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1 | Company Name | Key Principals (Who do the Investing) | Size of Funds | Investment Philosophy/Strategy | Investments in Listed Companies | Investments in Listed Financial Services Companies | Interactions with Management of Invested Companies | Sources | ||||||||||||||||||
2 | Sample Row | Name and title of person(s) and positon in the investment company. For example, Dave Jones, CIO | $xxx (thousands, millions, etc) | Provide a brief description/summary of each company's investment philosophy/strategy. | Name of listed companies invested in. | Names of listed financial services companies invested in. | Provide a list or description of the interactions the investing companies have with the management of the companies invested in. Do the companies have a lot of autonomy? What, if anything, do the investors do with the companies invested in other than invest funds? | |||||||||||||||||||
3 | Bezos Expeditions | Stephen Campbell, CIO [1] | $1 billion [3] | Bezos Expeditions serves as the venture capital investment arm of Jeff Bezos [4]. Based on investment patterns, Bezos Expeditions seems to be a passive investor. This makes sense in many cases as the firm has made major investments in biotech and scientific companies such as Grail, Juno Therapeutics, UNITY Biotech, Rethink Robotics, etc. The boards of these companies are usually filled with experts, as can be seen with Grail [10]. | Workday, Twitter, Juno Therapeutics, Uber [4] | N/A [4] | The companies that Bezos Expeditions invest in seem to have a lot of autonomy. Bezos himself only has two board memberships in Amazon and the Bezos Family Foundation [6]. There are no board memberships in major and minor investments such as Twitter [7], Plenty [8], Fundbox [9], Grail [10], etc. No evidence has been found that anything other that investment is done with these companies. | [1] https://www.linkedin.com/in/stephen-campbell-36a1746/ [2] https://www.bezosexpeditions.com/ [3] https://www.franktop10.com/today-silicon-valley/620651/ [4] https://www.visualcapitalist.com/jeff-bezos-empire-chart/ [5] https://www.theatlantic.com/technology/archive/2013/08/the-odd-philosophy-behind-jeff-bezoss-weird-investments/278390/ [6] https://www.bloomberg.com/profile/person/1642252 [7] https://investor.twitterinc.com/corporate-governance/board-of-directors/default.aspx [8] https://pitchbook.com/profiles/company/163578-61 [9] https://www.crunchbase.com/organization/fundbox/advisors/current_advisors_image_list [10] https://grail.com/about/ | ||||||||||||||||||
4 | Blue Pool Capital | Alexander West, CIO [1] | $2 billion [2] | Blue Pool Capital is a Hong Kong-based hedge fund and family office that invests in all major asset classes [3]. Even though they have a passive approach with most investments, they seem to have a buy-to-build philosophy. Joe Tsai, owner of Blue Pool Capital, looked to build infrastructure in San Diego [4]. One of the ways he planned to do that was through buying the Brooklyn Nets, even though there are no plans to move [6]. | N/A [3] | N/A [3] | With the recent Brooklyn Nets purchase, Tsai used his connections to market the team in China [5]. Apart from the Nets purchase where they have complete control, Blue Pool has made investments into several biotech and pharmaceutical companies through funding rounds. They were not the major investor in any of these investments, which means they have no controlling stake [6]. | [1] https://www.linkedin.com/in/alexander-west-b145195/?originalSubdomain=hk [2] https://hedgefundcontacts.com/blog/blue-pool-capital/ [3] https://pitchbook.com/profiles/investor/109277-83 [4] https://www.sportsbusinessdaily.com/Daily/Issues/2017/12/19/Facilities/SD-Arena.aspx [5] https://nypost.com/2019/09/18/david-levys-plans-for-new-nets-era-under-joe-tsai/ [6] https://app.dealroom.co/investors/blue_pool_capital/ | ||||||||||||||||||
5 | Pacific Century Group | Richard Li, Chairman and CEO [2] | $70 billion (as of 2012) [3] | Pacific Century Group is a holding company with businesses across three sectors: technology, media, and financial services and property [1]. They buy well-established companies to enter new markets, as can be seen in their corporate history. They bought well established Cable & Wireless HKT in 2000 to form PCCW and HKT, and bought AIG's asset management business to for PineBridge Investments [5]. Many investments are done through their subsidiaries such as PCCW and PineBridge [5]. PineBridge is their main investing arm, and has $97.2 billion in assets under management [1]. | PCCW, HKT, Pacific Century Premium Developments [1] | N/A [1] | Pacific Century Group takes a very active part in their investments. Their investments have mostly been acquisitions which they used to form new companies. Acquisitions include Cable & WIreless HKT, AIG Asset Management, ING Groep N.V. (Hong Kong, Macau, and Thailand), and CSL New World Mobility to form PCCW, PineBridge Investments, FWD Group, and HKT respectively. Its subsidiary PCCW also acquired VuClip to launch Viu, a new OTT service and free TV channel in Hong Kong [5]. This history shows that they take a very hands-on approach, completely taking over the company and rebranding it and making it new. They are a holding company, hence there is no autonomy with their subsidiaries. | [1] http://www.pcg-group.com/about/ [2] http://www.pcg-group.com/leadership/ [3] https://www.fwd.com/en/news-room/pacific-Century-group-Announces-Completion-of-the-Acquisition-of-ING-Hong-Kong-Macau-and-Thailand-Businesses.html [4] https://www.revolvy.com/page/Pacific-Century-Group [5] http://www.pcg-group.com/milestones/ | ||||||||||||||||||
6 | Investor AB (a Swedish company) | Daniel Nodhäll, Head of Listed Core Investments [3] Petra Hedengran, Head of Investments in EQT Funds [3] Christian Cederholm, Co-head of Patricia Industries [3] Noah Walley, Co-head of Patricia Industries [3] | $41.97 billion [3,6] | Investments are done through three ways: Core Investments, Patricia Industries, and EQT AB [3]. With their core investments, they value the companies based on share price [3]. They have significant minority ownership in each company and seek to build a long-term, buy-to-build strategy. They will usually have two boardmembers, with one being the chairperson [3]. In companies that were invested in through Patricia Industries, they use their own acquisition methods to value subsidiaries and equity methods to value partner-owned investments. They will use multiple methods to value and invest in financial institutions [3]. Each board within the Patricia Industries portfolio has independent directors and directors from the company. Their strategy is long-term and buy-to-build, except for financial institutions [3]. EQT is a separate investment firm in which Investor AB has a 19% stake. EQT has various funds in which Investor AB takes part and they share between 5 and 40% in each active fund. The strategy is long-term and buy-to-build. Investor gets board representation with each EQT investment and at least one boardmember in EQT [3]. | Atlas Copco, ABB, Skandinaviska Enskilda Banken AB, AstraZeneca, Wartsila, Saab, Electrolux, Ericsson, Husqvarna Group, NASDAQ, Sobi, Epiroc [3] | Skandinaviska Enskilda Banken AB, NASDAQ [3] | Investor AB takes a very active approach in their investments. It describes itself as an 'engaged' and long-term owner. They actively participate in boards by driving initiatives that they believe will create the most value for each company [3]. They have a buy-to-build philosophy for each company they invest in. They ensure that each company outperforms their competition and reaches their full potential [3]. They develop value creation plans for each company by identifying key value drivers for the next 3-5 years. These plans include profitable growth, corporate health, innovation, sustainability, and capital structure [3]. They implement sustainability models and practices into each investment [3]. | [1] https://www.theofficialboard.com/org-chart/investor-ab#1173447 [2] https://www.investorab.com/about-investor/board-management/management-group/management-group/ [3] http://ir.investorab.com/files/press/investor/201903293936-1.pdf [4] https://www.linkedin.com/in/daniel-nodh%C3%A4ll-68728420/ [5] https://transferwise.com/us/currency-converter/sek-to-usd-rate [6] https://imgur.com/JWQpWLd | ||||||||||||||||||
7 | Harvard Endowment Fund | Rick Slocum, CIO [1] Narv Narvekar, CEO [1] Sanjeev Daga, COO [1] | $40 billion [2] | The fund was made up of more than 13,000 individual funds invested as a single entity. It has a purpose to fund the groundbreaking discoveries in science, hundreds of professorships, and become the leading financial aid program. [5] A portion of the endowment is used to support the University's budget, while the excess in distribution is retained in the Harvard endowment for future generations. [5] HMC or Harvard Management Company has managed the Harvard Endowment Fund since 1974. [5] They use modern portfolio theory or diversification across assets with varied correlations. [6] Recently HMC invested in tech companies, it purchased about $10 million of stock in cybersecurity company [4] | Facebook, Palo Alto Networks, Booking Holdings, and Alphabet [3] | iShares Core S&P 500 ETF (IVV) [7] | HMC has an active role in their investments. They take part in selecting the management, monitoring, underwriting, and analysis. They engage with portfolio companies and exercise their voting rights. [8] HMC described itself as "active ownership," Every year, The Advisory Committee on Shareholder Responsibility (ACSR), gives recommendations to publicly traded companies that Harvard owns shares. They formulate recommendations in areas from environmental practices to equal employment opportunity. [8] | [1] https://www.hmc.harvard.edu/about/#leadership [2] https://www.cnbc.com/2019/10/28/harvards-endowment-is-worth-40-billionheres-how-its-spent.html [3]https://www.hmc.harvard.edu/content/uploads/2019/04/HMC-Sustainable-Investment-Policy.pdf [4]https://www.thecrimson.com/article/2019/11/26/hmc-invests-in-tech-2019/ [5]https://www.harvard.edu/about-harvard/harvard-glance/endowment [6]https://irei.com/publications/article/investing-like-harvard-yale-endowment-funds/ [7]https://investorplace.com/2019/10/7-stocks-to-buy-from-the-harvard-endowment/ [8]hmc.harvard.edu/sustainable-investing/ | ||||||||||||||||||
8 | Alphabet | David Krane, CEO and Managing Partner (GV) Graham Spencer, Managing Partner (GV) [1] David Lawee, Founder General Partner (CapitalG) Laela Sturdy, General Partner (CapitalG) Gene Frantz, General Partner (CapitalG) [2] | $1 billion (CapitalG) [4] $ 4.5 billion (GV) [3] | Alphabet has numerous investment arms. Its most significant investment arm is GV or formerly Google Ventures. A lot of their investments are startups such as Lyft, Gusto, and 23AndMe. [4] Alphabet tends to invest in startup companies that use the latest technology. GV stated that it funds founders and companies that transform industries. [3] Alphabet even has a VC that focuses on artificial intelligence, Gradient Ventures. [4] The investment's strategy of Alphabet is long term investment and "work side by side." GV believes in spending time together with its portfolio companies in every activity, such as a BBQ party or playing softball. [5] Alphabet doesn't have a cohesive or unifying theme to its funds’ collective portfolio. Its investments are diversified; this company has a diverse collection of initiatives, businesses, and long-term investment in its umbrella. [4] | Uber, Slack, Anchor [3] | N/A [6] | Alphabet's investment companies, such as GV, work together and have an active role with their portfolio companies every step of the way. [5] CapitalG also has an active role in its portfolio companies. It has experts from Google offices to help its portfolio companies grow. Its strategy is identifying the value it can bring and engage the right advisors to support each portfolio company. Alphabet's investment companies offer thought leadership events, mentorship programs, and problem-solving sessions with Google experts. [7] | [1] https://www.gv.com/team/ [2] https://capitalg.com/team/ [3] https://www.gv.com/ [4] https://techcrunch.com/2018/02/17/a-peek-inside-alphabets-investing-universe/ [5] gv.com/culture/ [6] https://www.gv.com/portfolio/ [7] https://capitalg.com/about/ | ||||||||||||||||||
9 | Microsoft | Beau Damon, CIO | $158 billion | Microsoft has numerous investment arms. Investments are done from these arms or from the corporate balance sheet. Some of these investment arms that are geared towards startups include M12 and ScaleUp [5]. Recently, Microsoft tends to invest in companies that support the Azure cloud directly. This is one of the reasons why they give free cloud credits to portfolio companies. Examples of cloud and cloud-based companies that they have supported recently are Mesosphere, CloudSimple, and CodeFresh [5]. They have bolstered their current enterprise software and services through investments and acquisitions. Since 2014, they have made over 15 investments in enterprise software startups that span industries such as cybersecurity and marketing [5]. Microsoft Corporate investments have backed 13 enterprise software deals while M12 has backed 48 [5]. Their investments and acquisitions show they are prioritizing edge computing and IoT as it relates to the cloud [5]. | Verisign, Comcast, Apple, RealNetworks, Nextel Communications, AT&T, Akamai, Best Buy, Hitachi [4] | N/A [4] | Microsoft actively works with the companies that they invest in through the M12 venture capital arm. Our of the 25 employees at M12, 22 actively work with portfolio companies helping them success [6] Even though they offer help, there is no indication that they control companies through board positions, unless the companies are bought outright [8]. This can be seen in the news that Microsoft tasked former US AG Eric Holder to investigate whether AnyVision was adhering to their rules in Israel and the West Bank [7]. This shows that even though help is offered, Microsoft-invested companies have autonomy. . | [1] https://www.linkedin.com/in/beau-damon-7111789a/ [2] https://www.linkedin.com/in/jaynab/ [3] https://powerbi.microsoft.com/en-us/blog/microsoft-treasury-power-bi-us-consumer-personal-spending-dashboard/ [4] https://www.microsoft.com/en-us/Investor/investment-history.aspx [5] https://www.cbinsights.com/research/report/microsoft-strategy-teardown/ [6] https://www.geekwire.com/2019/microsofts-m12-lays-investment-strategy-aims-make-corporate-vc-community-founder-friendly/ [7] https://www.onmsft.com/news/microsoft-adds-board-member-rejects-employee-board-seat-at-annual-shareholders-meeting [8] https://www.businessinsider.com/microsoft-github-employee-backlash-board-representation-2019-12 | ||||||||||||||||||
10 | Apple | Jeffery Power, Managing Director (Braeburn Capital) | $244 billion [2] | Their main investment arm, Braeburn Capital, is a subsidiary that manages 70% of Apple's total assets. It supplies Braeburn Capital with money through debt instruments and doesn't provide much disclosure about its portfolio. In this way Apple acts like a hedge fund [5]. Apple's investment strategy is usually to purchase companies outright. Normal investments in companies are rare. Their billion dollar investment in Didi Chuxing was the most significat investment in decades [4]. Apple seems to make investments in companies that exceed where it falls short. Experts believe that Apple's investment into Didi Chuxing was to give them a way to get valuable driver data [4]. Also, Apple invests in companies that could help its own products. This was seen in the recent $250 million investment into Corning Incorporated, makers of precision glass for their mobile devices [6]. | Adobe Systems, Corning, Imagination Technologies, eMagin [3] | N/A [3] | Apple seems to take some role in their investments as it relates to advancing the company itself. When Apple invested in Didi Chuxing, analysts saw this as Apple bolstering its driver data capabilities [4]. Apple made a hudge investment in Corning, makers of glass for iPhones and Apple Watch. The CEO of Corning hailed the investment as a "collaboration", and Corning is set to continue, if not ramp up, glass production for Apple's mobile devices [6]. | [1] https://www.linkedin.com/in/jeffery-power-cfa-frm-4915306/ [2] https://dailyfintech.com/2019/09/03/beware-of-hidden-fund-mgt-businesses-from-big-tech-companies/ [3] https://www.crunchbase.com/organization/apple/investments/investments_list [4] https://www.cbinsights.com/research/report/apple-strategy/ [5] https://www.wsj.com/articles/apple-is-a-hedge-fund-that-makes-phones-1535063375 [6] https://www.apple.com/newsroom/2019/09/apple-awards-an-additional-250-million-from-advanced-manufacturing-fund-to-corning/ | ||||||||||||||||||
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