquila Capital Concepts Germany 2, Real Assets 404 Aberdeen Asset Management United Kingdom 2, Direct Infrastructure Funds 405 Kohlberg Kravis Roberts & Co. United States 2, Real Assets 406 New Mountain Capital United States 2, Direct Hedge Funds 407 Lothbury Investment Management United Kingdom 2, Direct Real Estate Funds 408 Arcus Infrastructure Partners United Kingdom 2, Direct Infrastructure Funds 409 Brookfield Asset Management Canada 2, Real Assets 410 Macquarie Group Australia 2, Real Assets 411 HSBC Alternative Investments United Kingdom 2, Funds of Hedge Funds 412 Hatteras Funds Group* United States 2, Funds of Hedge Funds 413 Oaktree Capital Management United States 2, Direct Infrastructure Funds 414 Investec Asset Management United Kingdom 2, Direct Commodities Funds 415 Robeco Institutional Asset Management The Netherlands 2, Private Equity FoF 416 Europa Capital United Kingdom 2, Direct Real Estate Funds 417 Abbey Capital Ireland 2, Funds of Hedge Funds 418 Akina Switzerland 2, Private Equity FoF 419 Ramius United States 2, Direct Private Equity Funds 420 Gramercy United States 2, Direct Hedge Funds 421 InfraRed Capital Partners United Kingdom 2, Direct Real Estate Funds 422 Mesirow Financial Holdings United States 2, Private Equity FoF 423 Carlyle Investment Solutions United States 2, Funds of Hedge Funds 424 Chilton Investment Company United States 2, Direct Hedge Funds 425 Timbercreek Asset Management Canada 2, Direct Real Estate Funds 88

89 Alternative Asset Managers Ranking Total assets by asset class Alternative Asset Managers Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 426 Audax Group United States 2, Illiquid Credit 427 Black River Asset Management United States 2, Direct Private Equity Funds 428 JHL Capital Group United States 2, Direct Hedge Funds 429 Allianz Global Investors Germany 2, Illiquid Credit 430 SAIL Advisors Hong Kong 2, Funds of Hedge Funds 431 Pinnacle Asset Management United States 2, Funds of Hedge Funds 432 Investcorp United States 2, Direct Hedge Funds 433 Picton Mahoney Asset Management Canada 2, Direct Hedge Funds 434 Pradera United Kingdom 2, Direct Real Estate Funds 435 TIAA-CREF United States 2, Direct Commodities Funds 436 PineBridge Investments United States 2, Direct Private Equity Funds 437 Ramius United States 2, Direct Real Estate Funds 438 Trilantic Capital Management United States 2, Direct Private Equity Funds 439 Ramius United States 2, Direct Hedge Funds 440 Fulcrum Asset Management United Kingdom 2, Direct Hedge Funds 441 One William Street Capital Management United States 2, Direct Hedge Funds 442 La Française Group France 2, Funds of Hedge Funds 443 Stafford Capital Partners Australia 2, Real Assets 444 First Quadrant United States 2, Direct Hedge Funds 445 3i United Kingdom 2, Direct Private Equity Funds 446 Investcorp United States 2, Funds of Hedge Funds 447 MatlinPatterson United States 2, Direct Hedge Funds 448 TIAA-CREF United States 2, Direct Infrastructure Funds 449 Babson Capital Management United States 2, Real Assets 450 Spinnaker Capital United Kingdom 2, Direct Hedge Funds 89

90 Alternative Asset Managers Ranking Total assets by asset class Alternative Asset Managers Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 451 Protege Partners United States 2, Funds of Hedge Funds 452 Amber Infrastructure United Kingdom 1, Direct Infrastructure Funds 453 Carlyle Investment Solutions United States 1, Real Assets 454 Wexford Capital United States 1, Direct Hedge Funds 455 Bronson Point Management United States 1, Direct Hedge Funds 456 Unigestion Switzerland 1, Funds of Hedge Funds 457 Actis United Kingdom 1, Direct Infrastructure Funds 458 Global Thematic Partners United States 1, Real Assets 459 UBS Global Asset Management Switzerland 1, Direct Commodities Funds 460 Equitix Holdings United Kingdom 1, Direct Infrastructure Funds 461 KLS Diversified Asset Management United States 1, Direct Hedge Funds 462 Investa Wholesale Funds Management Australia 1, Direct Real Estate Funds 463 The Sentient Group Cayman Islands 1, Real Assets 464 Aberdeen Asset Management United Kingdom 1, Funds of Hedge Funds 465 Aurum Funds Bermuda 1, Funds of Hedge Funds 466 BlackRock United States 1, Illiquid Credit 467 Edesia Asset Management The Netherlands 1, Direct Commodities Funds 468 Tremblant Capital Group United States 1, Direct Hedge Funds 469 IDFC Alternatives India 1, Direct Infrastructure Funds 470 IFM Investors Australia 1, Private Equity FoF 471 Equis Funds Group Singapore 1, Direct Private Equity Funds 472 Stonepeak Infrastructure Partners United States 1, Direct Infrastructure Funds 473 Monarch Alternative Capital United States 1, Direct Private Equity Funds 474 Amplitude Capital Cayman Islands 1, Direct Hedge Funds 475 LIM Advisors Hong Kong 1, Direct Hedge Funds 90

91 Alternative Asset Managers Ranking Total assets by asset class Alternative Asset Managers Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 476 Starwood Capital Group United States 1, Direct Infrastructure Funds 477 Wellington Management United States 1, Direct Infrastructure Funds 478 Neuberger Berman United States 1, Illiquid Credit 479 Wexford Capital United States 1, Direct Private Equity Funds 480 Fore Research & Management United States 1, Direct Hedge Funds 481 Harcourt Investment Consulting Switzerland 1, Funds of Hedge Funds 482 Lombard Odier Investment Managers Switzerland 1, Direct Hedge Funds 483 West Face Capital Canada 1, Direct Hedge Funds 484 MidOcean Partners United States 1, Direct Hedge Funds 485 BTG Pactual Brazil 1, Direct Private Equity Funds 486 Dalmore Capital United Kingdom 1, Direct Infrastructure Funds 487 Palisade Investment Partners Australia 1, Direct Infrastructure Funds 488 Deutsche Asset & Wealth Management Germany 1, Direct Commodities Funds 489 BTG Pactual Brazil 1, Direct Infrastructure Funds 490 Sloane Robinson United Kingdom 1, Direct Hedge Funds 491 RWC Asset Management United Kingdom 1, Direct Hedge Funds 492 EQT United Kingdom 1, Illiquid Credit 493 Capital Dynamics Switzerland 1, Direct Infrastructure Funds 494 SC Capital Partners Singapore 1, Direct Real Estate Funds 495 Hermes Investment Management United Kingdom 1, Direct Private Equity Funds 496 BNP Paribas Investment Partners France 1, Direct Commodities Funds 497 MidOcean Partners United States 1, Direct Private Equity Funds 498 IDFC Alternatives India 1, Direct Private Equity Funds 499 MetLife Investment Management United States 1, Direct Real Estate Funds 500 Moon Capital Management United States 1, Direct Hedge Funds 91

92 Alternative Asset Managers Ranking Total assets by asset class Alternative Asset Managers Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 501 Kohlberg Kravis Roberts & Co. United States 1, Direct Real Estate Funds 502 QIC Australia 1, Direct Hedge Funds 503 VenCap International United Kingdom 1, Private Equity FoF 504 Prologue Capital United States 1, Direct Hedge Funds 505 Capital Innovations United States 1, Real Assets 506 Stafford Capital Partners Australia 1, Private Equity FoF 507 BlueBay Asset Management United Kingdom 1, Illiquid Credit 508 Meyer Bergman United Kingdom 1, Direct Real Estate Funds 509 Aquila Capital Concepts Germany 1, Direct Hedge Funds 510 Millburn Ridgefield Corporation United States 1, Direct Hedge Funds 511 Knightsbridge Advisers United States 1, Private Equity FoF 512 Ethos Private Equity South Africa 1, Direct Private Equity Funds 513 Clessidra SGR Italy 1, Direct Private Equity Funds 514 Siguler Guff & Company United States 1, Direct Private Equity Funds 515 Fiera Axium Infrastructure Canada 1, Direct Infrastructure Funds 516 Lombard Odier Investment Managers Switzerland 1, Private Equity FoF 517 Infrastructure Capital Group Australia 1, Direct Infrastructure Funds 518 Presima Canada 1, Direct Real Estate Funds 519 Franklin Templeton United States 1, Direct Infrastructure Funds 520 Tiberius Asset Management Switzerland 1, Direct Commodities Funds 521 Brookfield Asset Management Canada 1, Direct Hedge Funds 522 Lucidus Capital Partners United Kingdom 1, Direct Hedge Funds 523 Palmer Capital United Kingdom Direct Real Estate Funds 524 3i United Kingdom Illiquid Credit 525 Colliers Capital United Kingdom Direct Real Estate Funds 92

93 Alternative Asset Managers Ranking Total assets by asset class Alternative Asset Managers Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 526 Kohlberg Kravis Roberts & Co. United States Direct Hedge Funds 527 Amundi France Direct Private Equity Funds 528 Taylor Woods Capital United States Direct Commodities Funds 529 Kempen Capital Management The Netherlands Funds of Hedge Funds 530 Loomis, Sayles & Company United States Direct Hedge Funds 531 Larch Lane Advisors United States Funds of Hedge Funds 532 CarVal Investors United States Direct Real Estate Funds 533 BNP Paribas Investment Partners France Direct Hedge Funds 534 Visio Capital Management South Africa Direct Hedge Funds 535 First Reserve United States Direct Infrastructure Funds 536 Fengate Capital Management Canada Direct Real Estate Funds 537 Harcourt Investment Consulting Switzerland Illiquid Credit 538 Northleaf Capital Partners Canada Direct Infrastructure Funds 539 Greylock Capital Management United States Direct Hedge Funds 540 Aalto Invest United Kingdom Illiquid Credit 541 BlueBay Asset Management United Kingdom Direct Hedge Funds 542 Timbercreek Asset Management Canada Illiquid Credit 543 Lombard Odier Investment Managers Switzerland Direct Infrastructure Funds 544 Grosvenor Capital Management United States Direct Real Estate Funds 545 Mesirow Financial Holdings United States Direct Real Estate Funds 546 Fengate Capital Management Canada Direct Infrastructure Funds 547 Mirova (1) France Direct Infrastructure Funds 548 BNP Paribas Investment Partners France Funds of Hedge Funds 549 Angelo, Gordon & Co. United States Direct Private Equity Funds 550 Lombard Odier Investment Managers Switzerland Funds of Hedge Funds (1) [AEW / Aurora / Mirova] is an affiliated investment management firm of NatixisGlobal Asset Management, thus contributing to the illustration of Natixis overall capabilities in global alternative offerings 93

94 Alternative Asset Managers Ranking Total assets by asset class Alternative Asset Managers Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 551 Kaiser Trading Group Australia Direct Hedge Funds 552 CenterSquare Investment Management United States Direct Real Estate Funds 553 AMP Capital Australia Private Equity FoF 554 QIC Australia Direct Private Equity Funds 555 BTG Pactual Brazil Direct Real Estate Funds 556 Pictet Asset Management Switzerland Direct Commodities Funds 557 Galena Asset Management Switzerland Direct Hedge Funds 558 Meridian Capital Partners United States Funds of Hedge Funds 559 Vantage Investment Management Mauritius Direct Hedge Funds 560 Franklin Templeton United States Direct Private Equity Funds 561 Highland Capital Management United States Direct Private Equity Funds 562 D. E. Shaw Group United States Illiquid Credit 563 Henderson Global Investors United Kingdom Direct Commodities Funds 564 Macquarie Group Australia Illiquid Credit 565 Threadneedle Investments United Kingdom Direct Commodities Funds 566 Amundi France Direct Infrastructure Funds 567 Harcourt Investment Consulting Switzerland Direct Commodities Funds 568 Candriam Investor Group France Funds of Hedge Funds 569 Permira Advisers United Kingdom Illiquid Credit 570 Principal Global Investors United States Funds of Hedge Funds 571 Morgan Stanley Investment Management United States Illiquid Credit 572 Henderson Global Investors United Kingdom Real Assets 573 KanAm Grund Institutional Kapitalverwaltungsgesellschaft Germany Direct Real Estate Funds 574 Aalto Invest United Kingdom Direct Real Estate Funds 575 ZAIS Group United States Direct Hedge Funds 94

95 Alternative Asset Managers Ranking Total assets by asset class Alternative Asset Managers Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 576 Actis United Kingdom Direct Real Estate Funds 577 QIC Australia Direct Commodities Funds 578 Investec Asset Management United Kingdom Direct Private Equity Funds 579 Beach Point Capital United States Illiquid Credit 580 West Face Capital Canada Illiquid Credit 581 Galena Asset Management Switzerland Real Assets 582 Senrigan Capital Group Hong Kong Direct Hedge Funds 583 Wellington Management United States Direct Private Equity Funds 584 Wellington Management United States Direct Real Estate Funds 585 Marguerite Luxembourg Direct Infrastructure Funds 586 Impax Asset Management United Kingdom Direct Infrastructure Funds 587 Vantage Capital Group South Africa Direct Private Equity Funds 588 Neuberger Berman United States Direct Commodities Funds 589 Eurizon Capital Italy Funds of Hedge Funds 590 BNP Paribas Investment Partners France Private Equity FoF 591 D. E. Shaw Group United States Direct Private Equity Funds 592 Water Asset Management United States Direct Infrastructure Funds 593 BNP Paribas Investment Partners France Direct Private Equity Funds 594 IDFC Alternatives India Direct Real Estate Funds 595 Deutsche Asset & Wealth Management Germany Direct Private Equity Funds 596 Insight Investment United Kingdom Real Assets 597 QIC Australia Real Assets 598 Babson Capital Management United States Direct Hedge Funds 599 Credit Suisse Asset Management United States Direct Private Equity Funds 600 Whitehelm Capital Australia Direct Real Estate Funds 95

96 Alternative Asset Managers Ranking Total assets by asset class Alternative Asset Managers Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 601 Whitehelm Capital Australia Direct Private Equity Funds 602 Water Asset Management United States Real Assets 603 First Quadrant United States Direct Commodities Funds 604 Intermediate Capital Group United Kingdom Direct Private Equity Funds 605 Lombard Odier Investment Managers Switzerland Direct Commodities Funds 606 Krom River Trading Switzerland Direct Commodities Funds 607 Millburn Ridgefield Corporation United States Funds of Hedge Funds 608 DDJ Capital Management United States Illiquid Credit 609 Tiger Infrastructure Partners United States Direct Infrastructure Funds 610 Water Asset Management United States Direct Hedge Funds 611 Whitehelm Capital Australia Private Equity FoF 612 Union Investment Germany Direct Infrastructure Funds 613 Millburn Ridgefield Corporation United States Direct Commodities Funds 614 Galena Asset Management Switzerland Illiquid Credit 615 Henderson Global Investors United Kingdom Direct Private Equity Funds 616 Henderson Global Investors United Kingdom Funds of Hedge Funds 617 Aalto Invest United Kingdom Direct Hedge Funds 618 Fulcrum Asset Management United Kingdom Direct Commodities Funds 619 Impax Asset Management United Kingdom Direct Real Estate Funds 620 Credit Suisse Asset Management United States Direct Infrastructure Funds 621 Mesirow Financial Holdings United States Real Assets 622 CFI Capital Canada Direct Infrastructure Funds 623 Schroders Investment Management United Kingdom 0.23 Direct Hedge Funds Total 6,291,

97 Survey statistics Manager participation varies from year to year, and one data point from a large asset manager may significantly affect the survey results. We have not accounted for the potential overlap between Fund of Funds and Direct Funds, particularly for the Hedge Funds and Private Equity categories, which may affect AuM figures. 97

98 Glossary Funds of Hedge Funds: A Hedge Fund of Funds is an investment structure that pools capital from investors within a commingled vehicle that allocates it to Hedge Funds, instead of investing directly into opportunities. Direct Hedge Funds: Hedge Funds are private, offshore domiciled investment vehicles seeking to generate absolute returns regardless of the performance of overall markets. To achieve that, hedge funds can take advantage of a broad spectrum of tools including leverage and short selling and they are typically not subject to any formal investment restrictions. Hedge Funds are usually at the more liquid end of the investment spectrum. Private Equity FoF: A Private Equity Fund of Funds is an investment structure that pools capital from investors and commits it to direct private equity funds, this includes secondary managers. Direct Private Equity Funds: Private Equity is equity capital that is not quoted on a public exchange. It consists of investors and funds that make investments directly into private companies or conduct buyouts of public companies that result in a delisting of public equity. Direct Real Estate Funds: Real estate strategies are those substantially investing directly or indirectly in buildings or land, largely without any operational business exposure attached (aside from hotels). This would include both listed and unlisted securities, and equity and debt investments in real estate. We would exclude securities debt from our definition (e.g. RMBS or CMBS). Direct Commodities Funds: Commodities are a distinct asset used in the production of good and services. Price is determined by supply and demand dynamics rather than future cash flows, which implies that traditional valuation methods do not apply. Participants in this market include commodity producers and speculators. Producers trade mostly physical assets, but use derivatives to hedge against price movement, whilst speculators trade mostly derivatives given the costs associated with storage. Some examples of commodities include coffee, oil and gold. Direct Infrastructure Funds: Infrastructure assets are the facilities and structures essential for the orderly operations of an economy. Infrastructure assets generally also demonstrate monopolistic characteristics and high barriers to entry for competitors. Examples of infrastructure assets include transportation networks, health and education facilities, communications networks, water and energy distribution systems provide essential services to communities. Real Assets (eg agriculture, timber, water): Real assets strategies include a wide range of investment opportunities, ie in agriculture/farmland, timberland, water (including water rights), natural resources, etc. The distinctive characteristic of real asset is tangible underlying asset and its connection to food and resource scarcity theme. The strategies may be focused either on delivering cash yield to investors (limited exposure to operational business) or on capital appreciation (significant exposure to operational business). Illiquid Credit: Illiquid credit strategies encompass private debt opportunities, for example real estate debt, direct lending, mezzanine etc, and other private equity style funds with a predominant focus on distressed debt-biased strategies (for example non-performing loans) where there is not expected to be equity control. Pension funds: Includes public pension funds, private sector pension funds and superannuation schemes. Wealth managers: Includes high net worth individuals, family offices, asset managers, corporate investors, private companies and investment companies.

99 Contact Details and Limitations of reliance Andrew Middlemass +44 (0) Limitations of reliance Towers Watson Towers Watson has prepared this material for general information purposes only and it should not be considered a substitute for specific professional advice. In particular, its contents are not intended by Towers Watson to be construed as the provision of investment, legal, accounting, tax or other professional advice or recommendations of any kind, or to form the basis of any decision to do or to refrain from doing anything. As such, this material should not be relied upon for investment or other financial decisions and no such decisions should be taken on the basis of its contents without seeking specific advice. This material is based on information available to Towers Watson at the date of this material and takes no account of subsequent developments after that date. Additionally, material developments may occur subsequent to this presentation rendering it incomplete and inaccurate. Towers Watson assumes no obligation to advise you of any such developments or to update the presentation to reflect such developments. In preparing this material we may have relied upon data supplied to us by third parties. In such cases, whilst reasonable care has been taken to gauge the reliability of this data, we provide no guarantee as to the accuracy or completeness of this data and Towers Watson and its affiliates and their respective directors, officers and employees accept no responsibility and will not be liable for any errors or misrepresentations in the data made by any third party. The assumptions used in this material have been derived by Towers Watson using a blend of economic theory, historical analysis and opinions provided by investment managers. They inevitably contain an element of subjective judgement. Any opinions or return forecasts on asset classes contained in this material are not intended to imply, nor should they be interpreted as conveying, any form of guarantee or assurance by Towers Watson of the future performance of the asset classes in question. The Towers Watson Investment Model is designed to illustrate the likely future range of long-term returns from different asset classes and their inter-relationship. No economic model can be expected to capture perfectly future uncertainty, particularly the risk of extreme events. This material may not be reproduced or distributed to any other party, whether in whole or in part, without Towers Watson s prior written permission, except as may be required by law. In the absence of our express written agreement to the contrary, Towers Watson and its affiliates and their respective directors, officers and employees accept no responsibility and will not be liable for any consequences howsoever arising from any use of or reliance on this material or the opinions we have expressed Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. 99