Welcome to the inaugural ranking of Private Debt Investor’s PDI 200, our annual ranking of the leading fundraisers in private credit based on a rolling five-year period – doubled in size from our PDI 100 ranking. It’s a story of debt managers shrugging off headwinds and continuing to amass bigger war chests.
| Rank | Firm | HQ | Capital raised ($m) |
|---|---|---|---|
| 1 | Ares Management | Los Angeles | 117,171 |
| 2 | Goldman Sachs Asset Management | New York | 83,421 |
| 3 | HPS Investment Partners | New York | 66,742 |
| 4 | Blackstone | New York | 58,389 |
| 5 | Apollo Global Management | New York | 49,612 |
| 6 | Intermediate Capital Group | London | 49,482 |
| 7 | Oaktree Capital Management | Los Angeles | 46,317 |
| 8 | BlackRock | New York | 45,727 |
| 9 | AXA IM ALTS | Paris | 43,769 |
| 10 | M&G Investments | London | 38,005 |
The inaugural PDI 200 is based on the amount of private debt investment capital raised by firms between 1 January 2018 and 1 June 2023. Where two firms have raised the same amount of capital over this period, the higher ranking goes to the firm with the largest active pool of capital raised since 2018 (the biggest single fund). If there is still a tie after taking into account the size of the largest funds, greater weight is given to the firm that has raised the most capital over the previous 12 months.
The highest priority is given to information we receive from or confirm directly with private debt managers themselves. When firms confirm details, we seek to ‘trust but verify’. Some details cannot be verified by us, and in these instances we defer to the honour system.
To encourage co-operation from private debt firms that might make the PDI 200, we do not disclose which ones have aided us on background and which have not. If we have not had confirmation of details from the firm itself, we seek to corroborate information using its website, press releases, limited partner disclosures and similar sources.
For the purposes of the PDI 200, the definition of private debt is capital committed by investors to a dedicated programme of investing in the debt of private companies, or the debt financing of leveraged buyouts, infrastructure projects and real estate.
This encompasses all elements of the capital structure except equity, and includes senior, unitranche and mezzanine investments. Asset-backed lending, distressed debt or credit-orientated special situations funds are also included.
For the purposes of the PDI 200, capital raised means capital definitively committed to a private debt direct investment programme. In the case of a fundraising, it means the fund has had a final or official interim close on or after 1 January 2018.
The full amount of a fund if it has a close after this date may be counted. The full amount of an interim close (a real one, not a ‘soft-circle’) that has occurred recently, even if no official announcement has been made, may also be counted, as may capital raised through co-investment vehicles. BDCs are not included.
• Limited partnerships
• Co-investment funds
• Separate accounts
• Capital raised by private debt managers that happen to be publicly traded
• Seed capital and GP commitments
• Senior debt funds
• Subordinated debt funds
• Mezzanine funds
• Distressed debt funds
• Leasing funds
• Venture debt funds
• Royalty financing funds
• Expected capital commitments
• Public funds
• Contributions from sponsoring entities
• Capital raised for funds of private debt funds or secondaries vehicles
• Equity funds (private equity, real estate, infrastructure)
• High-yield bond funds
• Traditional fixed-income vehicles
• Collateralised loan obligation funds
• Hedge funds
• Capital raised on a deal-by-deal basis
• Leverage
Below you will find coverage of the 2022 PDI 100. It’s a story of continuing investor hunger for the asset class, despite the challenges of the macroeconomic environment.
Below you will find coverage of the 2021 PDI 100, an enlarged annual ranking of the leading fundraisers in private debt based on a rolling five-year period. It’s a story of continuing investor hunger for the asset class, despite the challenges of covid-19, as the aggregate total climbs to new heights.
Below you will find coverage of the 2020 PDI 50, Private Debt Investor’s annual ranking of the leading fundraisers in private debt based on a rolling five-year period. It’s a story of continuing investor hunger for the asset class, despite the challenges of covid-19, as the aggregate total climbs to new heights.
Each year we publish our PDI 50 and each year we witness the growing consolidation of the industry. The 2019 list has been no different. This is now our seventh iteration of the ranking, and the third since we expanded the list from 30 to 50 firms.
In addition to the PDI 200, Private Debt Investor also compile other private debt rankings.
What’s more, our affiliate titles also produce their own industry rankings covering private equity, infrastructure investing and private real estate.
To view the latest rankings from Private Debt Investor, plus those from Private Equity International, Infrastructure Investor and PERE, simply navigate through the sections below:
Click here to access Private Debt Investor’s in-depth special reports covering a wide array of topics, plus our digital magazines.
Private Debt Investor’s comprehensive database is full of intelligence relating to funds being raised worldwide, with key information on target sizes and strategies used.
Copyright PEI Media
Not for publication, email or dissemination
