Pacific Pension & Investment Institute
2025
ANNUAL REPORT
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Steady Through Change
April 6, 2026
Dear Members and Friends:
The 2025 Annual Report of the Pacific Pension & Investment Institute (PPI) details our finances and operations as required by the State of California. It reflects a year marked by increased complexity for institutional investors, and I am pleased to share it with you.
In 2025, investors faced tariff uncertainty, geopolitical tensions, and a shifting interest rate environment. These forces challenged assumptions and emphasized the importance of open, honest conversations among peers with shared fiduciary duties.
Across our programs, members explored the implications of artificial intelligence and data center infrastructure, and supply-chain realignment, along with ongoing questions about portfolio resilience, private market development, and capital deployment in the Asia-Pacific region. These discussions were rooted in real-world decision-making.
Throughout the year, PPI remained a trusted forum where experienced leaders could test ideas, learn from each other, and gain perspectives beyond the headlines. The strength of these conversations reflects the depth and integrity of our community.
I am thankful to everyone who contributed to PPI’s work in 2025—whether by participating in programs, serving as faculty, mentoring future leaders, or supporting our mission in many ways. As we look ahead, we do so with confidence, grounded in shared purpose and collective experience. Together, we are well-positioned to continue advancing PPI’s mission in the years to come.
Finally, none of this happens without the people who do the work. PPI’s management team — James Apostol, Jing Carter, Mark Mancao, Piin-Fen Kok, Shu Li, Evie Fong, and Thomas Johnson — brought remarkable focus and resilience to a year that tested every organization’s capacity to adapt. Their commitment to PPI’s mission is genuine; it is evident in the quality of every program, every member interaction, and every operational decision. I am equally grateful to the PPI Board of Directors, whose leadership — including the steady guidance of outgoing Chair Mark Delaney and the energy that incoming Chair Allyson Tucker brings — ensures PPI remains on solid ground. Together, this team gives me confidence that the storms ahead will not define us.
Sincerely yours,
Lionel C. Johnson
President
LEADERSHIP THAT ENDURES >
PPI advances its mission through the ongoing involvement of senior investment‑industry leaders who bring experience, judgment, and a global perspective to the community. In 2025, the PPI Board of Directors and Management Team guided the organization through a challenging external environment while strengthening PPI’s long‑term foundation.
Board leadership continued to focus on ensuring that PPI remains relevant and valuable to institutional investors operating in uncertain conditions. Throughout the year, strategic discussions highlighted adaptability, clarity of purpose, and disciplined execution—principles that have long characterized the organization’s approach.
Instead of reacting sporadically to external events, PPI’s leadership focused on maintaining the organization’s core strengths: trusted relationships, open dialogue, and programs designed for experienced decision-makers. This stability has allowed PPI to handle complexity without losing its identity.
Leadership development remained a top priority. The PPI Leadership Lab further established itself as a valuable investment in cultivating the next generation of asset‑owner and allocator leaders. By pairing emerging talent with senior faculty from PPI’s membership, the lab promotes a culture of mentorship, accountability, and shared responsibility.
The involvement of board members and senior leaders as faculty and participants reflects a broader commitment to stewardship. PPI leaders recognize that the organization’s strength depends not only on governance oversight but also on active engagement in shaping its future.
Through their involvement in PPI, leaders contribute both insight and humility to discussions with peers. This exchange—based on experience and guided by discretion—strengthens the community and increases the value PPI provides to its members and the institutions they serve.
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Directors on December 31, 2025
Gordon Bajnai
Kevin Bong
Arvind Chari
Mark Delaney
Ted Eliopoulos
Kristian Fok
Marcie Frost
Praneet Garg
Hamza Khushaim
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, 2025
Mark Delaney, Chair
Allyson Tucker, Vice Chair
Kevin Bong, Secretary
Lincoln H. Webb, Treasurer
Lionel C. Johnson, President
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Hull Fellows on December 31, 2025
Else Bos
Shireen Muhiudeen
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Management on December 31, 2025
Lionel C. Johnson, President
James F. Apostol, Vice President & Chief Operating Officer
Thomas Johnson, Executive Assistant
Jing Carter, Chief Financial Officer
Piin-Fen Kok, Senior Program Director
Shu Li, Program Director
Evie Fong, Program Manager
Mark Conrad Mancao, Chief of Staff
GLOBAL PERSPECTIVES, DEEP INSIGHT >
In 2025, PPI’s programs reflected the increasingly global environment in which institutional investors operate. Meetings across North America and the Asia‑Pacific region offered members ongoing opportunities to analyze market developments through regional, geopolitical, and institutional perspectives.
Programs in cities like Seattle, Los Angeles, Salt Lake City, Brisbane, and Sydney led the year’s engagement. These events gathered senior leaders to discuss how global forces—such as geopolitical rivalry, trade policies, and technological advances—are transforming long-term investment strategies.
Across regions, discussions highlighted the importance of context. Members explored similar themes—a changing global economy, portfolio allocation, resilience, and retirement security—but from different regional and local viewpoints. This comparative approach enhanced understanding and challenged assumptions arising from single-market perspectives.
Artificial intelligence, data center infrastructure, and the energy transition were prominent in 2025 discussions, along with questions about supply chain realignment and capital deployment. Instead of discussing these topics separately, PPI programs encouraged participants to think about how they connect across economies and asset classes.
PPI’s approach to programming continues to emphasize depth over breadth. Longer sessions, experienced speakers and moderators, and a carefully selected participant group enable discussions to go beyond surface analysis and short-term market narratives.
This depth is strengthened by continuity. Members often revisit related themes across multiple programs and regions, enabling conversations to evolve and incorporate new information, experiences, and perspectives.
The result is a forum where institutional investors can engage thoughtfully with complexity, test ideas among peers, and gain insight that informs real-world decision-making. In 2025, this commitment to a global perspective and deep insights remained central to the value PPI offers its community.
View the
2025 Perspectives
COMMUNITY AS A STRATEGIC ASSET >
PPI’s culture remains essential to its success. In 2025, the organization continued to balance engagement with growth, strengthening relationships among current members while welcoming new ones into the PPI Community. In a year marked by uncertainty, this culture provided stability, continuity, and perspective.
PPI operates in a setting where time and attention are becoming more limited. In this context, the organization intentionally focused on creating forums that encourage ongoing engagement rather than one-time participation. Members consistently highlighted the importance of revisiting conversations over time and across different regions, strengthening trust and intellectual continuity.
Programs like the PPI Leadership Lab have played a key role in strengthening the community across different generations of leaders. By uniting next-generation asset-owner and allocator talent with senior faculty from PPI’s membership, the lab built lasting professional relationships. It also reinforced a shared sense of responsibility for the future of institutional investment leadership.
The PPI Salon in Los Angeles reinforced this engagement approach by meeting members where they are and offering additional chances for dialogue outside the roundtable setting. These interactions strengthened relationships between the secretariat and the members and enhanced PPI’s understanding of changing member priorities.
Across regions and programs, PPI’s community continued to stand out through discretion, honesty, and mutual respect. Members actively discussed complex and sometimes sensitive issues, trusting in a shared dedication to learning rather than advocacy.
This enduring culture—built over years and reinforced in 2025—remains one of PPI’s most valuable assets. It allows the organization to bring leaders together not only around current topics but also around lasting relationships that support long‑term institutional decisions.
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PPI Members on December 31, 2025
Ahlstrom Capital
Alaska Permanent Fund
Alberta Teachers’ Retirement Fund
Aspen Insurance
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
Cook Islands National Superannuation Fund
CPP Investments
DBJ Americas
Employees Provident Fund
FM Global
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
Local Authorities Pension Plan
Los Angeles County Employees Retirement Association
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 Zealand Super Fund
Ontario Pension Board
OPTrust
Oregon State Treasury
Provident 10
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
Teachers' Retirement System of the State of Illinois
The Phoenix Group
Third Swedish National Pension Fund – AP3
Utah Retirement Systems
Virginia Retirement System
Washington State Investment Board
West Virginia Investment Management Board
Wisayah Global Investment Company
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PPI Members on December 31, 2025
17Capital
Aberdeen Investments
Antler
Apax Partners
Ara Partners
Ascendent Capital Partners
Asia Alternatives Management
B Capital Group
BDT & MSD
Bridge Investment Group
Bridgewater Associates
Brookfield Asset Management
Campbell Lutyens & Co.
Capital Group
Carbon Direct
Carlyle
Copenhagen Infrastructure Partners
Creaegis
DigitalBridge
Everstone
FountainVest
General Atlantic
Global Infrastructure Partners
Goldman Sachs Asset Management
Hamilton Lane Advisors
Hines
I Squared Capital
IDG Capital
IFM Investors
Jefferies Credit Partners
Joy Capital
JP Morgan Asset Management
M&G Investments
Meridiam
Mitsubishi Corporation
Mitsubishi Heavy Industries
Momentum Global Ventures
Morgan Stanley
Morrison
Neuberger Berman
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, 2025
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, 2025
Oliver Bolitho
Kevin Bong
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
Catherine Savage
Peter H. Sullivan
James Timmins, Sr.
Yuelin T. Yang
DISCIPLINED STEWARDSHIP >
PPI maintained disciplined financial management in 2025, with a continued focus on cost awareness, operational efficiency, and aligning resources with strategic priorities. The organization worked closely with external advisors to strengthen financial processes and prepare for future reporting and audit requirements, supporting long‑term sustainability.
PPI finished 2025 with a net operating surplus of $417,647. Several contributing factors included attracting more corporate sponsors than expected, higher-than-anticipated roundtable registrations, a well-managed investment portfolio, and management’s diligent cost awareness.
The following Statement of Activities shows total Revenue and Support of $4,027,599, an increase of $302,419 from the previous year. Total Expenses were $3,609,952, an increase of $144,005 from the year before. The net assets increased by $417,647 in 2025.
Statement of Activities
For the Year Ended December 31, 2025
With Comparative Totals (USD) for the Year Ended December 31, 2024
| 2025 | 2024 | |
|---|---|---|
| REVENUE | ||
| Membership Dues | 3,021,000 | 2,702,500 |
| Program Registration | 698,214 | 690,295 |
| Net Investment Return | 103,130 | 57,834 |
| Total Revenue | 3,822,344 | 3,450,629 |
| SUPPORT | ||
| Sponsorships and Other Support | 205,255 | 274,551 |
| TOTAL REVENUE & SUPPORT | 4,027,599 | 3,725,180 |
| EXPENSES | ||
| Program Services | 2,687,648 | 2,663,753 |
| Management and General | 922,304 | 802,194 |
| Total Expenses | 3,609,952 | 3,465,947 |
| Change in Net Assets without Donor Restrictions | 417,647 | 259,233 |
| Net assets without donor restrictions, beginning of year | 2,674,501 | 2,415,268 |
| Net assets without donor restrictions, end of year | 3,092,148 | 2,674,501 |
Hover over the charts to view the percentages
2025 Revenue Sources
2025 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’s work is backed by a trusted network of professional partners who support our lean management team. We are very grateful for their expertise and for the unwavering support of PPI’s members and friends throughout 2025.
We sincerely thank Amplified HR: Samantha De Amicis, Thea Kelly, Amber Rhoton, and Nicole McKamie; Amplitude IP, Attorney Robert Burlingame; Beacon Pointe: Gregg Cowan and Andrew Howard; 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 2025, our loyal members and friends, THANK YOU!