Overview
A. PPFA, a Delaware limited liability company, was formed in July 2013, to form and manage
private market investment portfolios for its clients. PPFA is a wholly owned subsidiary of
Pacific Life Insurance Company (“Pacific Life”). Through its direct and indirect
subsidiaries, Pacific Life is engaged in a wide variety of insurance, financial services, and
other investment-related businesses.
B. PPFA’s sole business is providing private market investment management and advisory
services as the investment manager to funds and fund of funds formed and advised by PPFA
(each a “Private Fund” and collectively the “Private Funds”). Although PPFA serves as the
investment adviser to all the Private Funds, most funds are structured to have a distinct
general partner responsible for the daily operations of the respective fund, and each
general partner is an affiliate of PPFA. Although investors in the Private Funds are not
considered PPFA’s clients for regulatory purposes, PPFA sometimes refers to those
investors as clients.
PPFA advises the Private Funds in their private market investments in investment
partnerships or alternative investment vehicles (“Underlying Funds”) managed by third
party investment managers (“Managers”) with respect to both investments made at the
initial or subsequent closing
of an Underlying Fund and the purchase of partnership
interests from existing investors in an Underlying Fund. PPFA also advises clients with
respect to co-investments made alongside existing and prospective Managers, either
directly in a portfolio company or through a special-purpose vehicle.
PPFA’s private market investment management and advisory services consist primarily of
(i) helping clients develop their investment goals, objectives, and policies; (ii) screening
investments and conducting due diligence, including qualitative and quantitative analysis;
(iii) structuring and negotiating legal documents; and (iv) ongoing monitoring and
reporting on clients’ investments.
C. PPFA has full discretion over investment decisions made on behalf of its clients, subject to
client investment guidelines that are tailored to the needs of each client and mutually
agreed upon by PPFA and the client. Other than as set forth in client agreements and
investment guidelines, PPFA’s clients may not impose restrictions on investing in certain
securities or types of securities.
D. PPFA does not participate in any wrap fee programs.
E. As of December 31, 2023, PPFA managed $5,689,422,342 on a discretionary basis. Client
assets include net asset value, plus any uncalled capital commitments.