2023 ANNUAL REPORT
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April 17, 2024
Dear Friends:
I am pleased to present the 2023 Annual Report of the Pacific Pension & Investment Institute (PPI). The report records PPI’s finances and operations as required by the State of California, where PPI is incorporated as a nonprofit organization. It is also an occasion to acknowledge our achievements and remind our members of what is unique about the PPI Community.
PPI’s greatest asset is its people. Our membership, board, and management team’s collective wisdom, dedication, and expertise are the pillars of our success. Your commitment drives PPI forward, and I hope reflecting on the 2023 Annual Report reminds you that you were instrumental in making the year successful.
Thank you if you joined PPI or renewed your membership in 2023. Thank you, too, if you spoke at or participated in our programs. Thank you if you shared your ideas for future programs or served on an advisory group, committee, or board. Your efforts are noted and appreciated if you offered your organization’s resources or introduced PPI to prospective members or speakers. I deeply and sincerely thank you on behalf of the PPI Management Team and Board of Directors.
PPI celebrated three decades of service to our esteemed community in 2023. Today, the PPI is vibrant, engaged, and growing. Our programming is enviable and diverse. Our organization is financially sound and operationally excellent. Please enjoy this look back at 2023, and join me in looking forward to building upon our strengths in 2024.
Sincerely yours,
Lionel C. Johnson
President
PROGRAMS
We delivered a portfolio of successful programs in 2023, including the Winter Roundtable in La Jolla, California (March), the Summer Roundtable in San Francisco, California (July), the Executive Seminar, and the Asia Pacific Roundtable in Tokyo, Japan (October). The roundtables prioritized the in-person experience while offering the option for virtual participation. Virtual or hybrid salons were held between the roundtables, supplementing the roundtables and highlighting current events and industry trends.
The themes and topics of the roundtables reflected both the global environment and the program locations. In La Jolla, CA, we explored the importance of resilience amid rising interest rates, inflation, recessionary fears, and geopolitical risk a year into Russia’s invasion of Ukraine and opportunities in biotechnology and development finance in frontier markets. In San Francisco, CA, we addressed the fallout from the 2023 banking crisis, the potential and challenges of artificial intelligence, the future of energy, investments in sustainable infrastructure projects, and fast-emerging innovation in the Gulf.
Finally, in Tokyo, we discussed issues relating to various facets of security and sustainability in Japan and neighboring Asian economies, including China, Southeast Asia, and Korea. We also explored the key trends and opportunities in Japan’s economic growth, decarbonization efforts, corporate governance reforms, entrepreneurship, and digital transformation amid domestic political and social shifts. Business site visits in La Jolla/San Diego and Tokyo complemented plenary sessions and deep-dive discussions.
Between these convenings, the salons addressed time-sensitive topics and breaking developments as they emerged throughout the year. Virtual sessions were held on U.S. financial regulations, political developments in Japan (in collaboration with the Japan Society of Northern California), and the proposed U.S. regulations and laws screening outbound investments to China. In May, we held an in-person salon during our inaugural PPI In Residence week in Montreal, Canada, with a virtual option for members to discuss geopolitics, capital expenditure, and commodities.
As part of our efforts to deepen engagement and help develop future leaders in the asset owner community, PPI convened its first Leadership Lab in San Francisco, described in this report’s Leadership section.
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2023 INSIGHTS
MEMBERSHIP
PPI’s membership grew to 103 in 2023, including 54 manager/advisor members and 49 owner/allocator members. We closely monitored two industry trends and their impact on membership: generational personnel change and organizational consolidation. These trends affected membership, as acquisitions and mergers also consolidated PPI membership. Generational change at the C-level of asset owner members posed the risk of attrition and an opportunity for growth, inspiring the Leadership Lab.
Member engagement is at the heart of PPI. PPI must compete in an era of scarce resources, including time and budgets. In addition to three roundtables, initiatives like PPI in Residence and the Leadership Lab will bolster the ranks. The lab is essential given its focus on the next-generation leaders of asset owners and allocators. Early exposure for future leaders may prove valuable as they ascend the ranks. The inaugural PPI in Residence was held in Montreal, with the management team taking up residence there for a week. PPI hosted a salon and reception to engage with current and prospective members, offering an additional touchpoint to the PPI Community.
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PPI Members on December 31, 2023
Ahlstrom Capital
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
Florida State Board of Administration
FM Global
Fremont Group
Future Fund
GIC Private Limited
Government Pension Investment Fund - GPIF
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
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
PSP Investments
Public Employee Retirement System of Idaho
QIC
San Francisco Employees’ Retirement System
San Jose Retirement System
Seattle City Employees’ Retirement System
South Dakota Investment Council
State of Wisconsin Investment Board
Teacher Retirement System of Texas
Teachers' Retirement System of the State of Illinois
Third Swedish National Pension Fund – AP3
Utah Retirement Systems
Washington State Investment Board
West Virginia Investment Management Board
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PPI Members on December 31, 2023
Actis
Affinity Equity Partners
Amundi
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
Carlyle
CDH Investments
China International Capital Corporation, US
Creaegis
Federated Hermes
FountainVest Partners (Asia)
Franklin Templeton
Gaw Capital
Global Infrastructure Partners
Goldman Sachs Asset Management
GroveStreet
Guggenheim Partners
Hamilton Lane Advisors
Hillhouse Capital
Hines
IFM Investors
Jefferies Credit Partners
Joy Capital
JP Morgan Asset Management
M&G Investments
Meridiam
Mitsubishi Corporation
Morgan Stanley
Ortec Finance
PGIM
QuadReal
Qiming Venture Partners
Quantum Advisors
RBC Global Asset Management
RockCreek
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, 2023
Ronald E. Bornstein
John Campbell
Margaret Carpenter
Ambassador Chas W. Freeman Jr.
Ta-lin Hsu
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, 2023
Oliver Bolitho
Derek Brodersen
Howard Chao
Collette Chilton
Ajit Dayal
Barry Gonder
Sandra Haas
Howard L. Hull III
Adiba Ighodaro
Takajiro Ishikawa
Shigeki Kimura
Joseph Konzelmann
Wayne Kozun
P. Noel Kullavanijaya
William Lee
Arthur Mitchell
Ambassador Clark T. Randt
Angela Rodell
Catherine Savage
Ambassador Paul W. Speltz
Peter H. Sullivan
James Timmins, Sr.
Conrad Yan
Yuelin T. Yang
FINANCE
PPI finished 2023 with a net operating surplus of $169,147. Several contributing factors included high turnout for our programs, a positive return on PPI’s investment portfolio, a favorable exchange rate, and management’s diligent cost-consciousness. This was also the first calendar year PPI realized the savings from forgoing office space.
The following Statement of Activities reflects total Revenue and Support of $3,282,500, an increase of $446,904 from the prior year. Total Expenses were $3,113,354, an increase of $96,125 from the preceding year. The total change in 2023 net assets is an increase of $169,146.
Statement of Activities
For the Year Ended December 31, 2023
With Comparative Totals (USD) for the Year Ended December 31, 2022
| 2023 | 2022 | |
|---|---|---|
| REVENUE | ||
| Membership Dues | 2,438,100 | 2,379,750 |
| Program Registration | 540,909 | 293,527 |
| Investment Income | 65,991 | (31,219) |
| Total Revenue | 3,045,000 | 2,642,058 |
| SUPPORT | ||
| Grant | - | 18,538 |
| Sponsorships | 192,500 | 140,000 |
| In-Kind Donations | 45,000 | 35,000 |
| Total Support | 237,500 | 193,538 |
| TOTAL REVENUE & SUPPORT | 3,282,500 | 2,835,596 |
| EXPENSES | ||
| Program Services | 2,400,106 | 2,249,752 |
| General and Administrative | 713,248 | 767,477 |
| Total Expenses | 3,113,354 | 3,017,229 |
| CHANGE IN NET ASSETS | 169,146 | (181,633) |
| Net assets released from restrictions | - | 50,000 |
| Net assets, beginning of year | 2,246,122 | 2,427,755 |
| Net assets, end of year | 2,415,268 | 2,246,122 |
Hover over the charts to view the percentages
2023 Revenue Sources
- Membership Dues
- Program Registration
- Sponsorships
- Investment Income
- In-Kind Donations
- Membership Dues
- Program Registration
- Sponsorships
- Investment Income
- In-Kind Donations
2023 Expense Allocation
- Program Services
- General & Administrative
- Program Services
- General & Administrative
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.
LEADERSHIP
The 2023 Annual Meeting of the PPI Board of Directors marked the transition of the board chair from Angela Rodell to Mark Delaney, and a new vice chair, Marlene Puffer, was elected. We are tremendously grateful for Ms. Rodell’s leadership in shepherding PPI’s return to in-person and hybrid convening. Under the capable leadership of Mr. Delaney throughout the rest of 2023, PPI further demonstrated innovation and creativity as program participation not only returned to pre-pandemic levels but also expanded.
The inaugural Leadership Lab in San Francisco was the most notable example of PPI’s post-pandemic expansion. Designed for the next generation of pension investment professionals, the two-day experience focused on leadership development topics, including Performance insights (mental approaches to achieving excellence), Leader as sense-maker (connecting dots and making sense of diverse pressures), Managing stakeholder relationships (navigating internal and external stakeholders), and Global investment trends (perspectives on the investment landscape).
PPI’s Board of Directors inspired the lab, and current and former directors comprised the faculty. There were 17 delegates from pension funds and investment organizations across North America, Australia, and New Zealand. Participants valued the real-life lessons and perspectives shared by the industry veterans, which provided exposure many had not experienced before in leadership training. Through candid dialogue, the lab provided participants with unique leadership development and networking opportunities. It also strengthened engagement with PPI’s asset owner members and expanded awareness of PPI among the next generation of pension investment leaders.
By all measures, the inaugural Leadership Lab was a successful new initiative for PPI. It provided high value to participants while furthering PPI’s mission and expanding its engagement with the critical next generation of pension investment leaders. Due to the overwhelmingly positive feedback from the lab participants and faculty, the board encouraged the management team to continue offering the Leadership Lab in 2024, utilizing other veteran industry leaders from the PPI membership and evolving the experience over the coming years.
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Directors on December 31, 2023
Gordon Bajnai
Kevin Bong
Arvind Chari
Mark Delaney
Ted Eliopoulos
Marcie Frost
Praneet Garg
Geraldine Jimenez
Robert Maynard
Leon Meng
Laura Nashman
Marlene Puffer
Angela Rodell
Catherine Savage
Allyson Tucker
Ton van Welie
Lincoln H. Webb
Osamu Yamamoto
Conrad Yan
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Officers on December 31, 2023
Mark Delaney, Chair
Angela Rodell, Immediate Past Chair
Marlene Puffer, Vice Chair
Conrad Yan, Secretary
Lincoln H. Webb, Treasurer
Lionel C. Johnson, President
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Management on December 31, 2023
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
Acknowledgments
We are enormously grateful to the consultants with whom we worked in 2023 for their many contributions to PPI’s programs and institutional development: Attorney Robert Burlingame, Amplitude IP; Amanda Schlank, Caroline Judy, Ariel Foster, Nanaz Benyamini and Dara Yam (CPAs), SingerLewak; Joel Horsager, West Coast Productions; Liz Williams, Williams Corporate Events; Mitchell Hughes, Beacon Pointe; Amber Rhoton, Abbey Mizer, Taylor Gholson and Nicole McKamie, Amplified HR.
Once again, we thank you, our loyal members and friends, for your steadfast support of PPI and our essential mission throughout 2023!