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Breaking into the PEI 300 is no mean feat. Firms must now have a five-year fundraising total of more than $1 billion to make it into the rankings.
This year, 33 firms made their PEI 300 debut. The majority of new entrants – 22 – are situated in North America, while seven are headquartered in Western Europe, and three in Asia-Pacific.
Austin-based Peak Rock Capital was the highest-placed new entrant, joining the list at 166th following the close of its second fund – a vehicle with both an equity and a debt component – at $1.3 billion. It will invest in the mid-market, with the equity portion focusing on companies looking for rapid growth and profit improvement through operational and strategic changes and the credit side focusing on non-control debt investments, including both primary and secondary credits.
Peak Rock closed its debut buyout fund at $700 million in 2013, giving the firm a five-year fundraising total of $2 billion.
Huaxing Growth Capital, the asset management arm of tech-focused investment bank China Renaissance, entered the ranking at 207 with a five-year fundraising total of $1.56 billion, the highest position achieved by a newly included Asia-Pacific-headquartered group. The firm held a first close on its latest yuan-denominated fund on 4 billion yuan ($604 million; €510 million) in December. The firm is also investing two dollar-denominated funds.
There is one new entrant from Central and Eastern Europe, Abris Capital Partners. The mid-market firm, which focuses primarily on businesses in Poland and Romania, closed its third and largest fund on €500 million in September, propelling it into 268th place in the PEI 300 with a five-year fundraising total of just under $1.2 billion.
Tech-focused Atomico made waves last year when it closed the largest-ever European-focused independent venture capital fund above target on $765 million. That was the fourth fund from the group, set up by Skype founder Niklas Zennström, and was significantly larger than its predecessor, which closed on $476.6 million. Thanks to that fundraise, Atomico debuted in the PEI 300 this year in 256th place with a five-year fundraising total of $1.23 billion.
Bain Capital spin-out Core Equity Holdings raised more than €1 billion for its debut fund, which held a final close in September. Core Equity Holdings Fund I has a 15-year life with two one-year extensions. It aims to invest between €200 million and €500 million of equity per investment across three to five deals and will focus on consumer goods and retail, industrials, healthcare and business services, planning to hold each asset for at least 10 years – double the conventional period of most buyout funds. It joins the PEI 300 in 270th place.