全球私募股权排名-PEI300-2014

The300biggestprivateequitygroupsontheplanetprivateequityinternationalmay201442Thepost-LehmanlegacyTHEPEI300Inevitably,thismeanstheoveralltotalislower–muchlower,infact.Betweenthem,thefirmsinthePEI300haveraised$1,026.8billionsincethestartof2009.That’smorethan10percentbelowtheequivalentfigureforlastyearof$1,134.8billion(whichincluded2008funds).Andit’smorethan20percentbelowthe2012figureof$1,311.5billion(whichincluded2007and2008funds).SinceGPsraisedalmost$540billionin2008,andlessthanhalfasmuchineachofthenexttwoyears,that’shardlysurprising.Italsoexplainswhysomeofthebigfirmswhowereraisinghugesumsin2008–includingTPG,WarburgPincus,BainCapital,Gold-manSachsandAdventInternational–havesliddownthisyear’sranking.Thisyear’sPEI300paintstheclearestpictureyetofthefundraisingmarketsincethefinancialcrisis,withoveralltotalsfallingasthe2008fundsdropout.ByYolandaBobeldijkItwillbesevenyearsthisautumnsincethecollapseofLehmanBrothers.Inthecrisisthatfollowed,itbecameincreasinglytoughforGPstoraisecapital–leaving2007and2008asfundraising’shighwatermark.That’swhythisyear’sPEI300isparticu-larlyinteresting.Compiledbyourin-houseResearch&Analyticsteam,ourrankingliststheworld’sleadingprivateequitymanagersbysizeaccordingtoaverysimplemetric:theamountofcapitalthey’veraisedfordirectprivateequityinvestmentintheprecedingfiveyears(thisbeingaproxyforanaveragefundcycle).Sothisyear,we’reonlycount-ingcapitalcollectedsincethestartof2009.Inotherwords:thisyear,forthefirsttime,thePEI300onlyincludesfundsraisedinthepost-Lehmanworld.Anotherpointtonote:thisyear,forthefirsttime,thebiggest50firmshaveraisedlessthanthenext250biggestfirms($513billionversus$514.9billion).Sothemega-firmsareaccountingforasmallershareofcommittedcapital,relativelyspeaking.Thatmaybelinkedtothegrowingpopularityofthemid-marketinthelastfewyears–althoughthesuccessofrecentlargefundraisesprovesthatthemega-fundsarestillverymuchindemand.Ofcourse,thePEI300bydefinitiontakesalong-termviewofcapitalflows.Intheshortterm,thefundraisingpictureargu-ablylooksmorepositivethanithasatanytimesince2008:GPsraisedover$420bil-lionlastyear,makingitthebestpost-crisisyearbysomedistance,andmanyobserversareexpectingasimilarlystrongyearin2014.Sodon’tbesurprisedtoseesomebignamesclimbingbackuptherankingagainnexttimearound.nTHESMALLPRINTHowtherankingsaredetermined:The2014PEI300rankingsarebasedontheamountofprivateequitydirectinvestmentcapitalafirmhasraisedbetween1January2009and1April2014.DefinitionsPrivateequity:ForthepurposesofthePEI300,thedefinitionofprivateequityiscapitalraisedforadedicatedprogrammeofinvestingdirectlyintobusinesses.Thisincludesequitycapitalfordiver-sifiedprivateequity,buyouts,growthequity,ven-turecapital,turnaroundorcontrol-orienteddis-tressedinvestmentcapitalandmezzaninedebt.Capitalraised:Thismeanscapitaldefinitivelycommittedtoaprivateequitydirectinvestmentprogramme.Inthecaseofafundraising,itmeansthefundhashadafinalorofficialinterimcloseafter1January2009.Wealsocountcapitalraisedthroughothermeans,suchasco-investmentvehi-cles,deal-by-dealco-investmentcapital,publiclytradedvehicles,recycledcapital,andearmarkedannualcontributionsfromasponsoringentity.WhatdoesNOTcountasprivateequity?Fundsoffunds,secondaries,realestate,infra-structure,debt,PIPEsandhedgefunds.NB.ThePEI300isnotaperformanceranking,nordoesitconstituteinvestmentrecommendations.Forafullmethodology,emailPEI’sSeniorResearch&AnalyticsManagerEduardoRoman([e-mail])FUNDRAISINGTOTALSSLIDEAGAINSource:PEIThetotalcapitalraisedinthelastfiveyearsbythe2014PEI300ismorethan10%lowerthantheequivalentfigureforthe2013list,nowthe2008fundshavedroppedoutofthecalculation$bn200920102011201220132014$1,336.4$1,314.0$1,302.4$1,310.5$1,134.8$1,026.8may2014privateequityinternational432014RankFirmHeadquartersPEI300Five-YearFundraisingTotal($m)1p[2]TheCarlyleGroupWashingtonDC$30,650.332p[4]KohlbergKravisRobertsNewYork$27,182.333vw[3]TheBlackstoneGroupNewYork$24,639.844p[8]ApolloGlobalManagementNewYork$22,298.025q[1]TPGFortWorth(Texas)$18,782.596p[10]CVCCapitalPartnersLondon$18,082.357p[12]GeneralAtlanticGreenwich(Connecticut)$16,600.008p[18]AresManagementLosAngeles$14,113.589p[33]ClaytonDubilier&RiceNewYork$13,505.0010q[7]AdventInternationalBoston$13,228.09pHigherrankthan2013qLowerrankthan2013vwSamerankas2013KingCarlyleTHETOP10Withmorethan$30billionraisedsincethestartof2009,TheCarlyleGroupisnowofficiallythebiggestfirminthebusinessTheCarlyleGrouptakesthetopspotinthisyear’sPEI300,havingcollected$30.6billioninthelastfiveyears.That’sactuallylowerthanitsequivalentfigure(of$32.8billion)lastyear;butitwasstillenoughtounseatTPG,whichdropstono.5afterthreeyearsinthetopspot.Andwithplanstoraisebetween$15bil-lionand$20billionthisyear,Carlylewon’tbeanyeasiertobeatnexttimearound,either.InAprilitheldafinalcloseonitsdebutSub-SaharanAfricaFundon$698million,almost$200millionaboveitsinitialtargetof$500million.ItalsoaimstoholdfinalclosesforitsAsia,EuropeandJapanbuyoutfundsbeforetheendof2014.Inaddition,itrecentlysubmittedfilingstotheUSSecuritiesExchangeCommis-sionforitsfirsttwomutualfund