PitchBook US Institutional Investors 2016 PE VC Allocations Report

US Institutional
Investors
201 6 P E & VC Alloc ation s Repor t
Sourced from over 12,500 limited partners, 100,000+ commitments and

nearly 9,000 funds with returns data in the PitchBook Platform.
Credits & Contact

PitchBook Data, Inc.
JOHN GABBERT Founder, CEO
ADLEY BOWDEN Vice President,
Market Development & Analysis
Content
NIZAR TARH U NI Senior Analyst
DYL AN COX Analyst
BRYAN HANSON Data Analyst
J ENNIFER SAM Senior Graphic Designer
Contact PitchBook
pitchbook.com
Contents
RESE ARCH
reports@pitchbook.com
EDITORIAL
editorial@pitchbook.com
SALES
sales@pitchbook.com
Methodology
Introduction
PE & VC commitments
5-7
Contributions & distributions
LP direct & co-investment
Spotlight: CalPERS, Teachers

Retirement System of Texas, New
York State Common Retirement Fund
10-12
Select LP consultant tables
13
COPYRIGHT 2016 by PitchBook Data,

Inc. All rights reserved. No part of this
publication may be reproduced in any
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or mechanical, including photocopying,
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and retrieval systemswithout the express
written permission of PitchBook Data, Inc.
Contents are based on information from
sources believed to be reliable, but accuracy
and completeness cannot be guaranteed.
Nothing herein should be construed as any
past, current or future recommendation to
buy or sell any security or an offer to sell, or
a solicitation of an offer to buy any security.
This material does not purport to contain
all of the information that a prospective
investor may wish to consider and is not to
be relied upon as such or used in substitution
for the exercise of independent judgment.
The PitchBook Platform

The data in this report comes from the PitchBook Platformour data software for
VC, PE and M&A. Contact sales@pitchbook.com to request a free trial.
2
P I TC H B O O K U S I N S T I T U T I O N A L I N V E S TO R S: 201 6 P E & VC A L LO C AT I O N S R E P O R T
Methodology
PRIVATE EQUITY FUNDS
The following fund types are used in PitchBooks PE fundraising data: buyout, co-investment, diversified
PE, mezzanine, mezzanine captive, restructuring/distressed situations, energy (oil & gas and alternative/
renewables) and PE growth/expansion.
VENTURE CAPITAL FUNDS
In addition to traditional VC funds, PitchBook also includes corporate VC funds and seed-stage funds in our
VC fundraising total. Funds that identify themselves as growth-stage vehicles are classified as PE funds in
this report.
CLOSE DATE AND VINTAGE
Unless otherwise noted, the fundraising data in this report is based on a funds close date. The vintage year
is based on the vintage year reported by the GP and LPs, otherwise the year in which a fund holds its final
close is used.
COMMITMENTS
Note that the commitments data in this report is all lagged as they are dependent on reporting cycle,
especially those that are tax-related. Given the lagged nature, certain of the datasets for 2015 and 2016
are not yet complete as they originate in the 6/30/2015-6/30/2016 reporting cyclefor example, 2016
fiscal year reports for tax filings are not available yet. The majority of the commitments data is up through
the end of the first half of 2016. All the commitments within this report are drawn solely from public
pensions, corporate pensions and foundations that are based in the United States. This report only tracks
commitments made to PE and VC funds.
CONTRIBUTIONS & DISTRIBUTIONS
In this report, contributions are defined as the capital that LPs commit to PE or VC funds. Distributions are
the capital that they receive in return. The timeframe is staggered accordingly, as all fund returns reports
through the end of the first quarter of 2016 have been uploaded but some additional reports have also been
filed from 2Q, given typical fund reporting cycles. Accordingly the majority of fund returns data can be
safely estimated as of the end of 1Q 2016 at a minimum.
REMAINING VALUE
In this report, remaining value in LP portfolios is defined as the unrealized or un-distributed value in the PE
and VC funds to which the LP is committed. This data is lagged similarly to contributions and distributions.
TOTAL VALUE TO PAID-IN CAPITAL (TVPI)
A measurement of both the realized and unrealized value of a fund as a proportion of the total paidin, or contributed, capital. TVPI is also known as the investment multiple. This data is lagged similarly to
contributions and distributions.
3
Introduction
A crucial aspect of the private equity and venture capital landscape to consider is the influence of limited partners.
Beyond the fundraising process, the selection of general partners ends up influencing much of PE strategies, determined
by the evolving structures of limited partner agreements (LPAs). Accordingly, producing a report dedicated to both the
datasets generated by LPs activity as well as those most relevant to their perspective has long been in the making at
PitchBook. Given the nature of private markets in general and the relative opacity around the activity of many LP types,
our first report catering to LPs focuses primarily upon institutional investors, spotlighting a select few public pension
funds. Clarifying the contextual data is always critical, so this report draws mostly from three select LP typescorporate
pensions, foundations and public pensionsand the datasets contained within this report are subject to a typical reporting
cycle lag. Consequently, the data below presents a snapshot of the current status of US limited partners as reflected in the
PitchBook Platform, providing some context around the role institutional investors play within the broader LP landscape.
The median AUM of most LPs is dwarfed by typical financial institutionsthere are many public pensions within the US so
the median assets under management (AUM) is actually skewed relatively low. The valuable role PE plays for quite a few LP
types, however, is clear from looking at current median allocations. Accordingly, we hope that this report serves as a useful
primer on current trends in the interplay between institutional investors and PE and venture managers. As always, feel free
to reach us at reports@pitchbook.com with any questions or comments.
Median AUM of select LP types in US*
Median allocation to PE of select LP types in US*
Union Pension Fund
Union Pension Fund
$188
Public Pension Fund
Median AUM ($M)
$150
Insurance Company
Public Pension Fund

Insurance Company
$512
Government Agency
Government Agency
$957
Foundation
Foundation
$35
Financial Institution
Financial Institution
$1,363
Endowment
$103
Corporate Pension
Median Allocation to PE %
Corporation
Corporate Pension
$517
$0
Endowment
$500
$1,000
$1,500
0%
2%
4%
Source: PitchBook
*Data pulled on 12/5/2016, see
methodology for more
4
6%
8%
10%
Source: PitchBook
PE & VC commitments
Over the last few years, weve certainly
seen a proliferation of new fund managers coming to market with unique
strategies. As LPs have continued to
back the private asset class, many GPs
have been fairly successful and managers have been able to meet their
targets. In fact, in our 3Q 2016 US PE
Breakdown we reported that 90% of
PE funds were able to close at their
Median commitment size & count to PE
Median commitment size & count to VC

Median Commitment Size ($M)
Median Commitment Size ($M)
1,565
1,448
stated targets during that period, a

higher proportion than any other year
weve tracked. While fundraises have
been successful, time to close for many
managers has increased notably, a
337
333
Commitments (#)
Commitments (#)
263
1,293
1,021
207
900
144
667
142
98
$19
$10
$9
$30
91
78
$10
$10
$10
87
$9
$50
$50
$35
$25
$25
$18
$16
$20
$18
$16
$15
363
$10
647
184
700
$15
803
$10
1,000
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015* 2016*
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015* 2016*
Source: PitchBook
*Data pulled on 12/5/2016, see methodology for more. These numbers are based
on commitments by US corporate and public pensions & foundations only.
Source: PitchBook
PE commitments (#) by size
VC commitments (#) by size
100%
100%
90%
90%
80%
80%
70%
70%
60%
60%
50%
50%
40%
40%
30%
30%
20%
20%
10%
10%
0%
0%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015*2016*
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015*2016*
Under $100M
$100M-$250M
$250M-$500M
Under $50M
$500M-$1B
$1B-$5B
$5B+
$250M-$500M
Source: PitchBook
$50M-$100M
$100M-$250M
$500M-$1B
$1B+
Source: PitchBook
5
Repeat commitments to PE
trend that we think points to LPs becoming more sophisticated with their
strategies and related diligence efforts.
Further, managers are chasing more
capital as well, evident by the median
fund size for both PE and VC increasing noticeably as of late.
1,115
Commitments ($B)
Commitments (#)
994
840
806
710
638
517
475
$26
$41
264
$45
$13
$14
$36
$37
$51
$34
$19
412
401
$40
We also see this reflected in our LP

dataset. One of the primary narratives
related to LP commitments to private
asset classes in general has been cutbacks in the number of fund managers
larger LPs are willing to work with.
Being able to write a larger check to a
more concentrated group of managers
helps LPs in fund term negotiations, ultimately enabling them to reduce their
fees and find access to better deal flow
in cases where they may be looking for
co-investment opportunities. Through
all the data currently recorded for the
first half of 2016, median commitment
size came in at the same level as 2015
at a rather massive $50 million. Its
even more pronounced when benchmarked against the consistently declining number of fund commitments
being made.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015* 2016*
Source: PitchBook. *Data pulled on 12/5/2016, see methodology for more. These numbers are
based on commitments by US corporate and public pensions & foundations only.
Repeat commitments to VC
348
343
Commitments ($B)
Commitments (#)
320
233
156
161
108
122
$2.7
$2.8
$0.9
$2.2
$0.9
83
$2.0
$0.4
$3.3
$2.8
$3.5
90
$2.4
The venture markets have also experienced a similar long-term trend, in

which counts have declined yet median
commitment sizes have remained fairly
robust. Fundraising across venture has
also been exceptionally strong this
181
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015* 2016*
Median repeat commitment size by asset class
$70
$60
$50
Source: PitchBook. *Data pulled on 12/5/2016, see methodology for more. These numbers are
based on commitments by US corporate and public pensions & foundations only.
PE Commitment Size ($M)
VC Commitment Size ($M)
$60.0
$60.0
Source: PitchBook. *Data pulled on 12/5/2016, see methodology for more. These numbers
are based on commitments by US corporate and public pensions & foundations only.
$40
$35.0
$30
$20
$15.0
$10
$0
2006
2007
2008
2009
2010
2011
2012
2013
2014
6
2015*
2016*
year, on pace to record the highest

amount of capital raised weve seen
over the last decade, so despite the
median commitment size thus far in
2016 ($15 million) coming in at half the
figure we saw last year, on a historical
basis the figure is certainly higher than
any other year dating back to 2006,
with the exception of 2014 and 2015.
Further, repeat commitment counts are

coming in at the lower end of historical tallies, however, we again see the
median size of such commitments
remaining high, an indication that
larger managers able to cater to larger
LP preferences have been able to take
advantage. Lastly, commitments to
first-time funds have dwindled. As this
report primarily profiles public and cor-
porate pensions and foundations, we

think these LP types have been chief
amongst those looking to shrink the
number of managers they work with.
The proliferation of new managers
over the last half-decade or so cant
be ignored, yet we think many other
LP types such as PE funds-of-funds or
sovereign wealth funds may account
for a larger proportion of investors willing to bet on new GPs and strategies.
Median time (years) between repeat commitments
Median size difference between repeat commitments
5.0
$16.0
4.5
$14.0
4.0
3.6
3.5
3.1
3.0
$15.0
$12.0
All ($M)
PE ($M)
$11.0
$10.0
VC ($M)
$10.0
$9.5
2.7
2.5
2.4
$8.0
$6.0
2.0
1.5
All
1.0
PE
$5.0
$4.0
VC
$1.95
$2.0
0.5
$0.0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015* 2016*
0.0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015* 2016*
Source: PitchBook
Commitments to first-time PE funds
-$2.0
Source: PitchBook
Commitments to first-time VC funds
Commitments ($B)
Commitments (#)
206
Commitments ($B)
43
Commitments (#)
40
161
29
114
10
7
$0.3
$0.2
$0.1
14
$0.4
21
$0.2
$0.0
42
$0.3
$0.7
$1.0
$1.0
$3.0
$1.7
$2.8
$3.1
31
40
9
$0.1
12
47
$0.4
58
$0.4
125
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015* 2016*
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015*2016*
Source: PitchBook
Source: PitchBook
7
Contributions & distributions

US public pension contributions & distributions
Given the cyclical nature of the private

market asset class, it should come as
no surprise that combined PE and VC
distributions to US public pensions are
outpacing called capital for the fourth
straight year. Dating back to 2013, just
over $196 billion has been distributed
back to US public pensions, while just
$155 billion has been called down by
GPs.
$60
Contributed ($B)
Distributed ($B)
$50
$40
$30
$20
$10
$0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016*
Source: PitchBook
*Data pulled on 12/5/2016, see methodology for more
Much of continued strong fundraising

totals across both PE & VC can be
explained by the fact the median
distribution size is so high.
Median distribution ($M) to US public pensions
$1.0
$0.9
$0.9
$0.8
$0.8
$0.7
$0.6
$0.5
$0.4
Conversely, contributions outpaced

distributions each year between 2007
and 2013, with nearly $82 billion alone
contributed between the years of
2008 and 2009. While much of the
capital that was called down during
that time period can be attributed to
the record-sized funds PE raised just
prior to the 2008 financial collapse,
the jump in distributions weve seen
today in many ways points to the
successful cultivation of assets through
that rough period that has consistently
flowed back to LPs over the last four
years. Now, committed capital has still
grown tremendously over the last halfdecade, seeing an increase of over 53%
since 2010, yet again, the private asset
class has certainly outperformed most
investment classes for public pensions,
who have seen distributions grow by
3.3x during the same period. With
private market fundraising remaining
exceptionally strong even as deal flow
declines across both PE and VC today,
the extensive amounts of capital that
has been returned to pensions as of
late has simply been cycled right back
to private fund managers.
$0.3
$0.2
$0.1
$0.0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016*
Source: PitchBook
8
LP direct & co-investment

of direct LP involvement, a figure
on pace to just about match the 114
recorded last year. Today, many GPs
are quite open to having sophisticated
LP co-investors. Lenders are certainly
still able to fund traditional buyouts,
yet many large transactions have seen
managers put up more equity. LPs
can help fund some of that cash as
either GPs remain cautious regarding
the amount of leverage employed or
As LPs have looked to manage their

fee structures with a more refined
approach, the appetite to co-invest
alongside the GPs they back has
grown tremendously in recent years.
Through the beginning of December
2016, nearly $103 billion worth of
transactions involved direct LP dollars,
the highest figure weve seen since
2007. Further, 2016 has seen 103
completed deals that had some sort
US PE deals with direct LP involvement
# of Deals Closed
125
114
Deal Value ($B)

94
93
79
74
60
103
86
Source: PitchBook
*As of 12/5/2016
58
$103
$43
$36
$49
$32
$21
Most active LPs by # of closed PE

deals in US since 2006*
$29
$9
$31
$132
$37
46
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016*
US PE deals with only LP involvement
Deal Value ($B)
27
# of Deals Closed
Source: PitchBook
*As of 12/5/2016
20
18
15
11
12
13
16
13
$1
$1
$2
$3
$1
$2
2007
2008
2009
2010
2011
2012
2013
2014
$3
$2
2006
$12
$2
10
$2
lenders may be wary of funding deals

at some of the leverage levels that
have become customary. Further, US
transactions solely led by LPs are on
pace to remain at a somewhat higher
level relative to historical figures, yet
total capital invested appears set to
come in lower. A few LPs such as the
Ontario Teachers Pension Plan and
the Canada Pension Plan Investment
Board have had significant success
investing directly, yet that strategy
is also extremely difficult to imitate
for many LPs. Considerable barriers
including a lack of in-house deal
sourcing, competition from established
GPs, portfolio management and lender
relationships, among others, make
this strategy difficult to execute. With
that, we do think well certainly see
continued strength in the proportion
of transactions that include a direct LP
co-investment.
LP
US PE deals
(#)
Ontario Teachers' Pension

Plan
101
Canada Pension Plan

Investment Board
101
Ardian Holding
45
Twin Bridge Capital Partners
36
Caisse de dpt et placement

du Qubec
31
The Family Office Company
28
Citigroup Alternative
Investments
27
Temasek Holdings
26
MSD Capital
24
Constitution Capital Partners
22
Lexington Partners
22
Hamilton Lane
21
2015 2016*
9
Source: PitchBook
*As of 12/5/2016
Spotlight: CalPERS
All data on this page is through the end of 1Q 2016 except where indicated
CalPERS commitments
$18
160
Commitments ($B)
$16
140
Commitments (#)
$14
CalPERS top-performing funds based

on TVPI
120
$12
100
$10
80
$8
60
$6
40
$4
$2
20
11
$0
0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016*
Source: PitchBook
CalPERS commitments to
first-time PE & VC funds
2010
2011
2012
2013
2014
2015
2016*
Capital Committed ($M)
$50.2
$193.1
$100.0
$9.2
$0
$23.5
$14.9
Commitments (#)
Fund
TVPI
Euroknights V
9.0x
Emergence Capital Partners

Fund II
6.3x
Juggernaut Capital Partners

III
6.1x
Foundry Venture Capital

2007
5.0x
California Asia Investors
4.2x
KPS Special Situations Fund II
4.0x
Altor 2003 Fund
3.5x
JMI Equity Fund IV
3.5x
Tritium I
3.4x
Advent Global Private Equity

IV
3.3x
Source: PitchBook
Source: PitchBook
CalPERS contributions & distributions
Remaining value in CalPERS PE & VC funds
$16
$30
Distributed ($B)
Contributed ($B)
$14
Remaining Value ($B)
# of Funds Reported
600
521
$25
500
$20
400
$15
300
$6
$10
200
$4
$5
100
$0
$12
$10
$8
$2
$0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016*
Source: PitchBook
*Data pulled on 12/5/2016
10
Source: PitchBook
Spotlight: Teachers
Retirement System of Texas
TRS top-performing funds based on
TVPI
Teachers Retirement System of Texas commitments
$10
Commitments ($B)
$9
50
Commitments (#)
$8
$7
29
$6
45
Fund
TVPI
40
Apax Europe VII
9.5x
35
Zachry Hastings
Infrastructure Partners
3.1x
Onex Partners I
3.0x
Nordic Capital Fund V
3.0x
CVC European Equity

Partners III
2.9x
30
$5
25
$4
20
$3
15
$2
10
Bain Capital Fund VII CoInvestment
2.8x
$1
Blackstone Capital Partners

IV
2.8x
$0
Hellman & Friedman Capital

Partners V
2.7x
Clayton Dubilier & Rice Fund

VIII
2.5x
Quad-C Partners VI
2.3x
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016*
Source: PitchBook
*As of 6/30/2016, see methodology for more
TRS commitments to
first-time funds
2010
$375.0
$15.0
$0
$234.0
$60.0
$31.0
$15.0
Commitments (#)
2011
2012
2013
2014
2015
2016*
Source: PitchBook
Source: PitchBook
*As of 6/30/2016, see methodology for more
TRS contributions & distributions from PE & VC funds
Remaining value in TRS PE & VC funds
$8
$16
Distributed ($B)
Contributed ($B)
$7
$6
$5
# of Funds Reported
$14
$12
Source: PitchBook
$10
$8
$4
$6
$3
$4
$2
$2
$1
$0
180
200
180
160
140
120
100
80
60
40
20
0
$0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016*
11
Source: PitchBook
Spotlight: New York State

Common Retirement Fund
New York State commitments
$7
New York States top-performing

funds based on TVPI
70
Commitments ($B)
Commitments (#)
60
$6
Source: PitchBook
$5
50
Fund
TVPI
C/R Energy Co-Investment II
9.1x
JP Morgan Direct Venture

Capital Institutional Investors
III
3.6x
$4
40
Vista Foundation Fund 1
3.0x
$3
30
Hellman & Friedman Capital

Partners V
2.7x
$2
20
SoftBank Capital Technology

New York Fund
2.7x
$1
10
Blackstone Capital Partners

IV
2.4x
$0
TPG Partners III
2.4x
TA IX
2.4x
CVC European Equity

Partners III
2.4x
Vista Equity Partners Fund III
2.2x
24
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016*
New York States
commitments to first-time
funds
2010
2011
2012
2013
2014
2015
2016*
$90.0
$380.7
$180.0
$11.1
$55.2
$0
$0
Commitments (#)
Source: PitchBook
Source: PitchBook
New York States contributions & distributions from PE &

VC funds
$7
Distributed ($B)
Remaining value in New York States PE & VC funds

$12
Contributed ($B)
$6
$10
$5
$8
# of Funds Reported
226
250
200
150
$4
$6
100
$3
$4
$2
$2
$1
$0
50
$0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016*
Source: PitchBook
12
Source: PitchBook
Select LP consultant tables

LP
2016*
Commitments (#)
Select Associated LP Consultants
Teacher Retirement System of Texas
29
Aon Hewitt Investment Consulting, GCM Grosvenor Private Markets, Hamilton

Lane, Tudor, Pickering, Holt & Company, Townsend Holdings, Albourne Partners
New York State Teachers' Retirement System
24
Callan Associates, Aon Hewitt Investment Consulting, StepStone Group,

TorreyCove Capital Partners
San Francisco Employees' Retirement System
24
Callan Associates, Cambridge Associates, Portfolio Advisors, TorreyCove

Capital Partners, Angeles Investment Advisors
New York State Common Retirement Fund
24
Pension Consulting Alliance, Hamilton Lane, Pavilion Alternatives
Texas County & District Retirement System
21
Cliffwater
Maine Public Employees Retirement System
20
Cambridge Associates, Aon Hewitt Investment Consulting, Strategic Investment

Solutions, Cliffwater, ORG Portfolio Management
Teachers Retirement System of the State of

Illinois
18
Houlihan Lokey, Callan Associates, TorreyCove Capital Partners, RVK,

Courtland Partners, Albourne Partners
Los Angeles City Employees' Retirement

System
18
Pension Consulting Alliance, Portfolio Advisors, Wilshire Associates, Hamilton

Lane, Courtland Partners, Townsend Holdings
California State Teachers' Retirement System
17
Altius Associates, Cambridge Associates, Meketa Investment Group, Pension

Consulting Alliance, Pavilion Alternatives, Lyxor Asset Management
Alaska Retirement Management Board
16
Callan Associates, Townsend Holdings
Employees' Retirement System of the State

of Hawaii
16
Pension Consulting Alliance, Hamilton Lane, Courtland Partners
Los Angeles Fire and Police Pension System
15
Portfolio Advisors, RVK, Townsend Holdings
Oregon Public Employees Retirement System
15
TorreyCove Capital Partners
Montana Board of Investments
15
RVK, State Street
Washington State Investment Board
13
Callan Associates, Aon Hewitt Investment Consulting, Hamilton Lane,

TorreyCove Capital Partners, Courtland Partners
Florida State Board of Administration
12
Cambridge Associates, Aon Hewitt Investment Consulting, Hamilton Lane, RVK,

Townsend Holdings
Teachers' Retirement System of Louisiana
12
Aon Hewitt Investment Consulting, Mercer, Artisan Partners Asset Management,

Hamilton Lane, AllianceBernstein, The Boston Company Asset Management,
LSV Asset Management, Baillie Gifford
New Mexico Educational Retirement Board
12
NEPC, Caledon Capital Management, Top Tier Capital Partners, Real Assets
Portfolio Management
Texas Municipal Retirement System
11
StepStone Group, RVK, ORG Portfolio Management, Courtland Partners,

Gabriel, Roeder, Smith & Co., Albourne Partners
New Mexico Public Employees' Retirement

Association
11
Meketa Investment Group, Wilshire Associates, Cliffwater, RVK
State of Wisconsin Investment Board
11
Strategic Investment Solutions, StepStone Group, Cliffwater, Courtland

Partners
Houston Police Officers' Pension System
11
Franklin Park Associates
California Public Employees Retirement

System
11
Meketa Investment Group, Pension Consulting Alliance, StepStone Group,

Wilshire Associates, Cliffwater, RVK, Pavilion Alternatives
Massachusetts Pension Reserves Investment

Trust
10
Callan Associates, Cliffwater, Hamilton Lane, NEPC, Townsend Holdings
State Teachers Retirement System of Ohio
10
Cliffwater, The Segal Company
Minnesota State Board of Investment
10
Callan Associates, Pension Consulting Alliance

Source: PitchBook
13
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PitchBook US Institutional Investors 2016 PE VC Allocations Report

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PitchBook US Institutional Investors 2016 PE VC Allocations Report

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US Institutional

Sourced from over 12,500 limited partners, 100,000+ commitments and

Credits & Contact

Contributions & distributions

LP direct & co-investment

Spotlight: CalPERS, Teachers

Select LP consultant tables

COPYRIGHT 2016 by PitchBook Data,

The PitchBook Platform

Median AUM of select LP types in US*

Median allocation to PE of select LP types in US*

Union Pension Fund

Union Pension Fund

Public Pension Fund

Median AUM ($M)

Public Pension Fund

Median commitment size & count to PE

Median commitment size & count to VC

Median Commitment Size ($M)

stated targets during that period, a

PE commitments (#) by size

VC commitments (#) by size

We also see this reflected in our LP

The venture markets have also experienced a similar long-term trend, in

PE Commitment Size ($M)

VC Commitment Size ($M)

year, on pace to record the highest

Further, repeat commitment counts are

porate pensions and foundations, we

Median time (years) between repeat commitments

Median size difference between repeat commitments

Commitments to first-time PE funds

Commitments to first-time VC funds

Contributions & distributions

Given the cyclical nature of the private

Much of continued strong fundraising

Conversely, contributions outpaced

LP direct & co-investment

As LPs have looked to manage their

Deal Value ($B)

Most active LPs by # of closed PE

Deal Value ($B)

lenders may be wary of funding deals

Ontario Teachers' Pension

Canada Pension Plan

Twin Bridge Capital Partners

Caisse de dpt et placement

The Family Office Company

Constitution Capital Partners

CalPERS top-performing funds based

Capital Committed ($M)

Emergence Capital Partners

Juggernaut Capital Partners

Foundry Venture Capital

California Asia Investors

KPS Special Situations Fund II

Altor 2003 Fund

JMI Equity Fund IV

Advent Global Private Equity

CalPERS contributions & distributions

Remaining value in CalPERS PE & VC funds

Remaining Value ($B)

Teachers Retirement System of Texas commitments

Apax Europe VII