global alternatives survey 2013 (towers watson and financial times)
DESCRIPTION
The Global Alternatives Survey, produced in conjunction with the Financial Times and in its tenth year, follows trends in the investment of alternative assets by institutional investors around the world and provides authoritative rankings of investment managers in the main alternative asset classes.TRANSCRIPT
© 2013 Towers Watson. All rights reserved.
Including the top 100 alternative investment managers
July 2013
Global Alternatives Survey 2013Including the top alternative asset manager rankings
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Survey statistics
* 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
FoHF Direct Hedge Funds*
Private Equity FoF
Direct Private Equity Funds*
Direct Real Estate Funds
Direct Commodities
Funds
Direct Infrastructure
FundsTotal
USD billion
Top 100 total assets 176.4 612.3 315.1 716.8 1,042.0 118.2 127.6 3,108.4
Top 100 Pension Fund assets 90.8 123.3 260.8 189.2 522.9 19.4 121.8 1,328.2
Top 25 Insurance Company assets 14.4 - 37.6 9.1 179.1 - 3.8 244.0
Top 25 Sovereign Wealth Fund assets 16.1 20.0 - 57.3 46.6 - 14.8 154.4
Top 25 Endowment & Foundation assets 8.3 14.8 6.1 26.5 13.7 2.9 - 72.3
Top 25 Fund of Funds assets - 59.8 - 52.8 2.8 2.6 - 118.0
Top 25 Wealth Manager assets 16.6 55.3 - 35.6 212.9 94.6 11.4 426.4
Top 25 Bank assets 25.1 13.6 30.4 22.4 45.6 6.4 17.0 160.5
578 entries are included in the survey. The majority of the data (533 entries) comes directly from investment managers with the remainder coming from publicly available sources. This includes the Billion Dollar Club list, published by Hedge Fund Intelligence.
InvestorType
ManagerType
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Sections
Section I
Asset Class Trends
• Hedge Funds
• Private Equity
• Real Estate
• Infrastructure
• Commodities
Section II
Top 100 alternative asset managers by
AuM
• The top 100 alternative asset managers globally by total assets under management (AuM)
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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
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Section 1Asset Class Trends
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Hedge Funds - Key TrendsThe evolving hedge fund landscape
The FoHF industry continues to adjust to the new normal, with FoHFs increasingly working with investors in some formof customised or bespoke manner. Continuing downward pressure on the FoHF fees has resulted in meaningfulreduction of the average manager fee rates, although the total fee burden for institutional investors remains significant.
Institutional investors continue to become more discerning about what they want from their hedge fund allocation, whichis low correlation to traditional markets, greater transparency, appropriate liquidity, alignment and appropriate fees.Hedge fund managers are increasingly accommodative of institutional investors’ requirements, such that there is muchless of a ‘take it or leave it’ attitude in dialogue with investors.
Future outlook
In our view, there are only a small number of FoHFs that offer a credible capability so we expect consolidation in thesector to continue. This could take the form of these firms seeking partnerships or ceding ownership to a larger parentorganisation that can offer broader alternative investment and global distribution capabilities.
We expect continued downward pressure on fees with investors taking advantage of their improved bargaining position,strengthened in part by being long-term investors in the asset class.
While the larger managers across all hedge fund strategies are generally perceived to be ‘safer’ from a business riskperspective, investors are also increasingly allocating in an informed manner to more modestly sized managers thathave a proven record of alpha generation.
Managed accounts continue to be a topic of discussion but in most cases the establishment of a specific share class inan existing commingled fund offers an attractive method of allocation, in particular as the managers tend to have the bulkof their net worth invested in the same vehicle.
Investors continue to view the hedge fund portfolio as a de-correlating and diversifying allocation and we can expectstrategies that offer very low correlation characteristics, as well as beta, to have prominence.
More prominent regulatory scrutiny is likely to continue in the foreseeable future.
Asset Class Trends
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Private Equity - Key TrendsThe evolving private equity landscape
Funds of funds continue to grapple with the evolving landscape in which the appetite for traditional commingled fund offunds solutions is diminishing further. These managers are now focused on separate accounts and co-investments,increasing the complexity of their business. Only a few fund of funds organisations with significant scale have the abilityto adapt to the evolving business model so we continue to see consolidation in the industry.
Fundraising in private equity remains a challenge. The market has become increasingly bifurcated with those managersboasting exceptional short- and long-term track records raising capital successfully while others struggle. This isexacerbated by investors’ appetite to reduce the number of relationships they maintain.
Large sophisticated investors with significant capital and governance budget to deploy in private equity are increasinglyco-investing alongside their favoured managers.
Investors are focusing more on managing their illiquid investments holistically, meaning many private equity managersare competing for capital with other illiquid strategies such as private debt, infrastructure and real estate.
Future outlook
We expect continued downward pressure on fees with investors taking advantage of their improved bargaining position.One mechanism to achieve this goal will be more “strategic partnerships” whereby large investors provide meaningfulcapital commitments across a manager’s pool of products in return for some form of cost reduction.
We also expect the secondary market to mature and grow in prominence, increasing the liquidity of the asset class.
In 3-5 years, we expect these trends to change the nature of the manager / investor relationship with increasedimplementation options providing more flexibility for sophisticated investors. Primary fund investing will become just onetool that large sophisticated investors use to get their private equity exposure. This will be supplemented with increasedco-investing, secondary activity and strategic partnerships for investors with the scale and governance to successfullyexecute such strategies.
Asset Class Trends
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Real Estate - Key TrendsThe evolving real estate landscape
Markets are increasingly polarised between prime and secondary locations. In the former investor interest is high, rentalgrowth is strong and yields are low; in the latter tenant demand is low and yields are high. This pattern holds for manyregions around the world with the yield spread between prime and secondary markets being at multi-year highs. In theseemingly improving US economy, there are early signs that investors are moving into secondary locations in search foradditional yield.
Fundraising in real estate remains a challenge. The market has become bifurcated where managers with good trackrecords are raising capital successfully whilst others are struggling. We have seen a few managers withdrawing from thereal estate sector in recent years or altering their product offering. Fees have been declining since the global financialcrisis, particularly in Europe where fundraising has been most difficult, and several highly regarded managers haveintroduced hard hurdles as opposed to preferred return (with catch-up) performance fee structures.
Funds of funds and multi-managers continue to grapple with reduced investor demand and problem legacy funds. Thesemanagers are increasingly focused on co-investments and joint ventures to reduce costs and increase control.
As bond yields have fallen in recent years, investor appetite for real estate has been increasing. In particular there hasbeen growing interest in secure income real estate strategies, such as long lease property and senior real estate debt.Investors are attracted to stable income streams, asset backing and yield spreads over investment grade credit.
Future outlook
We expect to see continued downward pressure on fees and more thoughtful fee structures for different real estatestrategies. We also expect increased investor interest in 1) co-investments and joint ventures, 2) non-domestic realestate allocations and non-traditional sectors (eg, student housing, data centres), 3) secure income real estate(especially if government bond yields remain low), 4) more granular consideration of real estate strategies betweensecure income, traditional core and leveraged real estate strategies; and 5) sustainability ingrained property strategies.
Asset Class Trends
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Infrastructure - Key TrendsThe evolving infrastructure landscape
Since the early 2000s, private infrastructure investing has gathered significant interests from institutional investors. Thisis reflected in the large size of some infrastructure fund management organisations included in this survey.
During the last twelve months the largest institutional investors globally have been considering alternative methods foraccessing this asset class. A growing trend is for the largest investors in Canada, Asia and Australia to access dealseither directly or by co-investing with investment managers.
Future outlook
Institutional investors’ appetite for infrastructure assets and their core characteristics (stable yield and inflation-linkage toname a few) continues to be strong and this should drive up total assets under management in infrastructure.
One of the trends seen during 2012 and into 2013 has been the ‘winner’ funds dominating, creating virtuous cycles ofsuccessful and rapid capital raisings, while other funds have struggled to raise any capital. We would expect to seethose funds that can demonstrate a comparative advantage continuing to be attractive investments, with consolidationelsewhere in the industry.
There has been significant discussion about the role that institutional investors may play in funding government-supported infrastructure projects globally. In economies where government budgets are heavily constrained, it is vitalthat those governments provide sufficient incentives for private capital to help address funding gaps. Renewed thinkingabout regulatory frameworks and risk transfer between the public and private sectors will significantly impact the amountof capital that ultimately gets invested in infrastructure assets around the world.
Asset Class Trends
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Commodities - Key TrendsThe evolving commodity landscape
Underinvestment in natural resources and economic growth in China have supported a long-term upward trend in somecommodity prices since the 1990s. Throughout the global financial crisis this trend has persisted with the quantitativeeasing programmes within the US and Europe helping to perpetuate it. However, more recent trends are less positive;there have been large price falls in some markets, including gold, and the high correlation with equities has raisedconcerns about the role of commodities in a diversified portfolio.
Future outlook
Investor sentiment towards commodities has declined more recently and investment in commodities has been sluggish.It could be some time until we see any significant increases. However, it is becoming clear that opportunities are startingto emerge as correlations decline.
In terms of accessing commodities, the more dynamic approaches offered in hedge fund structures are gainingpopularity, although there continues to be interest in passive beta-focused approaches. The more traditional beta andenhanced strategies are known to be structurally challenged, and investors are now looking for smarter ways to accessthem through “smart beta” products.
Asset Class Trends
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Section 2Towers Watson / Financial Times Top 100 Alternative Asset Managers by Total AuM
How to read this sectionThis section shows the top 100 managers ranked by total AuM. Each manager is counted separately in each individual asset class, so they may appear multiple times if their AuM are large in more than one asset class. These top 100 are analysed in relation to the regions they invest in and in relation to assets managed by investor type.
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Executive summaryTop 100 Alternative Asset Managers
Top 100 Alternative Asset Managers
The top 100 alternative asset managers, ranked by total AuM, managed USD 3,108.4 bn on behalf of their investors in 2012.
The largest block of alternative assets is managed in Direct Real Estate Funds followed by Direct Private Equity Funds, Direct Hedge Funds, Private Equity Fund of Funds, Funds of Hedge Funds, Direct Infrastructure Funds and Direct Commodities Funds.
Pension Funds are the largest investor in alternative assets (over 36%), 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 accounts for the largest amount of alternative assets, followed by Europe and Asia Pacific.
This is the first year we are including a breakdown by Wealth Managers, Fund of Funds and Banks in our analysis.* Wealth managers are defined as: high net worth individuals, family offices, asset managers, corporate investors, government agencies, private companies and investment companies.
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Top 100 Alternative Asset Managers
6% 20% 10% 23% 34% 4% 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
Asset classTotal assets Average Smallest Largest Number of
fundsUSD million
Funds of Hedge Funds 176,387.1 25,198.2 16,689.7 44,812.1 7
Direct Hedge Funds 612,291.1 24,491.6 14,800.0 84,042.0 25
Private Equity FoF 315,076.4 26,256.4 16,286.9 44,029.5 12
Direct Private Equity Funds 716,764.7 34,131.7 15,000.0 68,000.0 21
Direct Real Estate Funds 1,042,011.4 35,931.4 16,008.3 80,000.0 29
Direct Commodities Funds 118,233.5 39,411.2 15,964.5 74,000.0 3
Direct Infrastructure Funds 127,626.4 42,542.1 15,707.7 94,845.7 3
Total 3,108,390.7 31,083.9 14,800.0 94,845.7 100
Top 100 Alternative Asset Managers
* Proportions might not sum up to 100% due to rounding
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Distribution by Investor Type
36% 9% 6% 2% 3% 19% 5% 19%
Pension Fund Insurance Company Sovereign Wealth FundEndowment and Foundation Fund of Funds Wealth ManagerBank Other
Asset classTotal
assets Average Smallest Largest Number of funds
USD million
Pension Fund 1,130,371.9 14,308.5 129.6 63,076.0 79
Insurance Company 277,881.4 3,969.7 7.6 47,068.2 70
Sovereign Wealth Fund 185,762.6 3,148.5 17.9 16,600.0 59
Endowment and Foundation 76,107.8 1,170.9 1.2 8,200.0 65
Fund of Funds 108,505.2 2,583.5 64.8 8,220.0 42
Wealth Manager 579,846.4 7,731.3 4.1 70,669.1 75
Bank 144,708.9 3,078.9 25.0 27,339.3 47
* 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
Top 100 Alternative Asset Managers
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Distribution by Region and Asset Class• Asset managers were requested to state where their assets are invested.
37%
56%
41%
31%
30%
28%
30%
46%
28%
45%
57%
60%
32%
41%
10%
14%
8%
10%
8%
10%
18%
7%
2%
6%
2%
3%
31%
11%
Total
Direct Infrastructure Funds
Direct Real Estate Funds
Direct Private Equity Funds
Private Equity FoF
Direct Hedge Funds
Funds of Hedge Funds
Europe North America Asia Pacific Other* Direct Commodities Fund managers did not present a regional breakdown** Some proportions might not sum up to100% due to rounding
Top 100 Alternative Asset Managers
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Comparison 2011 - 2012
6%
6%
20%
21%
10%
9%
23%
22%
34%
35%
4%
3%
4%
4%
2012
2011
Funds of Hedge Funds Direct Hedge Funds Private Equity FoF
Direct Private Equity Funds Direct Real Estate Funds Direct Commodities Funds
Direct Infrastructure Funds
• Total assets for the top 100 alternative asset managers decreased marginally from USD 3,136.5 bn in 2011 to USD 3,108.4 bn in 2012 (under 1%). An analysis of the assets of those managers that also appeared in this ranking in 2011 (86 managers) showed an increase of around 1%.
• The split by asset class is largely similar to last year with a small gain for Private Equity FoF, Direct Private Equity and Direct Commodities at the expense of Direct Hedge Funds and Direct Real Estate.
Top 100 Alternative Asset Managers
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Comparison 2011 - 2012
Funds of Hedge Funds• Funds of Hedge Fund assets account for 6% of all assets managed by the top 100 managers.
• Assets of those managers that also appeared in the 2011 top 100 ranking increased by 6%.
Direct Hedge Funds• Assets of those managers that also appeared in the 2011 top 100 ranking increased by over 4%.
• There are 25 Direct Hedge Fund managers in the top 100 ranking.
Private Equity FoF• Assets of those managers that also appeared in the 2011 top 100 ranking increased by nearly 4%.
• 60% of these assets are invested in North America, with 30% being invested in Europe.
Direct Private Equity Funds• Assets of those managers that also appeared in the 2011 top 100 ranking increased by 3%.
• 88% of assets are invested in North America and Europe.
Direct Real Estate Funds•Assets of those managers that also appeared in the 2011 top 100 ranking declined by over 4%; theonly asset class which had such a decline, measured on this basis.
•Direct Real Estate remains the largest asset class having over one third of all assets managed bythe top 100 asset managers.
Direct Commodities Funds • Assets for the two managers that also both appeared in the 2011 top 100 ranking increased by amodest 1%.
Direct Infrastructure Funds • Assets for the one manager that also appeared in the 2011 top 100 ranking increased by 7%.
Top 100 Alternative Asset Managers
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Top 100 ranking ranked by Total AuM* Figures obtained from publicly available sources and data derived from the Global Billion Dollar Club, published by HedgeFund Intelligence
Position Name of parent organisation Main country of domicile
Total AuM (USD million) Asset Class
1 Macquarie Group Australia 94,845.70 Direct Infrastructure Funds
2 Bridgewater Associates United States 84,042.00 Direct Hedge Funds
3 CBRE Global Investors United States 80,000.00 Direct Real Estate Funds
4 BlackRock United Kingdom 74,000.00 Direct Commodities Funds
5 Goldman Sachs & Co United States 68,000.00 Direct Private Equity Funds
6 AXA Real Estate France 65,453.46 Direct Real Estate Funds
7 Brookfield Asset Management Canada 65,163.00 Direct Real Estate Funds
8 UBS Global Asset Management United Kingdom 65,036.61 Direct Real Estate Funds
9 Blackstone Capital Parters United States 57,090.00 Direct Private Equity Funds
10 TPG Capital United States 54,526.00 Direct Private Equity Funds
11 The Carlyle Group* United States 53,338.00 Direct Private Equity Funds
12 Blackstone Real Estate Partners United States 50,427.10 Direct Real Estate Funds
13 Deutsche Asset & Wealth Management United States 48,727.00 Direct Real Estate Funds
14 LaSalle Investment Management United States 47,700.00 Direct Real Estate Funds
15 Kohlberg Kravis Roberts United States 45,200.00 Direct Private Equity Funds
16 Blackstone Alternative Asset Management United States 44,812.07 Funds of Hedge Funds
17 AlpInvest Partners The Netherlands 44,029.50 Private Equity FoF
18 Credit Suisse Asset Management United States 41,907.80 Direct Real Estate Funds
19 Morgan Stanley United States 41,271.00 Direct Real Estate Funds
20 Oaktree Capital Management United States 41,208.50 Direct Private Equity Funds
21 Cornerstone Real Estate Advisers United States 41,016.60 Direct Real Estate Funds
22 Brevan Howard United Kingdom 39,915.62 Direct Hedge Funds
23 Goldman Sachs Asset Management United States 39,196.70 Private Equity FoF
24 Warburg Pincus United States 38,169.00 Direct Private Equity Funds
25 Prudential Real Estate Investors United States 38,133.00 Direct Real Estate Funds
Top 100 Alternative Asset Managers
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Top 100 ranking ranked by Total AuM* Figures obtained from publicly available sources and data derived from the Global Billion Dollar Club, published by HedgeFund Intelligence
Position Name of parent organisation Main country of domicile
Total AuM (USD million) Asset Class
26 Apollo Global Management United States 37,800.00 Direct Private Equity Funds
27 Aviva Investors United Kingdom 37,303.80 Direct Real Estate Funds
28 Bain Capital United States 37,250.00 Direct Private Equity Funds
29 Principal Global Investors United States 36,873.89 Direct Real Estate Funds
30 Apax Partners United Kingdom 35,497.63 Direct Private Equity Funds
31 Advent International United States 35,061.97 Direct Private Equity Funds
32 BlueCrest Capital Management United Kingdom 35,001.00 Direct Hedge Funds
33 AEW Capital Management United States 34,769.10 Direct Real Estate Funds
34 Riverstone Holdings United States 34,354.72 Direct Private Equity Funds
35 J.P. Morgan Asset Management United States 34,206.00 Direct Real Estate Funds
36 TIAA-CREF United States 32,773.90 Direct Real Estate Funds
37 HarbourVest Partners United States 32,163.00 Private Equity FoF
38 Och-Ziff Capital Management Group* United States 31,900.00 Direct Hedge Funds
39 Invesco United States 30,544.70 Direct Real Estate Funds
40 CVC Capital Partners Luxembourg 30,127.43 Direct Private Equity Funds
41 J. P. Morgan Asset Management* United States 29,300.00 Direct Hedge Funds
42 PIMCO United States 28,269.00 Direct Commodities Funds
43 Credit Suisse Asset Management United States 27,740.80 Private Equity FoF
44 UBS Global Asset Management United Kingdom 27,447.49 Funds of Hedge Funds
45 Union Investment Germany 27,115.08 Direct Real Estate Funds
46 Baupost Group* United States 26,700.00 Direct Hedge Funds
47 BlackRock United Kingdom 26,635.20 Direct Hedge Funds
48 M&G Investments United Kingdom 26,507.00 Direct Real Estate Funds
49 Aberdeen Asset Management United Kingdom 26,443.60 Direct Real Estate Funds
50 Heitman United States 26,258.00 Direct Real Estate Funds
Top 100 Alternative Asset Managers
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Top 100 ranking ranked by Total AuM* Figures obtained from publicly available sources and data derived from the Global Billion Dollar Club, published by HedgeFund Intelligence
Top 100 Alternative Asset Managers
Position Name of parent organisation Main country of domicile
Total AuM(USD million) Asset Class
51 Winton Capital Management United Kingdom 25,637.00 Direct Hedge Funds
52 Adage Capital Management* United States 25,000.00 Direct Hedge Funds
53 Providence Equity Partners United States 24,813.03 Direct Private Equity Funds
54 Partners Group Switzerland 24,579.00 Private Equity FoF
55 The Permal Group United States 24,112.57 Funds of Hedge Funds
56 Hamilton Lane Advisors United States 23,814.62 Private Equity FoF
57 J.P. Morgan Asset Management United States 23,700.00 Private Equity FoF
58 Pantheon United Kingdom 23,456.00 Private Equity FoF
59 Silver Lake* United States 23,000.00 Direct Private Equity Funds
60 Goldman Sachs Asset Management United States 22,889.20 Funds of Hedge Funds
61 AMP Capital Investors Australia 22,611.90 Direct Real Estate Funds
62 HSBC Holdings United Kingdom 22,565.88 Direct Hedge Funds
63 AXA Private Equity France 22,397.75 Private Equity FoF
64 Grosvenor Capital Management United States 22,341.89 Funds of Hedge Funds
65 Credit Suisse Asset Management United States 22,116.00 Direct Hedge Funds
66 Elliott Management Corporation* United States 21,470.00 Direct Hedge Funds
67 Henderson Global Investors United Kingdom 20,353.00 Direct Real Estate Funds
68 AQR Capital Management United States 20,300.00 Direct Hedge Funds
69 EQT Private Equity Funds United Kingdom 20,021.00 Direct Private Equity Funds
70 LGT Capital Partners Switzerland 19,891.15 Private Equity FoF
71 D. E. Shaw Group United States 19,320.00 Direct Hedge Funds
72 Davidson Kempner Advisers* United States 18,700.00 Direct Hedge Funds
73 Farallon Capital Management* United States 18,600.00 Direct Hedge Funds
74 Bentall Kennedy Canada 18,230.62 Direct Real Estate Funds
75 BlackRock United Kingdom 18,094.20 Funds of Hedge Funds
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Top 100 ranking ranked by Total AuM* Figures obtained from publicly available sources and data derived from the Global Billion Dollar Club, published by HedgeFund Intelligence
Top 100 Alternative Asset Managers
Position Name of parent organisation Main country of domicile
Total AuM(USD million) Asset Class
76 Adams Street Partners United States 17,821.00 Private Equity FoF
77 Paulson & Co.* United States 17,800.00 Direct Hedge Funds
78 King Street Capital Management United States 17,400.00 Direct Hedge Funds
79 BNP Paribas Real Estate France 17,233.00 Direct Real Estate Funds
80 Clarion Partners United States 17,188.69 Direct Real Estate Funds
81 Deutsche Asset & Wealth Management United Kingdom 17,073.00 Direct Infrastructure Funds
82 GoldenTree Asset Management United States 17,000.00 Direct Hedge Funds
83 Millennium Management United States 17,000.00 Direct Hedge Funds
84 General Atlantic* United States 17,000.00 Direct Private Equity Funds
85 BC Partners United Kingdom 16,837.27 Direct Private Equity Funds
86 Financial Risk Management United Kingdom 16,689.71 Funds of Hedge Funds
87 Cinven United Kingdom 16,672.16 Direct Private Equity Funds
88 Standard Life Investments United Kingdom 16,620.20 Direct Real Estate Funds
89 Capital Dynamics Switzerland 16,286.90 Private Equity FoF
90 Hines United States 16,135.10 Direct Real Estate Funds
91 Legal & General Investment Management United Kingdom 16,008.30 Direct Real Estate Funds
92 Viking Global Investors* United States 16,000.00 Direct Hedge Funds
93 Gresham Investment Management United States 15,964.50 Direct Commodities Funds
94 First Reserve United States 15,798.00 Direct Private Equity Funds
95 Global Infrastructure Partners United States 15,707.70 Direct Infrastructure Funds
96 Man United Kingdom 15,200.00 Direct Hedge Funds
97 SAC Capital Advisors* United States 15,000.00 Direct Hedge Funds
98 Leonard Green* United States 15,000.00 Direct Private Equity Funds
99 Goldman Sachs Asset Management United States 14,888.40 Direct Hedge Funds
100 Canyon Capital Advisors United States 14,800.00 Direct Hedge Funds
Total 3,108,390.71
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Section 3Towers Watson / Financial Times Top Alternative Asset Managers by Investor Type
How to read this sectionThis section shows the top 100/25 managers ranked by alternative assets, managed on behalf of the above seven investor types.
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
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Section 3.ATop 100 Alternative Asset Managers by Pension Fund Assets
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Pension Fund Insights
Top 100 Alternative Asset Managers by Pension Fund Assets
Evolving alternatives landscape
While many pension funds have built up significant exposure to real estate in the past, they have not been earlyinvestors in other alternative assets, like some endowments and foundations. However, this has changed in the lastdecade and pension funds now represent the most significant source of capital for investment managers of alternativeassets, particularly in private equity and hedge funds. More recently, pension funds have also started allocating toinfrastructure and commodities.
Since the beginning of the global financial crisis there has been a noticeable move by pension funds from makingallocations to alternatives through funds of funds to a direct fund approach and sometimes co-investments alongsidegeneral partners. A number of largest funds are moving towards a model adopted by some large Canadian pensionplans where they have built internal teams to invest directly in private equity and infrastructure.
While defined benefit (DB) pension funds continue to make significant allocations to alternatives, defined contribution(DC) pension plans have hardly any exposure, mostly driven by regulatory requirements around liquidity and risk. Theindustry is trying to find solutions which would allow DC pension funds to allocate more capital to alternatives for thebenefit of members whose current limited asset class choice is considered a constraint.
Future outlook
Alternatives continue to provide pension funds with both diversity and additional returns. We expect the trend ofincreasing allocation to alternatives by pension funds to persist in the medium term. In the longer run, there is likely to bebifurcation. While open pension plans are likely to continue to allocate to alternatives, the participation of DB pensionplans is likely to decrease significantly as these plans look to de-risk and gradually wind down their assets. Innovationwill be required to provide solutions for the growing DC pension fund market segment.
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Executive summaryTop 100 Alternative Asset Managers
Top 100 Alternative Asset Managers by Pension Fund Assets
Pension fund assets managed by the top 100 alternative asset managers in the sector amount to USD 1,328.2 bn in 2012. This represents 53% of their total AuM (USD 2,499.9 bn).
Direct Real Estate Funds remain the most popular alternative asset for Pension funds (over 39% of assets) with six such managers in the top ten. It is followed in popularity by Private Equity FoF, Direct Private Equity Funds, Direct Infrastructure Funds and Direct Hedge Funds.
Funds of Hedge Funds and Direct Commodities Funds have smaller allocations relative to the other asset classes.
Top 100Average Smallest Largest
USD million
Pension fund assets 13,281.8 5,096.3 63,076.0
Total assets 24,999.2 5,945.0 94,845.7
Overall Ranking Average Total AuM No. of Funds
Pension fund assets 3,736.2 1,826,987.8 489
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Distribution by Asset Class
7% 9% 20% 14% 39% 1% 9%
Funds of Hedge Funds Direct Hedge Funds Private Equity FoF
Direct Private Equity Funds Direct Real Estate Funds Direct Commodities Funds
Direct Infrastructure Funds
Asset classPension
Fund assets Average Smallest Largest Number of funds
USD million
Funds of Hedge Funds 90,842.9 9,084.3 5,312.0 21,973.2 10
Direct Hedge Funds 123,257.7 12,325.8 5,139.3 50,658.0 10
Private Equity FoF 260,781.8 12,418.2 5,096.3 43,806.1 21
Direct Private Equity Funds 189,220.6 12,614.7 5,996.2 26,099.0 15
Direct Real Estate Funds 522,921.9 15,846.1 5,484.7 44,400.0 33
Direct Commodities Funds 19,373.6 9,686.8 7,597.9 11,775.7 2
Direct Infrastructure Funds 121,782.2 13,531.4 5,325.3 63,076.0 9
Total 1,328,180.7 13,281.8 5,096.3 63,076.0 100* Proportions might not sum up to 100% due to rounding
Top 100 Alternative Asset Managers by Pension Fund Assets
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• Total Pension Fund assets increased from USD 1,234.0 bn in 2011 to USD 1,328.2 bn in 2012 (nearly 8%).
• Pension fund asset allocation in alternatives remained broadly similar to the previous year.
7%
8%
9%
10%
20%
18%
14%
14%
39%
40%
1%
2%
9%
9%
2012
2011
Funds of Hedge Funds Direct Hedge Funds Private Equity FoF
Direct Private Equity Funds Direct Real Estate Funds Direct Commodities Funds
Direct Infrastructure Funds
Comparison 2011 – 2012
* Proportions might not sum up to 100% due to rounding
Top 100 Alternative Asset Managers by Pension Fund Assets
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Comparison 2011 – 2012
Funds of Hedge Funds Account for 7% of total Pension Fund assets, down from 8% in 2011. There are now ten Funds of Hedge Funds managers in the top 100 ranking compared to 18 in 2011.
Pension Fund assets of those managers that also appeared in the 2011 top 100 ranking increased by over 13%.
Direct Hedge Funds Account for 9% of Pension Fund assets, a decline of 1% from last year. The number of managers remained constant from 2011 to 2012 at 10.
Pension Fund assets of those managers that also appeared in the 2011 top 100 ranking increased by nearly 12%.
Private Equity FoF Private Equity FoF managers have the second largest amount of Pension Fund assets in the survey. There are now 21 managers in this ranking compared to 16 in 2011.
Pension Fund assets of those managers that also appeared in the 2011 top 100 ranking increased by over 7%.
Direct Private Equity Funds This is a key asset class for Pension Funds having over 14% of assets in this ranking.
Pension Fund assets of those managers that also appeared in the 2011 top 100 ranking increased nearly 12%
Direct Real Estate Funds Account for over 35% of Pension Fund assets in this ranking.
Pension Fund assets of those managers that also appeared in the 2011 top 100 ranking declined by 3%.
Direct Commodities FundsThere are two managers in this ranking, down from five in 2011, whose Pension Fund assets increased by 11% in 2012.
Direct Infrastructure Funds Pension Fund assets of those managers that also appeared in the 2011 top 100 ranking increased by around 14%.
There are now nine managers in this ranking, down from 11 in 2011.
Top 100 Asset Managers – Pension funds AuMTop 100 Alternative Asset Managers by Pension Fund Assets
Note: All data in this section refers to Total Assets for of Top 100 Alternative Asset Managers by Pension Fund Assets
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Top 100 Alternative Asset Managers ranked by Total Pension Fund AssetsPosition Name of parent organisation Main country of
domicilePension AUM (USD million)
Total AUM (USD million) Asset Class
1 Macquarie Group Australia 63,076.02 94,845.70 Direct Infrastructure Funds
2 Bridgewater Associates United States 50,658.00 84,042.00 Direct Hedge Funds
3 CBRE Global Investors United States 44,400.00 80,000.00 Direct Real Estate Funds
4 AlpInvest Partners The Netherlands 43,806.10 44,029.50 Private Equity FoF
5 Prudential Real Estate Investors United States 32,516.80 38,133.00 Direct Real Estate Funds
6 TIAA-CREF United States 32,086.30 32,773.90 Direct Real Estate Funds
7 J.P. Morgan Asset Management United States 29,442.00 34,206.00 Direct Real Estate Funds
8 LaSalle Investment Management United States 26,450.00 47,700.00 Direct Real Estate Funds
9 Blackstone Capital Parters United States 26,099.00 57,090.00 Direct Private Equity Funds
10 Deutsche Asset & Wealth Management United States 24,929.00 48,727.00 Direct Real Estate Funds
11 Blackstone Real Estate Partners United States 24,739.10 50,427.10 Direct Real Estate Funds
12 Heitman United States 23,621.00 26,258.00 Direct Real Estate Funds
13 UBS Global Asset Management United Kingdom 23,511.22 65,036.61 Direct Real Estate Funds
14 Blackstone Alternative Asset Management United States 21,973.20 44,812.07 Funds of Hedge Funds
15 HarbourVest Partners United States 20,514.00 32,163.00 Private Equity FoF
16 Principal Global Investors United States 19,554.12 36,873.89 Direct Real Estate Funds
17 Brookfield Asset Management Canada 19,330.00 65,163.00 Direct Real Estate Funds
18 Oaktree Capital Management United States 19,080.90 41,208.50 Direct Private Equity Funds
19 Kohlberg Kravis Roberts United States 19,000.00 45,200.00 Direct Private Equity Funds
20 Credit Suisse Asset Management United States 18,352.00 41,907.80 Direct Real Estate Funds
21 Credit Suisse Asset Management United States 18,146.80 27,740.80 Private Equity FoF
22 Invesco United States 18,129.20 30,544.70 Direct Real Estate Funds
23 Pantheon United Kingdom 17,973.00 23,456.00 Private Equity FoF
24 Bentall Kennedy Canada 17,815.03 18,230.62 Direct Real Estate Funds
25 Apax Partners United Kingdom 16,328.91 35,497.63 Direct Private Equity Funds
Top 100 Alternative Asset Managers by Pension Fund Assets
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Top 100 Alternative Asset Managers ranked by Total Pension Fund AssetsPosition Name of parent organisation Main country of
domicilePension AUM (USD million)
Total AUM (USD million) Asset Class
26 Hamilton Lane Advisors United States 16,149.63 23,814.62 Private Equity FoF
27 Adams Street Partners United States 15,455.80 17,821.00 Private Equity FoF
28 Morgan Stanley United States 15,030.00 41,271.00 Direct Real Estate Funds
29 AMP Capital Investors Australia 14,941.90 22,611.90 Direct Real Estate Funds
30 Advent International United States 14,851.49 35,061.97 Direct Private Equity Funds
31 Partners Group Switzerland 14,753.00 24,579.00 Private Equity FoF
32 Aberdeen Asset Management United Kingdom 14,661.20 26,443.60 Direct Real Estate Funds
33 J.P. Morgan Asset Management United States 14,562.00 23,700.00 Private Equity FoF
34 Riverstone Holdings United States 13,741.89 34,354.72 Direct Private Equity Funds
35 BlueCrest Capital Management United Kingdom 13,332.00 35,001.00 Direct Hedge Funds
36 Clarion Partners United States 13,182.28 17,188.69 Direct Real Estate Funds
37 CVC Capital Partners Luxembourg 12,683.75 30,127.43 Direct Private Equity Funds
38 LGT Capital Partners Switzerland 12,662.95 19,891.15 Private Equity FoF
39 Brevan Howard United Kingdom 12,308.75 39,915.62 Direct Hedge Funds
40 AEW Capital Management United States 12,154.00 34,769.10 Direct Real Estate Funds
41 BlackRock United Kingdom 12,132.00 26,635.20 Direct Hedge Funds
42 Goldman Sachs Asset Management United States 11,857.40 39,196.70 Private Equity FoF
43 PIMCO United States 11,775.70 28,269.00 Direct Commodities Funds
44 Providence Equity Partners United States 11,598.16 24,813.03 Direct Private Equity Funds
45 Grosvenor Capital Management United States 11,366.54 22,341.89 Funds of Hedge Funds
46 First Reserve United States 10,904.45 15,798.00 Direct Private Equity Funds
47 Industry Funds Management Australia 10,768.00 12,532.00 Direct Infrastructure Funds
48 Pathway Capital Management United States 10,555.69 11,336.41 Private Equity FoF
49 Henderson Global Investors United Kingdom 9,593.00 20,353.00 Direct Real Estate Funds
50 GE Asset Management United States 9,116.40 9,170.60 Direct Private Equity Funds
Top 100 Alternative Asset Managers by Pension Fund Assets
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Top 100 Alternative Asset Managers ranked by Total Pension Fund AssetsPosition Name of parent organisation Main country of
domicilePension AUM (USD million)
Total AUM (USD million) Asset Class
51 Bouwinvest Real Estate Investment Management The Netherlands 8,924.40 8,924.40 Direct Real Estate Funds
52 Mesirow Advanced Strategies United States 8,915.20 13,506.50 Funds of Hedge Funds
53 Standard Life Investments United Kingdom 8,720.50 16,620.20 Direct Real Estate Funds
54 Brookfield Asset Management Canada 8,709.60 14,420.00 Direct Infrastructure Funds
55 The Permal Group United States 8,644.92 24,112.57 Funds of Hedge Funds
56 Cinven United Kingdom 8,365.69 16,672.16 Direct Private Equity Funds
57 Legal & General Investment Management United Kingdom 8,209.97 16,008.30 Direct Real Estate Funds
58 Financial Risk Management United Kingdom 8,149.00 16,689.71 Funds of Hedge Funds
59 SL Capital Partners United Kingdom 8,114.10 8,299.10 Private Equity FoF
60 Deutsche Asset & Wealth Management United Kingdom 8,000.00 17,073.00 Direct Infrastructure Funds
61 Lexington Partners United States 7,983.10 12,281.70 Private Equity FoF
62 Portfolio Advisors United States 7,941.24 10,342.81 Private Equity FoF
63 UBS Global Asset Management United Kingdom 7,870.62 27,447.49 Funds of Hedge Funds
64 Hermes Real Estate Investment Management United Kingdom 7,825.50 8,190.40 Direct Real Estate Funds
65 Warburg Pincus United States 7,633.80 38,169.00 Direct Private Equity Funds
66 Gresham Investment Management United States 7,597.93 15,964.50 Direct Commodities Funds
67 BlackRock United Kingdom 7,504.50 9,479.90 Direct Real Estate Funds
68 Alinda Capital Partners United States 7,307.38 8,383.84 Direct Infrastructure Funds
69 Global Infrastructure Partners United States 7,179.20 15,707.70 Direct Infrastructure Funds
70 Bridgepoint United Kingdom 6,920.00 12,060.00 Direct Private Equity Funds
71 GoldenTree Asset Management United States 6,900.00 17,000.00 Direct Hedge Funds
72 Bain Capital United States 6,900.00 37,250.00 Direct Private Equity Funds
73 Pacific Alternative Asset Management Company United States 6,809.40 8,557.60 Funds of Hedge Funds
74 DTZ Investment Management United Kingdom 6,685.00 11,298.00 Direct Real Estate Funds
75 Abbott Capital Management United States 6,567.50 7,732.90 Private Equity FoF
Top 100 Alternative Asset Managers by Pension Fund Assets
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Top 100 Alternative Asset Managers ranked by Total Pension Fund AssetsPosition Name of parent organisation Main country of
domicilePension AUM (USD million)
Total AUM (USD million) Asset Class
76 AXA Private Equity France 6,396.23 22,397.75 Private Equity FoF
77 The Rock Creek Group United States 6,250.00 7,500.00 Funds of Hedge Funds
78 PIMCO United States 6,198.00 9,469.00 Direct Hedge Funds
79 PIMCO United States 6,177.90 11,373.30 Direct Real Estate Funds
80 Goldman Sachs & Co United States 6,081.00 10,700.00 Direct Infrastructure Funds
81 Nephila Capital Bermuda 6,018.60 7,893.50 Direct Hedge Funds
82 TIAA-CREF United States 5,996.20 6,056.80 Direct Private Equity Funds
83 Lend Lease Group Australia 5,975.01 10,329.00 Direct Real Estate Funds
84 QIC Australia 5,863.50 8,309.50 Direct Real Estate Funds
85 Coller Capital United Kingdom 5,797.00 11,014.00 Private Equity FoF
86 Aviva Investors United Kingdom 5,760.68 37,303.80 Direct Real Estate Funds
87 Cornerstone Real Estate Advisers United States 5,745.20 41,016.60 Direct Real Estate Funds
88 Capital Dynamics Switzerland 5,653.40 16,286.90 Private Equity FoF
89 Hines United States 5,606.90 16,135.10 Direct Real Estate Funds
90 Siguler Guff & Co United States 5,601.60 9,125.50 Private Equity FoF
91 K2 Advisors United States 5,552.00 8,698.00 Funds of Hedge Funds
92 Schroders Investment Management United Kingdom 5,484.68 11,796.59 Direct Real Estate Funds
93 AMP Capital Investors Australia 5,335.70 6,837.80 Direct Infrastructure Funds
94 Hastings Funds Management Australia 5,325.30 8,461.50 Direct Infrastructure Funds
95 Gottex Fund Management Switzerland 5,312.00 6,773.00 Funds of Hedge Funds
96 D. E. Shaw Group United States 5,296.00 19,320.00 Direct Hedge Funds
97 Lyxor Asset Management France 5,275.00 10,742.50 Direct Hedge Funds
98 BlackRock United Kingdom 5,195.00 14,772.00 Private Equity FoF
99 Beach Point Capital Management United States 5,139.30 6,403.60 Direct Hedge Funds
100 Hermes GPE United Kingdom 5,096.30 5,945.00 Private Equity FoF
Total 1,328,180.72 2,499,915.98
Top 100 Alternative Asset Managers by Pension Fund Assets
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Five-year comparison Managers that have participated for the past five years
Total Universe – Pension Fund Assets
• Pension fund assets of the 22 Funds of Hedge Fund Managers that have participated in the last five years has risen steadily since 2008.
• Pension fund assets of the 24 Private Equity FoFManagers that have participated in the last five years has grown significantly since 2008 (ignoring a small decrease in 2009).
• Pension fund assets of the 34 Direct Real Estate Fund Managers that have participated in the last five years have been volatile, falling in 2009 followed by a rise in 2010, maintaining that level in 2011, and falling again in 2012.
• Pension fund assets of the 9 Direct Commodities Fund Managers that have participated in the last five years have had the biggest variation, increasing by 146% in 2010 but then remaining steady.
• Pension fund assets of the 18 Direct Infrastructure Fund Managers that have participated in the last five years have been growing steadily at an average of around 36%.
0
50
100
150
200
250
Dec-08 Dec-09 Dec-10 Dec-11 Dec-12
Inde
x D
ec 2
008
= 10
0
AuM Variation
Funds of Hedge Funds Private Equity FoF
Direct Real Estate Funds Direct Commodities Funds
Direct Infrastructure Funds
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Section 3.BTop 25 Alternative Asset Managers by Insurance Company Assets
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Insurance Insights
Evolving alternatives landscape
Life insurers have been increasing their focus on, and allocation to, alternatives over the last few years, and the trendhas been underlined by the economic environment and regulatory changes, including Solvency II. Continued low bondyields have been another key catalyst for increasing investor interest in alternative asset classes.
Future outlook
We expect the impact of these themes to grow in significance over the next few years, for three main reasons:
Institutional familiarity arising from already having made initial allocations
Existence of better value, more-aligned fee propositions for these assets
Continued need for better risk-adjusted returns
The alternatives universe is diverse, and there are micro preferences for some asset classes over others. Insurancecompanies prefer longer term, secured, yield producing assets (eg, infrastructure), real assets that provide an illiquiditypremium (eg, real estate) and pooled funds which are transparent and insurance-reporting friendly.
Top 25 Alternative Asset Managers by Insurance Company Assets
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Executive summaryTop 25 Alternative Asset Managers
Top 25 Alternative Asset Managers by Insurance Company Assets
Insurance company assets managed by the top 25 managers in the sector amounted to USD 244.0 bn in 2012.
Direct Real Estate Funds represent the largest block of alternative assets for Insurance companies (over 73%) followed by Private Equity FoF, Funds of Hedge Funds, Direct Private Equity Funds and Direct Infrastructure Funds.
In this dataset, there was no investment in Direct Hedge Funds or Direct Commodities Funds by Insurance companies.
Top 25Average Smallest Largest
USD million
Insurance Company assets 9,758.1 3,812.0 47,068.2
Total assets 31,113.5 4,492.3 94,845.7
Overall Ranking Average Total AuM No. of Funds
Insurance Company assets 1,181.5 411,146.5 348
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37
Distribution by Asset Class
6% 15% 4% 73% 2%
Funds of Hedge Funds Private Equity FoF Direct Private Equity Funds
Direct Real Estate Funds Direct Infrastructure Funds
Asset class
Insurance Company
assetsAverage Smallest Largest Number of
funds
USD million
Funds of Hedge Funds 14,350.4 4,783.5 4,019.8 5,466.6 3
Private Equity FoF 37,591.6 6,265.3 3,812.0 12,073.3 6
Direct Private Equity Funds 9,103.7 4,551.9 4,091.0 5,012.8 2
Direct Real Estate Funds 179,084.7 13,775.7 3,882.3 47,068.2 13
Direct Infrastructure Funds 3,822.1 3,822.1 - 3,822.1 1
Total 243,952.5 9,758.1 3,812.0 47,068.2 25
Top 25 Alternative Asset Managers by Insurance Company Assets
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Top 25 comparison 2011-2012
• Insurance company assets increased from USD 201.6 bn in 2011 to USD 244.0 bn in 2012.
• Insurance companies tend to focus on Direct Real Estate and that trend has remained consistent.
• There are 5 new responses in the top 25, insurance company assets from those managers account for near USD 47.0bn (19% of total Insurance company assets on top 25).
• Total Insurance company assets for managers who were in the top 25 ranking for both 2011 and 2012 increased almost 14%.
6%
6%
15%
11%
4%
8%
73%
74%
2%
2%
2012
2011
Funds of 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
Top 25 Alternative Asset Managers by Insurance Company Assets
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39
Top 25 Alternative Asset Managers ranked by Insurance Company AssetsPosition Name of parent organisation Main country of
domicileInsurance AUM (USD million)
Total AUM (USD million) Asset Class
1 AXA Real Estate France 47,068.18 65,453.46 Direct Real Estate Funds
2 Cornerstone Real Estate Advisers United States 33,141.40 41,016.60 Direct Real Estate Funds
3 M&G Investments United Kingdom 26,507.00 26,507.00 Direct Real Estate Funds
4 AXA Private Equity France 12,073.32 22,397.75 Private Equity FoF
5 Principal Global Investors United States 12,068.38 36,873.89 Direct Real Estate Funds
6 Aviva Investors United Kingdom 11,301.74 37,303.80 Direct Real Estate Funds
7 CBRE Global Investors United States 10,000.00 80,000.00 Direct Real Estate Funds
8 AEW Capital Management United States 9,485.60 34,769.10 Direct Real Estate Funds
9 Capital Dynamics Switzerland 6,955.00 16,286.90 Private Equity FoF
10 BNP Paribas Real Estate France 6,724.00 17,233.00 Direct Real Estate Funds
11 BlackRock United Kingdom 5,977.00 14,772.00 Private Equity FoF
12 Blackstone Alternative Asset Management United States 5,466.57 44,812.07 Funds of Hedge Funds
13 Aberdeen Asset Management United Kingdom 5,255.60 26,443.60 Direct Real Estate Funds
14 Invesco United States 5,182.50 30,544.70 Direct Real Estate Funds
15 AXA Private Equity France 5,012.75 8,222.64 Direct Private Equity Funds
16 Amundi Alternative Investments France 4,864.00 6,830.00 Funds of Hedge Funds
17 HarbourVest Partners United States 4,706.00 32,163.00 Private Equity FoF
18 SWIP United Kingdom 4,281.00 12,129.00 Direct Real Estate Funds
19 Henderson Global Investors United Kingdom 4,187.00 20,353.00 Direct Real Estate Funds
20 Blackstone Capital Parters United States 4,091.00 57,090.00 Direct Private Equity Funds
21 PineBridge Investments United States 4,068.29 6,098.79 Private Equity FoF
22 AXA Investment Managers GS United Kingdom 4,019.80 4,492.26 Funds of Hedge Funds
23 Standard Life Investments United Kingdom 3,882.30 16,620.20 Direct Real Estate Funds
24 Macquarie Group Australia 3,822.08 94,845.70 Direct Infrastructure Funds
25 Partners Group Switzerland 3,812.00 24,579.00 Private Equity FoF
Total 243,952.50 777,837.47
Top 25 Alternative Asset Managers by Insurance Company Assets
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Section 3.CTop 25 Alternative Asset Managers by Sovereign Wealth Fund Assets
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Sovereign Wealth Fund Insights Evolving alternatives landscape
Sovereign Wealth Funds remain a difficult investor group to analyse given how disparate their social and economic goalstend to be. In essence, most Sovereign Wealth Funds are aiming to get more diversity in their asset allocation viaalternative asset classes and through the internationalisation of their asset base. However, some are still focussing onlyon local and mainstream investments.
Future outlook
Sovereign Wealth Funds with sufficient scale are working towards accessing alternative assets directly without theintermediary function of alternative asset fund managers. Many Sovereign Wealth Funds are strengthening their internalinvestment capabilities to be able to expand the scope of what they are able to access directly, without outsourcing tothird party asset managers. More broadly, alternative asset managers will continue to attract capital from the small andmedium size Sovereign Wealth Funds. We also expect Sovereign Wealth Funds to continue diversifying into otheralternative asset classes beyond real estate and private equity.
Top 25 Alternative Asset Managers by Sovereign Wealth Fund Assets
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Executive summaryTop 25 Alternative Asset Managers
Top 25 Alternative Asset Managers by Sovereign Wealth Fund Assets
Sovereign Wealth Fund assets managed by the top 25 alternative asset managersamounted to USD 154.4 bn in 2012.
Direct Private Equity Funds and Direct Real Estate Funds have the largest share of Sovereign Wealth Fund assets with 37% and 30% respectively followed by Direct Hedge Funds, Funds of Hedge Funds and Direct Infrastructure Funds.
As in 2011, Sovereign Wealth Funds continued to shun Private Equity Fund of Funds and Direct Commodities Funds.
Top 25Average Smallest Largest
USD million
Sovereign Wealth Fund assets 6,174.4 2,578.2 16,600.0
Total assets 42,219.2 9,162.4 94,845.7
Overall Ranking Average Total AuM No. of Funds
Sovereign Wealth Fund assets 1,060.3 277,789.1 262
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Distribution by Asset Class
10% 13% 37% 30% 10%
Funds of Hedge Funds Direct Hedge Funds Direct Private Equity Funds
Direct Real Estate Funds Direct Infrastructure Funds
Asset class
Sovereign Wealth Fund
assetsAverage Smallest Largest Number of
funds
USD million
Funds of Hedge Funds 16,093.7 8,046.8 6,176.8 9,916.9 2
Direct Hedge Funds 19,584.0 9,792.0 2,984.0 16,600.0 2
Direct Private Equity Funds 57,312.0 5,731.2 2,578.2 16,031.0 10
Direct Real Estate Funds 46,561.6 5,820.2 2,595.0 14,503.8 8
Direct Infrastructure Funds 14,808.3 4,936.1 3,204.1 6,605.3 3
Total 154,359.6 6,174.4 2,578.2 16,600.0 25
Top 25 Alternative Asset Managers by Sovereign Wealth Fund Assets
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Top 25 comparison 2011-2012• Sovereign Wealth Fund assets increased from USD 91.0 bn in 2011 to USD 154.4 bn in 2012.
• Direct Private Equity Funds and Direct Real Estate Funds attracted large amounts of Sovereign Wealth Fund assets in 2012.
• On the other hand, Funds of Hedge Funds in this sample lost nearly a third of their Sovereign Wealth Fund assets.
• There are 8 new entrances on the top 25, those managers’ assets account USD 60.2bn (39% of total Sovereign Wealth Fund assets on top 25).
• Total Sovereign Wealth Fund assets for managers who were in the top 25 ranking for both 2011 and 2012 increased almost 40%.
10%
26%
13% 37%
29%
30%
39%
10%
6%
2012
2011
Funds of Hedge Funds Direct Hedge Funds Direct Private Equity Funds
Direct Real Estate Funds Direct Infrastructure Funds
Top 25 Alternative Asset Managers by Sovereign Wealth Fund Assets
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Top 25 Alternative Asset Managers ranked by Sovereign Wealth Fund AssetsPosition Name of parent organisation Main country of
domicileSovereign AUM
(USD million)Total AUM
(USD million) Asset Class
1 Bridgewater Associates United States 16,600.00 84,042.00 Direct Hedge Funds
2 Warburg Pincus United States 16,030.98 38,169.00 Direct Private Equity Funds
3 Brookfield Asset Management Canada 14,503.80 65,163.00 Direct Real Estate Funds
4 Blackstone Alternative Asset Management United States 9,916.85 44,812.07 Funds of Hedge Funds
5 Blackstone Real Estate Partners United States 8,198.50 50,427.10 Direct Real Estate Funds
6 Blackstone Capital Parters United States 7,430.00 57,090.00 Direct Private Equity Funds
7 Kohlberg Kravis Roberts United States 6,900.00 45,200.00 Direct Private Equity Funds
8 QIC Australia 6,605.30 9,646.40 Direct Infrastructure Funds
9 Oaktree Capital Management United States 6,339.60 41,208.50 Direct Private Equity Funds
10 LaSalle Investment Management United States 6,300.00 47,700.00 Direct Real Estate Funds
11 BlackRock United Kingdom 6,176.80 18,094.20 Funds of Hedge Funds
12 AXA Real Estate France 5,438.06 65,453.46 Direct Real Estate Funds
13 Global Infrastructure Partners United States 4,998.90 15,707.70 Direct Infrastructure Funds
14 Advent International United States 4,645.02 35,061.97 Direct Private Equity Funds
15 CBRE Global Investors United States 4,100.00 80,000.00 Direct Real Estate Funds
16 CVC Capital Partners Luxembourg 3,729.46 30,127.43 Direct Private Equity Funds
17 Riverstone Holdings United States 3,435.47 34,354.72 Direct Private Equity Funds
18 Providence Equity Partners United States 3,323.29 24,813.03 Direct Private Equity Funds
19 Macquarie Group Australia 3,204.08 94,845.70 Direct Infrastructure Funds
20 BlueCrest Capital Management United Kingdom 2,984.00 35,001.00 Direct Hedge Funds
21 Bain Capital United States 2,900.00 37,250.00 Direct Private Equity Funds
22 J.P. Morgan Asset Management United States 2,826.00 34,206.00 Direct Real Estate Funds
23 Macquarie Group Australia 2,600.22 9,162.42 Direct Real Estate Funds
24 Morgan Stanley United States 2,595.00 41,271.00 Direct Real Estate Funds
25 Cinven United Kingdom 2,578.23 16,672.16 Direct Private Equity Funds
Total 154,359.55 1,055,478.86
Top 25 Alternative Asset Managers by Sovereign Wealth Fund Assets
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Section 3.DTop 25 Alternative Asset Managers by Endowment and Foundation Assets
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Endowment and Foundation Insights
Evolving alternatives landscape
Endowments and Foundations were generally early investors in alternative assets, especially in private equity, hedgefunds and real estate, and more latterly have incorporated commodities and reinsurance into their asset allocation. Whensize and internal resources permit, direct fund or asset investments have been their chosen approach for allocations tohedge funds and private equity in order to reduce the fee burden associated with outsourcing to fund managers.
Future outlook
We see the trends of incremental diversification and shifting to direct manager relationships continuing for largerEndowments and Foundations. With the focus now being more on finding alternatives for low-yielding government bondsand index linked bonds, Endowments and Foundations have focused beyond traditional alternatives more recently. Theexpectation is that Endowments and Foundations will continue to make extensive use of alternative asset classes to helpthem diversify their portfolios and achieve their return expectations but overall allocation levels will remain relativelystatic over the medium to long term.
Top 25 Alternative Asset Managers by Endowment and Foundation Assets
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48
Executive summaryTop 25 Alternative Asset Managers
Endowment and Foundation assets managed by the top 25 managers amounted to USD 72.2 bn in 2012.
Of the alternative asset classes surveyed, Endowment and Foundation assets are the most evenly distributed: Direct Private Equity Funds is the largest, followed by Direct Hedge Funds, Direct Real Estate Funds, Funds of Hedge Funds and by Private Equity FoF.
Direct Commodities Funds have the lowest allocation from Endowments and Foundations, with Direct Infrastructure Funds having no allocation in this sample.
Top 25 Alternative Asset Managers by Endowment and Foundation Assets
Top 25Average Smallest Largest
USD million
Endowment & Foundation assets 2,889.8 1,526.1 8,200.0
Total assets 27,021.2 4,375.0 84,042.0
Overall Ranking Average Total AuM No. of Funds
Endowment & Foundation assets 500.2 165,059.6 330
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Distribution by asset class
11% 20% 8% 37% 19% 4%
Funds of Hedge Funds Direct Hedge Funds Private Equity FoF
Direct Private Equity Funds Direct Real Estate Funds Direct Commodities Funds
Asset class
Endowment and Foundation
assetsAverage Smallest Largest Number of
funds
USD million
Funds of Hedge Funds 8,270.1 2,756.7 1,547.3 3,869.8 3
Direct Hedge Funds 14,761.4 2,952.3 1,583.0 6,614.0 5
Private Equity FoF 6,112.4 2,037.5 1,775.0 2,343.4 3
Direct Private Equity Funds 26,484.3 2,942.7 1,526.1 8,200.0 9
Direct Real Estate Funds 13,686.3 3,421.6 3,324.5 3,511.0 4
Direct Commodities Funds 2,930.5 2,930.5 - 2,930.5 1
Total 72,245.2 2,889.8 1,526.1 8,200.0 25
* Proportions might not sum up to 100% due to rounding
Top 25 Alternative Asset Managers by Endowment and Foundation Assets
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Top 25 comparison 2011-2012
• Endowment and Foundation assets for the top 25 increased from USD 58.6 bn in 2011 to USD 72.2 bn in 2012.
• Direct Private Equity Funds continued to attract the largest amount of Endowment and Foundation assets in 2012.
11%
11%
20%
24%
8%
6%
37%
45%
19%
9%
4%
5%
2012
2011
Funds of Hedge Funds Direct Hedge Funds Private Equity FoF
Direct Private Equity Funds Direct Real Estate Funds Direct Commodities Funds
* Proportions might not sum up to 100% due to rounding
Top 25 Alternative Asset Managers by Endowment and Foundation Assets
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Top 25 Alternative Asset Managers ranked by Endowment and Foundation AssetsPosition Name of parent organisation Main country of
domicileE&F AUM
(USD million)Total AUM
(USD million) Asset Class
1 Bain Capital United States 8,200.00 37,250.00 Direct Private Equity Funds
2 Bridgewater Associates United States 6,614.00 84,042.00 Direct Hedge Funds
3 Oaktree Capital Management United States 3,953.50 41,208.50 Direct Private Equity Funds
4 Blackstone Alternative Asset Management United States 3,869.83 44,812.07 Funds of Hedge Funds
5 Credit Suisse Asset Management United States 3,511.00 41,907.80 Direct Real Estate Funds
6 EII Capital Management United States 3,449.00 11,376.00 Direct Real Estate Funds
7 Riverstone Holdings United States 3,435.47 34,354.72 Direct Private Equity Funds
8 Patron Capital United Kingdom 3,401.85 5,039.00 Direct Real Estate Funds
9 Blackstone Real Estate Partners United States 3,324.50 50,427.10 Direct Real Estate Funds
10 Gresham Investment Management United States 2,930.53 15,964.50 Direct Commodities Funds
11 Evanston Capital Management United States 2,853.00 4,375.00 Funds of Hedge Funds
12 Fir Tree Partners United States 2,509.54 8,848.46 Direct Hedge Funds
13 Advent International United States 2,450.04 35,061.97 Direct Private Equity Funds
14 Wellington Hedge Management United States 2,345.90 11,176.20 Direct Hedge Funds
15 LGT Capital Partners Switzerland 2,343.40 19,891.15 Private Equity FoF
16 Siguler Guff & Co United States 1,994.00 9,125.50 Private Equity FoF
17 Clayton, Dubilier & Rice United States 1,951.56 10,745.00 Direct Private Equity Funds
18 Kayne Anderson Capital Advisors United States 1,837.87 6,204.01 Direct Private Equity Funds
19 HarbourVest Partners United States 1,775.00 32,163.00 Private Equity FoF
20 BlueCrest Capital Management United Kingdom 1,709.00 35,001.00 Direct Hedge Funds
21 Blackstone Capital Parters United States 1,603.00 57,090.00 Direct Private Equity Funds
22 Lansdowne Partners United Kingdom 1,583.00 11,143.00 Direct Hedge Funds
23 Grosvenor Capital Management United States 1,547.32 22,341.89 Funds of Hedge Funds
24 Warburg Pincus United States 1,526.76 38,169.00 Direct Private Equity Funds
25 Energy Capital Partners United States 1,526.10 7,813.87 Direct Private Equity Funds
Total 72,245.16 675,530.74
Top 25 Alternative Asset Managers by Endowment and Foundation Assets
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Section 3.ETop 25 Alternative Asset Managers by Fund of Funds Assets
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Executive summaryTop 25 Alternative Asset Managers
Top 25 Alternative Asset Managers by Fund of Funds Assets
Fund of Funds assets managed by the top 25 alternative asset managers amounted to USD 118.0 bn in 2012.
Fund of Funds assets are distributed as follows: Direct Hedge Funds is the largest, followed by Direct Private Equity Funds, with the remainder in Direct Real Estate Funds and Direct Commodities Funds.
There were no allocations to Direct Infrastructure Funds by Funds of Funds in this sample.
Top 25Average Smallest Largest
USD million
Fund of Funds assets 4,719.0 2,433.4 8,220.0
Total assets 24,714.9 4,085.0 84,042.0
Overall Ranking Average Total AuM No. of Funds
Fund of Funds assets 903.0 234,777.0 260
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Distribution by Asset Class
51% 45% 2%2%
Direct Hedge Funds Direct Private Equity Funds
Direct Real Estate Funds Direct Commodities Funds
Asset classFunds of Fund
assets Average Smallest Largest Number of funds
USD million
Direct Hedge Funds 59,813.4 4,601.0 2,529.9 8,220.0 13
Direct Private Equity Funds 52,765.7 5,276.6 2,433.5 7,809.5 10
Direct Real Estate Funds 2,817.6 2,817.6 - 2,817.6 1
Direct Commodities Funds 2,578.0 2,578.0 - 2,578.0 1
Total 117,974.7 4,719.0 2,433.4 8,220.0 25
Top 25 Alternative Asset Managers by Fund of Funds Assets
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Top 25 Alternative Asset Managers ranked by Fund of Funds AssetsPosition Name of parent organisation Main country of
domicileFunds of Funds AUM
(USD million)Total AUM
(USD million) Asset Class
1 BlueCrest Capital Management United Kingdom 8,220.00 35,001.00 Direct Hedge Funds
2 Apax Partners United Kingdom 7,809.48 35,497.63 Direct Private Equity Funds
3 Bain Capital United States 7,700.00 37,250.00 Direct Private Equity Funds
4 Advent International United States 7,544.25 35,061.97 Direct Private Equity Funds
5 CVC Capital Partners Luxembourg 7,525.65 30,127.43 Direct Private Equity Funds
6 Credit Suisse Asset Management United States 6,881.15 22,116.00 Direct Hedge Funds
7 Winton Capital Management United Kingdom 6,548.00 25,637.00 Direct Hedge Funds
8 Millennium Management United States 5,500.00 17,000.00 Direct Hedge Funds
9 Bridgewater Associates United States 5,335.00 84,042.00 Direct Hedge Funds
10 Blackstone Capital Parters United States 5,324.00 57,090.00 Direct Private Equity Funds
11 D. E. Shaw Group United States 4,700.00 19,320.00 Direct Hedge Funds
12 EQT Private Equity Funds United Kingdom 4,655.00 20,021.00 Direct Private Equity Funds
13 Providence Equity Partners United States 4,457.46 24,813.03 Direct Private Equity Funds
14 Transtrend The Netherlands 4,335.00 8,500.00 Direct Hedge Funds
15 Amundi Alternative Investments France 3,982.00 4,085.00 Direct Hedge Funds
16 Two Sigma Investments United States 3,340.70 8,483.50 Direct Hedge Funds
17 Pine River Capital Management United States 3,065.50 7,839.30 Direct Hedge Funds
18 York Capital Management Global Advisors United States 2,832.08 14,494.07 Direct Hedge Funds
19 Lend Lease Group Australia 2,817.56 10,329.00 Direct Real Estate Funds
20 Kohlberg Kravis Roberts United States 2,700.00 45,200.00 Direct Private Equity Funds
21 Nordic Capital United Kingdom 2,616.40 10,465.80 Direct Private Equity Funds
22 PIMCO United States 2,578.00 28,269.00 Direct Commodities Funds
23 Canyon Capital Advisors United States 2,544.12 14,800.00 Direct Hedge Funds
24 CQS United Kingdom 2,529.87 11,685.59 Direct Hedge Funds
25 Clayton, Dubilier & Rice United States 2,433.45 10,745.00 Direct Private Equity Funds
Total 117,974.66 617,873.31
Top 25 Alternative Asset Managers by Fund of Funds Assets
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Section 3.FTop 25 Alternative Asset Managers by Wealth Manager Assets
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Wealth Management InsightsEvolving alternatives landscape
In the past five years wealth managers, on behalf of their private clients, have faced many of the same challenges as institutional investors, those being insufficient yield/income from core government bonds coupled with hesitation about medium-term returns from corporate credit and to a lesser extent public equity. As such, wealth managers are increasingly looking toward other sources of return with renewed interest, such as those available in hedge funds and private equity.
Wealth managers are generally quite sensitive about fees paid to external fund managers and considering how expensive some of the alternative asset classes can become, they often choose to invest in assets directly.
Future outlook
With the likelihood of weaker growth within developed markets and subdued returns from traditional asset classes, wealth managers are likely to take a more active role in pursuing alternative asset classes as additional sources of return, particularly in emerging markets, hedge funds and private equity.
Top 25 Alternative Asset Managers by Wealth Manager Assets
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Executive summaryTop 25 Alternative Asset Managers
Top 25 Alternative Asset Managers by Wealth Manager Assets
Wealth Manager assets managed by the top 25 managers amounted to USD 426.4 bn in 2012.
Direct Real Estate Funds represent the most popular of alternative assets for Wealth Management firms followed by Direct Commodities Funds, Direct Hedge Funds, Direct Private Equity Funds, Funds of Hedge Funds and Direct Infrastructure Funds.
There were no Wealth Manager investments in Private Equity FoF in this sample.
Top 25Average Smallest Largest
USD million
Wealth Manager assets 17,055.8 7,296.9 70,669.1
Total assets 38,887.0 11,360.4 80,000.0
Overall Ranking Average Total AuM No. of Funds
Wealth Manager assets 2,168.1 986,475.3 455
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Distribution by Asset Class
4% 13% 8% 50% 22% 3%
Funds of Hedge Funds Direct Hedge Funds Direct Private Equity Funds
Direct Real Estate Funds Direct Commodities Funds Direct Infrastructure Funds
Asset class
Wealth Manager assets
Average Smallest Largest Number of funds
USD million
Funds of Hedge Funds 16,591.4 16,591.4 - 16,591.4 1
Direct Hedge Funds 55,260.0 13,815.0 8,913.5 21,956.1 4
Direct Private Equity Funds 35,591.6 8,897.9 7,971.6 9,420.0 4
Direct Real Estate Funds 212,921.8 17,743.7 7,296.9 32,430.8 12
Direct Commodities Funds 94,586.1 31,528.7 11,838.9 70,669.1 3
Direct Infrastructure Funds 11,445.1 11,445.1 - 11,445.1 1
Total 426,396.0 17,055.8 7,296.9 70,669.1 25
Top 25 Alternative Asset Managers by Wealth Manager Assets
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Top 25 Alternative Asset Managers ranked by Wealth Manager AssetsPosition Name of parent organisation Main country of
domicileWealth Managers AUM
(USD million)Total AUM
(USD million) Asset Class
1 BlackRock United Kingdom 70,669.10 74,000.00 Direct Commodities Funds
2 UBS Global Asset Management United Kingdom 32,430.83 65,036.61 Direct Real Estate Funds
3 Brookfield Asset Management Canada 30,677.60 65,163.00 Direct Real Estate Funds
4 Union Investment Germany 23,499.15 27,115.08 Direct Real Estate Funds
5 HSBC Holdings United Kingdom 21,956.05 22,565.88 Direct Hedge Funds
6 CBRE Global Investors United States 21,400.00 80,000.00 Direct Real Estate Funds
7 Deutsche Asset & Wealth Management United States 21,048.00 48,727.00 Direct Real Estate Funds
8 Aviva Investors United Kingdom 20,241.38 37,303.80 Direct Real Estate Funds
9 Morgan Stanley United States 18,463.00 41,271.00 Direct Real Estate Funds
10 UBS Global Asset Management United Kingdom 16,591.45 27,447.49 Funds of Hedge Funds
11 Canyon Capital Advisors United States 12,255.88 14,800.00 Direct Hedge Funds
12 BlackRock United Kingdom 12,134.60 26,635.20 Direct Hedge Funds
13 PIMCO United States 12,078.10 28,269.00 Direct Commodities Funds
14 Invesco United States 11,838.90 12,269.50 Direct Commodities Funds
15 Kayne Anderson Capital Advisors United States 11,445.13 12,542.76 Direct Infrastructure Funds
16 LaSalle Investment Management United States 11,200.00 47,700.00 Direct Real Estate Funds
17 Credit Suisse Asset Management United States 10,145.40 41,907.80 Direct Real Estate Funds
18 Blackstone Capital Parters United States 9,420.00 57,090.00 Direct Private Equity Funds
19 Bain Capital United States 9,200.00 37,250.00 Direct Private Equity Funds
20 Kohlberg Kravis Roberts United States 9,000.00 45,200.00 Direct Private Equity Funds
21 Credit Suisse Asset Management United States 8,913.46 22,116.00 Direct Hedge Funds
22 F&C REIT United Kingdom 8,680.80 11,360.40 Direct Real Estate Funds
23 Oaktree Capital Management United States 7,971.60 41,208.50 Direct Private Equity Funds
24 Blackstone Real Estate Partners United States 7,838.70 50,427.10 Direct Real Estate Funds
25 AEW Capital Management United States 7,296.90 34,769.10 Direct Real Estate Funds
Total 426,396.02 972,175.23
Top 25 Alternative Asset Managers by Wealth Manager Assets
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Section 3.GTop 25 Alternative Asset Managers by Bank Assets
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Bank InsightsEvolving alternatives landscape
The increasingly punitive regulatory environment, which requires banks to hold greater capital reserves, has forced themto shed non-core assets resulting in large sales of their alternative asset class holdings. This process of re-definingbanks’ business models has effectively stopped any new commitments from banks to alternative assets.
Future outlook
As long as the banking sector remains under pressure from regulators and is fundamentally changing its businessmodel, banks are likely to continue retrenching from alternative assets, with historic commitments slowly being realised.
Top 25 Alternative Asset Managers by Bank Assets
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Executive summaryTop 25 Alternative Asset Managers
Top 25 Alternative Asset Managers by Bank Assets
Bank assets managed by the top 25 managers amounted to USD 160.5 bn in 2012.
Bank assets are relatively evenly distributed: Direct Real Estate Funds is the largest category, followed by Private Equity FoF, Funds of Hedge Funds, Direct Private Equity Funds, Direct Infrastructure Funds and Direct Commodities Funds.
Top 25Average Smallest Largest
USD million
Bank assets 6,418.4 2,634.9 27,339.3
Total assets 27,863.6 3,222.0 94,845.7
Overall Ranking Average Total AuM No. of Funds
Bank assets 914.9 247,934.8 271
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Distribution by Asset Class
16% 8% 19% 14% 28% 4% 11%
Funds of Hedge Funds Direct Hedge Funds Private Equity FoF
Direct Private Equity Funds Direct Real Estate Funds Direct Commodities Funds
Direct Infrastructure Funds
Asset classBank
assets Average Smallest Largest Number of funds
USD million
Funds of Hedge Funds 25,073.0 5,014.6 2,634.9 7,778.0 5
Direct Hedge Funds 13,582.8 6,791.4 6,540.8 7,042.0 2
Private Equity FoF 30,400.3 15,200.2 3,061.0 27,339.3 2
Direct Private Equity Funds 22,381.8 5,595.5 3,123.0 10,305.6 4
Direct Real Estate Funds 45,573.8 5,063.8 2,727.1 8,829.6 9
Direct Commodities Funds 6,415.2 3,207.6 2,885.8 3,529.4 2
Direct Infrastructure Funds 17,033.9 17,033.9 - 17,033.9 1
Total 160,460.9 6,418.4 2,634.9 27,339.3 25
Top 25 Alternative Asset Managers by Bank Assets
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Top 25 Alternative Asset Managers ranked by Bank AssetsPosition Name of parent organisation Main country of
domicileBanks AUM
(USD million)Total AUM
(USD million) Asset Class
1 Goldman Sachs Asset Management United States 27,339.30 39,196.70 Private Equity FoF
2 Macquarie Group Australia 17,033.89 94,845.70 Direct Infrastructure Funds
3 Warburg Pincus United States 10,305.63 38,169.00 Direct Private Equity Funds
4 AXA Real Estate France 8,829.62 65,453.46 Direct Real Estate Funds
5 Credit Suisse Asset Management United States 7,787.90 41,907.80 Direct Real Estate Funds
6 Pictet & Cie Switzerland 7,778.00 8,500.00 Funds of Hedge Funds
7 The Permal Group United States 7,638.61 24,112.57 Funds of Hedge Funds
8 UBS Global Asset Management United Kingdom 7,069.08 65,036.61 Direct Real Estate Funds
9 Winton Capital Management United Kingdom 7,042.00 25,637.00 Direct Hedge Funds
10 Anchorage Capital Group United States 6,540.80 10,220.00 Direct Hedge Funds
11 Savills United Kingdom 5,461.00 10,993.00 Direct Real Estate Funds
12 Riverstone Holdings United States 5,153.21 34,354.72 Direct Private Equity Funds
13 AEW Capital Management United States 4,616.60 34,769.10 Direct Real Estate Funds
14 Kohlberg Kravis Roberts United States 3,800.00 45,200.00 Direct Private Equity Funds
15 Grosvenor Capital Management United States 3,566.58 22,341.89 Funds of Hedge Funds
16 Diapason Commodities Management Switzerland 3,529.44 7,154.32 Direct Commodities Funds
17 Aberdeen Asset Management United Kingdom 3,454.90 3,921.80 Funds of Hedge Funds
18 EII Capital Management United States 3,235.00 11,376.00 Direct Real Estate Funds
19 Blackstone Capital Parters United States 3,123.00 57,090.00 Direct Private Equity Funds
20 Pictet & Cie Switzerland 3,061.00 3,222.00 Private Equity FoF
21 Forum Partners Investment Management United States 3,015.00 5,478.00 Direct Real Estate Funds
22 Deutsche Asset & Wealth Management United States 2,885.80 3,292.90 Direct Commodities Funds
23 Union Investment Germany 2,832.50 27,115.08 Direct Real Estate Funds
24 The Bank of New York Mellon Corporation United States 2,727.10 7,641.22 Direct Real Estate Funds
25 Lyxor Asset Management France 2,634.90 9,560.20 Funds of Hedge Funds
Total 160,460.86 696,589.08
Top 25 Alternative Asset Managers by Bank Assets
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Section 4Total Universe
How to read this sectionThis section shows the total universe of all survey participants, ranked by total assets under management in each individual alternatives asset class. It also includes regions in which they invest and where the managers are domiciled.
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Total Universe
Aggregate survey statistics
8% 26% 10% 20% 26% 4% 6%
Funds of Hedge Funds Direct Hedge Funds Private Equity FoF
Direct Private Equity Funds Direct Real Estate Funds Direct Commodities Funds
Direct Infrastructure Funds
Asset classTotal AuM Average Smallest Largest Number of
fundsUSD million
Funds of Hedge Funds 426,100.1 6,001.4 40.0 44,812.1 71
Direct Hedge Funds 1,306,535.3 7,465.9 24.3 84,042.0 175
Private Equity FoF 531,001.1 9,155.2 20.2 44,029.5 58
Direct Private Equity Funds 1,000,445.4 11,499.4 96.5 68,000.0 87
Direct Real Estate Funds 1,338,412.8 14,871.3 5.4 80,000.0 90
Direct Commodities Funds 210,089.5 6,002.6 48.5 74,000.0 35
Direct Infrastructure Funds 306,942.2 4,950.7 63.6 94,845.7 62
Total 5,119,526.3 8,857.3 5.4 94,845.7 578* Proportions might not sum 100% due to rounding
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Asset classTotal AuM Average Smallest Largest Number of
fundsUSD million
Pension funds 1,826,987.8 3,736.2 0.0 63,076.0 489
Insurance firms 411,146.5 1,181.5 0.1 47,068.2 348
Sovereign wealth funds 277,789.1 1,060.3 1.0 16,600.0 262
Endowments and Foundations 165,059.6 500.2 0.3 8,200.0 330
Funds of Funds 234,777.0 903.0 0.9 8,220.0 260
Wealth Managers 986,475.3 2,168.1 0.6 70,669.1 455
Banks 247,934.8 914.9 0.4 27,339.3 271
Total Universe
Aggregate survey statistics by investor type
36% 8% 5% 3% 5% 19% 5% 19%
Pension funds Insurance firms Sovereign wealth fundsEndowments and Foundations Funds of Funds Wealth ManagersBanks Other
* The category “Other” has been included for assets that could not be allocated into the survey’s categories, it has not been analysed in detail.
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Aggregate survey statistics by asset classComparison 2011- 2012
Top Asset Managers by Investor Type
1,612,185.50
309,980.30139,935.85119,500.94
2,689,236.66
2011
1,826,987.81
411,146.51277,789.14165,059.59
234,776.95
986,475.32
247,934.77
969,356.24
2012
Pension Fund Insurance Company Sovereign Wealth FundEndowment and Foundation Fund of Funds Wealth ManagerBank Other
USD million
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Total Universe
• Asset managers were requested to state where their assets are invested
44%
16%
44%
37%
31%
29%
28%
23%
2%
11%
9%
8%
12%
13%
30%
57%
39%
50%
57%
43%
43%
3%
25%
5%
4%
4%
16%
15%
Direct Infrastructure Funds
Direct Commodities Funds
Direct Real Estate Funds
Direct Private Equity Funds
Private Equity FoF
Direct Hedge Funds
Funds of Hedge Funds
Europe North America Asia Pacific Other
Region of investment
* Some proportions might not sum 100% due to rounding
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Region of investment (aggregated) and domicile
Total Universe
37% 44% 12% 8%
38% 53% 9%
Europe Central/North America Asia Pacific Other
Distribution by investment
Distribution by domicile
• Over 61% of the managers domiciled in Europe are based in the UK; 16% are in Switzerland and 10% are in France. Around 94% of North America managers are domiciled in the US.
• Asia Pacific is represented by 51 managers from Australia, China, Hong Kong, India, Japan, New Zealand and Singapore.
<1%
* Proportions might not sum 100% due to rounding
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Alternative Asset Managers
Position Name of parent organisation Main country of domicile
Total AuM(USD million) Asset Class
1 Macquarie Group Australia 94,845.70 Direct Infrastructure Funds
2 Bridgewater Associates United States 84,042.00 Direct Hedge Funds
3 CBRE Global Investors United States 80,000.00 Direct Real Estate Funds
4 BlackRock United Kingdom 74,000.00 Direct Commodities Funds
5 Goldman Sachs & Co. United States 68,000.00 Direct Private Equity Funds
6 AXA Real Estate France 65,453.46 Direct Real Estate Funds
7 Brookfield Asset Management Canada 65,163.00 Direct Real Estate Funds
8 UBS Global Asset Management United Kingdom 65,036.61 Direct Real Estate Funds
9 Blackstone Capital Parters United States 57,090.00 Direct Private Equity Funds
10 TPG Capital United States 54,526.00 Direct Private Equity Funds
11 The Carlyle Group* United States 53,338.00 Direct Private Equity Funds
12 Blackstone Real Estate Partners United States 50,427.10 Direct Real Estate Funds
13 Deutsche Asset & Wealth Management United States 48,727.00 Direct Real Estate Funds
14 LaSalle Investment Management United States 47,700.00 Direct Real Estate Funds
15 Kohlberg Kravis Roberts United States 45,200.00 Direct Private Equity Funds
16 Blackstone Alternative Asset Management United States 44,812.07 Funds of Hedge Funds
17 AlpInvest Partners The Netherlands 44,029.50 Private Equity FoF
18 Credit Suisse Asset Management United States 41,907.80 Direct Real Estate Funds
19 Morgan Stanley United States 41,271.00 Direct Real Estate Funds
20 Oaktree Capital Management United States 41,208.50 Direct Private Equity Funds
21 Cornerstone Real Estate Advisers United States 41,016.60 Direct Real Estate Funds
22 Brevan Howard United Kingdom 39,915.62 Direct Hedge Funds
23 Goldman Sachs Asset Management United States 39,196.70 Private Equity FoF
24 Warburg Pincus United States 38,169.00 Direct Private Equity Funds
25 Prudential Real Estate Investors United States 38,133.00 Direct Real Estate Funds
Alternative Asset Managers RankingTotal assets by asset class
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Position Name of parent organisation Main country of domicile
Total AuM(USD million) Asset Class
26 Apollo Global Management United States 37,800.00 Direct Private Equity Funds
27 Aviva Investors United Kingdom 37,303.80 Direct Real Estate Funds
28 Bain Capital United States 37,250.00 Direct Private Equity Funds
29 Principal Global Investors United States 36,873.89 Direct Real Estate Funds
30 Apax Partners United Kingdom 35,497.63 Direct Private Equity Funds
31 Advent International United States 35,061.97 Direct Private Equity Funds
32 BlueCrest Capital Management United Kingdom 35,001.00 Direct Hedge Funds
33 AEW Capital Management United States 34,769.10 Direct Real Estate Funds
34 Riverstone Holdings United States 34,354.72 Direct Private Equity Funds
35 J.P. Morgan Asset Management United States 34,206.00 Direct Real Estate Funds
36 TIAA-CREF United States 32,773.90 Direct Real Estate Funds
37 HarbourVest Partners United States 32,163.00 Private Equity FoF
38 Och-Ziff Capital Management Group* United States 31,900.00 Direct Hedge Funds
39 Invesco United States 30,544.70 Direct Real Estate Funds
40 CVC Capital Partners Luxembourg 30,127.43 Direct Private Equity Funds
41 J. P. Morgan Asset Management* United States 29,300.00 Direct Hedge Funds
42 PIMCO United States 28,269.00 Direct Commodities Funds
43 Credit Suisse Asset Management United States 27,740.80 Private Equity FoF
44 UBS Global Asset Management United Kingdom 27,447.49 Funds of Hedge Funds
45 Union Investment Germany 27,115.08 Direct Real Estate Funds
46 Baupost Group* United States 26,700.00 Direct Hedge Funds
47 BlackRock United Kingdom 26,635.20 Direct Hedge Funds
48 M&G Investments United Kingdom 26,507.00 Direct Real Estate Funds
49 Aberdeen Asset Management United Kingdom 26,443.60 Direct Real Estate Funds
50 Heitman United States 26,258.00 Direct Real Estate Funds
Alternative Asset Managers RankingTotal assets by asset class
Alternative Asset Managers
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74
Position Name of parent organisation Main country of domicile
Total AuM(USD million) Asset Class
51 Winton Capital Management United Kingdom 25,637.00 Direct Hedge Funds
52 Adage Capital Management* United States 25,000.00 Direct Hedge Funds
53 Providence Equity Partners United States 24,813.03 Direct Private Equity Funds
54 Partners Group Switzerland 24,579.00 Private Equity FoF
55 The Permal Group United States 24,112.57 Funds of Hedge Funds
56 Hamilton Lane Advisors United States 23,814.62 Private Equity FoF
57 J.P. Morgan Asset Management United States 23,700.00 Private Equity FoF
58 Pantheon United Kingdom 23,456.00 Private Equity FoF
59 Silver Lake* United States 23,000.00 Direct Private Equity Funds
60 Goldman Sachs Asset Management United States 22,889.20 Funds of Hedge Funds
61 AMP Capital Investors Australia 22,611.90 Direct Real Estate Funds
62 HSBC Holdings United Kingdom 22,565.88 Direct Hedge Funds
63 AXA Private Equity France 22,397.75 Private Equity FoF
64 Grosvenor Capital Management United States 22,341.89 Funds of Hedge Funds
65 Credit Suisse Asset Management United States 22,116.00 Direct Hedge Funds
66 Elliott Management Corporation* United States 21,470.00 Direct Hedge Funds
67 Henderson Global Investors United Kingdom 20,353.00 Direct Real Estate Funds
68 AQR Capital Management United States 20,300.00 Direct Hedge Funds
69 EQT Private Equity Funds United Kingdom 20,021.00 Direct Private Equity Funds
70 LGT Capital Partners Switzerland 19,891.15 Private Equity FoF
71 D. E. Shaw Group United States 19,320.00 Direct Hedge Funds
72 Davidson Kempner Advisers* United States 18,700.00 Direct Hedge Funds
73 Farallon Capital Management* United States 18,600.00 Direct Hedge Funds
74 Bentall Kennedy Canada 18,230.62 Direct Real Estate Funds
75 BlackRock United Kingdom 18,094.20 Funds of Hedge Funds
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75
Position Name of parent organisation Main country of domicile
Total AuM(USD million) Asset Class
76 Adams Street Partners United States 17,821.00 Private Equity FoF
77 Paulson & Co.* United States 17,800.00 Direct Hedge Funds
78 King Street Capital Management United States 17,400.00 Direct Hedge Funds
79 BNP Paribas Real Estate France 17,233.00 Direct Real Estate Funds
80 Clarion Partners United States 17,188.69 Direct Real Estate Funds
81 Deutsche Asset & Wealth Management United Kingdom 17,073.00 Direct Infrastructure Funds
82 GoldenTree Asset Management United States 17,000.00 Direct Hedge Funds
83 Millennium Management United States 17,000.00 Direct Hedge Funds
84 General Atlantic* United States 17,000.00 Direct Private Equity Funds
85 BC Partners United Kingdom 16,837.27 Direct Private Equity Funds
86 Financial Risk Management United Kingdom 16,689.71 Funds of Hedge Funds
87 Cinven United Kingdom 16,672.16 Direct Private Equity Funds
88 Standard Life Investments United Kingdom 16,620.20 Direct Real Estate Funds
89 Capital Dynamics Switzerland 16,286.90 Private Equity FoF
90 Hines United States 16,135.10 Direct Real Estate Funds
91 Legal & General Investment Management United Kingdom 16,008.30 Direct Real Estate Funds
92 Viking Global Investors* United States 16,000.00 Direct Hedge Funds
93 Gresham Investment Management United States 15,964.50 Direct Commodities Funds
94 First Reserve United States 15,798.00 Direct Private Equity Funds
95 Global Infrastructure Partners United States 15,707.70 Direct Infrastructure Funds
96 Man United Kingdom 15,200.00 Direct Hedge Funds
97 SAC Capital Advisors* United States 15,000.00 Direct Hedge Funds
98 Leonard Green* United States 15,000.00 Direct Private Equity Funds
99 Goldman Sachs Asset Management United States 14,888.40 Direct Hedge Funds
100 Canyon Capital Advisors United States 14,800.00 Direct Hedge Funds
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76
Position Name of parent organisation Main country of domicile
Total AuM(USD million) Asset Class
101 BlackRock United Kingdom 14,772.00 Private Equity FoF
102 Appaloosa Management* United States 14,600.00 Direct Hedge Funds
103 York Capital Management Global Advisors United States 14,494.07 Direct Hedge Funds
104 Brookfield Asset Management Canada 14,420.00 Direct Infrastructure Funds
105 AHL United Kingdom 14,387.00 Direct Hedge Funds
106 Citadel United States 14,000.00 Direct Hedge Funds
107 Convexity Capital Management* United States 14,000.00 Direct Hedge Funds
108 Mesirow Advanced Strategies United States 13,506.50 Funds of Hedge Funds
109 Moore Capital Management* United States 13,500.00 Direct Hedge Funds
110 Neuberger Berman United States 13,115.56 Private Equity FoF
111 EnCap Investments* United States 13,000.00 Direct Private Equity Funds
112 Kayne Anderson Capital Advisors United States 12,542.76 Direct Infrastructure Funds
113 Industry Funds Management Australia 12,532.00 Direct Infrastructure Funds
114 Centerbridge Partners* United States 12,500.00 Direct Hedge Funds
115 Brigade Capital Management United States 12,498.00 Direct Hedge Funds
116 Lexington Partners United States 12,281.70 Private Equity FoF
117 Invesco United States 12,269.50 Direct Commodities Funds
118 SWIP United Kingdom 12,129.00 Direct Real Estate Funds
119 Bridgepoint United Kingdom 12,060.00 Direct Private Equity Funds
120 Avenue Capital Group United States 12,022.40 Direct Hedge Funds
121 Golden Gate Capital* United States 12,000.00 Direct Private Equity Funds
122 Schroders Investment Management United Kingdom 11,796.59 Direct Real Estate Funds
123 CQS United Kingdom 11,685.59 Direct Hedge Funds
124 Pershing Square Capital Management* United States 11,400.00 Direct Hedge Funds
125 EII Capital Management United States 11,376.00 Direct Real Estate Funds
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77
Position Name of parent organisation Main country of domicile
Total AuM(USD million) Asset Class
126 PIMCO United States 11,373.30 Direct Real Estate Funds
127 F&C REIT United Kingdom 11,360.40 Direct Real Estate Funds
128 Pathway Capital Management United States 11,336.41 Private Equity FoF
129 Tudor Investment* United States 11,300.00 Direct Hedge Funds
130 DTZ Investment Management United Kingdom 11,298.00 Direct Real Estate Funds
131 Wellington Hedge Management United States 11,176.20 Direct Hedge Funds
132 Lansdowne Partners United Kingdom 11,143.00 Direct Hedge Funds
133 Credit Suisse Asset Management United States 11,054.00 Direct Commodities Funds
134 Permira United Kingdom 11,021.83 Direct Private Equity Funds
135 Coller Capital United Kingdom 11,014.00 Private Equity FoF
136 Highfields Capital Management* United States 11,000.00 Direct Hedge Funds
137 Savills United Kingdom 10,993.00 Direct Real Estate Funds
138 Angelo, Gordon & Co. United States 10,919.10 Direct Hedge Funds
139 Third Point* United States 10,800.00 Direct Hedge Funds
140 Natural Gas Partners* United States 10,800.00 Direct Private Equity Funds
141 Clayton, Dubilier & Rice United States 10,745.00 Direct Private Equity Funds
142 Lyxor Asset Management France 10,742.50 Direct Hedge Funds
143 Goldman Sachs & Co. United States 10,700.00 Direct Infrastructure Funds
144 Eton Park Capital Management* United States 10,700.00 Direct Hedge Funds
145 Fortress Investment Group* United States 10,700.00 Direct Hedge Funds
146 Nordic Capital United Kingdom 10,465.80 Direct Private Equity Funds
147 Portfolio Advisors United States 10,342.81 Private Equity FoF
148 Lend Lease Group Australia 10,329.00 Direct Real Estate Funds
149 La Française REM France 10,250.00 Direct Real Estate Funds
150 Anchorage Capital Group United States 10,220.00 Direct Hedge Funds
Alternative Asset Managers RankingTotal assets by asset class
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78
Position Name of parent organisation Main country of domicile
Total AuM(USD million) Asset Class
151 Charter Hall Group Australia 10,075.00 Direct Real Estate Funds
152 Grantham, Mayo, Van Otterloo* United States 10,000.00 Direct Hedge Funds
153 MSD Capital* United States 10,000.00 Direct Hedge Funds
154 Prologis United States 9,976.26 Direct Real Estate Funds
155 Aurora Investment Management United States 9,947.00 Funds of Hedge Funds
156 Morgan Stanley United States 9,695.00 Private Equity FoF
157 Morgan Stanley United States 9,659.50 Funds of Hedge Funds
158 QIC Australia 9,646.40 Direct Infrastructure Funds
159 Lyxor Asset Management France 9,560.20 Funds of Hedge Funds
160 ValueAct Capital Management* United States 9,520.00 Direct Hedge Funds
161 BlackRock United Kingdom 9,479.90 Direct Real Estate Funds
162 PIMCO United States 9,469.00 Direct Hedge Funds
163 Welsh, Carson, Anderson & Stowe United States 9,453.80 Direct Private Equity Funds
164 FIL Limited United Kingdom 9,404.80 Direct Real Estate Funds
165 J.P. Morgan Asset Management United States 9,236.60 Funds of Hedge Funds
166 GE Asset Management United States 9,170.60 Direct Private Equity Funds
167 Macquarie Group Australia 9,162.42 Direct Real Estate Funds
168 Schroders Investment Management United Kingdom 9,127.00 Direct Commodities Funds
169 Siguler Guff & Company United States 9,125.50 Private Equity FoF
170 Magnetar Capital United States 9,052.00 Direct Hedge Funds
171 PATRIZIA Immobilien Germany 9,000.00 Direct Real Estate Funds
172 Maverick Capital* United States 9,000.00 Direct Hedge Funds
173 Ares Management* United States 9,000.00 Direct Private Equity Funds
174 Discovery Capital Management* United States 8,980.00 Direct Hedge Funds
175 Bouwinvest Real Estate Investment Management The Netherlands 8,924.40 Direct Real Estate Funds
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79
Position Name of parent organisation Main country of domicile
Total AuM(USD million) Asset Class
176 BlueMountain Capital Management* United States 8,900.00 Direct Hedge Funds
177 Cerberus Capital Management* United States 8,900.00 Direct Hedge Funds
178 Fir Tree Partners United States 8,848.46 Direct Hedge Funds
179 Apollo Global Management United States 8,800.00 Direct Real Estate Funds
180 Greenlight Capital* United States 8,800.00 Direct Hedge Funds
181 K2 Advisors United States 8,698.00 Funds of Hedge Funds
182 Threadneedle Investments United Kingdom 8,637.50 Direct Real Estate Funds
183 Cevian United Kingdom 8,580.10 Direct Hedge Funds
184 Pacific Alternative Asset Management Company United States 8,557.60 Funds of Hedge Funds
185 Kohlberg Kravis Roberts United States 8,500.00 Funds of Hedge Funds
186 Pictet & Cie Switzerland 8,500.00 Funds of Hedge Funds
187 Transtrend The Netherlands 8,500.00 Direct Hedge Funds
188 Two Sigma Investments United States 8,483.50 Direct Hedge Funds
189 Hastings Funds Management Australia 8,461.50 Direct Infrastructure Funds
190 Marathon Asset Management United States 8,400.00 Direct Hedge Funds
191 Alinda Capital Partners United States 8,383.84 Direct Infrastructure Funds
192 Marshall Wace United Kingdom 8,346.00 Direct Hedge Funds
193 QIC Australia 8,309.50 Direct Real Estate Funds
194 SL Capital Partners United Kingdom 8,299.10 Private Equity FoF
195 AXA Private Equity France 8,222.64 Direct Private Equity Funds
196 Hermes Real Estate Investment Management United Kingdom 8,190.40 Direct Real Estate Funds
197 Angelo, Gordon & Co. United States 8,163.00 Direct Private Equity Funds
198 EnTrust Capital United States 8,137.30 Funds of Hedge Funds
199 Nephila Capital Bermuda 7,893.50 Direct Hedge Funds
200 Pine River Capital Management United States 7,839.30 Direct Hedge Funds
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80
Position Name of parent organisation Main country of domicile
Total AuM(USD million) Asset Class
201 Energy Capital Partners United States 7,813.87 Direct Private Equity Funds
202 Abbott Capital Management United States 7,732.90 Private Equity FoF
203 The Bank of New York Mellon Corporation United States 7,641.22 Direct Real Estate Funds
204 Highbridge Capital Management United States 7,568.00 Direct Hedge Funds
205 Deutsche Asset & Wealth Management Germany 7,550.10 Private Equity FoF
206 The Rock Creek Group United States 7,500.00 Funds of Hedge Funds
207 Silver Point Capital United States 7,230.00 Direct Hedge Funds
208 Diapason Commodities Management Switzerland 7,154.32 Direct Commodities Funds
209 SkyBridge Capital United States 7,136.00 Funds of Hedge Funds
210 Graham Capital Management United States 7,125.20 Direct Hedge Funds
211 Landmark Partners United States 7,113.90 Private Equity FoF
212 Perry Capital United States 7,090.00 Direct Hedge Funds
213 Taconic Capital Advisors United States 7,037.90 Direct Hedge Funds
214 WL Ross* United States 7,000.00 Direct Private Equity Funds
215 GTCR United States 6,970.40 Direct Private Equity Funds
216 UBS Global Asset Management United Kingdom 6,851.56 Private Equity FoF
217 HBK Capital Management United States 6,843.00 Direct Hedge Funds
218 AMP Capital Investors Australia 6,837.80 Direct Infrastructure Funds
219 Amundi Alternative Investments France 6,830.00 Funds of Hedge Funds
220 Hony Capital* China 6,800.00 Direct Private Equity Funds
221 MGPA Bermuda 6,785.02 Direct Real Estate Funds
222 Gottex Fund Management Switzerland 6,773.00 Funds of Hedge Funds
223 Aspect Capital United Kingdom 6,739.00 Direct Hedge Funds
224 AREA Property Partners United States 6,701.30 Direct Real Estate Funds
225 Wellington Management Company United States 6,542.00 Direct Commodities Funds
Alternative Asset Managers RankingTotal assets by asset class
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81
Position Name of parent organisation Main country of domicile
Total AuM(USD million) Asset Class
226 Cheyne Capital United Kingdom 6,449.00 Direct Hedge Funds
227 Sterling Partners United States 6,448.78 Direct Private Equity Funds
228 Beach Point Capital Management United States 6,403.60 Direct Hedge Funds
229 Access Capital Partners France 6,230.80 Private Equity FoF
230 Kayne Anderson Capital Advisors United States 6,204.01 Direct Private Equity Funds
231 PineBridge Investments United States 6,098.79 Private Equity FoF
232 TIAA-CREF United States 6,056.80 Direct Private Equity Funds
233 LGT Capital Partners Switzerland 6,000.00 Funds of Hedge Funds
234 UBS Global Asset Management United Kingdom 5,969.79 Direct Hedge Funds
235 MKP Capital Management United States 5,961.00 Direct Hedge Funds
236 Hermes GPE LLP United Kingdom 5,945.00 Private Equity FoF
237 HgCapital United Kingdom 5,921.45 Direct Private Equity Funds
238 Silver Creek Capital Management United States 5,842.20 Funds of Hedge Funds
239 Credit Suisse Asset Management United States 5,830.40 Funds of Hedge Funds
240 Fauchier Partners United Kingdom 5,812.73 Funds of Hedge Funds
241 RARE Infrastructure Australia 5,745.36 Direct Infrastructure Funds
242 Lion Capital United Kingdom 5,718.68 Direct Private Equity Funds
243 CCMP Capital Advisors United States 5,647.40 Direct Private Equity Funds
244 Montagu Private Equity United Kingdom 5,613.93 Direct Private Equity Funds
245 The GPT Group Australia 5,555.40 Direct Real Estate Funds
246 Angelo, Gordon & Co. United States 5,479.00 Direct Real Estate Funds
247 Forum Partners Investment Management United States 5,478.00 Direct Real Estate Funds
248 PAI Partners France 5,441.00 Direct Private Equity Funds
249 Capital Fund Management France 5,429.48 Direct Hedge Funds
250 J.P. Morgan Asset Management United States 5,428.00 Direct Infrastructure Funds
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82
Position Name of parent organisation Main country of domicile
Total AuM(USD million) Asset Class
251 Henderson Global Investors United Kingdom 5,272.80 Direct Hedge Funds
252 Investec Asset Management United Kingdom 5,135.70 Direct Commodities Funds
253 Crestline Investors United States 5,095.00 Funds of Hedge Funds
254 Partners Group Switzerland 5,090.00 Direct Real Estate Funds
255 Lynx Asset Management Sweden 5,071.00 Direct Hedge Funds
256 Patron Capital United Kingdom 5,039.00 Direct Real Estate Funds
257 H.R.L. Morrison & Co New Zealand 5,013.27 Direct Infrastructure Funds
258 Trian Fund Management United States 5,006.36 Direct Hedge Funds
259 Orchard Street Investment Management United Kingdom 5,001.00 Direct Real Estate Funds
260 Onex* Canada 5,000.00 Direct Private Equity Funds
261 Colonial First State Global Asset Management Australia 4,972.60 Direct Infrastructure Funds
262 Renaissance Technologies United States 4,926.40 Direct Hedge Funds
263 Auda Private Equity United States 4,817.89 Private Equity FoF
264 Grove Street Advisors United States 4,761.40 Private Equity FoF
265 Goldman Sachs Asset Management United States 4,723.00 Direct Commodities Funds
266 CoreCommodity Management United States 4,707.00 Direct Commodities Funds
267 Actis United Kingdom 4,690.86 Direct Private Equity Funds
268 Cantab Capital Partners United Kingdom 4,676.50 Direct Hedge Funds
269 Indus Capital Partners United States 4,600.00 Direct Hedge Funds
270 IK Investment United Kingdom 4,568.42 Direct Private Equity Funds
271 EIM Switzerland 4,500.00 Funds of Hedge Funds
272 AXA Investment Managers GS United Kingdom 4,492.26 Funds of Hedge Funds
273 GMT Capital United States 4,458.50 Direct Hedge Funds
274 COMAC Capital United Kingdom 4,404.70 Direct Hedge Funds
275 Technology Crossover Ventures United States 4,393.38 Direct Private Equity Funds
Alternative Asset Managers RankingTotal assets by asset class
Alternative Asset Managers
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83
Position Name of parent organisation Main country of domicile
Total AuM(USD million) Asset Class
276 Evanston Capital Management United States 4,375.00 Funds of Hedge Funds
277 MatlinPatterson Global Opportunities Partners III United States 4,349.60 Direct Private Equity Funds
278 SteelRiver Infrastructure Partners United States 4,288.70 Direct Infrastructure Funds
279 Adveq Management Switzerland 4,271.70 Private Equity FoF
280 InfraRed Capital Partners United Kingdom 4,255.00 Direct Infrastructure Funds
281 QIC Australia 4,215.00 Private Equity FoF
282 PFM (Partner Fund Management) United States 4,142.00 Direct Hedge Funds
283 Equistone Partners Europe United Kingdom 4,119.10 Direct Private Equity Funds
284 EQT Infrastructure & EQT Infrastructure II United Kingdom 4,094.00 Direct Infrastructure Funds
285 Amundi Alternative Investments France 4,085.00 Direct Hedge Funds
286 Balyasny Asset Management United States 4,057.00 Direct Hedge Funds
287 Hermes GPE LLP United Kingdom 4,056.00 Direct Infrastructure Funds
288 CDH Investments* Hong Kong 4,000.00 Direct Private Equity Funds
289 Northleaf Capital Partners Canada 3,975.60 Private Equity FoF
290 Aquila Capital Germany 3,954.00 Direct Hedge Funds
291 Aberdeen Asset Management United Kingdom 3,921.80 Funds of Hedge Funds
292 Danske Private Equity Denmark 3,900.00 Private Equity FoF
293 GE Asset Management United States 3,875.36 Direct Real Estate Funds
294 SVG Advisers United Kingdom 3,835.10 Private Equity FoF
295 Morgan Stanley United States 3,823.60 Direct Private Equity Funds
296 UBS Global Asset Management United Kingdom 3,720.80 Direct Infrastructure Funds
297 AXA Private Equity France 3,705.59 Direct Infrastructure Funds
298 Abbey Capital Ireland 3,663.14 Funds of Hedge Funds
299 Chilton Investment Company United States 3,660.00 Direct Hedge Funds
300 The Archstone Partnerships United States 3,625.90 Funds of Hedge Funds
Alternative Asset Managers RankingTotal assets by asset class
Alternative Asset Managers
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84
Position Name of parent organisation Main country of domicile
Total AuM(USD million) Asset Class
301 Arrowgrass Capital Partners United Kingdom 3,590.00 Direct Hedge Funds
302 Oaktree Capital Management United States 3,576.60 Direct Real Estate Funds
303 Morgan Stanley United States 3,562.00 Direct Infrastructure Funds
304 ABS Investment Management United States 3,550.00 Funds of Hedge Funds
305 Grosvenor Fund Management United Kingdom 3,533.60 Direct Real Estate Funds
306 THEAM/BNP Paribas Investment Partners France 3,520.44 Direct Commodities Funds
307 Mid Europa Partners United Kingdom 3,507.80 Direct Private Equity Funds
308 Goldman Sachs Asset Management United States 3,495.90 Direct Real Estate Funds
309 GSO CAPITAL PARTNERS United States 3,407.30 Direct Hedge Funds
310 M3 Capital Partners United States 3,400.00 Direct Real Estate Funds
311 MLC Australia 3,390.00 Private Equity FoF
312 Black River Asset Management United States 3,365.50 Direct Hedge Funds
313 PineBridge Investments United States 3,350.00 Funds of Hedge Funds
314 Napier Park Global Capital United States 3,310.80 Direct Hedge Funds
315 Deutsche Asset & Wealth Management United States 3,292.90 Direct Commodities Funds
316 Harcourt Investment Counseling Switzerland 3,275.00 Funds of Hedge Funds
317 Brookfield Asset Management Canada 3,263.90 Direct Private Equity Funds
318 Camden Asset Management United States 3,236.00 Direct Hedge Funds
319 Pictet & Cie Switzerland 3,222.00 Private Equity FoF
320 Aviva Investors United Kingdom 3,149.89 Private Equity FoF
321 Mazi Visio Manco South Africa 3,148.20 Direct Hedge Funds
322 Corbin Capital Partners United States 3,117.60 Funds of Hedge Funds
323 UBS Global Asset Management United Kingdom 3,108.88 Direct Commodities Funds
324 BlueBay Asset Management United Kingdom 3,096.70 Direct Hedge Funds
325 One William Street Capital Management United States 3,094.00 Direct Hedge Funds
Alternative Asset Managers RankingTotal assets by asset class
Alternative Asset Managers
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85
Position Name of parent organisation Main country of domicile
Total AuM(USD million) Asset Class
326 Magnitude Capital United States 3,091.00 Funds of Hedge Funds
327 Lombard Odier Investment Managers Switzerland 3,089.85 Direct Hedge Funds
328 Ascend Capital United States 3,070.57 Direct Hedge Funds
329 Access Capital Advisers Australia 3,048.50 Direct Infrastructure Funds
330 Partners Group Switzerland 3,030.00 Direct Private Equity Funds
331 American Securities Capital Partners* United States 3,000.00 Direct Private Equity Funds
332 HitecVision* Norway 3,000.00 Direct Private Equity Funds
333 LBO France France 2,939.13 Direct Private Equity Funds
334 Mesirow Financial Private Equity Advisors United States 2,839.10 Private Equity FoF
335 Louis Dreyfus Investment Group The Netherlands 2,822.14 Direct Commodities Funds
336 Innisfree United Kingdom 2,777.51 Direct Infrastructure Funds
337 Kohlberg Kravis Roberts United States 2,759.26 Direct Infrastructure Funds
338 Odey Asset Management United Kingdom 2,757.95 Direct Hedge Funds
339 Investcorp United States 2,744.40 Funds of Hedge Funds
340 Optima Fund Management United States 2,736.00 Funds of Hedge Funds
341 Unigestion Switzerland 2,722.70 Funds of Hedge Funds
342 Private Advisors United States 2,714.60 Funds of Hedge Funds
343 Neuberger Berman United States 2,676.89 Funds of Hedge Funds
344 Kayne Anderson Capital Advisors United States 2,645.48 Direct Hedge Funds
345 HSBC Holdings United Kingdom 2,644.12 Funds of Hedge Funds
346 GE Asset Management United States 2,637.87 Direct Hedge Funds
347 Ramius United States 2,612.00 Funds of Hedge Funds
348 Europa Capital United Kingdom 2,591.65 Direct Real Estate Funds
349 Campbell & Company United States 2,591.43 Direct Hedge Funds
350 FX Concepts United States 2,578.00 Direct Hedge Funds
Alternative Asset Managers RankingTotal assets by asset class
Alternative Asset Managers
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86
Position Name of parent organisation Main country of domicile
Total AuM(USD million) Asset Class
351 GP Investments Bermuda 2,569.70 Direct Private Equity Funds
352 La Française des Placements France 2,512.00 Funds of Hedge Funds
353 Hermes BPK Partners United Kingdom 2,507.70 Funds of Hedge Funds
354 Macquarie Group Australia 2,502.40 Direct Hedge Funds
355 American Capital* United States 2,500.00 Direct Private Equity Funds
356 TowerBrook* United States 2,500.00 Direct Private Equity Funds
357 Prudential United Kingdom 2,497.70 Direct Infrastructure Funds
358 Partners Group Switzerland 2,490.00 Direct Infrastructure Funds
359 Galena Asset Management Switzerland 2,482.00 Direct Commodities Funds
360 Ortus Capital Management Hong Kong 2,476.00 Direct Hedge Funds
361 Unigestion Switzerland 2,429.40 Private Equity FoF
362 Industry Funds Management Australia 2,428.00 Private Equity FoF
363 KLS Diversified Asset Management United States 2,426.40 Direct Hedge Funds
364 Knighthead Capital Management United States 2,424.00 Direct Hedge Funds
365 Conatus Capital Management United States 2,423.00 Direct Hedge Funds
366 West Face Capital Canada 2,377.90 Direct Hedge Funds
367 Ramius United States 2,350.00 Direct Hedge Funds
368 Pinnacle Asset Management United States 2,345.00 Funds of Hedge Funds
369 Tyrus Capital Monaco 2,343.00 Direct Hedge Funds
370 Pictet Asset Management Switzerland 2,328.60 Direct Hedge Funds
371 III Associates/III Offshore Advisors United States 2,313.00 Direct Hedge Funds
372 Hermes Fund Managers United Kingdom 2,308.30 Direct Commodities Funds
373 Greenspring Associates United States 2,300.00 Private Equity FoF
374 Akina Switzerland 2,281.70 Private Equity FoF
375 Aviva Investors United Kingdom 2,261.40 Funds of Hedge Funds
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Alternative Asset Managers
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87
Position Name of parent organisation Main country of domicile
Total AuM(USD million) Asset Class
376 Credit Suisse Asset Management United States 2,230.00 Direct Infrastructure Funds
377 Edmond de Rothschild Group Curacao 2,218.93 Funds of Hedge Funds
378 Horizon Asset Limited United Kingdom 2,214.00 Direct Hedge Funds
379 International Asset Management United Kingdom 2,198.90 Funds of Hedge Funds
380 Magellan Asset Management Limited Australia 2,190.92 Direct Infrastructure Funds
381 Notz, Stucki Europe Luxembourg 2,190.00 Funds of Hedge Funds
382 Clessidra Capital Partners Italy 2,185.35 Direct Private Equity Funds
383 Robeco Institutional Asset Management The Netherlands 2,179.10 Private Equity FoF
384 P.Schoenfeld Asset Management United States 2,165.00 Direct Hedge Funds
385 Macquarie Group Australia 2,156.64 Direct Private Equity Funds
386 TT International United Kingdom 2,140.84 Direct Hedge Funds
387 Diversified Global Asset Management Corporation (DGAM) Canada 2,136.40 Funds of Hedge Funds
388 Invesco United States 2,104.20 Direct Infrastructure Funds
389 Liongate Capital Management United Kingdom 2,100.00 Funds of Hedge Funds
390 SSARIS Advisors United States 2,088.09 Funds of Hedge Funds
391 Top Tier Capital Partners United States 2,070.20 Private Equity FoF
392 Waterfall Asset Management United States 2,069.70 Direct Hedge Funds
393 Fore Research & Management United States 2,052.00 Direct Hedge Funds
394 Prologue Capital United States 2,050.00 Direct Hedge Funds
395 Highland Capital Management United States 2,047.77 Direct Hedge Funds
396 Schroders Investment Management United Kingdom 2,029.90 Funds of Hedge Funds
397 Ivory Investment Management United States 2,028.00 Direct Hedge Funds
398 InfraRed Capital Partners United Kingdom 2,012.00 Direct Real Estate Funds
399 Protégé Partners United States 2,005.20 Funds of Hedge Funds
400 Zweig-Dimenna Associates United States 2,000.00 Direct Hedge Funds
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88
Position Name of parent organisation Main country of domicile
Total AuM(USD million) Asset Class
401 Macquarie Group Australia 1,992.89 Private Equity FoF
402 SAIL Advisors Hong Kong 1,980.90 Funds of Hedge Funds
403 Amici Capital United States 1,964.62 Direct Hedge Funds
404 Bank Sarasin & Cie Switzerland 1,937.00 Direct Commodities Funds
405 GSA Capital United Kingdom 1,916.00 Direct Hedge Funds
406 Aurum Fund Management Bermuda 1,903.81 Funds of Hedge Funds
407 Investcorp United States 1,895.60 Direct Hedge Funds
408 Private Advisors United States 1,879.50 Private Equity FoF
409 Capstone Investment Advisors United States 1,851.00 Direct Hedge Funds
410 Strategic Value Partners United States 1,848.00 Direct Private Equity Funds
411 Gramercy United States 1,818.10 Direct Hedge Funds
412 VenCap International United Kingdom 1,800.00 Private Equity FoF
413 Highline Capital Management United States 1,785.00 Direct Hedge Funds
414 Schroders Investment Management United Kingdom 1,777.30 Direct Hedge Funds
415 Atlantic Investment Management United States 1,777.10 Direct Hedge Funds
416 Amber Infrastructure Group United Kingdom 1,731.50 Direct Infrastructure Funds
417 Millburn Ridgefield Corporation United States 1,717.00 Direct Hedge Funds
418 Aristeia Capital United States 1,709.50 Direct Hedge Funds
419 Neuberger Berman United States 1,666.74 Direct Private Equity Funds
420 Strategic Value Partners United States 1,664.40 Direct Hedge Funds
421 Lothbury Investment Management Ireland 1,657.04 Direct Real Estate Funds
422 Secured Capital Investment Management Japan 1,656.60 Direct Real Estate Funds
423 SWIP United Kingdom 1,656.00 Private Equity FoF
424 Tiberius Asset Management Switzerland 1,650.00 Direct Commodities Funds
425 Kempen Capital Management The Netherlands 1,648.00 Direct Real Estate Funds
Alternative Asset Managers RankingTotal assets by asset class
Alternative Asset Managers
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Position Name of parent organisation Main country of domicile
Total AuM(USD million) Asset Class
426 Arcus Infrastructure Partners United Kingdom 1,624.04 Direct Infrastructure Funds
427 LIM Advisors Hong Kong 1,585.50 Direct Hedge Funds
428 Darby Overseas Investments United States 1,580.72 Direct Private Equity Funds
429 Cushman & Wakefield Investors United Kingdom 1,573.00 Direct Real Estate Funds
430 TIAA-CREF United States 1,561.80 Direct Commodities Funds
431 Principal Global Investors United States 1,555.83 Direct Hedge Funds
432 Ramius United States 1,533.00 Direct Real Estate Funds
433 First Reserve United States 1,519.30 Direct Infrastructure Funds
434 PineBridge Investments United States 1,514.01 Direct Private Equity Funds
435 Boussard & Gavaudan United Kingdom 1,514.00 Direct Hedge Funds
436 Duet Private Equity United Kingdom 1,503.50 Direct Real Estate Funds
437 Ramius United States 1,473.00 Direct Private Equity Funds
438 Moon Capital Management United States 1,464.85 Direct Hedge Funds
439 Vantage Investment Management Limited Mauritius 1,461.00 Direct Hedge Funds
440 Antin Infrastructure Partners France 1,445.50 Direct Infrastructure Funds
441 Wellington Management Company United States 1,440.00 Direct Infrastructure Funds
442 Investa Commercial Property Fund Australia 1,423.18 Direct Real Estate Funds
443 Tremblant Capital Group United States 1,416.00 Direct Hedge Funds
444 Pictet Asset Management Switzerland 1,406.60 Direct Commodities Funds
445 IDFC India 1,388.98 Direct Private Equity Funds
446 Sloane Robinson United Kingdom 1,365.00 Direct Hedge Funds
447 M&G Investment Management United Kingdom 1,355.86 Direct Hedge Funds
448 Duet Asset Management United Kingdom 1,337.00 Direct Hedge Funds
449 Invesco United States 1,329.90 Private Equity FoF
450 Blue Harbour Group United States 1,325.00 Direct Hedge Funds
Alternative Asset Managers RankingTotal assets by asset class
Alternative Asset Managers
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Position Name of parent organisation Main country of domicile
Total AuM(USD million) Asset Class
451 Aviva Investors United Kingdom 1,299.00 Direct Infrastructure Funds
452 MLC Australia 1,294.51 Direct Real Estate Funds
453 TIAA-CREF United States 1,287.90 Direct Infrastructure Funds
454 Litespeed Management United States 1,285.00 Direct Hedge Funds
455 Larch Lane Advisors United States 1,282.00 Funds of Hedge Funds
456 Darby Overseas Investments United States 1,272.23 Direct Infrastructure Funds
457 SWIP United Kingdom 1,258.00 Direct Infrastructure Funds
458 iCON Infrastructure United Kingdom 1,248.60 Direct Infrastructure Funds
459 Aberdeen Asset Management United Kingdom 1,246.40 Private Equity FoF
460 JHL Capital Group United States 1,238.25 Direct Hedge Funds
461 Siguler Guff & Company United States 1,232.80 Direct Private Equity Funds
462 Hatteras Funds United States 1,221.55 Funds of Hedge Funds
463 Actis United Kingdom 1,216.56 Direct Infrastructure Funds
464 Amplitude Capital Switzerland 1,200.00 Direct Hedge Funds
465 Bronson Point Mangement United States 1,174.00 Direct Hedge Funds
466 Lucidus Capital Partners United Kingdom 1,165.00 Direct Hedge Funds
467 Benchmark Plus Management United States 1,148.21 Funds of Hedge Funds
468 Neuberger Berman United States 1,068.87 Direct Hedge Funds
469 Palamon Capital Partners United Kingdom 1,064.70 Direct Private Equity Funds
470 Boronia Capital Australia 1,032.00 Direct Hedge Funds
471 First Quadrant United States 996.00 Direct Hedge Funds
472 Threadneedle Investments United Kingdom 974.90 Direct Commodities Funds
473 Optima Fund Management United States 971.00 Direct Hedge Funds
474 HGGC United States 954.09 Direct Private Equity Funds
475 Kaiser Trading Group Australia 929.70 Direct Hedge Funds
Alternative Asset Managers RankingTotal assets by asset class
Alternative Asset Managers
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Position Name of parent organisation Main country of domicile
Total AuM(USD million) Asset Class
476 Aviva Investors United Kingdom 922.49 Direct Hedge Funds
477 Stonepeak Infrastructure Partners United States 915.00 Direct Infrastructure Funds
478 Mako Investment Managers United Kingdom 912.00 Direct Hedge Funds
479 Garrison Investment Group United States 890.05 Direct Real Estate Funds
480 Aquila Capital Germany 880.00 Direct Infrastructure Funds
481 Global Capital Management Cayman Islands 860.00 Direct Private Equity Funds
482 Pradera Group United Kingdom 850.00 Direct Real Estate Funds
483 Equitix United Kingdom 843.23 Direct Infrastructure Funds
484 Highbridge Capital Management United States 842.22 Direct Commodities Funds
485 van Biema Value Partners United States 823.00 Funds of Hedge Funds
486 IDFC India 819.02 Direct Infrastructure Funds
487 Black River Asset Management United States 818.90 Direct Private Equity Funds
488 Capital Dynamics Switzerland 815.20 Direct Infrastructure Funds
489 SC Capital Partners Singapore 814.10 Direct Real Estate Funds
490 Lombard Odier Investment Managers Switzerland 810.33 Direct Commodities Funds
491 Quay Partners Australia 802.00 Private Equity FoF
492 Harcourt Investment Counseling Switzerland 801.00 Direct Commodities Funds
493 Meridian Capital Partners United States 794.90 Funds of Hedge Funds
494 Elm Ridge Management United States 763.25 Direct Hedge Funds
495 Weinberg Capital Partners France 742.00 Direct Private Equity Funds
496 Lombard Odier Investment Managers Switzerland 741.10 Direct Infrastructure Funds
497 Palisade Investment Australia 721.96 Direct Infrastructure Funds
498 Fiera Axium Infrastructure Canada 715.00 Direct Infrastructure Funds
499 Mesirow Financial Holdings United States 708.20 Direct Commodities Funds
500 Kempen Capital Management The Netherlands 699.45 Funds of Hedge Funds
Alternative Asset Managers RankingTotal assets by asset class
Alternative Asset Managers
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Position Name of parent organisation Main country of domicile
Total AuM(USD million) Asset Class
501 Colliers International United Kingdom 688.00 Direct Real Estate Funds
502 Kayne Anderson Capital Advisors United States 671.77 Direct Real Estate Funds
503 Fengate Capital Management Canada 661.70 Direct Infrastructure Funds
504 ARCIS Group United Kingdom 650.00 Private Equity FoF
505 MLC Australia 640.00 Funds of Hedge Funds
506 Krom River Trading Switzerland 636.00 Direct Commodities Funds
507 Fengate Capital Management Canada 628.00 Direct Real Estate Funds
508 Greylock Capital Managemenet United States 600.00 Direct Hedge Funds
509 Impax Asset Management United Kingdom 591.62 Direct Infrastructure Funds
510 Aquila Capital Germany 581.00 Direct Private Equity Funds
511 Equis Funds Group Singapore 576.70 Direct Infrastructure Funds
512 RWC United Kingdom 536.80 Direct Hedge Funds
513 GE Asset Management Incorporated United States 534.35 Direct Commodities Funds
514 Eurizon Capital Italy 527.88 Funds of Hedge Funds
515 Presima Canada 522.30 Direct Real Estate Funds
516 LBO France France 518.21 Direct Real Estate Funds
517 Lombard Odier Investment Managers Switzerland 514.48 Funds of Hedge Funds
518 Lend Lease Group Australia 510.40 Direct Infrastructure Funds
519 Senrigan Capital Group Hong Kong 506.00 Direct Hedge Funds
520 Spur Capital Partners United States 502.00 Private Equity FoF
521 QIC Australia 500.00 Direct Hedge Funds
522 TA Associates* United States 500.00 Direct Private Equity Funds
523 SSARIS Advisors United States 497.78 Direct Hedge Funds
524 Dalmore Capital Limited United Kingdom 487.50 Direct Infrastructure Funds
525 Northleaf Capital Partners Canada 486.80 Direct Infrastructure Funds
Alternative Asset Managers RankingTotal assets by asset class
Alternative Asset Managers
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Position Name of parent organisation Main country of domicile
Total AuM(USD million) Asset Class
526 Napier Park Global Capital India 483.60 Direct Infrastructure Funds
527 ZAIS Group United States 462.08 Direct Hedge Funds
528 Coupland Cardiff Asset Management United Kingdom 447.00 Direct Hedge Funds
529 Platina Energy Partners United Kingdom 435.00 Direct Infrastructure Funds
530 Kohlberg Kravis Roberts United States 433.64 Direct Hedge Funds
531 FIL Limited United Kingdom 430.00 Direct Commodities Funds
532 Sothic Capital Management United Kingdom 413.36 Direct Hedge Funds
533 KanAm Grund Spezialfondsgesellschaft Germany 408.90 Direct Real Estate Funds
534 Mesirow Financial Real Estate Value Fund United States 405.12 Direct Real Estate Funds
535 LFP Siparex France 401.28 Direct Private Equity Funds
536 QIC Australia 400.00 Direct Commodities Funds
537 H3 Global Advisors Australia 400.00 Direct Hedge Funds
538 Invesco United States 396.74 Direct Hedge Funds
539 AMP Capital Investors Australia 389.80 Direct Private Equity Funds
540 Actis United Kingdom 356.49 Direct Real Estate Funds
541 AMP Capital Investors Australia 350.90 Private Equity FoF
542 Palmer Capital United Kingdom 348.95 Direct Real Estate Funds
543 Highland Capital Management United States 325.00 Direct Private Equity Funds
544 First Quadrant United States 322.00 Direct Commodities Funds
545 Pictet Asset Management Switzerland 312.00 Direct Real Estate Funds
546 Access Capital Advisers Australia 303.20 Direct Real Estate Funds
547 Deutsche Asset & Wealth Management United States 290.00 Direct Private Equity Funds
548 Cygnus Asset Management SGIIC Spain 272.00 Direct Hedge Funds
549 CVC Capital Partners Luxembourg 266.79 Direct Infrastructure Funds
550 Fulcrum Asset Management United Kingdom 246.95 Direct Commodities Funds
Alternative Asset Managers RankingTotal assets by asset class
Alternative Asset Managers
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Position Name of parent organisation Main country of domicile
Total AuM(USD million) Asset Class
551 Robeco Institutional Asset Management The Netherlands 234.30 Direct Infrastructure Funds
552 Fulcrum Asset Management United Kingdom 230.00 Direct Hedge Funds
553 MatlinPatterson Credit Fund United States 225.40 Direct Hedge Funds
554 Duet Alternative Investment United Kingdom 220.00 Funds of Hedge Funds
555 Levin Capital Strategies United States 215.80 Direct Hedge Funds
556 Henderson Global Investors United Kingdom 200.80 Funds of Hedge Funds
557 MatlinPatterson Global Opportunities Partners IV United States 199.20 Direct Hedge Funds
558 Napier Park Global Capital United States 190.90 Direct Private Equity Funds
559 Macquarie Group Australia 188.00 Funds of Hedge Funds
560 WHEB Infrastructure Partners United Kingdom 181.00 Direct Infrastructure Funds
561 Robeco Institutional Asset Management The Netherlands 169.00 Direct Commodities Funds
562 Henderson Global Investors United Kingdom 166.56 Direct Private Equity Funds
563 Bank Sarasin & Cie Switzerland 162.50 Direct Real Estate Funds
564 WHEB Partners United Kingdom 160.20 Direct Private Equity Funds
565 MatlinPatterson Securitized Credit Fund United States 159.70 Direct Hedge Funds
566 Commodity Strategies Switzerland 130.00 Direct Commodities Funds
567 Weinberg Capital Partners France 107.00 Direct Real Estate Funds
568 Access Capital Advisers Australia 99.00 Direct Private Equity Funds
569 Duet Private Equity United Kingdom 96.50 Direct Private Equity Funds
570 CFI Infrastructure Opportunities Fund Canada 80.00 Direct Infrastructure Funds
571 Cohen & Steers Capital Management United States 64.00 Private Equity FoF
572 Union Investment Germany 63.56 Direct Infrastructure Funds
573 Lombard Odier Investment Managers Switzerland 59.61 Private Equity FoF
574 Neuberger Berman United States 48.50 Direct Commodities Funds
575 Aquila Capital Germany 40.00 Funds of Hedge Funds
Alternative Asset Managers RankingTotal assets by asset class
Alternative Asset Managers
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Position Name of parent organisation Main country of domicile
Total AuM(USD million) Asset Class
576 Calamos Investments United States 24.31 Direct Hedge Funds577 Hatteras Funds United States 20.15 Private Equity FoF578 Lombard Odier Investment Managers Switzerland 5.45 Direct Real Estate Funds
Total 5,119,526.33
Alternative Asset Managers RankingTotal assets by asset class
Alternative Asset Managers
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Survey statistics
This year we added Funds of Funds, Wealth Managers and Banks to the investor type category.
Some year on year comparisons have been affected by previous erroneous submissions by some asset managers whereby they submitted gross asset value instead of net asset value.
Manager participation varies from year to year, and one data point from a large asset manager may significantly affect the survey results. There is potential overlap between Funds of Funds and Direct Funds for the Hedge Funds and Private Equity categories, which may affect AuM figures.
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Contact Details and Limitation of reliance
Limitations of reliance – Towers Watson
Towers Watson has prepared this report for general information purposes only.
In preparing this report we have relied upon data supplied or otherwise made available to us by third parties. While reasonable care has been taken to gauge the reliability of all data, this report carries no guarantee of accuracy or completeness. Towers Watson cannot be held accountable for any error or omission contained in the report, including where any such error or omission results from any misrepresentation or omission by any third party, pertaining to data supplied or otherwise made available by them.
This report is based on information available to Towers Watson at the date of the report and takes no account of subsequent developments after that date. It may not be modified without Towers Watson’s prior written permission. It may also not be disclosed to any other party 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 accepts no responsibility for any consequences arising from any third party relying on this report or the opinions we have expressed. This report is not intended by Towers Watson to form a basis of any decision by a third party to do or omit to do anything.
Please note that investment returns can fall as well as rise and that past performance is not a guide to future investment returns.
Towers Watson is authorised and regulated by the Financial Services Authority.
Fahad Raja Towers Watson
+44 20 7227 [email protected]
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