Voya 2014 Annual Report Download - page 352

Voya Financial, Inc.
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
(4) Limited partnerships are comprised of two assets that use NAV to calculate fair value. Pantheon Europe has
a balance of $12.1 and Pantheon USA has a balance of $53.1. Their strategy is to create a portfolio of high
quality private equity funds, operating across Europe and diversified by stage, sector, geography, manager
and vintage year. For the year ended December 31, 2014, Pantheon Europe and Pantheon USA have
unfunded commitments of $2.4 and $7.8, respectively, and there were no significant redemption restrictions.
(5) UBS Trumbull Property Fund (“UBS”) uses the NAV to calculate fair value. UBS has a balance of $81.8
and is an actively managed core portfolio of equity real estate. The Fund has both relative and real return
objectives. Its relative performance objective is to outperform the National Council of Real Estate
investment Fiduciaries Open-End Diversified Core (“NFI_ODCE”) index over any given three-to-five-year
period. The Fund’s real return performance objective is to achieve at least a 5.0% real rate of return (i.e.,
inflation-adjusted return), before advisory fees, over any given three-to-five-year period. Investors may
request redemptions of all or a portion of their units as of the end of a calendar quarter by delivering written
notice to the Fund at least sixty days prior to the end of the quarter.
(6) Magnitude Institutional, Ltd. (“MIL”) has a balance of $82.1 and is designed to realize appreciation in value
primarily through the allocation of capital directly and indirectly among investment funds and accounts.
There are significant redemption restrictions in the MIL fund.
The following table summarizes the fair values of the pension plan assets as of December 31, 2013 by asset class
were as follows:
Level 1 Level 2 Level 3(1) Total
Assets
Fixed maturities, short term investments and cash:
Cash and cash equivalents ..................... $ 1.5 $ — $ — $ 1.5
Short-term investment fund(2) ................... — 153.8 — 153.8
U.S. Government securities ................ 58.4 — — 58.4
U.S. corporate, state and municipalities ....... 2.6 340.9 — 343.5
Foreign securities ........................ — 48.6 — 48.6
Residential mortgage-backed securities ....... — 2.9 — 2.9
Commercial mortgage-backed securities ...... — — — —
Other asset-backed securities ............... — 1.1 — 1.1
Total fixed maturities ......................... 62.5 547.3 — 609.8
Equity securities:
Large-cap domestic ....................... 412.0 — — 412.0
Small/Mid-cap domestic ................... 91.4 — — 91.4
International commingled funds(3) ........... — 221.5 — 221.5
Limited partnerships(4) .................... — — 71.4 71.4
Total equity securities ......................... 503.4 221.5 71.4 796.3
Other investments:
Real estate(5) ............................ — — 74.6 74.6
Limited partnerships(6) .................... — — 76.1 76.1
Futures ................................. — — — —
Total other investments ........................ — — 150.7 150.7
Net, total pension assets .......................... $565.9 $768.8 $222.1 $1,556.8
(1) Level 3 net assets accounted for 14.3% of total net assets measured at fair value on a recurring basis.
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