In this fourth annual ranking of the world’s largest private equity firms you will find many familiar names and placements but also some notable shuffling in the ranks, reflective of a dramatically changed fundraising market as well as the rise of specialist and emerging markets strategies.
Having launched in 2007, the PEI 300 has sized up private equity direct investment programmes during private equity’s biggest boom as well as during the sharpest market decline in the history of the asset class. The stability of many of the names on this list across those years is owed largely to the long-term structure of private equity partnerships.
Firms that raised a great amount of capital leading up to 2008, for example, have for the most part retained their standing in the market because much of that capital raised in better times remains under management. But the year 2009 represented a very weak fundraising market, indeed, and the falling tide lowered many boats. For the first time, the five-year fundraising total of the PEI 300’s top 50 has shrunk.