IPE Real Assets’ top 100 ranking of some of the world’s largest infrastructure investors has captured more than $360bn in infrastructure assets held by pension funds, sovereign wealth funds, insurers and other institutional capital owners. It was based on IPE Research survey data, Rainmaker Information and publicly available information, predominantly in the form of annual reports. Where accurate numbers were not available, estimates have been made. Some investors have not been included due to a lack of information.

Sources: IPE Research, Rainmaker Information
 InvestorCountryInfrastructure assets ($‘000s)Total assets ($‘000s)
1 China Investment Corporation China 40,676,000 813,513,000
2 Abu Dhabi Investment Authority UAE 24,840,000 828,000,000
3 Canada Pension Plan Investment Board Canada 18,234,800 237,802,000
4 National Pension Service South Korea 16,020,200 498,004,000
5 Ontario Teachers’ Pension Plan Canada 13,215,000 130,368,000
6 OMERS Canada 13,024,900 79,825,700
7 APG Netherlands 12,850,500 514,021,000
8 Legal & General UK 12,301,600 575,535,000
9 CDPQ Canada 10,913,500 154,199,000
10 AustralianSuper Australia 8,617,230 81,245,200
11 PSP Investments Canada 8,329,460 101,754,000
12 bcIMC Canada 8,254,420 101,679,000
13 Future Fund Australia 8,209,820 102,265,000
14 PGGM Netherlands 7,901,700 216,823,000
15 China Life China 7,703,250 352,445,000
16 Teacher Retirement System of Texas US 7,646,282 152,925,647
17 Unisuper Australia 7,335,670 42,881,100
18 Allianz Germany 6,959,670 741,605,000
19 PKA Denmark 6,290,100 37,894,000
20 USS UK 4,981,360 78,381,800
21 Manulife Canada 4,974,170 238,983,000
22 Aviva UK 4,920,640 24,226,800
23 Qsuper Australia 4,430,520 50,836,300
24 AIMCo Canada 3,951,860 46,781,600
25 AXA France 3,920,300 777,141,000
26 First State Superannuation Scheme Australia 3,718,850 43,590,700
27 CalPERS US 3,690,000 322,202,000
28 TIAA US 3,279,000 282,400,000
29 PensionDanmark Denmark 3,136,610 31,681,300
30 Bayerische Versorgungskammer Germany 3,080,510 91,730,800
31 HESTA Australia 3,046,320 28,879,100
32 CBUS Australia 2,958,270 29,500,900
33 Ping An China 2,734,100 283,742,000
34 Industriens Pension Denmark 2,638,770 24,055,800
35 British Steel Pension Fund UK 2,464,050 19,064,000
36 MEAG Munich ERGO Germany 2,317,830 292,890,000
37 State Super Australia 2,265,920 29,955,100
38 Hostplus Australia 2,044,410 19,149,000
39 Ärzteversorgung Westfalen-Lippe Germany 1,988,360 13,197,700
40 Sunsuper Superannuation Fund Australia 1,974,380 30,243,400
41 Lloyds Banking Group Pension UK 1,959,570 54,333,700
42 ATP Denmark 1,837,140 108,696,000
43 CalSTRS US 1,800,000 210,000,000
44 Alaska Permanent Fund Corporation US 1,760,710 55,346,898
45 Local Pensions Partnership UK 1,690,220 16,252,100
46 Washington State Investment Board US 1,570,000 96,950,000
47 OPSEU Canada 1,533,080 14,849,700
48 REST Industry Super Australia 1,436,790 35,582,500
49 CFS FirstChoice Superannuation Trust Australia 1,430,720 47,888,100
50 New York Common Retirement Fund US 1,400,000 192,000,000
51 Alberta Heritage Savings Trust Fund Canada 1,275,680 10,868,100
52 Railway Pension Scheme UK 1,269,870 35,015,500
53 BBC Pension Scheme UK 1,245,340 19,551,800
54 Oregon PERF US 1,100,000 73,000,000
55 MainePERS US 1,058,600 13,400,000
56 PGB Netherlands 1,051,210 27,917,800
57 AP1 Sweden 1,036,350 34,408,800
58 Workers’ Compensation Board Alberta Canada 1,004,180 7,411,040
59 MTAA Superannuation Fund Australia 984,443 7,429,150
60 Pennsylvania PSERS US 951,800 52,700,000
61 Ontario Pension Board Canada 919,598 24,470,669
62 Ontario Power Generation Canada 894,608 10,017,400
63 AP3 Sweden 883,936 38,580,500
64 Lothian Pension Fund UK 855,227 8,180,330
65 Victorian Superannuation Fund Australia 842,981 13,171,700
66 State of Michigan Retirement System US 755,000 65,600,000
67 Alberta Teachers’ Retirement Fund Canada 752,804 10,301,600
68 Commonwealth Superannuation Corp Australia 738,079 28,871,900
69 WorkSafeBC Canada 727,654 11,152,100
70 Nova Scotia Health Employees’ Pension Plan Canada 701,559 5,305,470
71 Texas Permanent School Fund US 662,700 7,123,000
72 Alaska Retirement Management Board US 653,840 31,301,420
73 DIP/JØP Denmark 642,026 17,722,700
74 TfL Pension Fund UK 620,428 12,288,800
75 BT Pension Scheme UK 620,325 66,351,800
76 AMF Sweden 615,337 58,236,400
77 Local Authorities Superannuation Fund Australia 613,526 5,626,240
78 Greater Manchester Pension Fund UK 607,900 26,489,700
79 Canadian National Railway Company Canada 597,642 13,238,000
80 Care Super Australia 588,120 9,104,160
81 Government Pension Investment Fund Japan 584,466 1,127,190,000
82 CAAT Pension Plan Canada 577,104 7,431,200
83 Virgina Retirement Systems US 574,413 22,039,266
84 Pension Protection Fund UK 571,487 58,646,500
85 PMT Netherlands 570,465 76,898,700
86 Nationwide Building Society UK 562,786 6,768,410
87 Telstra Super Australia 549,416 15,018,900
88 PFA Pension Denmark 542,401 89,343,700
89 Texas ERS US 538,000 26,900,000
90 New Zealand Superannuation Fund New Zealand 533,416 21,350,800
91 Local Government Super Australia 524,936 7,089,530
92 Florida State Board of Administration US 522,900 155,500,000
93 Ilmarinen Finland 513,419 44,154,000
94 Mercer Super Trust Australia 511,367 13,908,800
95 West Midlands Pension Fund UK 510,589 17,698,800
96 Strathclyde Pension Fund UK 503,117 24,532,000
97 Swiss RE Switzerland 486,000 215,065,000
98 Varma Finland 469,888 45,437,100
99 BT Retirement Wrap Australia 461,190 39,489,200
100 MP Pension Denmark 447,208 16,794,500

Sources: IPE Research, Rainmaker Information

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