Private Equity 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. 



$15.7 B

as of June 30, 2022

17.6% Return

in FY22




Private Equity
APFC's private equity program seeks to build a diversified, global private equity portfolio, focusing on buyout, venture capital, real asset, and distressed credit opportunities through primary partnerships, secondary acquisitions, co-investments, and targeted direct investments in operating companies. We seek diversification across stage, industry, geography, and other factors.

Special Opportunities
The special opportunities mandate seeks longer-term, high-conviction, potentially more concentrated, theme-driven investments across asset classes, sectors, and geographies. The portfolio covers a wide spectrum, including direct investments in venture capital and buyout deals, co-investments alongside general partners, and strategic stakes in promising investment firms. The portfolio includes long-term investments that do not fit traditional asset categories.


$35M - $250M

Direct / co-investment and fund investment range


IRR Underwriting target

3 - 10+ YEARS

Targeted Investment Horizon

Fund Commitments

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.

Representative Co-Investments

Banca Farmafactoring Banking Group operates principally in the factoring industry and is active in Italy, Spain, Portugal, Poland, Czech Republic, Slovak Republic, and Greece.
US LBM is a collection of leading building material distributors across 29 states with more than 230 locations.

Achieve 3000 is the leader in online differentiated instruction, serving millions of students worldwide.

VARO Energy refines, stores, and distributes oil products for the North West European market.

Direct Investments

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

Denali Therapeutics is dedicated to defeating neurodegenerative diseases through rigorous therapeutic discovery and development.
Indigo Agriculture is dedicated to harnessing nature to help farmers sustainably feed the planet. Utilizing beneficial plant microbes to improve crop health and productivity, Indigo’s portfolio is focused on cotton, wheat, corn, and soybeans.
Juno is a clinical-stage cell immunotherapy company focused on revolutionizing medicine by re-engaging the body's immune system to treat cancer.

Premia Re is a multi-line Bermuda reinsurance company which reinsures or acquires companies or reserve portfolios in the non-life property and casualty insurance and reinsurance run-off market.

Senvion is one of the leading international manufacturers of onshore and offshore wind turbines, focused on developing, constructing and distributing wind turbines across the globe.

Special Opportunities Representative Themes

Transformative, platform biotech companies and disruptive consumer internet and enterprise IT companies.
Targeted emerging and frontier market investments with compelling demographic tailwinds.
Long-term, free cash flow generative minority stakes in high quality companies seeking to stay private indefinitely.
Capitalize on systemic dislocations – build large block positions in market sell-offs.
Minority stakes in GP management companies with durable competitive advantages.



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.

No predetermined asset type, credit quality, yield profile, industry sector, or legal structure. Each investments is designed to generate the highest possible risk-adjusted net-of-fee returns on invested capital within established risk guidelines. Average investment size is approximately $50 million. Maximum intital investment size is $500 million.

Because different economic environments flourish and wither at different times for different reasons, the breadth of our global portfolio and investor network diversifies risks and allows the APFC to target growth across many regions. The PESO portfolio currently includes investments in many different countries.


Targeted annualized investment returns are 20% to 30%. This is in line with internally-managed portfolio performance over recent 1-, 3-, and 5-year periods.

Performance reports for the portfolio can be found in the monthly performance reports and in the board meeting packets.