PEI 300 revealed: the industry’s fundraising giants

Our proprietary ranking of the world’s largest firms by capital raised in the last five years.

2017 PEI 300 Top 10 411px

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It snatched the PEI 300 top spot in spectacular fashion last year with a $25 billion buffer between it and its closest rival. It should come as no surprise, then, that Blackstone is once again king of the private equity jungle.

The multi-strategy asset manager gathered more than $58 billion for private equity investment in the five years to 1 April 2017, which includes $16.9 billion raised last year.

This time, however, there is less of a gap between the leader and its rivals; second place KKR is $8 billion closer this year with a five-year fundraising total of $41.6 billion.

Between them, this year’s top 10 have amassed $320 billion in the last five years, up from $285 billion by last year’s cohort, and account for 23.8 percent of the total capital raised by the whole PEI 300.

The Carlyle Group has leapt from fifth place to third, with an extra $15 billion on its books, while TPG has stormed up the rankings from ninth place to fourth.

Sliders include Warburg Pincus – whose five-year fundraising total, at $30.8 billion, is actually higher than it was last year when it took the third spot – and Advent International, which saw a modest decrease of $59 million on its five-year total.

Houston-based oil-and-gas private equity firm EnCap Investments held strong in eighth place this year, having raised $21.22 billion in the past five years.

Apollo Global Management and CVC Capital Partners also dropped down this year, but both firms have mega-funds on the brink of closing which could have a significant impact on where they sit in next year’s list.

Breaking into the top 10 of the PEI 300 is no mean feat, and just one firm has managed it this year. US asset management firm Neuberger Berman climbed from 12th to ninth, having increased its five-year fundraising total from $14.5 billion to $20.4 billion in the last year.

In February the firm closed its third Dyal Capital Partners fund on just over $5.2 billion having raised its initial target by more than $2 billion.

PEI 300 Return to form 411
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Analysis by tech group Bison shows this year’s top 10 have generated, on average, a net internal rate of return of 13.48 percent since inception. This is compared to 12.9 percent generated by the entire PEI 300, and 14.11 percent by the top 50 firms.

Click here to read the PEI 300 section which features in our May issue