2025 ANNUAL REPORT
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Steady Through Change
April _, 2026
Dear Members and Friends:
The 2025 Annual Report of the Pacific Pension & Investment Institute (PPI) documents our finances and operations as required by the State of California, and reflects a year marked by heightened complexity for long‑term institutional investors. I am pleased to share it with you.
In 2025, investors navigated tariff uncertainty, geopolitical tension, and a changing interest‑rate environment. These forces tested assumptions and underscored the value of informed, candid dialogue among peers with shared fiduciary responsibility.
Across our programs, members examined the implications of artificial intelligence, data‑center infrastructure, and supply‑chain realignment, alongside enduring questions of portfolio resilience, private‑market evolution, and capital deployment in the Asia‑Pacific region. These discussions were grounded in real‑world decision‑making.
Throughout the year, PPI remained a trusted forum where experienced leaders could test ideas, learn from one another, and gain perspective beyond the headlines. The strength of these conversations reflects the depth and integrity of our community.
PPI’s greatest asset remains its people. The engagement of our members, board, and management team sustained a culture defined by trust, discretion, and intellectual rigor—even amid a demanding external environment.
I am grateful to all who contributed to PPI’s work in 2025—by participating in programs, serving as faculty, mentoring future leaders, or supporting our mission in countless 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.
Sincerely yours,
Lionel C. Johnson
President
LEADERSHIP THAT ENDURES >
PPI advances its mission through the sustained engagement of senior investment‑industry leaders who contribute experience, judgment, and global perspective to the community. In 2025, the PPI Board of Directors and Management Team guided the organization through a demanding external environment while reinforcing PPI’s long‑term foundations.
Board leadership remained focused on ensuring that PPI remains relevant and valuable to institutional investors operating amid uncertainty. Strategic discussions throughout the year emphasized adaptability, clarity of purpose, and disciplined execution—principles that have long defined the organization’s approach.
Rather than reacting episodically to external developments, PPI’s leadership concentrated on sustaining the organization’s core strengths: trusted relationships, rigorous dialogue, and programs designed for experienced decision‑makers. This steadiness has enabled PPI to navigate complexity without compromising its identity.
Leadership development remained a top priority. The PPI Leadership Lab further established itself as a meaningful investment in the next generation of asset‑owner and allocator leaders. By pairing emerging talent with senior faculty drawn from PPI’s membership, the lab reinforces 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 participation in PPI, leaders bring both perspective and humility to conversations with peers. This exchange—grounded in experience and guided by discretion—strengthens the community and enhances the value PPI delivers to its members and the institutions they serve.
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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
GLOBAL PERSPECTIVES, DEEP INSIGHT >
In 2025, PPI’s programs reflected the increasingly global context in which institutional investors operate. Convenings across North America and the Asia‑Pacific region provided members with sustained opportunities to examine market developments through regional, geopolitical, and institutional lenses.
Programs in cities including Seattle, Los Angeles, Salt Lake City, Brisbane, and Sydney anchored the year’s engagement. These gatherings brought together senior leaders to explore how global forces—ranging from geopolitical competition and trade policy to technological change—are reshaping long‑term investment strategy.
Across regions, discussions emphasized the importance of context. Members examined similar themes—private‑market evolution, total‑portfolio construction, and resilience—but from distinct regional and local perspectives. This comparative approach deepened understanding and challenged assumptions that can arise from single‑market viewpoints.
Artificial intelligence, data‑center infrastructure, and energy transition featured prominently in 2025 conversations, alongside questions of supply‑chain realignment and capital deployment. Rather than treating these topics in isolation, PPI programs encouraged participants to consider how they intersect across economies and asset classes.
PPI’s approach to programming continues to prioritize depth over breadth. Extended sessions, experienced speakers and moderators, and a carefully curated participant group allow discussions to move beyond surface analysis and short‑term market narratives.
This depth is reinforced by continuity. Members often return to related themes across multiple programs and geographies, 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 global perspective and deep insight remained central to the value PPI offers its community.
View the
2025 Perspectives
COMMUNITY AS A STRATEGIC ASSET >
PPI’s community culture remains central to its success. In 2025, the organization continued to balance engagement with growth, deepening relationships among existing members while welcoming new participants into the PPI experience. In a year marked by uncertainty, this culture provided stability, continuity, and perspective.
PPI operates in an environment where time and attention are increasingly scarce. Against this backdrop, the organization focused deliberately on creating forums that reward sustained engagement rather than episodic participation. Members consistently cited the value of returning to conversations over time and across geographies, reinforcing trust and intellectual continuity.
Programs such as the Leadership Lab played an important role in strengthening the community across generations of leaders. By bringing together next‑generation asset‑owner and allocator talent with senior faculty drawn from PPI’s membership, the Lab fostered durable professional connections and reinforced a shared sense of responsibility for the future of institutional investment leadership.
PPI in Residence further supported this engagement strategy by meeting members where they are and providing additional opportunities for dialogue outside the roundtable format. These touchpoints deepened relationships between the secretariat and the membership and strengthened PPI’s understanding of evolving member priorities.
Across regions and programs, PPI’s community continued to distinguish itself through discretion, candor, and mutual respect. Members engaged openly on complex and, at times, sensitive issues, confident in a shared commitment to learning rather than advocacy.
This enduring culture—built over years and reinforced in 2025—remains one of PPI’s most valuable assets. It enables the organization to convene leaders not simply around timely topics, but around sustained relationships that support long‑term institutional decision‑making.
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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
DISCIPLINED STEWARDSHIP >
PPI maintained disciplined financial management in 2025, with a continued focus on cost awareness, operational effectiveness, and alignment of 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 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’s work is supported by a trusted network of professional partners who assist our lean management team. We are deeply grateful for their expertise, and for the steadfast support of PPI’s members and friends throughout 2025.
We express our most sincere thanks to Amplified HR: Amber Rhoton, Abbey Mizer, Taylor Gholson, and Nicole McKamie; Amplitude IP, Attorney Robert Burlingame; Beacon Pointe: Mitchell Hughes and Susan Fritts; 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 2025, our loyal members and friends, THANK YOU!