Global pension funds have continued to ramp up their private equity investments in 2024, with the 20 largest funds globally allocating a combined $707.6bn to the asset class so far this year, according to a report by Banking Exchange.
The report cites data from S&P Global Market Intelligence as revealing that the leader of the pension pack is the Canada Pension Plan Investment Board (CPPIB), with a private equity allocation of $143.9bn — cover 24% of its total assets. Following CPPIB, the California Public Employees’ Retirement System and the California State Teachers’ Retirement System have allocated $83.5bn and $53.7bn, respectively.
The data highlights that pension funds tend to favour well-established private equity firms, with Blackstone funds being the most popular, followed by TPG Capital. Notably, CPPIB’s largest exposure by fund count is with CVC Capital Partners, where it has invested in 14 funds and committed $5.7bn in capital.
CPPIB’s portfolio reflects a strong preference for buyout funds, with more than half of its private equity capital committed in this category. In terms of regional distribution, North America leads with over 44% of the total capital, while Asia accounts for roughly 21% and Europe 17%.
