LP 50: GSAM and Pantheon make their top 10 debut

Some secondaries specialists ranked high in PEI’s annual list of the top limited partners by commitments.

Limited partners Goldman Sachs Asset Management and Pantheon appear this year for the first time among the top 10 limited partners ranked by sister publication Private Equity International’s LP 50.

The third survey in the series provides a snapshot of LP commitments made from 1 March 2010 to 28 February 2015, based on data supplied by participating investors to PEI’s Research & Analytics team.

New York’s GSAM committed $14.3 billion in the period, ranking sixth behind an established top five, while London-based fund of funds manager Pantheon, also a secondaries specialist, came in at number eight having made $12.1 billion of commitments.

GSAM, with a 14.6 percent allocation to PE, is invested in funds including Altor, EQT, Graphite Capital Partners, HIG Capital Partners, Insight Venture Partners and Quantum Energy, according to PEI Research & Analytics.

Pantheon’s commitments include to ABRY, Advent, Bridgepoint, Charterhouse, CVC, Doughty Hanson, Nordic Capital and Parthenon Investors. In January, it collected $1.1 billion for its fifth secondaries fund.

Pathway Capital Management and the Oregon State Treasury, which operates the Oregon Public Employees’ Retirement Scheme, dropped out of this year’s top ten, moving from eight and tenth places to eleventh and fifteenth respectively.

The Canada Pension Plan Investment Board, also a secondaries investor, retained its crown as the most active LP, ranking first for the third year in a row with $28 billion of commitments in the past five years. The proportion of its portfolio allocation to private equity is currently 21 percent, up three percent year-on-year.

Carlyle Group’s AlpInvest ranked second, investing $19.7 billion over the same period, followed by Hamilton Lane with $18.7 billion of commitments, HarbourVest Partners with $15.9 billion and the Washington State Investment Board with $14.4 billion, their positioning unchanged since last year. AlpInvest, HarbourVest and Hamilton Lane all have secondaries vehicles.

Other LPs reappearing in the top 10 are the California Public Employees’ Retirement System with $13.22 billion of commitments, La Caisse de Dépôt et Placement du Québec with $12.1 billion, and the Teachers Retirement System of Texas with $11.6 billion of commitments over the period.

Notable by their absence from the ranking due to lack of available data are several sovereign funds including the Abu Dhabi Investment Authority, the Government of Singapore Investment Corporation and the China Investment Corporation.

A version of this story first appeared on Private Equity International.