Tell us about Ontario Teachers’ presence in APAC and Japan.
Cindy Yan: Ontario Teachers’ manages roughly C$248 billion for 340,000 teachers in Ontario, Canada. Globally, we have multiple asset classes, including private equity, which is where I sit. In Asia, we have about 10%, or C$22 billion, invested across the region.
We have several billion dollars of exposure to Japan, but we are improving our capabilities in the market to support continued growth through direct investing. Historically, our exposure to Japan has been through public equities, funds and some of our portfolio companies. In the past 18 months we have been exploring more active investments in Japan across real estate, private equity and venture growth. Personally, I supported an established GP in Japan on investment strategy and execution for about 15 years, so I certainly have an attachment to this market as well.