PSP Investments Posts 10.7% 10-Year Annualized Rate of Return as Net Assets Under Management Grow by 9.7% to $168 Billion in Fiscal Year 2019 - Seite 3

billion in acquisitions partially offset by $3.6 billion in
dispositions, driven by the higher churn of the maturing portfolio.
The group's portfolio is well diversified across geographies,
industries, equity sponsors and asset types, heavily weighted toward
floating rate exposure and reflects the contribution of the fully
ramped-up Private Debt team in London.

Real Estate had $23.5 billion in net assets under management, up
by $0.3 billion from the previous fiscal year, and generated $1.7
billion in performance income, resulting in a 7.6% one-year return.
Real Estate's focus was on optimizing the portfolio. Net deployments
were close to break-even as the group disposed of many core assets
with completed business plans in the office and multifamily sectors
in the US and non-strategic assets in Brazil and in the US. The
group also recapitalized the student housing portfolio in London with
Greystar. With a low-yield environment making it more challenging to
acquire core assets, the strategy behind a number of acquisitions in
North America and emerging markets was value-add or opportunistic.
The largest single acquisition was the Downsview airport land in
Toronto, which is a long-term re-development project that aligns with
Real Estate's build-to-core strategy in primary and growth markets.
During fiscal year 2019, Darren Baccus was appointed as Senior Vice
President and Global Head of Real Estate and Natural Resources.

Infrastructure had $16.8 billion in net assets under management, a
$1.8 billion increase from the prior fiscal year, and generated $1.1
billion of performance income, leading to a 7.1% one-year return,
primarily attributable to investments in the transportation and
utilities sectors in Europe and North America. The group deployed
$1.7 billion in new direct and co-investments in fiscal year 2019,
while disposing of non-strategic investments totalling $0.6 billion.
Infrastructure deployment was mostly across Europe and the US. Key
investments included the acquisition of a majority interest in Forth
Ports, the third-largest port operator by volume in the UK, and the
acquisition by Roadis, PSP's road platform, of a controlling interest
in two roads located in Portugal. Portfolio geographic
diversification evolved with increased exposure to the US market and
decreased exposure in Europe, Asia and Oceania.

Natural Resources had net assets under management of $6.8 billion,
an increase of $2.0 billion from the previous fiscal year, and
generated performance income of $574 million, for a one-year return
of 11.1%. Fiscal year 2019 was marked by continued strong deployment