The IPE Real Assets top 100 ranking of some of the world’s largest infrastructure investors accounts for more than $664.3bn (€660bn) in infrastructure assets held by pension funds, sovereign-wealth funds, insurers and other institutional capital owners. It was based on IPE Research survey, Rainmaker 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 because of a lack of information. 

Top 100 infrastructure investors 2022 rankings

 Pension fundCountryInfrastructure assets ($’000)Total assets ($’000)
1 CPP Investments Canada 38,828,300 411,579,980
2 CDPQ Canada 37,974,077 304,413,872
3 Allianz Germany 37,822,160 1,290,256,560
4 ADIA UAE 37,305,000 829,000,000
5 AustralianSuper Australia 25,903,492 187,564,498
6 National Pension Service South Korea 25,393,277 797,718,038
7 OMERS Canada 25,037,024 94,671,247
8 APG Netherlands 22,705,752 720,206,400
9 Ontario Teachers’ Canada 20,420,823 189,029,531
10 AXA France 18,211,789 716,895,262
11 Legal & General UK 17,447,190 785,930,214
12 BCI Canada 15,648,140 156,168,437
13 PSP Investments Canada 14,588,164 162,134,758
14 PGGM Netherlands 14,265,040 252,784,900
15 Australian Retirement Trust Australia 12,407,555 131,549,104
16 Future Fund Australia 10,955,415 148,219,657
17 Teacher Retirement System of Texas US 10,600,000 199,900,000
18 NSW Treasury Corporation Australia 9,067,511 88,281,074
19 UniSuper Australia 8,924,732 76,912,328
20 USS UK 8,624,710 125,509,000
21 Aware Super Australia 7,981,468 111,450,317
22 Manulife Canada 7,686,366 717,970,307
23 AIMCo Canada 7,495,034 92,809,036
24 CalSTRS US 7,200,000 327,400,000
25 Employees Provident Fund Malaysia 6,821,155 247,594,108
26 Government Pension Investment Fund Japan 6,680,051 1,687,706,340
27 Aviva UK 6,565,752 387,239,542
28 The Crown Estate UK 6,474,190 23,601,874
29 ATP Denmark 6,425,878 144,201,584
30 CalPERS US 6,100,000 440,000,000
31 HESTA Australia 5,804,704 50,138,131
32 CBUS Australia 5,296,792 49,993,013
33 IMCO Canada 5,280,649 60,572,148
34 MEAG Germany 5,244,500 324,110,100
35 REST Australia 5,224,234 49,993,013
36 Pennsylvania PSERS US 5,200,000 74,600,000
37 KIC South Korea 5,100,000 183,100,000
38 HOSTPLUS Australia 4,643,763 55,507,482
39 Bayerische Versorgungskammer Germany 4,617,248 121,506,520
40 NYCERS US 4,400,000 80,640,000
41 Talanx Germany 4,303,120 223,676,178
42 New Jersey Division of Investment US 4,300,000 54,400,000
43 PKA Denmark 4,111,344 60,908,800
44= Oregon PERF US 4,100,000 96,500,000
44= Washington State Investment Board US 4,100,000 156,100,000
46 State Super (NSW) Australia 3,627,940 28,950,961
47 PensionDanmark Denmark 3,502,256 45,986,144
48 Alaska Permanent Fund Corporation US 3,400,000 81,400,000
49 Industriens Pension Denmark 3,200,382 30,171,004
50 Maine PERS US 3,200,000 19,200,000
51 New York State Common Retirement Fund US 3,100,000 268,300,000
52 Erzbischöfliches Ordinariat Germany 3,063,930 -
53 Ärzteversorgung Westfalen-Lippe Germany 3,041,810 16,467,730
54 Desjardins Global Asset Management Canada 3,028,607 59,484,956
55 TIAA US 2,820,000 293,200,000
56 Swiss Life Switzerland 2,808,182 259,674,750
57 NN Group Netherlands 2,800,000 236,002,500
58 AMF Sweden 2,749,041 68,726,024
59 Texas ERS US 2,700,000 35,000,000
60 OPTRUST Canada 2,632,017 17,751,250
61 CFS FirstChoice Australia 2,539,558 65,230,361
62 Samsung Life South Korea 2,516,053 907,147,883
63 Virginia Retirement System US 2,400,000 106,300,000
64 Ilmarinen Finland 2,264,800 68,736,680
65 LACERA US 2,200,000 71,600,000
66 AP3 Sweden 2,167,472 55,508,741
67 New Zealand Superannuation Fund New Zealand 2,090,534 35,293,136
68 HOOPP Canada 2,082,767 169,902,027
69 Greater Manchester Pension Fund UK 2,005,427 35,633,261
70 Gothaer Germany 1,904,672 41,069,490
71 PFA Denmark 1,827,264 98,519,984
72 WorkSafeBC Canada 1,772,305 19,108,603
73 Danica Pension Denmark 1,702,401 99,873,530
74 British Broadcasting Corporation (BBC) UK 1,701,928 26,117,860
75 Alecta Sweden 1,668,135 108,919,416
76 Strathclyde Pension Fund UK 1,659,033 35,995,695
77 Spirit Super Australia 1,631,985 19,300,641
78 AP4 Sweden 1,613,475 58,306,131
79 Commonwealth Govt Super Australia 1,596,719 68,350,390
80 Government Pension Fund Global Norway 1,588,790 1,400,404,900
81 MLC Super Fund Australia 1,575,014 61,602,421
82 Sampension Denmark 1,522,720 53,904,288
83 Keva Finland 1,520,813 75,699,808
84 PUBLICA Switzerland 1,494,739 48,088,685
85 Alberta Teachers’ Retirement Fund Board Canada 1,484,316 17,894,712
86 ESSS Australia 1,451,176 22,710,904
87 KLP Norway 1,429,911 80,540,305
88 Varma Mutual Pension Insurance Company Finland 1,358,880 66,811,600
89 Alberta Heritage Savings Trust Fund Canada 1,317,692 14,703,918
90 AMP Super Australia 1,306,058 47,090,661
91= Florida State Board of Administration US 1,300,000 241,000,000
91= University of Texas Investment Mngt. Co. US 1,300,000 60,300,000
93 AP1 Sweden 1,270,888 51,476,490
94 Care Super Australia 1,233,500 15,309,907
95 Migros Switzerland 1,208,327 32,629,749
96 AkademikerPension Denmark 1,174,242 23,413,934
97 Equipsuper Australia 1,160,941 24,597,433
98 Pension Protection Fund UK 1,143,646 64,712,999
99 New Mexico State (NMSIC) US 1,100,000 35,500,000
100 Aust Catholic Australia 1,088,382 7,981,468

Top 100 Infrastructure Investors 2022: Survey