PRIVATE EQUITY AND SPECIAL OPPORTUNITIES
Private Equity and Special Opportunities describes a broad range of investment strategies, investment structures, and underlying assets linked by several common characteristics. These investments are accessed through long-term commitments to funds managed by our investment partners and, where and when it will complement the activity of our partners, through targeted, direct investments into operating companies.
Investments in private markets are typically characterized by very long investment horizons and limited liquidity but bring to the Fund increased diversification and superior returns. The Fund’s scale, patience, and structural flexibility provide a comparative advantage in private markets and have allowed the fund to contribute to and benefit from the growth of more than 3,000 underlying investments.
KEY PORTFOLIO FIGURES
committed capital as of june 30, 2020
FY22 TARGET asset ALLOCATION
KEY INVESTMENT FIGURES
$35M - $250M
Direct / co-investment and fund investment range
IRR Underwriting target
3 - 10+ YEARS
Targeted Investment Horizon
APFC’s fund strategy emphasizes robust, long-term partnerships with exceptional investors applying specialized skills and unique insights to the companies or assets which they invest. Fund commitments represent the largest portion of our investing activities.
Identifying exceptional managers and succeeding with them over time is the key determinant of our long-term investment success.
The team evaluates and pursues targeted transactions alongside leading general partners. Co-investments enable the team to execute on APFC’s thematic areas in special opportunities and also identify targeted exposures to certain geographies, investment types and sectors as we build a well-diversified portfolio.
APFC engages in both pre-bid and post-bid syndication processes and can execute on tight timelines.
We target exceptional themes and unique opportunities through co-investments alongside our investment partners and — when our investment horizon, scale, and structural flexibility provide an advantage — direct investments into promising growth companies and undervalued assets. Our direct investment program has achieved annual investment returns that far exceed the investment returns of our fund investment portfolio.
We concentrate our investments behind exceptional themes and talented managers while maintaining a risk framework that ensures resilience if outcomes fall short of expectations.
Representative Direct Investments
Special Opportunities Representative Themes
APFC’s permanent capital profile allows us to take advantage of long-term trends and withstand short-term volatility. Average targeted investment duration is 5 years.