Investments
Private Equity
Allocation
3.4%
Annual return
30.93%
Exposure
$0.31 B
Benchmark
28.59%
2024 performance
Private equity assets generated a return of 30.93% in 2024, compared to our benchmark of 28.59% (MSCI World + 200 basis points).
Our private equity returns were driven by organic EBITDA growth and accretive M&A activities across our portfolio companies, particularly in our software and industrial verticals. Elevated interest rates did, in limited circumstance, impact operating margins. Valuations for high-quality and recession-resilient assets we own generally remained stable or increased throughout the year. Two of our co-investments—Clarios and Ping Identity—performed exceptionally well in 2024.
Investment approach
Our private equity businesses have solid fundamentals, strong management teams, and opportunities to grow both organically and through acquisition. We focus on four core verticals: Business Services, Healthcare, Industrials, and Software and Technology. The companies we invest in are primarily headquartered in North America and Europe. The portfolio consists of funds (72%) and co-investments (28%).
Capital allocation
Total investments in private equity increased to $306 million at the end of 2024, up from $187 million in 2023. Private equity now represents 3.4% of total fund assets. The increase was driven by valuation gains, additional investments in existing fund relationships, and one new co-investment. In 2025, we intend to continue building the program as opportunities arise in the market.
Private Equity
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Allocation
3.4%
Annual return
30.93%
Exposure
$0.31 B
Benchmark
28.59%
2024 performance
Private equity assets generated a return of 30.93% in 2024, compared to our benchmark of 28.59% (MSCI World + 200 basis points).
Our private equity returns were driven by organic EBITDA growth and accretive M&A activities across our portfolio companies, particularly in our software and industrial verticals. Elevated interest rates did, in limited circumstance, impact operating margins. Valuations for high-quality and recession-resilient assets we own generally remained stable or increased throughout the year. Two of our co-investments—Clarios and Ping Identity—performed exceptionally well in 2024.
Investment approach
Our private equity businesses have solid fundamentals, strong management teams, and opportunities to grow both organically and through acquisition. We focus on four core verticals: Business Services, Healthcare, Industrials, and Software and Technology. The companies we invest in are primarily headquartered in North America and Europe. The portfolio consists of funds (72%) and co-investments (28%).
Capital allocation
Total investments in private equity increased to $306 million at the end of 2024, up from $187 million in 2023. Private equity now represents 3.4% of total fund assets. The increase was driven by valuation gains, additional investments in existing fund relationships, and one new co-investment. In 2025, we intend to continue building the program as opportunities arise in the market.