Fair Values of Financial Instruments

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Fair Values of Financial Instruments

The following tables present additional information about our private equity partnerships, including commitments for additional investments which may or may not be funded:

		March 31, 2020
Investment Category		Fair Value		Redemption Term / Redemption Notice	Unfunded Commitments
		(in millions of dollars)			(in millions of dollars)
Private Credit	(a)	$	233.5	Not redeemable	$	141.6
		37.3		Initial 2 year lock on each new investment / Quarterly after 2 year lock with 90 days notice	3.0
Total Private Credit		270.8			144.6
Private Equity	(b)	168.0		Not redeemable	209.2
Real Assets	(c)	168.9		Not redeemable	145.2
		30.4		Quarterly / 90 days notice	25.0
Total Real Assets		199.3			170.2
Total Partnerships		$	638.1		$	524.0

		December 31, 2019
Investment Category		Fair Value		Redemption Term / Redemption Notice	Unfunded Commitments
		(in millions of dollars)			(in millions of dollars)
Private Credit	(a)	$	223.6	Not redeemable	$	152.6
		39.6		Initial 2 year lock on each new investment / Quarterly after 2 year lock with 90 days notice	0.1
Total Private Credit		263.2			152.7
Private Equity	(b)	149.3		Not redeemable	166.8
Real Assets	(c)	173.8		Not redeemable	130.6
		30.4		Quarterly / 90 days notice	25.0
Total Real Assets		204.2			155.6
Total Partnerships		$	616.7		$	475.1

(a)Private Credit - The limited partnerships described in this category employ various investment strategies, generally providing direct lending or other forms of debt financing including first-lien, second-lien, mezzanine, and subordinated loans. The limited partnerships have credit exposure to corporates, physical assets, and/or financial assets within a variety of industries (including manufacturing, healthcare, energy, business services, technology, materials, and retail) in North America and, to a lesser extent, outside of North America.  As of March 31, 2020, the estimated remaining life of the investments that do not allow for redemptions is approximately 41 percent in the next 3 years, 23 percent during the period from 3 to 5 years, 34 percent during the period from 5 to 10 years, and 2 percent during the period from 10 to 15 years.

(b)Private Equity - The limited partnerships described in this category employ various strategies generally investing in controlling or minority control equity positions directly in companies and/or assets across various industries (including manufacturing, healthcare, energy, business services, technology, materials, and retail), primarily in private markets within North America and, to a lesser extent, outside of North America.  As of March 31, 2020, the estimated remaining life of the investments that do not allow for redemptions is approximately 31 percent in the next 3 years, 23 percent during the period from 3 to 5 years, 44 percent during the period from 5 to 10 years, and 2 percent during the period from 10 to 15 years.

(c)Real Assets - The limited partnerships described in this category employ various strategies, which include investing in the equity and/or debt financing of physical assets, including infrastructure (energy, power, water/wastewater, communications), transportation (including airports, ports, toll roads, aircraft, railcars) and real estate in North America, Europe, South America, and Asia.  As of March 31, 2020, the estimated remaining life of the investments that do not allow for redemptions is approximately 1 percent in the next 3 years, 14 percent during period from 3 to 5 years and 85 percent during the period from 5 to 10 years.