2025
2025
Annual Report
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
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.
Board of Directors
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
Officers
Mark Delaney, Chair
Allyson Tucker, Vice Chair
Kevin Bong, Secretary
Lincoln H. Webb, Treasurer
Lionel C. Johnson, President
Hull Fellows
Else Bos
Shireen Muhiudeen
Management Team
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
Winter Roundtable Insights
Salt Lake City Perspectives
Australia Perspectives
Abu Dhabi Investment Council
Alaska Permanent Fund
Alberta Teachers’ Retirement Fund
Australian Retirement Trust
AustralianSuper
BCI
Bimcor
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
Cook Islands National Superannuation Fund
CPP Investments
DBJ Americas
Employees Provident Fund
Florida State Board of Administration
FM
Future Fund
General Organization for Social Insurance, Saudi Arabia
GIC Private Limited
Government Pension Investment Fund, Japan
Healthcare of Ontario Pension Plan
Hong Kong Monetary Authority
Local Authorities Pension Plan
Los Angeles County Employees Retirement Association
MS&AD Insurance Group Holdings, Inc.
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 Municipal Employees Retirement System
Ontario Pension Board
OPTrust
Orange County Employees Retirement System
Oregon State Treasury
Provident 10
Public Employee Retirement System of Idaho
QIC
San Francisco Employees’ Retirement System
Seattle City Employees’ Retirement System
South Dakota Investment Council
Standard Life
State of Wisconsin Investment Board
Teachers' Retirement System of the State of Illinois
Third Swedish National Pension Fund – AP3
University of Florida Investment Corporation
Utah Retirement Systems
Virginia Retirement System
Washington State Investment Board
West Virginia Investment Management Board
Wisayah Global Investment Company
17Capital
Aberdeen Investments
Advent
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
Collective Global
Coller EQT
Copenhagen Infrastructure Partners
Creaegis
DigitalBridge
Everstone
Federated Hermes
FountainVest
General Atlantic
Global Infrastructure Partners
Goldman Sachs Asset Management
Hamilton Lane Advisors
Hines
I Squared Capital
IDG Capital
IFM Investors
Jefferies Credit Partners
JP Morgan Asset Management
KPS Capital
Manulife
Meridiam
Mitsubishi Corporation
Mitsubishi Heavy Industries
Momentum Global Ventures
Morgan Stanley
Morrison
Neuberger Berman
Ortec Finance
Pinegrove Venture Partners
Prologis
Providence Equity Partners
QuadReal
Quantum Advisors India
Sagard Holdings
Siguler Guff & Company
Star Capital
Sumitomo Mitsui Trust Asset Management
Synergy Fund Management Group
T. Rowe Price
The TCW Group
Tokio Marine Asset Management Co.
TPG Angelo Gordon
Unison Capital
Wasatch Global Investors
Wellington Management Company
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
Ortec Finance
Ambassador Linda Tsao Yang
Oliver Bolitho
Ajit Dayal
Barry Gonder
Sandra Haas
Howard L. Hull III
Adiba Ighodaro
Hamza Khushaim
Wayne Kozun
William Lee
David Loevinger
Marlene Puffer
Catherine Savage
Peter H. Sullivan
James Timmins, Sr.
Yuelin T. Yang
For the Year Ended December 31, 2025
With Comparative Totals (USD) for the Year Ended December 31, 2024
2025
2024
Total Revenue
Membership Dues
3,021,000
2,702,500
Program Registration
698,214
690,295
Membership Dues
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
Beginning of year
Net assets without donor restrictions
2,674,501
2,415,268
End of year
Net assets without donor restrictions
3,092,148
2,674,501
Membership Dues (79.1%)
Program Registration (18.3%)
Sponsorships (5.4%)
Investment Income (2.7%)
Program Services (75%)
General & Administrative (25%)
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!
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