Pei 135 - Pei300

Showcasing the worlds
300 largest private equity groups
INTRODUCTION
Encouraging signs of recovery
Eight years on from the collapse of Lehman

Brothers, we present our latest annual PEI
300 list the second to take a comprehensive look at the capital raising activities of
the worlds largest private equity firms in
the post-Lehman environment.
The overall picture shows that the gentle
downward trend in overall fundraising has
reversed, with a modest jump to $1088.5
billion, versus a total of $1,026.8 billion
raised by the entire 300 in the 2014 rankings.
While that number represents a rise
from last year, it is still some way short
of the numbers posted between 2009 and
2013, where the 300s collective raising
efforts never fell below $1,300 billion each
year and firms reaped the rewards of the
positive market backdrop leading into the
global financial crisis.
The same pattern can be seen in the
raising efforts of the top 50, and in those
of the top 10 global private equity firms.
After three years of decline the top 10
firms bucked the trend with a total raising of almost $227 billion, up from just
under $200 billion in 2014. In the top 50,
the total raised also represented a recovery
with $558 billion raised in 2015, up from
$513 billion last year. Where is this capital
being raised?
Our statistics show that the broadening out of the asset class away from North
Americas dominance continues at an almost
glacial pace. Indeed, as they did in both 2013
and 2014, the big US firms occupy nine of
44
private equity international
TOP 50 BOUNCES BACK
After five consecutive years of decline, the largest 50 firms are

returning to strength
$bn
Five-Year Fundraising Total
After the lean years of

the crisis, the appetite for
fundraising has returned,
albeit at a modest level,
writes Matthew Goodburn
$551
$810
$813
$772
$734
$704
$586
$513
$558
PEI 50
2007
PEI 50
2008
PEI 50
2009
PEI 50
2010
PEI 50
2011
PEI 50
2012
PEI 50
2013
PEI 50
2014
PEI 50
2015
Source: PEI Research & Analytics
PE RAISING CENTRES
New York continues to dominate private equity fundraising,

but six other US cities or regions also make the top 10 over the
last five years
$bn
$324.0
$110.8
$94.9
$88.3
$59.5
Greater
NY
London
Greater San
Francisco
Texas
Greater
Boston
$46.5
$45.9
$37.8
Greater Hong Kong Greater LA

Washington
DC
$36.7
$34.0
Mainland
China
Greater
Chicago
the first 10 spots in the rankings with almost

$732 billion of the $1086.9 billion raised
emanating from North America.
The Carlyle Group continued as the
biggest raiser, posting a total of $31.9 billion, while Texass TPG moved up to second
spot, after raising $30.3 billion. KKR, The

Blackstone Group and Apollo Global Management each slipped a place but remained
in the top five at no.3, 4 and 5 respectively.
Three US firms General Atlantic,
Ares Management and Clayton Dubilier &
may 2015
TOP 10 FUNDS
The largest ten funds raised $227 billion over the past five years.
Carlyle remains the pre-eminent fundraiser in private equity
$bn
In terms of emerging markets, only

Hong Kong and mainland China break into
the top 10 geographical areas for private
equity capital raising, with New York continuing to dominate the five years numbers
and London a distant second. n
THE SMALL PRINT
How the rankings are determined:
The 2015 PEI 300 rankings are based on the amount
of private equity direct investment capital a firm has
raised between 1 January 2010 and 1 April 2015.
$368.5
$368.8
$339.5
$329.0
$260.0
$199.0
$227.0
2009
2010
2011
2012
2013
2014
2015
Rice have actually dropped out of the

top 10 for the first time since the PEI list
was expanded from 50 to 300 in 2009,
but have been replaced by fellow US firms
EnCap Investments, Warburg Pincus and
Bain Capital.
CVC Capital Partners continues to be
the only firm flying the flag for European
private equity, keeping hold of sixth place,
2015 Rank
2014 Rank
vw
[1]
after raising more than $21 billion over

the five year rolling period to 1 April 2015.
Permira is another notable European
performer performer, up from no. 36 last
year to no.17 in 2015, while Paris-based
Ardian is replaced by Switzerlands Partners
Group as the highest ranking continentalheadquartered private equity player at
no.12.
Definitions
Private equity: For the purposes of the PEI 300,
the definition of private equity is capital raised for
a dedicated programme of investing directly into
businesses. This includes equity capital for diversified private equity, buyouts, growth equity, venture
capital, turnaround or control-oriented distressed
investment capital.
Capital raised: This means capital definitively committed to a private equity direct investment programme. In the case of a fundraising, it means the
fund has had a final or official interim close after 1
January 2010. We also count capital raised
through other means, such as co-investment vehicles, deal-by-deal co-investment capital, publicly
traded vehicles, recycled capital, and earmarked
annual contributions from a sponsoring entity.
What does NOT count as private equity?
Funds of funds, secondaries, real estate, infrastructure, debt (including mezzanine), PIPEs and hedge
funds.
NB. The PEI 300 is not a performance ranking, nor
does it constitute investment recommendations.
For a full methodology, email PEIs
Senior Research Analyst Andrew Kang
(andrew.k@peimedia.com)
Firm
PEI 300 Five-Year

Fundraising Total ($m)
Headquarters
The Carlyle Group
$31,906.72
Washington, DC
[5]
TPG
$30,332.95
Fort Worth
[2]
Kohlberg Kravis Roberts
$29,105.10
New York
[3]
The Blackstone Group
$25,565.89
New York
[4]
Apollo Global Management
$22,200.00
New York
vw
[6]
CVC Capital Partners
$21,178.40
London
[11]
EnCap Investments
$21,147.83
Houston
[10]
Advent International
$15,735.37
Boston
[14]
Warburg Pincus
$15,243.00
New York
10
[21]
Bain Capital
$14,565.47
Boston
p Higher rank than 2014

m ay 2015
q Lower rank than 2014 vw Same rank as 2014

45
NORTH AMERICA
Staying ahead of the pack

US players continue to dominate the top positions in the
PEI 300. Bailey McCann reports
US firms hold the top five places in

the 2015 PEI 300 ranking as they have
in every iteration since 2009. Carlyle
continues to occupy the no. one position while Texas-based TPG has moved
up from fifth to second. The New Yorkheadquartered trio of KKR, Blackstone
and Apollo Global Management have all
slipped one place, but complete the top
five positions respectively. Of the USbased firms making up this years ranking
two key strategies dominate: mega buyout
funds and energy funds.
Carlyle boasts significant plays on both
counts, having beaten analyst estimates
this year in part due to profit taking on
the private equity side, and closing a $2.5
billion energy fund. Carlyle International
Energy Partners is the firms first international energy vehicle and raises the
amount of internal dry powder to buy

potentially distressed energy assets to
approximately $9 billion.
The firm, which started marketing that
fund in mid-2013, claims it is the largest
first-time fund it has ever raised. The
vehicle had an initial target of $1.5 billion.
Known backers include the San Francisco
Employees Retirement System and the
Alaska Permanent Fund.
TPG has the no. two slot, after losing out
once again to Carlyle this year.The group is
on track to close a $3 billion growth fund
on the heels of the successful fundraise for
its latest flagship buyout vehicle.
Other top ten players, including Warburg Pincus and Bain Capital, have also
seen a handful of high profile exits and
fundraises so far this year. EnCap, which
took the no. seven slot, has been making
LARGEST FUND CLOSINGS
Biggest buyout, growth equity, venture capital, and distressed-forcontrol private equity funds closed between 2010 and Q1 2015
RANK
FUND NAME
FUND MANAGER
Apollo Investment
Fund VIII
Apollo Global
Management
$18,380.00
Dec-13
Blackstone Capital
Partners VI
The Blackstone
Group
$16,270.00
Jan-12
CVC European Equity

Partners VI
CVC Capital
Partners
$14,508.03
Jul-13
DATE OF FINAL
CLOSING
Carlyle Partners VI
The Carlyle Group
$13,000.00
Nov-13
Warburg Pincus Private

Equity XI
Warburg Pincus
$11,210.00
May-13
46
FUND SIZE
($M)
big moves in the energy sector through

both investments and exits. The oil price
slump that has defined much of the recent
narrative in energy markets appears to
have had little effect on private equity
players in the sector.
Connecticut-based First Reserve is
making its return to the ranking coming
in at 70. The firm closed a multi-billion
dollar flagship vehicle at the tail end of last
year and more recently announced a billion dollar joint venture with PEMEX, the
Mexican state-owned oil company. We go
into greater detail about that joint venture
in this issue (pg. 10) with Mark Florian,
who will head up First Reserves side of
the partnership.
Crestview Partners also returns to the
PEI 300 at no. 95. The firm was a Private
Equity International awards recipient for the
North America category this year, and has
subsequently announced a handful of other
high profile transactions.
A final notable returnee is Norwest
Equity Partners, a Minneapolis-based
middle market private equity, venture,
and mezzanine shop. Norwest clinched
the 180th slot on the ranking this year,
due to its $1.6 billion fund close in April.
We have details on Norwests strategy and
direction in our Privately Speaking feature (pg. 26).
Fundraising is on the rise in the US, as
are billion dollar deals, all of which are
reflected in this years PEI 300. Energy too
continues to be an area of strong interest
for GPs and investors alike, with steady
capital flows bringing energy investment
firms up the ranks. As the oil slump continues however, investors will be keen to
see if this trend continues next year.Watch
this space. n
may 2015
PEI 300: 11 50
2015 Rank
2014 Rank
Firm
PEI 300 Five-Year

Fundraising Total ($m)
Headquarters
11
[48]
Vista Equity Partners
$11,814.00
Austin
12
[53]
Partners Group
$11,198.00
Baar-Zug
13
[15]
Silver Lake
$11,074.50
Menlo Park
14
[22]
Hellman & Friedman
$10,900.00
San Francisco
15
[60]
Centerbridge Capital Partners
$10,496.78
New York
16
[37]
Energy Capital Partners
$10,436.35
Short Hills
17
[36]
Permira
$10,412.49
London
18
[26]
EQT Partners
$10,382.96
Stockholm
19
[66]
NGP Energy Capital Management
$9,832.64
Irving
20
[16]
Riverstone Holdings
$9,164.31
New York
21
[12]
Goldman Sachs Principal Investment Area
$9,143.32
New York
22
[8]
Ares Management
$8,929.00
Los Angeles
23
[68]
Neuberger Berman Group
$8,844.00
New York
24
[23]
Stone Point Capital
$8,759.25
Greenwich
25
[79]
American Securities Capital Partners
$8,640.00
New York
26
[24]
BC Partners
$8,600.99
London
27
[9]
Clayton Dubilier & Rice
$8,539.16
New York
28
[7]
General Atlantic
$8,510.00
Greenwich
29
[27]
Cinven
$8,248.70
London
30
[32]
Russian Direct Investment Fund (RDIF)
$8,159.58
Moscow
31
[18]
Onex
$8,081.11
Toronto
32
[88]
Thoma Bravo
$8,005.59
Chicago
33
[35]
HgCapital
$7,955.59
London
34
[29]
Apax Partners
$7,815.29
London
35
[57]
Insight Venture Partners
$7,678.96
New York
36
[30]
Triton Partners
$7,673.48
Frankfurt
37
p [167]
Bridgepoint
$7,300.47
London
38
[99]
BDT Capital Partners
$7,275.00
Chicago
39
[33]
GTCR Golder Rauner
$7,124.23
Chicago
40
p [104]
Pamplona Capital Management
$6,741.57
London
41
p [105]
Tiger Global Management
$6,735.00
New York
42
[34]
Welsh Carson Anderson & Stowe
$6,672.00
New York
43
vw
[43]
RRJ Capital
$6,662.00
Hong Kong
Baring Private Equity Asia
$6,450.00
Hong Kong
Sequoia Capital
$6,433.06
Menlo Park
44
p [119]
45
[47]
46
[65]
The Energy & Minerals Group (EMG)
$6,345.01
Houston
47
[39]
Leonard Green & Partners
$6,250.00
Los Angeles
48
[17]
Oaktree Capital Management
$6,076.87
Los Angeles
49
[75]
The Abraaj Group
$6,001.03
Dubai
50
[40]
Georgian Co-investment Fund (GCF)
$6,000.00
Tbilisi
p Higher rank than 2014

m ay 2015
q Lower rank than 2014 vw Same rank as 2014

47
CLIMBERS
Slow and steady

Its tough to rise through the ranks of the PEI 300, but a
handful of firms have persevered some step by step, others
in leaps and bounds. Isobel Markham reports
The private equity landscape is constantly
evolving. Key names from years past have
scaled back their activities, while those previously considered marginal have ramped
up, raising ever larger sums and playing an
increasingly active role.
This years PEI 300 reflects some of
those changes. Ten firms made it into the
top 50 for the first time, while a further
five rose in the rankings for the fourth consecutive year.
Of course, for firms to move up,
others must stand aside. This year five
firms dropped at least 11 spots, and three
dropped out of the top 10 for the first time
since 2009. A dozen slid out of the top 50.
One of these top 50 places was taken
by Chicago-headquartered Thoma Bravo,
which has made a swift ascent through

the PEI 300 over the last four years.Thoma
Bravo is the PEI 300s biggest overall riser,
climbing 268 spots since the ranking was
expanded in 2009. This year the firm rose
56 spots to 32nd place following the close
of its $3.65 billion Fund XI.
Thoma Bravo held a one and done
close on the oversubscribed fund after just
four months in market. Limited partners
in the vehicle include the Arkansas Teacher
Retirement System and Maine Public
Employees Retirement System, according
to Private Equity Internationals Research and
Analytics division.
Its predecessor, which had a target of
$950 million, closed on $1.27 billion in
2012.
TEXAS ON TOP
Vista Equity Partners is one of the biggest risers in the

PEI 300, having raised $11.81 bn over the last five years
11
59
48
Ranking placement
76
203
2009
212
2010
222
2011
48
2012
2013
2014
2015
Lightspeed Venture Partners, based in

Menlo Park, California, focuses on committing venture capital to companies in high
value sectors, including clean-tech, communications, digital media and wireless,
enterprise automation, enterprise infrastructure, internet media and commerce,
semiconductors, and services.
Lightspeed has also been climbing the
ranks for the past four years. In 2011 the
firm was in 229th place. It crept up to
200th in 2012 and a further 20 places to
180th in 2013. This year Lightspeed has
climbed 41 places from its 2014 ranking
to 131st place.
In November 2014 the firm closed its
tenth fund with $1.05 billion in capital
commitments, its largest fund to date.
Its predecessor, which closed in 2012,
collected $675 million, while Fund VIII
received commitments of $800 million.
The $1.05 billion tenth fund is technically
two vehicles: a $650 million fund which will
focus on early-stage companies, and a $350
million side pool for later-stage opportunities.
In January 2014, Lightspeed portfolio company Nest Labs, a manufacturer
of internet-connected thermostats, was
acquired by Google Inc. for $3.2 billion.
Austin, Texas-based Vista Equity Partners closed its latest flagship fund on $5.76
billion in October 2014, having launched
with a $3.5 billion target and a $5.7 billion
hard-cap in January of the same year. The
firm invests in software, data and technology-enabled companies.
Vista Equity Partners Fund V is the
firms largest private equity fund to date,
and brings its cumulative capital commitments to more than $14 billion. Having
placed 48th in the 2014 PEI 300 with $5.43
billion collected in the preceding five years,
Vista is now in 11th place having raised a
remarkable $11.81 billion since 2009. n
may 2015
PEI 300: 51 100

2015 PEI 300 Rank
p Higher rank than 2014 q Lower rank than 2014 vw Same rank as 2014 PEI 300 debut Q PEI 300 return
Firm
PEI 300 Five-Year Fundraising Total ($m)
Headquarters
51
CDH Investments
$5,663.43
Hong Kong
52
JP Morgan Asset Management
$5,606.47
New York
53
Brookfield Asset Management
$5,172.00
Toronto
54
New Enterprise Associates
$5,170.00
Menlo Park
CITIC Private Equity Funds Management
$5,122.75
Beijing
55
vw
56
American Capital
$5,082.00
Bethesda
57
Providence Equity Partners
$5,000.00
Providence
58
Francisco Partners
$4,875.00
San Francisco
59
Ardian
$4,797.65
Paris
60
Cerberus Capital Management
$4,750.00
New York
61
TowerBrook Capital Partners
$4,690.00
New York
62
Nordic Capital
$4,654.27
Stockholm
63
Roark Capital Group
$4,632.00
Atlanta
64
H.I.G. Capital
$4,616.41
Miami
65
Ptria Investimentos
$4,573.00
So Paulo
66
Berkshire Partners
$4,500.00
Boston
67
MBK Partners
$4,413.00
Seoul
68
Affinity Equity Partners
$4,327.50
Hong Kong
69
PAI Partners
$4,272.98
Paris
70
(2013) Q
First Reserve Corporation
$4,223.03
Greenwich
71
New Mountain Capital
$4,130.00
New York
72
Madison Dearborn Partners
$4,100.00
Chicago
73
Avista Capital Partners
$4,062.50
New York
74
Caixa Economica Federal
$4,059.81
Braslia
75
Hony Capital
$3,912.79
Beijing
76
HitecVision AS
$3,870.00
Stavanger
77
Andreessen Horowitz
$3,852.20
Menlo Park
78
CCMP Capital
$3,848.00
New York
79
Equistone Partners Europe
$3,758.97
London
80
Platinum Equity Partners
$3,750.00
Los Angeles
81
Denham Capital Management
$3,665.00
Boston
82
Kleiner Perkins Caufield & Byers
$3,653.58
Menlo Park
83
Pine Brook Road Partners
$3,595.00
New York
84
Sycamore Partners
$3,587.50
New York
85
KPS Capital Partners
$3,571.43
New York
86
Montagu Private Equity
$3,563.18
London
87
Accel Partners
$3,548.62
Palo Alto
88
Golden Gate Capital
$3,500.00
San Francisco
89
ABRY Partners
$3,500.00
Boston
90
China Development Bank
$3,497.25
Beijing
91
AlpInvest Partners
$3,471.73
Amsterdam
92
Veritas Capital
$3,440.60
New York
93
KSL Capital Partners
$3,340.45
Denver
94
Littlejohn & Co
$3,340.00
Greenwich
95
Yorktown Partners
$3,295.58
New York
96
(2013) Q
Crestview Partners
$3,250.00
New York
97
Summit Partners
$3,250.00
Boston
98
ARC Financial Corp.
$3,200.98
Calgary
99
The Jordan Company
$3,200.00
New York
100
Bessemer Venture Partners
$3,200.00
Larchmont
m ay 2015
49
PEI 300: 101 150

2015 PEI 300 Rank
Firm
Headquarters
101
Emerging Capital Partners
$3,173.60
Washington, DC
102
Court Square Capital Partners
$3,170.00
New York
103
Khosla Ventures
$3,169.00
Menlo Park
104
Capital International
$3,130.00
London
105
Taoshi Equity Investment Management
$3,100.42
Shanghai
106
Gvea Investimentos
$3,074.20
Rio de Janeiro
107
Resource Capital Funds
$3,060.00
Denver
108
Navis Capital Partners
$2,919.28
Kuala Lumpur
109
Primavera Capital Group
$2,893.31
Hong Kong
110
Energy Spectrum Capital
$2,872.34
Dallas
111
Bright Stone (Beijing) Investment Management
$2,816.27
Beijing
112
YunFeng Capital
$2,805.23
Shanghai
113
SAIF Partners
$2,755.11
Hong Kong
114
IDG Ventures
$2,749.56
Boston
115
Siris Capital Group
$2,715.73
New York
116
$2,678.47
New York
AEA Investors
117
Black River Asset Management
$2,655.30
Hopkins
118
Hahn & Co.
$2,650.00
Seoul
119
TDR Capital Partners
$2,645.34
London
120
ACON Investments
$2,643.81
Washington, DC
121
(2013) Q
Altor
$2,630.55
Stockholm
122
Inflexion Private Equity
$2,584.60
London
123
New Horizon Capital
$2,553.42
Hong Kong
124
Catterton Partners
$2,552.00
Greenwich
125
Quantum Energy Partners
$2,500.00
Houston
126
Metalmark Capital Partners
$2,500.00
New York
127
The Gores Group
$2,500.00
Los Angeles
128
Boyu Capital Consultancy Co. Ltd.
$2,500.00
Hong Kong
129
CITIC Capital
$2,490.00
Hong Kong
130
Lexington Partners
$2,470.00
New York
131
Lightspeed Venture Partners
$2,453.00
Menlo Park
132
PAG
$2,400.00
Hong Kong
133
The Riverside Company
$2,398.20
New York
134
Bregal Capital
$2,345.96
London
135
Olympus Partners
$2,300.00
Stamford
136
Highstar Capital
$2,298.63
New York
137
Technology Crossover Ventures
$2,230.00
Palo Alto
138
Levine Leichtman Capital Partners
$2,222.15
Beverly Hills
139
White Deer Energy
$2,212.40
Houston
140
Trilantic Capital Partners
$2,200.00
New York
141
WL Ross & Co.
$2,200.00
New York
142
Tinicum Inc.
$2,183.78
New York
143
L Capital Management
$2,174.15
Paris
144
Morgan Stanley Investment Management
$2,154.87
New York
145
Investindustrial
$2,132.85
Luxembourg
146
Sun Capital Partners
$2,100.00
Boca Raton
147
Marlin Equity Partners
$2,053.00
Los Angeles
148
Riverwood Capital
$2,043.01
Menlo Park
149
Northstar Group
$2,037.00
Singapore
150
(2009) Q
Freeman Spogli & Co
$2,035.00
Los Angeles
50
may 2015
PEI 300: 151 200

2015 PEI 300 Rank
Firm
Headquarters
151
The Catalyst Capital Group
$2,029.79
Toronto
152
Greylock Partners
$2,020.00
San Mateo
153
IK Investment Partners
$2,015.28
London
154
Fosun Capital Group
$2,013.86
Shanghai
155
Shanghai International Group
$2,009.61
Shanghai
156
Hillhouse Capital Management
$2,000.00
Beijing
157
GI Partners
$2,000.00
San Francisco
158
Odyssey Investment Partners
$2,000.00
New York
159
Helios Investment Partners
$2,000.00
London
160
Lion Capital
$1,969.99
London
161
Investcorp Bank BSC
$1,956.00
Manama
162
Equis Funds Group
$1,947.00
Singapore
163
Draper Fisher Jurvetson
$1,938.87
Menlo Park
164
Rhne Capital
$1,921.68
New York
165
Astorg Partners
$1,909.55
Paris
166
(2012) Q
JMI Equity Fund
$1,875.00
Baltimore
167
Founders Fund
$1,875.00
San Francisco
CHAMP Private Equity
$1,850.92
Sydney
168
vw
169
OrbiMed Advisors
$1,832.00
New York
170
Actis
$1,804.81
London
171
Wynnchurch Capital
$1,803.00
Rosemont
172
Institutional Venture Partners
$1,800.00
Menlo Park
173
IFC Asset Management Company
$1,791.82
Washington, DC
174
HGGC
$1,773.12
Palo Alto
175
Charlesbank Capital Partners
$1,750.00
Boston
176
(2010) Q
Spectrum Equity Investors
$1,713.45
Boston/San Francisco
177
Southern Cross Group
$1,681.00
Buenos Aires
178
Battery Ventures
$1,650.00
Menlo Park
179
Kayne Anderson Capital Advisors
$1,630.00
Los Angeles
180
(2013) Q
Norwest Equity Partners
$1,600.00
Minneapolis
181
Kohlberg & Co.
$1,600.00
Mount Kisco
182
3i
$1,583.49
London
183
Q Capital Partners
$1,577.90
Seoul
184
Waterland Private Equity Investments
$1,576.38
Bussum
185
(2013) Q
Orchid Asia
$1,570.00
Hong Kong
186
Vitruvian Partners
$1,565.41
London
187
Archer Capital
$1,562.40
Sydney
188
Legend Capital
$1,557.57
Beijing
189
Tencent Holdings Limited
$1,550.21
Shenzhen
190
KERN Partners
$1,524.55
Calgary
191
BTG Pactual
$1,500.00
So Paulo
192
Baring Vostok Capital Partners
$1,500.00
Moscow
193
SK Capital Partners
$1,500.00
New York
194
Quadrant Private Equity
$1,487.36
Sydney
195
Accel-KKR
$1,455.00
Menlo Park
196
Endeavour Capital
$1,450.00
Portland
197
Matrix Partners
$1,450.00
Waltham
198
GP Capital
$1,428.13
Shanghai
199
Vinci Partners
$1,420.00
Rio de Janeiro
200
The Raine Group
$1,405.68
New York
m ay 2015
51
PEI 300: 201 250

2015 PEI 300 Rank
Firm
Headquarters
201
TA Associates
$1,405.00
Boston
202
The Cleantech Syndicate
$1,400.00
Chicago
203
(2013) Q
GGV Capital
$1,373.73
Menlo Park
204
Merced Capital (formerly EBF & Associates)
$1,367.00
Minnetonka
205
China International Capital Corporation
$1,355.41
Beijing
206
FountainVest Partners
$1,350.00
Hong Kong
207
Mid Europa Partners
$1,341.46
London
208
Korea Development Bank
$1,333.90
Seoul
209
Rothschild Merchant Banking
$1,332.29
Paris
210
The Sentient Group
$1,325.00
Grand Cayman
211
(2011) Q
Greenbriar Equity Group
$1,321.00
Rye
212
Victoria Capital Partners
$1,315.02
Buenos Aires / Sao Paulo / Bogota
213
(2011) Q
Everstone Capital
$1,310.00
Singapore
214
(2013) Q
Kelso & Co.
$1,300.00
New York
215
Sentinel Capital Partners
$1,300.00
New York
216
$1,300.00
San Francisco
TSG Consumer Partners
217
Altamont Capital Partners
$1,300.00
Palo Alto
218
STIC Investments
$1,291.35
Seoul
219
Gulf Capital
$1,283.00
Abu Dhabi
220
ICICI Venture
$1,275.00
Mumbai
221
(2013) Q
Canaan Partners
$1,275.00
Menlo Park
222
Qiming Venture Partners
$1,273.24
Shanghai
223
Atlas Holdings
$1,265.00
Greenwich
224
Castle Harlan
$1,256.82
New York
225
Audax Group
$1,250.00
New York
226
Deutsche Beteiligungs AG
$1,239.59
Frankfurt
227
JAFCO Co.
$1,219.57
Tokyo
228
(2013) Q
Palladium Equity Partners
$1,217.85
New York
229
Endless
$1,217.56
Leeds
230
Macquarie Group
$1,204.68
Sydney
231
Clearlake Capital Group
$1,203.90
Santa Monica
232
China Merchants Group
$1,201.86
Hong Kong
233
Redpoint Ventures
$1,200.35
Menlo Park
234
Norwest Venture Partners
$1,200.00
Palo Alto
235
Wellspring Capital Management
$1,200.00
New York
236
Ridgemont Equity Partners
$1,195.20
Charlotte
237
Tailwater Capital
$1,195.00
Dallas
238
Spark Capital
$1,193.03
Boston
239
Chequers Capital
$1,188.19
Paris
240
General Catalyst Partners
$1,185.00
Cambridge (MA)
241
SBI Holdings
$1,182.43
Tokyo
242
Sterling Partners
$1,171.40
Chicago
243
(2013) Q
Pacific Equity Partners
$1,163.57
Sydney
244
Actera Partners
$1,161.53
Istanbul
245
GoldPoint Partners
$1,160.00
New York
246
China Media Capital
$1,151.24
Beijing
247
Harvest Partners
$1,125.10
New York
248
Linden
$1,125.00
Chicago
249
(2012) Q
JLL Partners
$1,123.00
New York
250
BRZ Investimentos
$1,121.78
So Paulo
52
may 2015
PEI 300: 251 300

2015 PEI 300 Rank
Firm
Headquarters
251
Crescent Capital Group
$1,114.31
Los Angeles
252
Kerogen Capital
$1,112.00
Hong Kong
253
(2013) Q
Edmond de Rothschild Investment Partners
$1,100.90
Paris
254
Hopu Investment Management
$1,100.00
Beijing
255
Samsung Electronics
$1,100.00
Suwon City
256
Cathay Capital Group
$1,091.55
Stamford
257
Index Ventures
$1,069.25
Geneva
258
Gilde Buy Out Partners
$1,063.83
Utrecht
259
Birch Hill Equity Partners
$1,054.44
Toronto
GP investments
$1,052.00
Sao Paulo
Lindsay Goldberg
$1,050.00
New York
260
vw
261
(2013) Q
262
AnaCap Financial Partners
$1,049.11
London
263
Aquiline Capital Partners
$1,036.30
New York
264
(2013) Q
Hamilton Lane
$1,032.20
Philadelphia
$1,015.25
Toronto
265
Clairvest Group
266
Stripes Group
$1,005.00
New York
267
Sapphire Ventures (Formerly SAP Ventures)
$1,003.97
Palo Alto
268
Tata Capital
$1,003.89
Mumbai
269
Water Street Healthcare Partners
$1,000.31
Chicago
270
(2013) Q
Friedman Fleischer & Lowe
$1,000.00
San Francisco
271
China-ASEAN Capital Advisory Company
$1,000.00
Hong Kong
272
Behrman Capital
$1,000.00
New York
273
Bedford Funding Capital
$1,000.00
White Plains
274
Sageview Capital
$1,000.00
Palo Alto
275
Fisher Lynch Capital
$1,000.00
San Mateo
276
Cressey & Co.
$1,000.00
Chicago
277
August Capital
$1,000.00
Menlo Park
278
(2009) Q
Benchmark Capital
$991.01
Menlo Park
279
Vivo Ventures
$990.44
Palo Alto
280
Meritech Capital Partners
$990.00
Palo Alto
281
Digital Sky Technologies (DST)
$987.00
Moscow
282
Apax Partners France
$984.10
Paris
283
CCB International Holdings Limited
$972.11
Hong Kong
284
Nexus Group
$970.00
Lima
285
Alpha Associs Conseil
$965.68
Paris
286
(2012) Q
Softbank Group
$963.72
Tokyo
287
Great Hill Partners
$954.80
Boston
288
Lightyear Capital
$954.00
New York
289
LLR Equity Partners
$950.00
Philadelphia
290
GIMV
$949.39
Antwerp
291
Formation 8
$948.00
San Francisco
292
CapVis Equity Partners
$947.00
Zurich
293
Woongjin Capital
$945.43
Seoul
294
Third Rock Ventures
$942.00
Boston
295
Sofinnova Ventures
$940.00
Menlo Park
296
(2012) Q
Thomas H. Lee Partners
$939.05
Boston
297
(2012) Q
Paine & Partners
$935.50
New York
298
(2012) Q
Corsair Capital
$932.98
New York
299
Cornell Capital
$921.00
New York
300
Cartesian Capital Group
$908.80
New York
m ay 2015
53
ASIA
Asia climbers
A number of Asian firms have enjoyed successful recent raisings, resulting in Navis
climbing the rankings and Baring Private Equity Asia making its debut in the PEI 300,
writes Yolanda Bobeldijk
TOP 10 ASIAN FIRMS
Three Asian firms made this years PEI top 50 and a further four
made it into the top 75
RANK
FIRM NAME
HEADQUARTERS
PEI 300
FIVE-YEAR
FUNDRAISING
TOTAL ($M)
43
RRJ Capital
Hong Kong
$6,662.00
44
Baring Private Equity Asia
Hong Kong
$6,450.00
51
CDH Investments
Hong Kong
$5,663.43
55
CITIC Private Equity Funds Management
Beijing
$5,122.75
67
MBK Partners
Seoul
$4,413.00
68
Affinity Equity Partners
Hong Kong
$4,327.50
75
Hony Capital
Beijing
$3,912.79
90
China Development Bank
Beijing
$3,497.25
105
Taoshi Equity Investment Management
Shanghai
$3,100.42
108
Navis Capital Partners
Kuala Lumpur
$2,919.28
Baring Private Equity Asia stormed this

years ranking, placing at no. 44 after collecting $6.45 billion in the last five years.
The firm, led by Jean Eric Salata, closed
its sixth pan-Asian vehicle in February,
hitting its hard-cap of $3.988 billion.
The fund, which held a $3.3 billion first
close in October last year after just four
months in market, was understood to have
an original target of around $3 billion. The
amount is the largest ever raised for the
region by an Asia-based private equity
fund, according to the firm.
Meanwhile, CITIC Private Equity Fund
Management also climbed the PEI 300, to
54
no. 55, having collected $5.1 billion over

the last five years. The Beijing-based firm,
which made its debut in 2010, has risen
in the rankings for the fourth consecutive
year. But while it was the third-highest Asiabased manager last year it is now the fourth
highest placed manager, with Baring, RRJ
Capital and CDH Investments all raising
more capital in the last five years.
Another climber was Navis Capital Partners, which reached no. 108 after raising
$2.9 billion compared to $2.6 billion in last
years ranking, when the firm stood at no.
110. The Kuala Lumpur-based firm closed
its seventh private equity vehicle in January,
having raised $1.5 billion from investors,

PEI revealed at the time.The firm had raised
$1.3 billion by February 2014, having made
an $860 million first close in December
2013. As well as raising capital, Navis had
a busy year on the investment side; in 2014,
the firm deployed about $650 million
across eight transactions, which included
some bolt-on acquisitions, as well as investments from its small Malaysia-focused funds.
The firm also exited around $400 million
and raised the value of its portfolio by about
$550 million. By February 2015, Navis had
already deployed approximately 22 percent
of its seventh fund.
Asian firms which dropped down the
ranking include Hony Capital. Last year,
the firm stood at no. 67 having collected
$4.3 billion in capital, but this year Hony
had to settle for no. 75 having raised $3.9
billion in the last five years. Nevertheless, the Chinese firm has had a busy year
on the investment side. In December, it
teamed up with a consortium of investors
to acquire $148 million worth of newlyissued shares in Tuniu Corporation, a
Chinese online travel business listed in
the US. It also joined Baring in the $3
billion Giant Interactive take-private
and invested $1.5 billion to bring Pizza
Express to China.
Seoul-based MBK Partners moved out
of the top 50 this year, falling to a ranking
of no. 67, having raised $4.4 billion in the
last five years, compared to the $5.2 billion it amassed in last years list. All told,
there were three Asia-focused firms in this
years top 50, while four more were in the
top 75. n
may 2015
PEI 300
Statistics
PEIs Research and Analytics team breaks down the statistics for the latest PEI 300
With the exception of subSaharan Africa, fundraising totals
increased in all other geographic
regions during the most recent
reporting period
Asia
Europe ex-UK
Latin America
MENA
North America
UK
Sub-Saharan Africa
Capital raised ($bn)
GROWTH BY REGION 20092015
2009
2010
2011
2012
2013
2014
2015
TOP 50 VS NEXT 250
TOP 50
NEXT 250
Five-Year Fundraising Total ($bn)
The gradual decline in capital

raised by the top 50 firms
over the past six years came
to an end in the most recent
period with a $45 billion
increase to $558 billion. By
contrast, capital raised by
the next 250 firms remained
relatively consistent
2009
2010
2011
2012
2013
2014
2015
2009
2010
2011
2012
2013
2014
2015
WHERE PE FIRMS ARE BASED

2010
North America
2011
2012
2013
2014
2015
# Firms
North America continues

to dominate the private
equity landscape in terms of
number of firms, but there
has been a noticeable rise in
Asia-domiciled companies
over the past six years
UK
Europe ex-UK
Asia
MENA
Latin America
Sub-Saharan
Africa
Contributors: Andrew Kang, Kevon Davis, Juan Estrada, Shawn Wong, Courtney Yip, Raymond Lau, Daniel Humphrey Rodriguez and
Jennifer Martin
m ay 2015
55

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Showcasing the worlds

300 largest private equity groups

Encouraging signs of recovery

Eight years on from the collapse of Lehman

private equity international

TOP 50 BOUNCES BACK

After five consecutive years of decline, the largest 50 firms are

Five-Year Fundraising Total

After the lean years of

Source: PEI Research & Analytics

New York continues to dominate private equity fundraising,

Greater Hong Kong Greater LA

Source: PEI Research & Analytics

the first 10 spots in the rankings with almost

spot, after raising $30.3 billion. KKR, The

In terms of emerging markets, only

Source: PEI Research & Analytics

Rice have actually dropped out of the

after raising more than $21 billion over

PEI 300 Five-Year

The Carlyle Group

Kohlberg Kravis Roberts

The Blackstone Group

Apollo Global Management

CVC Capital Partners

p Higher rank than 2014

q Lower rank than 2014 vw Same rank as 2014

Staying ahead of the pack

US firms hold the top five places in

amount of internal dry powder to buy

LARGEST FUND CLOSINGS

CVC European Equity

The Carlyle Group

Warburg Pincus Private

Source: PEI Research & Analytics

private equity international

big moves in the energy sector through

PEI 300 Five-Year

Vista Equity Partners

Hellman & Friedman

Centerbridge Capital Partners

Energy Capital Partners

NGP Energy Capital Management

Goldman Sachs Principal Investment Area

Neuberger Berman Group

Stone Point Capital

American Securities Capital Partners

Clayton Dubilier & Rice

Russian Direct Investment Fund (RDIF)

Insight Venture Partners

BDT Capital Partners

GTCR Golder Rauner

Pamplona Capital Management

Tiger Global Management

Welsh Carson Anderson & Stowe

Baring Private Equity Asia

The Energy & Minerals Group (EMG)

Leonard Green & Partners

Oaktree Capital Management

The Abraaj Group

Georgian Co-investment Fund (GCF)

p Higher rank than 2014

q Lower rank than 2014 vw Same rank as 2014