Welcome to the Global Investor 100 – Private Equity International’s annual list of the world’s biggest private equity investors based on the fair market value of their PE investment portfolios.
GLOBAL INVESTOR 100 OVERVIEW
The bumpy fundraising environment is front of mind for most market participants. And yet, in spite of uncertain conditions, this year’s GI 100 shows that investors’ appetites for the asset class have not abated. The full list of LPs allocated $2.12 trillion to private equity last year – an increase of more than 18 percent from the previous year’s ranking – and needed to have a PE portfolio worth at least $5.8 billion to make the list at all. With an average allocation of 20 percent within the top 10 institutions, it’s clear that the asset class’s biggest hitters are still inextricably drawn to what private equity has to offer.
In this year’s coverage, we take a close look at the PE portfolios of the top 10 investors, as well as a breakdown of investors’ exposure to the asset class by region and institution type.
AN INTERACTIVE LOOK AT THE PEI GI 100
PEI GI 100 | METHODOLOGY
This ranking is based on the fair value of investors’ private equity investment portfolios, both through third-party managed investment vehicles and direct investments. This fair value is measured at a single point in time for all investors to provide an apples-to-apples comparison. For the 2023 ranking, this is 31 December 2022.
Private Equity International’s Research & Analytics team sought to communicate directly by phone and email with investors to find out the total value of their private equity investments as described here.
In the absence of primary data, the team gathered information from secondary sources and sought to validate the researched figure with the investors themselves before publication. We do not disclose which institutions have provided information on a primary basis.
When an investor was unable to provide or validate the required figures, we reserved the right to discount that investor from the GI 100 ranking.
The definition of private equity for the purpose of this ranking is capital committed by investors to a dedicated programme of investing into private, unlisted companies. This includes capital for strategies such as buyouts, growth equity, venture capital, and turnaround or control-orientated distressed investments.
Capital invested through the following structures is included:
- Externally managed private equity funds and funds of funds
(both closed-end and open-end)
- Separately managed accounts;
- Co-investment vehicles;
- Direct investments into private companies.
Investors with a defined allocation to private equity, as well as those that are active investors in private equity but may not have a defined allocation, are both considered for this ranking.
- Non-proprietary capital: As this is an investor ranking, we do not count capital raised or managed on behalf of third-party investors.
- Debt investments: Any investments in the debt of private companies including mezzanine or preferred equity strategies;
- Expected commitments: We do not count pending or future commitments and investments, or the uncommitted portion of an institution’s target allocation;
- Public equity funds: Investments in listed vehicles, or direct investments in listed stocks;
- Hedge funds: These primarily target liquid securities or trading strategies;
- Real estate investments: Either directly or through funds in property;
- Infrastructure investments: Either directly or through funds in infrastructure projects;
- Natural resources investments: Either directly or through funds in natural resources assets (agriculture, timber, etc).
Where investments are made in what may be termed a ‘grey area’, we reserve the right to make the final judgment based on applicability according to our definition.
PEI GI 100 | PREVIOUS RANKINGS
In addition to the Global Investor 100, Private Equity International also compile other private equity rankings.
What’s more, our sister titles also produce their own industry rankings covering private debt, infrastructure investing and private real estate.