March 31, 2016


Dear PPI Members and Friends:

On behalf of the Board of Directors and the management team of the Pacific Pension & Investment Institute (PPI), we wish to express profound appreciation for your strong support and participation in our programs over the past year. By all accounts, 2015 was an outstanding and pivotal year for PPI. With this Annual Report we invite you to look back at the year, celebrate our success, and know how very grateful we are for your important role in it. By virtue of our impressive membership, PPI is becoming a modern, focused organization and unparalleled institutional investor network. We hope that you will be as excited as we are about PPI’s future trajectory.

We’re Growing – and Increasingly Global

PPI is today a global organization centered on a common interest in helping asset owners and asset managers understand, learn and gain perspective from one another on geopolitical, economic and financial matters that affect the investment environment and opportunities in Asia, the Pacific Rim, and worldwide. Members are keen to explore key challenges facing funds and institutional investors now and into the future. 

Our membership has grown to include individual and institutional members from leading pension funds, sovereign wealth funds, endowments, foundations, commercial asset management and other investment institutions from around the world. With over 10 trillion (USD) in assets under management, advisement and administration, our membership represents a powerful force in the global economy.

PPI’s Updated Brand

We began the year with a comprehensive refresh of the PPI brand. The process involved deep reflection on our foundations, growth and place in an increasingly competitive landscape. We made improvements to PPI’s interface with internal and external audiences. Some improvements were incremental and behind the scenes; others were bold and quite visible, especially for those who participated in the 2015 programs.

Our Path Forward

Faithful to PPI traditions, we aspire to be the leading convener of global pension and investment thought leaders for in-depth dialogue and knowledge sharing on issues facing long-term institutional investors in Asia. The environment within which PPI operates demands careful consideration of market positioning for long-term sustainability. PPI is prepared. We formulated our 2015-2017 Strategic Plan and Vision to guide our future institutional development. The plan organizes our efforts into five areas. To underscore these efforts, this Annual Report is organized accordingly. 

Please enjoy this retrospective look at PPI in 2015. Be mindful that as a direct result of last year’s efforts to strengthen our organizational framework as well as our community, we are poised for even greater achievements in 2016. We are deeply appreciative of the honor of helping to lead PPI’s exciting transformation, and to sharing this journey with you.



Theresa J. Whitmarsh, Board Chair 

Lionel C. Johnson, President


PPI’s operating environment demands careful consideration of market positioning for long-term sustainability. The time, knowledge and participation of asset owners and other investment leaders are increasingly constrained. Therefore, it is imperative that we preserve and build upon PPI’s delivery of exceptional programs. Likewise, cultivating our distinct culture of “safe space” and deeper collegial relationships, while carefully growing PPI’s membership base, is vital to its future. 

To continue to create settings in which dialogue and relationships are central, PPI’s program quality and member experience must exceed those of the competition. We are also striving to connect – PPI-to-members and member-to-member – between roundtables.

We drew extensively upon the expertise of PPI members and our growing network to remain current on top-line issues. 

Rigorous member engagement and ongoing PPI Program Committee stewardship contributed to the richness of PPI’s programmatic content and member dialogue throughout the year.

Further, at each roundtable, we utilized (and will continue to utilize) new survey mechanisms through the PPI mobile app to help us ensure that the sessions, speakers, and participants can contribute value to the program and membership experiences.

The 2015 roundtables included the insights of fund CIOs and CEOs, both members and non-members, which provided a powerful perspective on program themes. The high caliber of speakers in 2015 ensured richer conversations, deeper learning, and more meaningful exchanges of ideas and viewpoints for our members and community.

Our Annual Programs


February 11-13, 2015
Los Angeles

Click to view photos, the agenda, and the  Insights  report

Click to view photos, the agenda, and the Insights report


July 22-24, 2015
San Francisco

Click to view photos, the agenda, and the   Insights   report

Click to view photos, the agenda, and the Insights report


October 25-27, 2015

Click to view photos, the agenda, and the   Insights   report

Click to view photos, the agenda, and the Insights report


October 28-30, 2015

Click to view photos, the agenda, and the   Insights   report

Click to view photos, the agenda, and the Insights report

Opportunities Between Roundtables

Pension Program

August 27, 2015
Kuala Lumpur

To deepen PPI's engagement with funds from Southeast Asia and to encourage their participation in the Asia Roundtable in Tokyo, Program Director Nick Sramek joined Conrad Yan, partner at Campbell Lutyens and co-chair of the 2015 Summer Roundtable, in Kuala Lumpur in August. Together they provided a one-day "replay" of the Summer Roundtable discussion of portfolio diversification via real assets allocation. The program was attended by senior executives from the two largest funds in Malaysia: Employees Provident Fund (EPF) and Kumpulan Wang Persaraan (KWAP).

ADB-PPI Conference on Public Pension Systems

September 3-4, 2015

The ADB-PPI Conference on Public Pension Systems in Asia, held in September 2015, convened a delegation of 33 representatives from pension funds and relevant government organizations from Cambodia, Lao People’s Democratic Republic, Myanmar, Viet Nam, and Thailand.  

PPI in partnership with the ADB developed the program that focused on the challenges, needs, and best practices of these developing public pension systems. The proceedings from this program is available here.

Vietnam Social Security
Study Tour

September 12-18
North America

PPI planned and organized a study tour for a nine-member senior delegation from Vietnam Social Security (VSS) that was visiting North America in September. PPI Vice President Kris Greenville hosted the delegation and accompanied them during the visit. The delegation traveled to San Francisco and Sacramento, CA, Olympia, WA, and Vancouver, British Columbia. Along the tour, the delegates met with the San Francisco Retirement System, the San Francisco Federal Reserve, Hamilton Lane, CalSTRS, WSIB, bcIMC and the British Columbia Pension Corporation.


Building the PPI community is crucial to all aspects of our 2015-2017 Strategic Plan and Vision. Our global network undergirds our high impact programs and is the backbone of our long-term success and sustainability. 

In 2015, we placed renewed emphasis on the smart growth of our network through targeted outreach and engagement with organizations and individuals that can contribute to the dialogue at our programs and add value to PPI membership.

By the end of 2015, PPI had welcomed 15 new member organizations, identified with an asterisk (*) in the roster below. By the year's end, we had 85 high-caliber organizations in our core membership.

PPI Membership Roster

On December 31, 2015

* New in 2015

Asset Owners and Allocators

Pension Funds, Sovereign Wealth Funds, Endowments, and Foundations

Alberta Investment Management Corporation
*British Airways Pension Investment Management Ltd.
British Columbia Investment Management Corporation
California Public Employees’ Retirement System
California State Teachers’ Retirement System
Canada Pension Plan Investment Board
CN Investment Division
Colorado Public Employees’ Retirement Association
GIC Private Limited
Government Pension Fund, Thailand
Kaiser Permanente
Los Angeles City Employees’ Retirement System
Los Angeles County Employees Retirement Association
*Margaret A. Cargill Philanthropies
Municipal Employees’ Retirement System of Michigan
National Council for Social Security Fund, P.R. China
National Pension and Provident Fund, Bhutan
National Railroad Retirement Investment Trust
New York State Common Retirement Fund
New Zealand Super Fund
Ontario Teachers’ Pension Plan Board
Oregon State Treasury
Public Employee Retirement System of Idaho
QIC Limited
San Francisco Employees’ Retirement System
Second Swedish National Pension Fund – AP2
South Dakota Investment Council
*Third Swedish National Pension Fund – AP3
*University of California Regents
University of Southern California Endowment
Washington State Investment Board
Williams College Investment Office

Asset Managers and Advisors

Asset Management Firms and Other Investment Experts

Aberdeen Asset Management
Affinity Equity Partners
Albright Capital Management
Angelo, Gordon & Co.
Asia Alternatives Management
*Baring Private Equity Partners India
Campbell Lutyens & Co.
Capital International/ Capital Guardian Trust
Cartica Capital
CDH Investments
*CLSA Limited
Corston-Smith Asset Management
Dimensional Fund Advisors
FountainVest Partners (Asia)
Global Environment Fund
Global Strategic Associates
Goldman Sachs Asia
Grove Street Advisors
H&Q Asia Pacific
Hamilton Lane Advisors
HarbourVest Partners
Hermes Investment Management
Institutional Real Estate, Inc.
Jasper Ridge Partners
Kohlberg Kravis Roberts Asia
Loomis Sayles & Company, LP
Macquarie Infrastructure and Real Assets
MBK Partners
Mitsubishi Corporation
Morgan Stanley
*Nikko Asset Management
*Olympus Capital Asia
*Ortec Finance
Perella Weinberg Partners
Primavera Capital Group
Quantum Advisors/Primary Real Estate Advisors
Siguler Guff & Company
Sit Investment Associates
Sumitomo Mitsui Trust Bank
Tata Group
*The Abraaj Group
The TCW Group
Tokio Marine Asset Management/Tokio Marine Capital
*Unison Capital
*Wellington Management Company

Friends of PPI

Oliver Bolitho
Howard Chao
Paul Costello
Roy Doumani
Nancy C. Everett
Geoffrey A. Hirt
Howard L. Hull III
JETRO, New York
*Arthur Mitchell
Ambassador Clark T. Randt
Kazuo Seki
Peter H. Sullivan
James Timmins
Yuelin T. Yang

Lifetime Members

*Ronald E. Bornstein
*Margaret Carpenter
Ambassador Chas W. Freeman Jr.
*Ta-lin Hsu
H. Lawrence Hull, Jr.
Takeshi Kadota
Doug Pearce
*Shelley I. Smith
Ambassador Linda Tsao Yang


We are committed to creating sustainable, diversified revenue streams and resources over the coming years without sacrificing the high quality of PPI programming and membership services. 

Making sure-footed steps toward this goal in 2015, PPI demonstrated sound fiscal management and accountability measures, as demonstrated by the audited financial statements completed as of December 31, 2015 by Good & Fowler, LLP. The following Statement of Activities reflects a total Revenue and Support of $2,314,015, an increase of $402,011 or 21% from the prior year. Total Expenses were $2,119,747, an increase of $203,245 or 10.6% from the prior year. The total change in 2015 net assets is $194,268.

These financial results position us, for the first time in three years, to make forward-looking investments in programs, people, and member service technology, while also shoring up PPI reserves to weather unforeseen turbulence.

Chart A: 2015 Revenue Sources

Chart B: 2015 Expense Allocation

Statement of Activities

For the Year Ended December 31, 2015
With Comparative Totals (USD) for the Year Ended December 31, 2014

2015 2014
     Membership Dues 1,749,775 1,496,774
     Roundtable Registration 266,055 200,140
     Asian Development Bank Grant 60,758 135,432
     PPI Executive Seminar Registration 88,857 37,550
     Investment Income 7,170 8,457
     Other Income 100 1,400
Total Revenue 2,172,715 1,879,753
     Contributions 141,300 30,220
     In-Kind Donations - 2,031
Total Support 141,300 32,251
TOTAL REVENUE & SUPPORT 2,314,015 1,912,004
     Program Services 1,628,190 1,302,292
     Support Services 491,557 614,210
Total Expenses 2,119,747 1,916,502
CHANGE IN NET ASSETS 194,268 (4,498)
NET ASSETS AT END OF YEAR $1,877,487 $1,683,219

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.

A strategic goal for PPI is to raise our global profile as a thought leader among institutional investors. One of our first steps toward this goal was to examine and refine PPI's brand. We engaged consultants at kreativz in a six-month PPI Branding Project.

Through a comprehensive discovery process involving research, interviews and surveys by the branding team, we concluded that PPI was ready to stand up and be recognized for the unique value it brings to the institutional investor community. The full report of the discovery process is available here. Based on the team’s findings, we re-oriented our message to focus on membership and programs. Superb program content paired with unparalleled networking opportunities is what members value most.

Our refreshed brand reinforces our value for current members, who are obviously vital to PPI’s ongoing success, and compelling to prospective members. Our new language and visual expression is bold, contemporary and much more clearly articulated, emphasizing our global membership and the powerful perspective that can be gained through participation in PPI. At the same time, the brand continues to express the strong values that define PPI's tradition and are paramount to its success.

Our Mission

PPI convenes global pension and investment thought leaders for in-depth dialogue and knowledge sharing on issues facing long-term institutional investors in Asia, the Pacific Rim, and worldwide.

Our Vision Statement

To be the leading membership organization for asset owners and managers providing innovative, world-class programs on the power and potential of global investing for the benefit of institutional beneficiaries, other stakeholders and future generations.

PPI remains committed to presenting powerful perspectives, through our programs and networking opportunities, for our members and target audiences. Embedded deeply in this commitment is the priority to bring forward the issues and views that will draw a range of Asian institutional investors.

A Name More Apt for PPI Today

From the outset of the PPI Branding Project, we aimed to build upon the existing PPI brand and its strengths, as represented by our powerful membership and excellent programming. We were keenly aware that PPI operates in an increasingly competitive environment, and that perceptions of PPI have naturally evolved over time. From this process emerged a modified organization name:

Pacific Pension & Investment Institute

At the same time, we recognized that we are best known by the acronym PPI, which our new logo capitalizes upon:


We are a member-driven organization bringing together members from across the globe who are drawn from asset ownership institutions, asset management firms as well as organizations dedicated to furthering the understanding of the modern investment environment. The intersecting lines within the sphere of the logo represent this nexus that is at the heart of the value we provide members. 


One of the first expressions of PPI's refreshed brand was the video above. To honor PPI’s history, clearly convey our purpose and value, and showcase our programs, we filmed interviews of nearly forty people - a diverse group representing the founders of the organization to today's PPI membership.


PPI’s volunteer Board of Directors and dedicated Management Team, based in San Francisco, uphold the highest standards of service to the organization and all its members.

Please join all members of PPI in thanking Collette Chilton, Lisa Mazzocco, and Richelle Sugiyama, for their exemplary service on the Board, which ended in 2015. We are grateful for their many contributions to the shaping of today’s PPI. We also greatly appreciate the programmatic contributions of Program Consultants Matthew McAuley, Lila Han and Edith Yuh; and Interns Rujia Jiang and Subin Kim.


PPI Leadership Teams on December 31, 2015

Board of Directors

Theresa J. WhitmarshChair
Executive Director
Washington State Investment Board

Adrian OrrVice Chair
Chief Executive Officer
New Zealand Super Fund

Henry JonesSecretary
Vice President/Chair, Investment Committee
CalPERS Board of Administration

Wayne KozunTreasurer
Senior Vice President, Public Equities
Ontario Teachers’ Pension Plan Board

Oliver Bolitho
Old Peak Limited

Else Bos
Chief Executive Officer

Jeb Burns
Chief Investment Officer
Municipal Employees’ Retirement System of Michigan

Susan J. Carter
Former President & CEO
Commonfund Capital, Inc.

Howard Chao
Private Investor
Doon Capital

Ajit Dayal
Founder and Director
Quantum Advisory Private Limited

Gordon J. Fyfe
British Columbia Investment Management Corporation

Takajiro Ishikawa
SVP and Division COO
Asset Management Business Division
Mitsubishi Corporation

Melissa J. Ma
Co-Founder and Managing Partner
Asia Alternatives Management

Sheila Patel
CEO, International
Goldman Sachs Asset Management

John Skjervem
Chief Investment Officer
Oregon State Treasury

Paul W. Speltz
Chairman and CEO
Global Strategic Associates

Frank K. Tang
Chief Executive Officer & Managing Partner
FountainVest Partners

Leslie Teo
Chief Economist/Director
Economics & Investment Strategy
GIC Private Limited

Bryan Thomson
Senior Vice President, Public Equities
British Columbia Investment Management Corporation

Founder & Chair Emeritus

Larry Hull

Advisory Council

Doug Pearce, Chair
Teresa C. Barger
Christopher K. B. Brotchie
Roy Doumani
Larry Hull
Takeshi Kadota
Herb Meiberger
James R. Timmins
Amb. Linda Tsao Yang

Management Team

Lionel C. Johnson

Kris Greenville
Vice President

Gwen Bough
Executive Assistant

Sabina Ong Gotuaco
Director of Finance and Administration

Mark Mancao
Director of Communications and Technology

Nicholas Sramek
Director of Programs and Knowledge

Evie Fong
Programs and Logistics Coordinator