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PREQIN SPECIAL REPORT:THE PRIVATE EQUITY TOP 100FEBRUARY 2017alternative assets. intelligent data.
PREQIN SPECIAL REPORT: THE PRIVATE EQUITY TOP 100FOREWORDs reported in the recently released 2017 Preqin Global Private Equity & Venture Capital Report, the private equity industry’s totalassets under management (AUM), grew 4.2% from the end of December 2015 to reach a new record of 2.49tn as of June 2016 (thelatest data available) – more than double the size of the industry at the end of 2006. The private equity industry has now experiencedeight consecutive years of growth since the Global Financial Crisis, when the industry contracted for the only time in the period 20002016.AThe trend towards greater concentration of capital among fewer funds continued in 2016: 12% fewer funds closed than in 2015,resulting in the average fund size increasing to 471mn, an all-time high. LPs appear to be investing more capital with a smaller numberof proven and well-known GPs, with the largest funds accounting for a greater proportion of overall fundraising. The 10 largest privateequity funds closed in 2014 accounted for 19% of overall fundraising for that year; in 2016, the figure is 26%. Similarly, the proportion ofcapital accounted for by the 20 largest funds has increased from 30% to 38% over the same period, while the largest 100 funds secured64% of capital raised in 2014 and 67% in 2016.With Preqin’s end-of-year surveys indicating that investors remain committed to the asset class, and with many looking to increaseallocations over the longer term – a result of record distributions in recent years – the asset class is poised for future growth. The 100largest LPs in private equity have a combined 791bn invested in the asset class. These investors are the main driver behind the growthin prominence of the largest fund managers, as they require GPs to be of sufficient scale to accept and deploy increasingly largecommitments.With the objective of providing greater insight into who the most influential players are, Preqin is pleased to provide a comprehensiveranking for the first time of the top 100 GPs and LPs within the asset class, taken from our flagship Private Equity Online platform.For the purpose of this report, the GP rankings have been compiled based on the total value of private equity funds raised by each GPin the last 10 years – this includes any capital raised by owned subsidiaries. Private equity refers to the core asset class centred on thebuyout and venture capital industry, together with other closely related strategies, including balanced, fund of funds, growth, hybrid,secondaries and turnaround funds. For LP rankings, these only include institutional investors, and therefore exclude funds of funds.In addition to the full fundraising history of the top 100 GPs and investment preferences of the top 100 LPs, Private Equity Onlinecontains information on the entire private equity universe including more than 10,800 GPs, 17,900 funds, 6,400 LPs and more than163,000 completed buyout and venture capital deals.To find out more, please visit www.preqin.com or contact us at info@preqin.com.2017 PREQIN GLOBAL ALTERNATIVES REPORTSThe 2017 Preqin Global Alternatives Reports are the most detailed and comprehensive reviewsof the alternative assets industry available, offering exclusive insight into the latest trends anddevelopments.Assembled by our dedicated teams of multilingual analysts based around the world, the Reportsfeature expert commentary, key trends, historical data, league tables, survey results and more,covering the private equity & venture capital, hedge fund, real estate and infrastructure asset classes.Find out more information, download sample pages and purchase your copies: : info@preqin.com : www.preqin.com/reports2 Preqin Ltd. 2017 / www.preqin.com
PREQIN SPECIAL REPORT: THE PRIVATE EQUITY TOP 100THE TOP 100 GPs 1.5tn62 494bnAggregate private equity capital raisedby the top 100 GPs in the last decade.The US is home to the highest numberof the top 100 GPs, followed by the UK (16).Estimated dry powder availableto the top 100 GPs.Top 100 Private Equity GPs by LocationNORTH AMERICA64WEST EUROPENORDICGREATER CHINA21311FAR EAST1Fundraising by the Top 100 Private Equity GPs in the Last 10Years by LocationFundraising by the Top 100 Private Equity GPs in the Last 10Years by Ranking1,200100%1,04390%1071,000No. of FundsClosed800600580400AggregateCapitalRaised ( bn)33016620084 1090NorthAmericaWestEuropeGreaterChina10 333 8NordicFar EastProportion of %30%20%823Top 2537410%0%No. of Funds ClosedGP LocationSource: Preqin Private Equity OnlineAggregate Capital Raised ( bn)Source: Preqin Private Equity Online3
PREQIN SPECIAL REPORT: THE PRIVATE EQUITY TOP 100Top 100 Private Equity Firms by Capital Raised in Last 10 Years* (1-50)FirmHeadquartersAggregate Capital Raisedin the Last 10 Years ( bn)Dry Powder ( bn)1Carlyle GroupWashington, US66.715.82Blackstone GroupNew York, US62.231.93KKRNew York, US57.917.64Goldman SachsNew York, US55.616.05ArdianParis, France53.422.36TPGFort Worth, US47.012.97CVC Capital PartnersLondon, UK42.210.68Warburg PincusNew York, US41.612.99Advent InternationalBoston, US40.914.41011Bain CapitalApax PartnersBoston, USLondon, UK37.735.810.08.612Apollo Global ManagementNew York, US33.17.213Hellman & FriedmanSan Francisco, US28.210.214HarbourVest PartnersBoston, US26.27.6Rank15Silver LakeMenlo Park, US21.55.116Leonard Green & PartnersLos Angeles, US21.29.5 Lexington Partners18Vista Equity PartnersNew York, US21.27.3San Francisco, US20.87.319China Reform Fund ManagementBeijing, China19.618.920Adams Street Partners21Partners Group22Providence Equity Partners23Coller Capital24Neuberger Berman25Ares Management26EQT27Thoma BravoChicago, US15.96.628PermiraLondon, UK15.07.829CinvenLondon, UK14.87.830PantheonLondon, UK14.62.931Baring Private EquityHong Kong14.42.832BridgepointLondon, UK13.54.9 JC Flowers & CoNew York, US13.50.134BC Partners35LGT Capital PartnersChicago, US19.26.2Baar-Zug, Switzerland18.74.6Providence, US18.12.2London, UK17.58.1New York, US17.21.5Los Angeles, US17.17.6Stockholm, Sweden16.77.9London, UK13.35.2Pfäffikon, Switzerland13.26.35.136TA Associates37Onex Corporation38Clayton Dubilier & Rice39Insight Venture PartnersNew York, US12.03.0 Tiger Global ManagementNew York, US12.03.441Accel PartnersPalo Alto, US11.55.4 Stone Point CapitalNew York, US11.52.843American SecuritiesNew York, US11.04.5 Morgan Stanley45Thomas H Lee Partners46Nordic Capital47Hony Capital48Berkshire Partners Sequoia Capital50RRJ Capital4Boston, US12.8Toronto, Canada12.64.2New York, US12.22.0West Conshohocken, US11.03.2Boston, US10.72.2Stockholm, Sweden10.62.0Beijing, China10.52.6Boston, US10.46.1Menlo Park, US10.42.3Hong Kong10.34.2 Preqin Ltd. 2017 / www.preqin.com
PREQIN SPECIAL REPORT: THE PRIVATE EQUITY TOP 100Top 100 Private Equity Firms by Capital Raised in Last 10 Years* (51-100)RankFirmHeadquartersAggregate Capital Raisedin the Last 10 Years ( bn)Dry Powder ( bn)London, UK9.83.351Pamplona Capital Management52Platinum Equity53JPMorgan Asset Management - Private Equity Group5455 New Mountain Capital58 60Madison Dearborn Partners61 Commonfund Capital63 Lindsay GoldbergNew Enterprise Associates Portfolio Advisors66 68Terra Firma Capital Partners69 Hamilton Lane Kelso & CompanyNew York, US7.71.5 PAI PartnersParis, France7.71.5Los Angeles, US9.54.0New York, US9.43.2HgCapitalLondon, UK9.33.0BDT Capital PartnersChicago, US9.23.7Shanghai, China9.23.4New York, US9.22.2CDH InvestmentsBeijing, China9.12.0CITIC Private Equity Funds ManagementBeijing, China9.11.7Chicago, US8.53.52.4Inventis Investment Holdings (China)MBK PartnersWilton, US8.4Seoul, South Korea8.44.4New York, US8.23.4Menlo Park, US8.21.4Darien, US8.21.9L CattertonGreenwich, US8.12.8TritonSt Helier, Jersey8.13.7London, UK8.00.1London, UK7.72.7Bala Cynwyd, US7.73.2Charterhouse Capital Partners Technology Crossover VenturesPalo Alto, US7.72.974 Equistone Partners EuropeLondon, UK7.61.3GTCRChicago, US7.62.50.7 Siguler GuffNew York, US7.677AEA InvestorsNew York, US7.43.178IDGBeijing, China7.32.779 DST GlobalWelsh, Carson, Anderson & StoweCCMP Capital AdvisorsCentral, Hong Kong7.22.0New York, US7.22.11.581 New York, US7.1Kleiner Perkins Caufield & ByersMenlo Park, US7.11.9 Sun Capital PartnersBoca Raton, US7.11.484 Montagu Private EquityThe Jordan CompanyLondon, UK6.82.6New York, US6.81.686Affinity Equity PartnersCentral, Hong Kong6.61.787 IK Investment PartnersLondon, UK6.51.9TowerBrook Capital PartnersLondon, UK6.52.589 Court Square Capital PartnersNew York, US6.31.4H.I.G. CapitalMiami, US6.34.191 San Francisco, US6.10.0PAG Asia CapitalHong Kong6.13.3Toronto, Canada6.02.8Golden Gate Capital93 Brookfield Capital PartnersFortress Investment Group95Andreessen Horowitz96Trilantic Capital Partners97 ATP Private Equity Partners Horsley Bridge Partners100Crestview PartnersInvestindustrialNew York, US6.00.0Menlo Park, US5.92.3New York, US5.81.4Copenhagen, Denmark5.71.4New York, US5.72.8San Francisco, US5.71.6London, UK5.62.4Source: Preqin Private Equity Online*Excludes separate accounts.5
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PREQIN SPECIAL REPORT: THE PRIVATE EQUITY TOP 100THE TOP 100 LPsTop 100 Private Equity LPs by Type 791bnPublic Pension FundAggregate capital invested in privateequity by the top 100 LPs.57Sovereign Wealth Fund43%Endowment Plan7%Private Sector Pension FundBank13%12.1%12.1%Insurance Company5%The US is home to the highest number ofthe top 100 LPs in private equity, followedby Canada (10).12.5%Asset Manager8%3%3%5%Foundation13%Mean current allocation to private equity(as a % of AUM) of the top 100 LPs, belowthe mean 12.5% target allocation.OtherSource: Preqin Private Equity OnlineTop 100 Private Equity LPs by Region523No. of LPsAggregate Allocation to Private Equity ( bn)99592Far 20%15%10%Middle East& arketsAsiaNorthAmerica0%EuropeProportion of Investors82%50%Sub-SaharanAfricaFund Type Preferences of the Top 100 Private Equity LPs89%83%9Geographic PreferenceSource: Preqin Private Equity lasia10Secondaries100%3Fundof FundsGeographic Preferences of the Top 100 Private Equity LPs204VentureCapitalWestEurope222Proportion of RespondentsNorthAmerica495Growth15Buyout67Fund Type PreferenceSource: Preqin Private Equity Online7
PREQIN SPECIAL REPORT: THE PRIVATE EQUITY TOP 100Top 100 Private Equity Investors (1-40)RankInvestorTypeHeadquartersAssets underManagement ( bn)Current Allocation toPrivate Equity ( bn)1CPP Investment BoardPublic Pension FundToronto, Canada28144.42Abu Dhabi Investment Authority(ADIA)Sovereign Wealth FundAbu Dhabi, UnitedArab Emirates79239.6*3GICSovereign Wealth FundSingapore35031.54California Public Employees'Retirement System (CalPERS)Public Pension FundSacramento, US30525.45APG - All Pensions GroupAsset ManagerHeerlen, Netherlands43221.66Ontario Teachers' Pension PlanPublic Pension FundToronto, Canada12421.07CDPQPublic Pension FundMontreal, Canada18820.08Washington State Investment BoardPublic Pension FundOlympia, US8417.69National Pension ServicePublic Pension FundSeoul, South Korea46117.110California State Teachers' RetirementSystem (CalSTRS)Public Pension FundSacramento, US19216.311John Hancock Financial ServicesAsset ManagerBoston, US40016.012Teacher Retirement System of TexasPublic Pension FundAustin, US13315.913New York State Common RetirementFundPublic Pension FundAlbany, US17914.014Oregon State TreasuryPublic Pension FundSalem, US6913.715TIAA16Florida State Board of Administration17Hong Kong Monetary Authority18PGGM19China Life Insurance20Bahrain Mumtalakat HoldingCompany21Michigan Department of Treasury22Allianz Capital Partners2324Private Sector Pension FundNew York, US88913.5Public Pension FundTallahassee, US17912.1Sovereign Wealth FundCentral, Hong Kong44211.8Asset ManagerZeist, Netherlands18810.2Insurance CompanyBeijing, China3669.9Sovereign Wealth FundBahrain Bay, Bahrain119.7Public Pension FundEast Lansing, US609.5Asset ManagerMunich, Germany179.3Public Sector Pension InvestmentBoardPublic Pension FundMontreal, Canada869.2Ohio Public Employees' RetirementSystemPublic Pension FundColumbus, US969.125Future FundSovereign Wealth FundMelbourne, Australia909.026OMERSPublic Pension FundToronto, Canada738.527New York State Teachers' RetirementSystemPublic Pension FundAlbany, US1108.3 Yale University EndowmentEndowment PlanNew Haven, US258.329MetLife Insurance CompanyInsurance CompanyNew York, US5448.230Pennsylvania Public SchoolEmployees' Retirement SystemPublic Pension FundHarrisburg, US507.931Universities Superannuation SchemePrivate Sector Pension FundLondon, UK597.732New Jersey State Investment CouncilPublic Pension FundTrenton, US727.33334Harvard Management CompanyWellcome TrustEndowment PlanFoundationBoston, USLondon, UK36287.27.135Princeton University InvestmentCompany (Princo)Endowment PlanPrinceton, US217.0 State of Wisconsin Investment BoardPublic Pension FundMadison, US957.037Massachusetts Pension ReservesInvestment Management BoardPublic Pension FundBoston, US636.838Stanford Management CompanyEndowment PlanStanford, US296.439University of Texas InvestmentManagement CompanyEndowment PlanAustin, US376.340Government Employees Pension FundPublic Pension FundPretoria, South Africa1165.8*ADIA has an allocation of between 2% and 8% of AUM. Allocation is estimated on the basis of the midpoint of these two values (5%).8 Preqin Ltd. 2017 / www.preqin.com
PREQIN SPECIAL REPORT: THE PRIVATE EQUITY TOP 100Top 100 Private Equity Investors (41-80)RankInvestorTypeHeadquartersAssets underManagement ( bn)Current Allocation toPrivate Equity ( bn)Asset ManagerBoston, US1155.8Public Pension FundSpringfield, US465.75.641State Street Global Advisors42Teachers' Retirement System of theState of Illinois43General Electric Pension TrustPrivate Sector Pension FundStamford, US6344Retirement Plans Sinking FundPublic Pension FundQuebec, Canada445.545Assicurazioni GeneraliInsurance CompanyTrieste, Italy5455.4 First Republic BankBankSan Francisco, US655.447Alberta Investment ManagementCorporation (AIMCo)Asset ManagerEdmonton, Canada675.3 British Columbia InvestmentManagement CorporationAsset ManagerVictoria, Canada965.3 Northwestern Mutual Life InsuranceCompanyInsurance CompanyMilwaukee, US2035.350Crédit Agricole Assurances-PrédicaInsurance CompanyParis, France2725.2 CNP AssurancesInsurance CompanyParis, France3455.2 International Finance Corporation(IFC)Government AgencyWashington, US945.2 Virginia Retirement SystemPublic Pension FundRichmond, US685.254General Motors InvestmentManagement CorporationAsset ManagerNew York, US765.155Prudential FinancialInsurance CompanyNewark, US1,2045.0 Shell Asset Management CompanyAsset ManagerThe Hague,Netherlands845.057AT&T Pension Fund Wells Fargo BankPrivate Sector Pension FundDallas, US424.9BankSan Francisco, US1,7874.959CTC myCFOFamily Office - MultiPalo Alto, US424.860Minnesota State Board of InvestmentPublic Pension FundSaint Paul, US814.7 UBS Wealth ManagementWealth ManagerZurich, Switzerland9314.7Asset ManagerDen Haag,Netherlands1314.662MN State Teachers' Retirement System ofOhioPublic Pension FundColumbus, US704.664North Carolina Department of StateTreasurerPublic Pension FundRaleigh, US884.565Government and Public EmployeesRetirement PlanPublic Pension FundQuebec, Canada444.4 Los Angeles County Employees'Retirement AssociationPublic Pension FundPasadena, US484.467Maryland State Retirement andPension SystemPublic Pension FundBaltimore, US464.3 Pennsylvania State Employees'Retirement SystemPublic Pension FundHarrisburg, US274.369New York Life Insurance CompanyInsurance CompanyNew York, US5284.270Allstate Investment ManagementAsset ManagerNorthbrook, US854.0 Indiana Public Retirement SystemPublic Pension FundIndianapolis, US304.0 Regents of the University of CaliforniaPublic Pension FundOakland, US984.073Fonds de Solidarité des Travailleurs duQuébecInvestment CompanyMontreal, Canada93.9 New York City Employees' RetirementSystemPublic Pension FundBrooklyn, US513.9 Skandia Life Insurance CompanyInsurance CompanyStockholm, Sweden423.976Allstate CorporationInsurance CompanyNorthbrook, US1073.8 Jasper Ridge PartnersWealth ManagerFort Worth, US133.8 Kaiser Permanente Nationwide Insurance80Alaska Permanent Fund CorporationFoundationOakland, US363.8Insurance CompanyColumbus, US1253.8Sovereign Wealth FundJuneau, US553.79
PREQIN SPECIAL REPORT: THE PRIVATE EQUITY TOP 100Top 100 Private Equity Investors (81-100)RankInvestor Howard Hughes Medical Institute QIC83Korean Teachers' Credit Union MLCTypeLocationAssets underManagement ( bn)Current Allocation toPrivate Equity ( bn)FoundationChevy Chase, US193.7Asset ManagerBrisbane, Australia553.7Public Pension FundSeoul, South Korea243.6Asset ManagerSydney, Australia43.685Colorado Public Employees'Retirement AssociationPublic Pension FundDenver, US443.5 IBRD Retirement PlansPublic Pension FundWashington, US183.587Iowa Public Employees' RetirementSystemPublic Pension FundDes Moines, US283.4 Korea Investment CorporationSovereign Wealth FundSeoul, South Korea903.4 QSuperSuperannuation SchemeBrisbane, Australia483.490Bayerische VersorgungskammerPublic Pension FundMunich, Germany733.3 BNP Paribas CardifInsurance CompanyParis, France1633.3 European Bank for Reconstructionand DevelopmentBankLondon, UK553.3 Varma Mutual Pension InsuranceCompanyInsurance CompanyVarma, Finland443.394Employees' Provident FundPublic Pension FundKuala Lumpur, Malaysia1603.2 Utah State Retirement SystemsPublic Pension FundSalt Lake City, US273.296Bregal InvestmentsFamily Office - SingleLondon, UK33.1 Industrial DevelopmentCorporationInvestment CompanyJohannesburg, SouthAfrica83.1 Keva Lockheed Martin Pension Plan Public School Retirement System ofMissouriPublic Pension FundHelsinki, Finland493.1Private Sector PensionFundBethesda, US343.1Public Pension FundJefferson City, US393.1Source: Preqin Private Equity OnlinePREQIN’S INVESTOR DATA AND INTELLIGENCEPrivate Equity Online is the leading source of information on institutional investors in private equity funds worldwide,with more than 6,400 limited partners of all types profiled and regularly updated following direct communication with ourdedicated team of multilingual analysts.Comprehensive profiles of investors include detailed information on future investment plans and current areas of interest,active fund searches and open mandates, capital available to commit, current and target allocations to private equity, assetsunder management, past investments, direct contact details for decision makers and investment consultant(s) used.Find out how Preqin’s investor data can help you: : info@preqin.com : www.preqin.com/privateequity10 Preqin Ltd. 2017 / www.preqin.com
alternative assets. intelligent data.2017PREQIN GLOBALALTERNATIVESREPORTSalternative assets. intelligent data.2017PREQIN GLOBALREAL ESTATEREPORTData, intelligence andinsights on fundraising,investor appetite,performance, dealsand fund terms acrossthe following assetclasses: PRIVATE EQUITY &VENTURE CAPITAL HEDGE FUNDS REAL ESTATE INFRASTRUCTUREalternative assets. intelligent data.2017PREQIN GLOBALHEDGE FUNDREPORTalternative assets. intelligent data.2017PREQIN GLOBALINFRASTRUCTUREREPORTISBN: 978-1-907012-99-0 175 / 125 / 150www.preqin.comalternative assets. intelligent data.ISBN: 978-1-907012-98-3 175 / 125 / 150www.preqin.com2017PREQIN GLOBALPRIVATE EQUITY &VENTURE CAPITALREPORTISBN: 978-1-912116-00-3 175 / 125 / 150www.preqin.comISBN: 978-1-907012-97-6 175 / 125 / 150www.preqin.com 175/ 125/ 150For more information or to purchase your copies, please visit:www.preqin.com/reportsAlso in this series: The 2017 Preqin Global Private Debt Report and the 2017 Preqin Global NaturalResources Report are due for release in March 2017.
alternative assets. intelligent data.PREQIN SPECIAL REPORT:THE PRIVATE EQUITY TOP 100FEBRUARY 2017PREQINAlternative Assets Data & IntelligencePreqin provides information, products and services to fund managers,investors, consultants and service providers across six main areas: Investors – Allocations, Strategies/Plans and Current PortfoliosFund Managers – Funds, Strategies and Track RecordsFunds – Fundraising, Performance and Terms & ConditionsDeals/Exits – Portfolio Companies, Participants and FinancialsService Providers – Services Offered and Current ClientsIndustry Contacts – Direct Contact Details for Industry ProfessionalsNew York London Singapore San Francisco Hong Kong Manilainfo@preqin.comwww.preqin.com
covering the private equity & venture capital, hedge fund, real estate and infrastructure asset classes. . 1 Carlyle Group Washington, US 66.7 15.8 2 Blackstone Group New York, US 62.2 31.9 . CITIC Private Equity Funds Management Beijing, China 9.1 1.7 60 Madison Dearborn Partners Chicago, US 8.5 3.5 .
