Voya Financial, Inc. · NYSE:VOYA
Voya Financial — Pomona Investment Fund — Investor Presentation (March 2025)
38 slides from Voya Financial's investor presentation, Mar 31, 2025
Slide 1: Pomona Investment Fund
Pomona Investment Fund Quarter Ending March 31, 2025 Your clients should consider the investment objectives, risks, charges and expenses of the Fund(s) carefully before investing. For a free copy of the Fund’s prospectus or summary prospectus, which contains this and other information, visit us at w
Slide 2: Disclosure
Disclosure TYPES OF INVESTMENTS AND RELATED RISKS The value of the Fund’s total net assets is expected to fluctuate in response to fluctuations in the value of the Investment Funds, direct investments and other assets in which the Fund invests. Discussed below are the investments generally made by I
Slide 3: Disclosure
Disclosure General Risks to Consider: Secondary investments: The ability of the manager to select and manage successful investment opportunities, underlying fund risks; these are non-controlling investments, no established market for secondaries, identify sufficient investment opportunities, and gen
Slide 4: Executive Summary
Executive Summary A differentiated offering providing access to private equity Why PE? Why Pomona Capital? Why Pomona Investment Fund? Potential Portfolio Enhancement 30+ years of Private Equity Investing Strategy and Structure ▪ Attractive long-term return potential ▪ Experience, relationships, res
Slide 5: Pomona Capital: A Value-Oriented Private Equity Investor
Pomona Capital: A Value-Oriented Private Equity Investor Over 30 years of private equity investing focused on providing long-term capital appreciation and attractive risk-adjusted returns Purpose Driven Platform Relationship Driven Platform Firm Stats Fund & Strategy Stats ˃ Established 1994 ˃ ~600
Slide 6: Highly Collaborative and Established Team of Secondaries Investors
Highly Collaborative and Established Team of Secondaries Investors 30 years of secondaries investing with an established track record of navigating through multiple economic cycles Partners / Investment Committee MULTI-GENERATIONAL LEADERSHIP COMMITTED TEAM DIVERSITY & INCLUSION 3 19 yrs 42% 14 yrs
Slide 7: Agenda
Agenda 01. Private Equity Overview Pg. 8 02. Secondary Market – Pomona’s Value Oriented Approach to PE Pg. 14 03. Pomona Investment Fund (PIF) Pg. 21 7 For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public.
Slide 8: 01. Private Equity Overview
01. Private Equity Overview 8 For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public.
Slide 9: What is Private Equity?
What is Private Equity? Typically defined as an equity investment in a commercial enterprise not registered for public sale. These private companies may be in various stages of their life cycle and may complement public equity, or other alternatives, in a well-constructed portfolio. Venture Capital
Slide 10: Private Equity: U.S. Investment Opportunities
Private Equity: U.S. Investment Opportunities U.S. Public U.S. Private Companies Companies ~6.3 million1,i ~6,7002,ii Private companies account for ~99.9% of the corporate investment opportunities in the U.S. 1 Source: United States Census Bureau. Data as of 2021 and released to the public on 12/21/
Slide 11: Private Equity: Volatility (versus Public Markets)
Private Equity: Volatility (versus Public Markets) Market Resilience COVID-19 Pandemic 45% Great 35% Recession 25% 15% 5% Return -5% -15% -25% -35% -45% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 JS Cambridge PE MSCI World Index Source: Cambri
Slide 12: Private Equity: Hypothetical Growth of $25,000 Investment
Private Equity: Hypothetical Growth of $25,000 Investment Initial $25,000 Investment January 2004 - December 20231 $550,000 $500,000 Cambridge US Private Equity Index $450,000 $390,933 $400,000 $350,000 $300,000 MSCI World Index 3,iv,vi $124,663 $250,000 $200,000 $150,000 $100,000 $50,000 $- 2004 20
Slide 13: Private Equity: Underlying Investors
Private Equity: Underlying Investors Most Active Investor Types1 Pensions Represent Largest PE Allocations2 Average current allocation as a percent of AUM U.S. assets allocated to PE ($B) $155 $67 Accredited Investors 1.1% $229 Insurance Company 3.7% $290 Private Sector Pension Fund 6.7% $1,804 $493
Slide 14: 02. Secondary Market – Pomona’s Value Oriented Approach to PE
02. Secondary Market – Pomona’s Value Oriented Approach to PE 14 For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public.
Slide 15: Private Equity: Access
Private Equity: Access Primary Investments: Investments are made directly in newly formed private equity funds Secondary Investments: Investments in existing limited partner private equity interests from other limited partners Co-Investment: Direct investment in a private company by a limited partne
Slide 16: Secondary Market: ‘J’ – Curve Mitigation
Secondary Market: ‘J’ – Curve Mitigation ▪ Primary and secondary investments generally may have positive returns in later years of a fund, but secondary investors may receive those returns within a shorter investment time frame ▪ Pomona typically purchases funds whose commitments are 70-90% invested
Slide 17: Secondary Market: Underlying Drivers
Secondary Market: Underlying Drivers Private Equity AUM & Secondary Market Deal Flow ($B)1 $150 $12,000 Secondary Transaction Private Equity AUM $125 $10,000 $8,000 $100 Volume $6,000 $75 $4,000 $50 $2,000 $25 $0 $0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Global Private Equity AUM Sec
Slide 18: Secondary Private Equity has Delivered Downside Protection
Private Equity Secondary Market Secondary Private Equity has Delivered Downside Protection ... Secondary PE vs Primary PE 7 Worst MSCI World Index Drawdowns in the Past 20 Years 15% 5% -5% -15% -25% -35% -45% -55% Q4 2007 - Q1 Q2 2010 Q3 2011 Q3 2015 Q4 2018 Q1 2020 Q1 2022 - Q3 Average 2009 2022 vi
Slide 19: ...Without Sacrificing Upside Performance
Private Equity Secondary Market ...Without Sacrificing Upside Performance 20 years ending 12/31/23 30% 26.02% 25% 20% 15% 12.70% 10% 8.80% 8.32% 5% 0% Annualized Total Return Standard Deviation viii iv Cambridge Secondary Fund Index MSCI World Index Twenty years ending December 31, 2023 Source: Camb
Slide 20: Return Enhancement / Risk Mitigation
Return Enhancement / Risk Mitigation (12/31/03 – 12/31/23) Traditional Portfolio Portfolio w/Secondary PE Assumptions E2 10.50% Average Annualized Return ▪ Traditional Portfolio contains 9.50% D2 only equity and fixed income C2 E1 8.50% D1 ▪ Portfolio with Secondary 7.50% B2 C1 Private Equity takes
Slide 21: 03. Pomona Investment Fund (PIF)
03. Pomona Investment Fund (PIF) 21 For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public.
Slide 22: Pomona Investment Fund: Access to a Differentiated Strategy
Pomona Investment Fund: Access to a Differentiated Strategy ◼ Broad exposure to the private equity asset class ◼ Seeks attractive longer-term returns DIFFERENTIATED STRATEGY ◼ Secondaries-focused strategy; limiting “J-curve” and blind pool capital risks while actively seeking to construct an all-wea
Slide 23: Pomona Investment Fund: Differentiated Private Equity Exposure
Pomona Investment Fund: Differentiated Private Equity Exposure Secondary Focus with Complementary Primary and Co-Investment Exposure Co-Investments 0 – 20% Potential for value creation opportunities Secondaries 50 – 100% Primaries Seek mature, high-quality 0 – 40% assets at attractive prices Seek hi
Slide 24: Differentiated Access to the Top Managers In Private Equity
Differentiated Access to the Top Managers In Private Equity Pomona’s Coverage of the HEC Paris – Dow Jones PE Ranking Pomona Pomona Pomona Rank 2023XXI,A Relationship 2022XXII,B Relationship 2021XXIII,C Relationship 1 TA Associates ✓ TA Associates ✓ Accel-KKR ✓ 2 Veritas Capital ✓ Veritas Capital ✓
Slide 25: Pomona Investment Fund: Investment Exposure (as of 3/31/25)
Pomona Investment Fund: Investment Exposure (as of 3/31/25) 1 0.9% 3.5% Sector Exposure 0.9% 0.4% Largest Ten Fund Managers % of Fair Value as of 12/31/20242 9.2% 19.80% Carlyle Group 6.3% Gryphon Investors 5.1% 9.5% Roark Capital Group 4.4% Harvest Partners 3.6% 16.7% Apogem Capital 3.0% 12.2% Norw
Slide 26: Pomona Investment Fund: Fund Performance
Pomona Investment Fund: Fund Performancex (as of 3/31/25) 270% Pomona Investment Fund has outperformed the MSCI +230% 220% World Index by ~74% on a 10-Year cumulative Net Total Return cumulative basis over the 170% past 10 years 120% 70% 20% +156% -30% 10-Year cumulative Net Total Return Pomona Inve
Slide 27: Pomona Investment Fund: Up/Down Capture
Pomona Investment Fund: Up/Down Capture (as of 3/31/25) Since the inception of Class A and Class I, Pomona has captured 73% and 77% of the upside and 17% and 23% of the downside of the MSCI World Index for these share classes, respectively. Pomona Investment Fund, Class A and Class I vs. MSCI World
Slide 28: Pomona Investment Fund: Liquidity Profile
Pomona Investment Fund: Liquidity Profile Pomona Investment Fund Distribution Activity1 As a Percent of Average Annual Portfolio Value (YTD as of 12/31 of each year) Average of 27% per annum2 50% 41.9% 36.5% 37.7% 40% 33.6% 31.3% 30% 24.3% 16.1% 20% 12.2% 11.8% 13.5% 10% 0% 3 2016 2017 2018 2019 202
Slide 29: Pomona Investment Fund: Portfolio Company Exposure
Pomona Investment Fund: Portfolio Company Exposure (as of 12/31/24) Percent Company Description of NAVxiii Company 1 Multi-branded platform in the restaurant industry 1.82% French industrial group that designs, manufactures, and ships broadband, audio video, and smart grid Company 2 1.15% solutions
Slide 30: Endnotes to Presentation
Endnotes to Presentation Past performance of investments described herein is provided for illustrative purposes only and is not indicative of future investment results of any Pomona fund whose past performance is shown herein. Totals may not add due to rounding. There is no assurance that losses wil
Slide 31: Endnotes to Presentation
Endnotes to Presentation Past performance of investments described herein is provided for illustrative purposes only and is not indicative of future investment results of any Pomona fund whose past performance is shown herein. Totals may not add due to rounding. There is no assurance that losses wil
Slide 32: Endnotes to Presentation
Endnotes to Presentation Past performance of investments described herein is provided for illustrative purposes only and is not indicative of future investment results of any Pomona fund whose past performance is shown herein. Totals may not add due to rounding. There is no assurance that losses wil
Slide 33: Endnotes to Presentation
Endnotes to Presentation Past performance of investments described herein is provided for illustrative purposes only and is not indicative of future investment results of any Pomona fund whose past performance is shown herein. Totals may not add due to rounding. There is no assurance that losses wil
Slide 34: Endnotes to Presentation
Endnotes to Presentation Past performance of investments described herein is provided for illustrative purposes only and is not indicative of future investment results of any Pomona fund whose past performance is shown herein. Totals may not add due to rounding. There is no assurance that losses wil
Slide 35: Endnotes to Presentation
Endnotes to Presentation Past performance of investments described herein is provided for illustrative purposes only and is not indicative of future investment results of any Pomona fund whose past performance is shown herein. Totals may not add due to rounding. There is no assurance that losses wil
Slide 36: Definitions
Definitions Past performance of investments described herein is provided for illustrative purposes only and is not indicative of future investment results of any Pomona fund whose past performance is shown herein. Totals may not add due to rounding. There is no assurance that losses will not be incu
Slide 37: Disclaimer
Disclaimer This presentation is confidential and contains proprietary information relating to Pomona Capital and one or more Pomona-sponsored funds (each, a “Fund” and collectively the “Funds”). By accepting this information, you agree that you are subject to certain fiduciary duties to the other pa
Slide 38: Disclaimer
Disclaimer This is not an offering document and is not intended for inspection by, or distribution or quotation to, the general public. Nothing contained herein should be construed as (i) an offer to buy any security or (ii) a recommendation as to the advisability of investing in, purchasing or sell
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