Investments
Private equity
Allocation
3.1%
Annual return
8.30%
Exposure
$0.30 B
Benchmark
18.90%
2025 performance
Private equity assets generated a return of 8.30% in 2025, compared to our public equity linked benchmark of 18.90% (MSCI World +2%).
The returns were driven by growth in company earnings and successful mergers and acquisitions, especially in our software and industrial businesses. However, higher interest rates impaired profit margins in some of our investments.
Generally, the value of the high-quality and recession-resilient companies we own remained stable or increased throughout the year. Two of our co-investments, Clarios and Ping Identity, performed exceptionally well again in 2025.
Investment approach
Our private equity investments focus on businesses with strong fundamentals, strong management teams, and opportunities to grow through existing operations and through acquisition.
We focus on five main themes: services, health care, aerospace, industrials, and technology. Most of the companies we invest in are headquartered in North America and Europe.
Our portfolio consists of investments in private equity funds (72%) and direct co-investments (28%).
Capital allocation
Total investments in private equity decreased to $301 million at the end of 2025, down from $306 million at the end of 2024.
Private equity now makes up 3.1% of total fund assets while our policy benchmark is 3.0%.
For 2026, we plan to continue carefully and methodically growing our private equity portfolio, taking advantage of opportunities as they arise.
Private equity
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Allocation
3.1%
Annual return
8.30%
Exposure
$0.30 B
Benchmark
18.90%
2025 performance
Private equity assets generated a return of 8.30% in 2025, compared to our public equity linked benchmark of 18.90% (MSCI World +2%).
The returns were driven by growth in company earnings and successful mergers and acquisitions, especially in our software and industrial businesses. However, higher interest rates impaired profit margins in some of our investments.
Generally, the value of the high-quality and recession-resilient companies we own remained stable or increased throughout the year. Two of our co-investments, Clarios and Ping Identity, performed exceptionally well again in 2025.
Investment approach
Our private equity investments focus on businesses with strong fundamentals, strong management teams, and opportunities to grow through existing operations and through acquisition.
We focus on five main themes: services, health care, aerospace, industrials, and technology. Most of the companies we invest in are headquartered in North America and Europe.
Our portfolio consists of investments in private equity funds (72%) and direct co-investments (28%).
Capital allocation
Total investments in private equity decreased to $301 million at the end of 2025, down from $306 million at the end of 2024.
Private equity now makes up 3.1% of total fund assets while our policy benchmark is 3.0%.
For 2026, we plan to continue carefully and methodically growing our private equity portfolio, taking advantage of opportunities as they arise.