Global Alternatives Survey 2013 (Towers Watson and Financial Times)

© 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

towerswatson.com © 2013 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only.

2

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


3

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)


4

Sections

Section III

Analysis of top alternative asset

managers by investor type

• Top 100 alternative asset managers by Pension Fund assets

• Top 25 alternative asset managers by Insurance Company assets

• Top 25 alternative asset managers by Sovereign Wealth Fund assets

• Top 25 alternative asset managers by Endowment & Foundation assets

• Top 25 alternative asset managers by Fund of Funds assets

• Top 25 alternative asset managers by Wealth Manager assets

• Top 25 alternative asset managers by Bank assets

Section IV

Total universe

• Analysis of all asset managers

• Complete ranking of all asset managers

© 2013 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. towerswatson.com

Section 1Asset Class Trends


6

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


7

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


8

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


9

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


10

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


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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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


* 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



15

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 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



16

Comparison 2011 - 2012

6%

6%

20%

21%

10%

9%

23%

22%

34%

35%

4%

3%

4%

4%

2012

2011




• 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.



17

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%.



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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



19



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



20




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


21





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


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


Section 3.ATop 100 Alternative Asset Managers by Pension Fund Assets


24

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.


25



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


26

Distribution by Asset Class

7% 9% 20% 14% 39% 1% 9%




Asset classPension

Fund assets Average Smallest Largest Number of funds

USD million





Direct Real Estate Funds 522,921.9 15,846.1 5,484.7 44,400.0 33



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



27

• 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




Comparison 2011 – 2012




28

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


29

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



30




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



31




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



32




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



33

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



Section 3.BTop 25 Alternative Asset Managers by Insurance Company Assets


35

Insurance Insights


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


36



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.


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


Insurance Company assets 1,181.5 411,146.5 348


37


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





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



38

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



39

Top 25 Alternative Asset Managers ranked by Insurance Company AssetsPosition Name of parent organisation Main country of

domicileInsurance AUM (USD million)


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




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


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


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


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


25 Partners Group Switzerland 3,812.00 24,579.00 Private Equity FoF

Total 243,952.50 777,837.47



Section 3.CTop 25 Alternative Asset Managers by Sovereign Wealth Fund Assets


41

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


42



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.


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


Sovereign Wealth Fund assets 1,060.3 277,789.1 262


43


10% 13% 37% 30% 10%

Funds of Hedge Funds Direct Hedge Funds Direct Private Equity Funds


Asset class

Sovereign Wealth Fund


funds

USD million






Total 154,359.6 6,174.4 2,578.2 16,600.0 25



44

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





45

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








8 QIC Australia 6,605.30 9,646.40 Direct Infrastructure Funds



11 BlackRock United Kingdom 6,176.80 18,094.20 Funds of Hedge Funds


13 Global Infrastructure Partners United States 4,998.90 15,707.70 Direct Infrastructure 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


25 Cinven United Kingdom 2,578.23 16,672.16 Direct Private Equity Funds

Total 154,359.55 1,055,478.86



Section 3.DTop 25 Alternative Asset Managers by Endowment and Foundation Assets


47

Endowment and Foundation Insights


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


48


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.



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


Endowment & Foundation assets 500.2 165,059.6 330


49

Distribution by asset class

11% 20% 8% 37% 19% 4%



Asset class

Endowment and Foundation


funds

USD million






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




50

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






51

Top 25 Alternative Asset Managers ranked by Endowment and Foundation AssetsPosition Name of parent organisation Main country of

domicileE&F AUM








6 EII Capital Management United States 3,449.00 11,376.00 Direct Real Estate Funds


8 Patron Capital United Kingdom 3,401.85 5,039.00 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


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




22 Lansdowne Partners United Kingdom 1,583.00 11,143.00 Direct Hedge Funds



25 Energy Capital Partners United States 1,526.10 7,813.87 Direct Private Equity Funds

Total 72,245.16 675,530.74



Section 3.ETop 25 Alternative Asset Managers by Fund of Funds Assets


53


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.


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


Fund of Funds assets 903.0 234,777.0 260


54


51% 45% 2%2%

Direct Hedge Funds Direct Private Equity Funds

Direct Real Estate Funds Direct Commodities Funds

Asset classFunds of Fund


USD million



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



55

Top 25 Alternative Asset Managers ranked by Fund of Funds AssetsPosition Name of parent organisation Main country of

domicileFunds of Funds AUM




2 Apax Partners United Kingdom 7,809.48 35,497.63 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



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


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


21 Nordic Capital United Kingdom 2,616.40 10,465.80 Direct Private Equity 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



Section 3.FTop 25 Alternative Asset Managers by Wealth Manager Assets


57

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


58



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.


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


Wealth Manager assets 2,168.1 986,475.3 455


59


4% 13% 8% 50% 22% 3%


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






Total 426,396.0 17,055.8 7,296.9 70,669.1 25



60

Top 25 Alternative Asset Managers ranked by Wealth Manager AssetsPosition Name of parent organisation Main country of

domicileWealth Managers AUM



1 BlackRock United Kingdom 70,669.10 74,000.00 Direct Commodities 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


7 Deutsche Asset & Wealth Management United States 21,048.00 48,727.00 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


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






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




Total 426,396.02 972,175.23



Section 3.GTop 25 Alternative Asset Managers by Bank Assets


62

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


63



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.


USD million

Bank assets 6,418.4 2,634.9 27,339.3

Total assets 27,863.6 3,222.0 94,845.7


Bank assets 914.9 247,934.8 271


64


16% 8% 19% 14% 28% 4% 11%




Asset classBank


USD million








Total 160,460.9 6,418.4 2,634.9 27,339.3 25



65

Top 25 Alternative Asset Managers ranked by Bank AssetsPosition Name of parent organisation Main country of

domicileBanks AUM



1 Goldman Sachs Asset Management United States 27,339.30 39,196.70 Private Equity FoF





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


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





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


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



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.


67

Total Universe

Aggregate survey statistics

8% 26% 10% 20% 26% 4% 6%




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

© 2013 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. towerswatson.com68

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.


69

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


70

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 Commodities 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


71

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


72

Alternative Asset Managers



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


73



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




74



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




75



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




76



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




77



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




78



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




79



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




80



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




81



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




82



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




83



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




84



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




85



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




86



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




87



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




88



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




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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




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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




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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




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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




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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




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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




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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




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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.


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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Global Alternatives Survey 2013 (Towers Watson and Financial Times)

Economy & Finance

Transcript of Global Alternatives Survey 2013 (Towers Watson and Financial Times)