2024 ANNUAL REPORT
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Together and Forward
April 7, 2025
Dear Members and Friends:
The 2024 Annual Report of the Pacific Pension & Investment Institute (PPI) is a testament to our collective resilience and adaptability in a year marked by significant global events. The Report documents PPI’s finances and operations as required by the State of California, and I am delighted to share it with you.
In 2024, the world experienced profound changes, with consequential elections reshaping political landscapes worldwide. We witnessed power shifts that will undoubtedly influence global economic policies for years. Amidst this political upheaval, we remained steadfast, demonstrating the collective power of investment industry leadership, compelling program content, and an enduring community culture.
The rapid advancement of artificial intelligence emerged as a central theme in geopolitical and economic discussions. As nations raced to innovate and regulate AI, our members engaged in critical dialogues about its implications for investment strategies and global markets. Simultaneously, we navigated the complexities of inflation, which, while moderating somewhat, continued to impact economic decisions worldwide.
Despite these challenges, PPI’s greatest asset—our people—proved invaluable. The collective wisdom, dedication, and expertise of our membership, board, and management team enabled us to weather uncertainties and forge ahead. Your commitment to sharing insights and fostering meaningful connections exemplifies the hallmark of PPI’s mission: moving forward together through uncertain times.
I extend my heartfelt gratitude to all who contributed to our success in 2024. Whether you joined or renewed your membership, participated in our programs, shared ideas, or introduced PPI to new prospects, your efforts have been instrumental in strengthening our community.
Reflecting on the past year, we can take pride in PPI’s vibrancy, engagement, and growth. Our programming remains diverse and enviable, our organization is financially sound, and our operations are excellent. Looking ahead, I am confident that the vibrant culture we have built will enable us to continue charting across the complex global landscape with vision and agility.
Thank you for your unwavering support and dedication to the PPI Community. Together, we are well-positioned to build upon our strengths and embrace the opportunities in 2025 and beyond.
Sincerely yours,
Lionel C. Johnson
President
INVESTMENT INDUSTRY LEADERSHIP
We achieve PPI’s mission so brilliantly because of the investment industry leaders who contribute their wisdom and influence to benefit our organization.
Throughout 2024, Board Chair Mark Delaney captained the helm, leading the community from the United States to the Netherlands to India to Hong Kong. The 16-member PPI Board of Directors and the Management Team listened to the community to determine the regions and countries to take PPI. As you will read in the next section, it was clear that the community had the appetite to explore new territory.
As PPI matures, we are equally committed to developing the next generation of asset-owner organizations and other investment industry CEOs and CIOs through one of PPI’s newer initiatives, the Leadership Lab. Inaugurated in 2023, the lab offers an opportunity for PPI member principals to identify promising individuals who are not yet in the C-suite to be well prepared to climb the ladder and assume top leadership positions. PPI’s leadership development offering is distinguished by its faculty, sourced from the deep well of PPI’s membership of senior leaders.
Every PPI leader carries outsized responsibilities for helping secure countless individuals’ financial futures. By participating in our community of leaders, PPI members bring their A-game and develop peer accountability that inspires excellence when they engage with other PPI members and when they return to their respective organizations.
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Directors on December 31, 2024
Gordon Bajnai
Kevin Bong
Arvind Chari
Mark Delaney
Ted Eliopoulos
Marcie Frost
Praneet Garg
Geraldine Jimenez
Leon Meng
Laura Nashman
Catherine Savage
Richelle Sugiyama
Allyson Tucker
Ton van Welie
Lincoln H. Webb
Osamu Yamamoto
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Officers on December 31, 2024
Mark Delaney, Chair
Kevin Bong, Secretary
Lincoln H. Webb, Treasurer
Lionel C. Johnson, President
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Else Bos
Shireen Muhiudeen
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Management on December 31, 2024
Lionel C. Johnson, President
James F. Apostol, Vice President & Chief Operating Officer
Thomas Johnson, Executive Assistant
Sabina Ong Gotuaco, Finance & Administration Director
Piin-Fen Kok, Senior Program Director
Shu Li, Program Director
Evie Fong, Program Manager
Mark Conrad Mancao, Chief of Staff
COMPELLING PROGRAM CONTENT >
In 2024, PPI expanded its geographical footprint, convening programs on three continents: North America, Europe, and Asia.
The Winter Roundtable in Napa, California, addressed various defining events and trends impacting institutional investors in the coming year and beyond. Members discussed the possible market implications of several consequential elections worldwide, opportunities arising from the energy transition, climate technology, venture capital, and the trajectory of monetary policies. The roundtable was preceded by the second iteration of the Leadership Lab for future asset owner leaders, who gained professional insights from industry executives.
PPI’s inaugural convening in Europe, the Summer Roundtable in Amsterdam, the Netherlands, shone a spotlight on the continent. This setting provided a central vantage point to address topical issues such as the raging wars in Ukraine and West Asia, energy security, trade, investment, and geopolitics through the lens of transatlantic relations and connectivity with Emerging Asia. In the lead-up to the roundtable, a salon in New York addressed the future of transatlantic relations and offered a preview of the Amsterdam discussions.
The final programs of the year focused on Asia, including two back-to-back programs in Hong Kong: The Executive Seminar featured sessions in Hong Kong and business site visits in Shenzhen, showcasing how Hong Kong’s historical role as a vital intermediary between China and the global community is adapting to new economic and geopolitical realities. The Asia Pacific Roundtable explored investors’ evolving perspectives on China and the broader Asia-Pacific region.
PPI also organized a study mission to Mumbai and New Delhi, India, for members to obtain firsthand insights into India’s investment landscape against the backdrop of pivotal political, economic, social, and demographic transformations. The mission will set the stage for PPI to reconvene its full membership in India in 2026.
View the
2024 Insights
AN ENDURING COMMUNITY CULTURE>
PPI’s membership grew to 113 in 2024, including 60 manager/advisor members and 53 owner/allocator members. Our membership has grown steadily over the past three years, recovering gradually and approaching pre-pandemic levels (117 in 2019). Membership growth has translated to demand for participation in PPI programming. The confluence of content and community lies as ever at the heart of PPI’s success.
PPI continues to compete in an era of scarce resources, with time and budget as limiting factors. To this end, we are engaging existing members more deeply while attracting those who have yet to experience PPI. This dual focus on engagement and recruitment drives our programming strategy. In addition to three roundtables, PPI in Residence and the Leadership Lab have become entrenched as annual offerings, increasing the value of membership. The lab’s essential focus is on the next-generation leaders of asset owners and allocators, and this early exposure proves valuable as they ascend the ranks. PPI in Residence allows the secretariat to meet our members where they are (New York in 2024) and provides an additional touchpoint for our members, enhancing the value proposition of PPI.
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PPI Members on December 31, 2024
Ahlstrom Capital
Alaska Permanent Fund
Alberta Investment Management Corporation
Alberta Teachers’ Retirement Fund
Australian Retirement Trust
AustralianSuper
BCI
British Columbia Pension Corporation
CAAT Pension Plan
California Public Employees’ Retirement System
California State Teachers’ Retirement System
Carnegie Corporation of New York
Cascade Asset Management Company
Cbus
CN Investment Division
Columbia Investment Management Company, LLC
DBJ Americas
FM Global
Fremont Group
Future Fund
GIC Private Limited
Government Pension Fund, Thailand
Government Pension Investment Fund, Japan
Hassana Investment Company
Healthcare of Ontario Pension Plan
Hong Kong Monetary Authority
Los Angeles County Employees Retirement Association
Margaret A. Cargill Philanthropies
Minnesota State Board of Investment
Mitsui Sumitomo Insurance
Municipal Employees’ Retirement System of Michigan
National Council for Social Security Fund, People’s
Republic of China
National Investment and Infrastructure Fund Limited
New York State Teachers’ Retirement System
New Zealand Super Fund
Ontario Power Generation
Oregon State Treasury
Provident 10
PSP Investments
Public Employee Retirement System of Idaho
QIC
Rest Super
San Francisco Employees’ Retirement System
San Jose Retirement System
Seattle City Employees’ Retirement System
South Dakota Investment Council
State of Wisconsin Investment Board
Teachers' Retirement System of the State of Illinois
The Phoenix Group
Third Swedish National Pension Fund – AP3
Utah Retirement Systems
Washington State Investment Board
West Virginia Investment Management Board
Wisayah
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PPI Members on December 31, 2024
17 Capital
Affinity Equity Partners
Antler
Apax Partners
Ascendent Capital Partners
Asia Alternatives Management
B Capital Group
BlackRock
Bridge Investment Group
Bridgewater Associates
Brookfield Asset Management
Campbell Lutyens & Co.
Capital Group
Carbon Direct
Carlyle
CDH Investments
China International Capital Corporation, US
Creaegis
DigitalBridge
FountainVest Partners (Asia)
Franklin Templeton
Gaw Capital
General Atlantic
Global Infrastructure Partners
Goldman Sachs Asset Management
GroveStreet
Guggenheim Partners
Hamilton Lane Advisors
Hines
I Squared Capital
IFM Investors
Jefferies Credit Partners
Joy Capital
JP Morgan Asset Management
Low Carbon
M&G Investments
Meridiam
Mitsubishi Corporation
Mitsubishi Heavy Industries
Morgan Stanley
New Mountain Capital
Ortec Finance
PGIM
Pine Grove Venture Partners
Prologis
Providence Equity Partners
QuadReal
Qiming Venture Partners
Quantum Advisors
RBC Global Asset Management
Sagard Holdings
Siguler Guff & Company
Sit Investment Associates, Inc.
Sumitomo Mitsui Trust Asset Management
Synergy Fund Management Group
The TCW Group
Tokio Marine Asset Management Co.
TPG Angelo Gordon
Unison Capital
Wasatch Global Investors
Wellington Management Company
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PPI Members on December 31, 2024
Christopher Ailman
Ronald E. Bornstein
John Campbell
Margaret Carpenter
Ambassador Chas W. Freeman Jr.
Takeshi Kadota
Robert Maynard
Doug Pearce
Shelley I. Smith
Garrett Walls
Theresa J. Whitmarsh
Ambassador Linda Tsao Yang
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PPI Members on December 31, 2024
Oliver Bolitho
Derek Brodersen
Howard Chao
Ajit Dayal
Barry Gonder
Sandra Haas
Howard L. Hull III
Adiba Ighodaro
Wayne Kozun
P. Noel Kullavanijaya
William Lee
David Loevinger
Arthur Mitchell
Marlene Puffer
Ambassador Clark T. Randt
Catherine Savage
Peter H. Sullivan
James Timmins, Sr.
Yuelin T. Yang
SOUND FINANCIAL MANAGEMENT >
PPI finished 2024 with a net operating surplus of $259,233. Several contributing factors included the ability to recruit more asset manager/advisor members than expected, high turnout for our programs, a positive return on PPI’s investment portfolio, and management’s diligent cost-consciousness.
The following Statement of Activities reflects total Revenue and Support of $3,725,180, an increase of $442,680 from the prior year. Total Expenses were $3,465,947, an increase of $352,593 from the preceding year. The total change in 2024 net assets is an increase of $259,233.
Statement of Activities
For the Year Ended December 31, 2024
With Comparative Totals (USD) for the Year Ended December 31, 2023
| 2024 | 2023 | |
|---|---|---|
| REVENUE | ||
| Membership Dues | 2,702,500 | 2,438,100 |
| Program Registration | 690,295 | 540,909 |
| Investment Income | 57,834 | 65,991 |
| Total Revenue | 3,450,629 | 3,045,000 |
| SUPPORT | ||
| Grant | - | - |
| Sponsorships | 274,551 | 192,500 |
| In-Kind Donations | - | 45,000 |
| Total Support | 274,551 | 237,500 |
| TOTAL REVENUE & SUPPORT | 3,725,180 | 3,282,500 |
| EXPENSES | ||
| Program Services | 2,663,753 | 2,400,106 |
| General and Administrative | 802,194 | 713,248 |
| Total Expenses | 3,465,947 | 3,113,354 |
| CHANGE IN NET ASSETS | 259,233 | 169,146 |
| Net assets released from restrictions | - | - |
| Net assets, beginning of year | 2,415,268 | 2,246,122 |
| Net assets, end of year | 2,674,501 | 2,415,268 |
Hover over the charts to view the percentages
2024 Revenue Sources
2024 Expense Allocation
The financial information presented is from the audited financial statements.
Interested parties can obtain a complete copy of the audited financial statements by contacting our office.
Acknowledgments
PPI is grateful for the generosity of the following member sponsors of 2024 programs: Antler, Ascendent Capital Partners, Asia Alternatives Management, Campbell Lutyens & Co., FountainVest, General Atlantic, Goldman Sachs Asset Management, Meridiam, Ortec Finance, and Synergy Fund Management Group.
Talented professionals assist our lean but mighty PPI management team in accomplishing our work, and we are tremendously grateful to them. We express our most sincere thanks to Albright Stonebridge Group: Anthony Renzulli and Atman Trivedi, Amplified HR: Amber Rhoton, Abbey Mizer, Taylor Gholson, and Nicole McKamie; Amplitude IP, Attorney Robert Burlingame; Beacon Pointe: Mitchell Hughes and Susan Fritts; Redville Strategies for Transitions, Frances Kampouris; Adam Robbins; SingerLewak: Amanda Schlank, Caroline Judy, Ariel Foster, Nanaz Benyamini and Dara Yam (CPAs); West Coast Productions: Joel Horsager, and Williams Corporate Events, Liz Williams.
And to the steadfast supporters of PPI’s mission throughout 2024, our loyal members and friends, THANK YOU!