2011 PEI 300

TPG Goldman Sachs Principal Investment Area The Carlyle Group Kohlberg Kravis Roberts

The Blackstone Group Apollo Global Management Bain Capital CVC Capital Partners First Reserve

Corporation Hellman & Friedman Apax Partners General Atlantic Warburg Pincus Cerberus Capital

Management Advent International Permira Oaktree Capital Management Terra Firma Capital

PartnersProvidence Equity Partners Clayton Dubilier & Rice Charterhouse Capital Partners Teachers'

Private Capital Madison Dearborn Partners TA Associates Silver Lake Lone Star Funds Thomas H. Lee

Partners Cinven Riverstone Holdings JC Flowers & Co. AXA Private Equity AlpInvest Partners 3i Nordic

Capital Fortress Investment Group EnCap Inve stments Onex Partners Lindsay Goldberg Citi Capital

Advisors Ares Management Summit Partners Bridgepoint Marfin EQT Partners NGP Energy Capital

Management Energy Capital Partners Stone Point Capital Abraaj Capital Golden Gate Capital GTCR

Golder Rauner HIG Capital Management Sequoia Capital Lion Capital Centerbridge Capital PartnersCredit

Suisse Private EquityBC PartnersPacific Equity PartnersLeonard Green & Partners GI Partners Matlin

Patterson Global AdvisersKelso & Co. New Mountain Capital New Enterprise Associates Sun Capital

Partners Actis HgCapital Investcorp Bank BSC Wayzata Capital Management ArcLight Capital Partners

Triton Partners TCW Group Mount Kellett Capital Baring Private Equity Asia Barclays Private Equity Altor

Equity Partners CDH Investments Doughty Hanson ABRY Partners WL Ross & Co.Francisco Partners

Babson Capital Management Oak Hill Capital PartnersAvista Capital Partners PAI Partners Tower Brook

Capital Partners CPP Investment Board CCMP Capita lEurazeo Quantum Energy PartnersHony Capital

Draper Fisher Jurvetson Arcapita Citadel Capital Morgan Stanley Investment Management Kleiner

Perkins Caufield & Byers Welsh Carson Anderson & Stowe The Jordan Company Irving Place Capital

Yorktown Partners Aquiline Capital Partners The Gores Group IDG Ventures Montagu Private Equity Kayne

Anderson Capital Advisors Oak Investment Partners Insight Venture Partners AEA Investors Softbank

Group MBK Partners GP Investments Court Square Capital Partners Berkshire Partners TDR Capital Partners

LS Power Group Mid Europa PartnersOne Equity PartnersTechnology Crossover Ventures Bessemer

Venture Partners Bregal Capital LBO France Audax Group EnerVest, Ltd. Affinity Equity PartnersPartners

Group Platinum Equity Partners KSL Capital Partners Castle Harlan Advantage PartnersLime Rock Partners

Trilantic Capital Partners SAIF Partners Energy Investors Funds Yucaipa Companies Crestview Partners

Astorg PartnersGavea InvestimentosHopu Investment Management BAML Capital Partners The Riverside

private equity international may 2011

Welcome to our fifth annual ranking of the world’s largest private equity firms

This highly anticipated list has quickly become an industry benchmark as the PEI 300 is the only global "apples-to-apples” comparison of private equity direct investment

programmes. Measuring capital raised over the preceding five-year period (see p. 46 for the methodology), the PEI 300 reflects an industry that has undergone dramatic shifts and evolution.

Launched in 2007, the PEI 300 has tracked firms during the private equity industry’s biggest boom-phase as well as the period of great volatility and uncertainty that followed the credit collapse and global financial crisis. That dark period was marked by a dearth of deal activity, scores of distressed portfolio companies and wide-spread fund write-downs, all of which fuelled intense scrutiny as to whether the private equity model still worked. While the industry thankfully turned a corner in 2010, fundraising has remained incredibly tough, with many firms opting to put off new offerings

until absolutely necessary. Readers perhaps won’t find it hard to believe this is the second year in a row that the five-year fundraising total of the PEI 300’s top 50 firms has shrunk (see p. 38).

Many of the firms on this list have maintained or improved their standing, but not necessarily because they have raised fresh capital. In some cases their rank is because capital raised in the heady days of 2006 to 2008 remains under management, while peers and rivals may have fallen in the ranking because large funds raised pre-2006 no longer count towards the PEI 300 total.

That said, this year’s list showcases many firms that have indeed found success on the fundraising trail – an increasing number of which focus on niche strategies or emerging markets. It once again reminds us that regardless of market cycle, institutional investors continue to turn to the best and brightest private equity fund managers to produce exceptional returns.

The PEI 300

2011 PEI 300 rank Fund manager Headquarters PEI 300 five-year fundraising total ($m)

1 p TPG Capital Fort Worth (Texas) $50,553.20

2 q Goldman Sachs Principal Investment Area New York $47,224.00

3 q The Carlyle Group Washington DC $40,540.94

4 q Kohlberg Kravis Roberts New York $40,215.90

5 p The Blackstone Group New York $36,418.68

6 q Apollo Global Management New York $33,813.00

7 p Bain Capital Boston $29,402.69

8 q CVC Capital Partners London $25,068.77

9 p First Reserve Corporation Greenwich (Connecticut) $19,063.50

10 p Hellman & Friedman San Francisco $17,200.00

11 q Apax Partners London $16,637.67

12 p General Atlantic Greenwich (Connecticut) $15,100.00

13 q Warburg Pincus New York $15,000.00

14 vw Cerberus Capital Management New York $14,900.00

15 q Advent International Boston $14,519.51

16 vw Permira London $13,572.40

17 p Oaktree Capital Management Los Angeles $13,045.97

18 p Terra Firma Capital Partners London $12,249.90

pei 300 – the top 50

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2011 PEI 300 rank Fund manager Headquarters PEI 300 five-year fundraising total ($m)

19 q Providence Equity Partners Providence (Rhode Island) $12,100.00

20 q Clayton Dubilier & Rice New York $11,404.00

21 p Charterhouse Capital Partners London $11,268.08

22 q Teachers' Private Capital Toronto $10,758.62

23 p Madison Dearborn Partners Chicago $10,600.00

24 p TA Associates Boston $10,547.50

25 p Silver Lake Menlo Park $10,500.00

26 p Lone Star Funds Dallas $10,410.00

27 p Thomas H. Lee Partners Boston $10,100.00

28 p Cinven London $10,033.80

29 vw Riverstone Holdings New York $9,674.00

30 p JC Flowers & Co. New York $9,300.00

31 vw AXA Private Equity Paris $9,027.22

32 p AlpInvest Partners Amsterdam $8,867.98

33 p 3i Group London $8,732.76

34 p Nordic Capital Stockholm $8,732.76

35 q Fortress Investment Group New York $8,680.00

36 ✪ EnCap Investments Houston $8,472.80

37 p Onex Partners Toronto $8,338.14

38 p Lindsay Goldberg New York $7,870.95

39 q Citi Capital Advisors New York $7,797.00

40 ✪ Ares Management Los Angeles $7,786.44

41 p Summit Partners Boston $7,749.94

42 q Bridgepoint London $7,717.69

43 p Marfin Athens $7,310.17

44 p EQT Partners Stockholm $7,200.21

45 q NGP Energy Capital Management Dallas $7,107.00

46 ✪ Energy Capital Partners Short Hills (New Jersey) $6,585.00

47 ✪ Stone Point Capital Greenwich (Connecticut) $6,398.00

48 p Abraaj Capital Dubai $6,203.90

49 ✪ Golden Gate Capital San Francisco $6,114.00

50 p GTCR Golder Rauner Chicago $6,000.00

pei 300 – the top 50

pHigher rank than 2010 qLower rank than 2010 vwSame rank as 2010 ✪PEI 50 debut

This announcement appears as a matter of public record only

Waud Capital Partners 300 N. LaSalle St. | Suite 4900 | Chicago, IL 60654 t. 312.676.8400 | f. 312.676.8444 waudcapital.com

WAUD CAPITAL PARTNERS III, L.P.

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The undersigned assisted in the private placement of the limited partnership interests.

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April 2011

Monument Group


The behemoth is back. TPG Capital has regained the No. 1 spot on the PEI 300, which it had briefly relinquished to Goldman Sachs’ Principal Investment Area in last year’s ranking. The Fort Worth-headquartered buyout firm, formerly known as Texas Pacific Group, has raised an impressive $50.5 billion for direct

private equity investment since January 2006. That’s up from the $45 billion that earned it fourth place last year.

TPG is among the few private equity firms that can lay claim to being a truly global player, as evidenced recently by the success it continues to enjoy in Asia. It launched not just one but two

RMB funds last year, continues to push deeper into Asia's emerging economies as well as agree blockbuster transactions that last year included a $1 billion club deal for a significant stake in Chinese investment bank China International Capital Corporation. It has also made rivals green with envy on some of its exits, notably booking more than 16.5x on its original investment in Shenzhen Development Bank.

As if to emphasise its global credentials, TPG recently sold a 4.5 percent stake in itself to the Government of Singapore Investment Corporation and the Kuwait Investment Authority. The deal gave TPG access to a pot of permanent capital and also cemented its strategic relationship with two of the world’s most active sovereign wealth funds.

Founded in 1992 by David Bonderman, James Coulter and William Price, TPG continues to grow and diversify. In February, its credit-focused affiliate raised a $604 million aviation finance fund, substantially larger than the $400 million it had originally targeted, and it continues to build its real estate team. Many peers and would-be private equity professionals are surely taking notes. n

EnCap Investments and Energy Capital Partners breezed through fundraisings over the past year, catapulting them into the rankings of the top 50 largest private equity firms in the world. They join River-stone Holdings, which is the 29th-larget pri-vate equity firm in the world; NGP Energy Capital Management, ranked 44th; and First Reserve, which remains by far the largest of the energy-focused firms at number nine. Many of those firms are expected to move further up the ranks next year with vari-ous fund offerings already in the market or expected soon.

Texas-based EnCap moved up dramatically this year to number 36 from its position last year as the 70th-largest private

equity firm globally. The firm closed its eighth fund on $3.5 billion earlier this year, its largest to date. “We were very fortunate in a tough fundraising environment to be so substantially oversubscribed,” David Miller, one of the firm’s four managing partners,

said at the time. The firm also raised $792 million for its EnCap Energy Infrastructure Fund in March 2010.

Goldman Sachs spin-out Energy Capital Partners, meanwhile, moved up to no. 45 from its ranking of 59 last year. The New Jersey-based firm held a final close on its second fund on $4.3 billion in August 2010, blowing through its original target of $3.5 billion.

Theses firms’ recent successes in attracting capital are reflective of limited partners’ desire for diversity and hedges against inflation in the post-recession environment. Energy firms also have been scoring solid returns in the areas of oil field services, renewable power and even oil and gas drilling and exploration. The promise of North American shale gas plays, market particpants say, make the sector particularly interseting at present. n

Reclaiming the crown

Energising the ranks

p e i 3 0 0 h i g h l i g h t s t h e to p 5 0

TPG has unseated Goldman Sachs as the largest private equity firm in the world

Limited partners have a big appetite for energy, as evidenced by the number of energy-focused fund managers among the top 50 firms

Coulter: co-leading the world's largest private equity firm into new territories

US shale plays: tapping into LP appetite

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This year, 13 European-headquartered pri-vate equity firms were among the PEI 300’s top 50, down from 16 firms last year.

Among the 13 who did make it there were few surprises, for the roster reads like a who’s who of European private equity firms (see table). Perhaps more interesting were which names were not among the top 50 this year: PAI Partners suffered the greatest drop, falling to 84th place from 38th last year, while BC Partners came in at 54th place, down from its 2010 rank of 34th.

Both BC and PAI are likely to rank differently next year, for BC has already collected two-thirds of a €6 billion fund currently in the market, while PAI is widely expected to begin fundraising later this year.

In fact, a large number of the heavyweight European firms in the top 50 are planning a return to market. Apax Partners, Permira and Cinven are all expected to begin fundraising in coming months, while CVC Capital Partners, which only closed its €10.75 billion fifth fund in 2008, is understood to be mulling a new fundraising for next year.

One firm whose fundraising future remains unclear, however, is Terra Firma. Following the loss of EMI to lender Citi, which meant the loss of 30 percent of the equity in its €5.4 billion third fund, founder Guys Hands has been clear Terra Firma’s chances of raising another fund

are based on its ability to make around 2x on the fund’s remaining dry powder. “Our aim is to get back to flat and make a small margin,” he recently told PEI in an in-depth interview.”When you wipe out 30 percent of your fund, getting back to flat is not easy.” n

The biggest private equity firms in the world have been raising less capital over the past few years as the fundraising environment tightened and they continued to invest the massive amounts of dry powder raised pre-financial crisis. Some GPs in recent years even scaled back those same mega-funds, post-crisis, to allow liquidity-starved LPs relief from large commitments.

The top 50 firms raised $734 billion between 1 January 2006 and 15 April 2011,

down from $772 billion for the prior five-year period starting 1 January 2005 and $813 billion for the five-year period beginning 1 January 2004. The cumulative number is expected to shrink again next year for two reasons: a growing number of pre-crisis mega-funds will not count towards firms’ 2012 five-year fundraising totals, and new offerings, in general, are expected to be more modest in size going forward.

Limited partners in the past two years

or so have been making fewer and smaller commitments to private equity funds – including lighter re-ups with existing managers – forcing many large firms to revise fundraising expectations. The Blackstone Group, for example, has collected more than $14.6 billion for its Fund VI, which is expected to close on around $15 billion – a formidable sum to be sure, and likely to set records for the year, but at $15 billion it would still be some 30 percent smaller than its $21.7 billion Fund V closed in 2007. Likewise Kohlberg Kravis Roberts has indicated a target of $8 billion to $10 billion for its latest mega-fund, a far cry from the $17.6 billion the firm raised in 2006. n

Slowing at the top

Going back to market

p e i 3 0 0 h i g h l i g h t s t h e to p 5 0

Capital raised among the world’s 50-largest firms has dropped nearly 5% compared to the previous five-year window

Some of Europe’s most veteran private equity firms featured in the top 50 – as well as some notable names absent from the list – plan to replenish dry powder this year

PEI 300 Firm name Headquarters Capital raised rank ($bn)8 CVC Capital Partners London $25.1

11 Apax Partners London $16.6

16 Permira London $13.6

18 Terra Firma Capital Partners London $12.2

21 Charterhouse Capital Partners London $11.3

28 Cinven London $10

31 AXA Private Equity Paris $9

32 AlpInvest Partners Amsterdam $8.9

33 3i Group London $8.7

34 Nordic Capital Stockholm $8.7

42 Bridgepoint London $7.7

43 Marfin Athens $7.3

44 EQT Partners Stockholm $7.2

europe’s top tierMany of the European GPs making up the PEI 300’s top 50 firms, as measured by capital raised in a five-year window, are expected to start raising new funds this year

Eleven years ago Silver Lake Partners sparked the interest of some of the world’s most notable technology investors, includ-ing Bill Gates, Larry Ellison and Michael Dell. In a short time period, the firm rounded up an eye-popping $2.3 billion for its debut fund – an offering so hot that one LP was reportedly clamouring for access while climbing Mount Everest.

Fast-forward to the present to find a firm still in favour with LPs – it has moved up in the ranks to no. 25 this year from the 33rd spot in 2010, with respective five-year fund raising totals of $10.5 billion this year compared to $9.3 billion last year – and confidently broadening its franchise in line with its original focus on mature technologies.

In 2008 Silver Lake raised a $9.3 billion Fund III, double the size of Fund II. Its mid-market arm, Silver Lake Sumeru, raised

a $1.1 billion debut fund the same year, and the firm also launched a distressed technology credit-focused arm, Silver Lake Financial. This year, it announced a partnership with billionaire George Soros

to provide growth capital to companies creating ways to increase energy efficiency, reduce waste and emissions and harness renewable energy. Dubbed Silver Lake Kraftwerk, it will operate from offices in Silicon Valley and mainland China. Silver Lake has already been actively pursuing deals in Asia, as well as Latin America, for its other strategies.

Firm co-founder Jim Davidson previously told PEI that his passion for mature technology’s potential has only expanded as technology businesses have further globalised , prompting Silver Lake to both expand its business lines and ramp up its activities outside of the US, primarily in Asia. “Our belief is that technology leadership can emerge anywhere and our goal is to know where it is emerging and to be part of it – and not at the venture level, but where companies have proven technologies.” n

Silver bulletTechnology-focused Silver Lake continues to broaden its geographic reach and diversify its business lines

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2011 PEI 300 rank Fund manager Headquarters PEI 300 five-year fundraising

total ($m)

51 HIG Capital Management Miami $5,895.11

52 Sequoia Capital Menlo Park $5,868.75

53 Lion Capital London $5,778.13

54 Centerbridge Capital Partners New York $5,700.00

55 Credit Suisse Private Equity New York $5,680.00

56 BC Partners London $5,634.04

57 Pacific Equity Partners Sydney $5,386.71

58 Leonard Green & Partners Los Angeles $5,300.00

59 GI Partners Menlo Park $5,200.71

60 MatlinPatterson Global Advisers New York $5,165.00

61 Kelso & Co. New York $5,125.00

62 New Mountain Capital New York $5,121.80

63 New Enterprise Associates Chevy Chase (Maryland) $5,007.26

64 Sun Capital Partners Boca Raton (Florida) $5,000.00

65 Actis London $4,923.50

66 HgCapital London $4,896.59

67 Investcorp Bank BSC Manama (Bahrain) $4,683.78

68 Wayzata Capital Management Wayzata (Minnesota) $4,650.00

69 ArcLight Capital Partners Boston $4,582.65

70 Triton Partners Frankfurt $4,577.66

71 TCW Group Los Angeles $4,550.00

72 Mount Kellett Capital New York $4,471.01

73 Baring Private Equity Asia Hong Kong $4,465.00

74 Barclays Private Equity London $4,443.81

75 Altor Equity Partners Stockholm $4,436.81

76 CDH Investments Hong Kong $4,426.20

77 Doughty Hanson London $4,410.00

78 ABRY Partners Boston $4,350.00

79 WL Ross & Co. New York $4,300.00

80 Francisco Partners San Francisco $4,300.00

81 Babson Capital Management Boston $4,209.96

82 Oak Hill Capital Partners Stamford (Connecticut) $4,204.40

83 Avista Capital Partners New York $4,200.00

84 PAI Partners Paris $4,105.67

85 TowerBrook Capital Partners New York $4,100.00

86 CPP Investment Board Toronto $4,098.52

87 CCMP Capital New York $4,006.83

88 Eurazeo Paris $3,959.32

89 Quantum Energy Partners Houston $3,830.97

90 Hony Capital Beijing $3,806.30

91 Draper Fisher Jurvetson Menlo Park $3,774.84

92 Arcapita Manama (Bahrain) $3,690.90

93 Citadel Capital Cairo $3,598.36

94 Morgan Stanley Investment Management New York $3,596.00

95 Kleiner Perkins Caufield & Byers Menlo Park $3,564.95

96 Welsh Carson Anderson & Stowe New York $3,548.52

97 The Jordan Company New York $3,500.00

98 Irving Place Capital New York $3,475.00

99 Yorktown Partners New York $3,470.00

100 Aquiline Capital Partners New York $3,418.62

101 The Gores Group Los Angeles $3,363.00


total ($m)

102 IDG Ventures Boston $3,356.00

103 Montagu Private Equity London $3,326.55

104 Kayne Anderson Capital Advisors Los Angeles $3,319.86

105 Oak Investment Partners Westport (Connecticut) $3,310.00

106 Insight Venture Partners New York $3,307.40

107 AEA Investors New York $3,259.32

108 Softbank Group Tokyo $3,191.76

109 MBK Partners Seoul $3,160.00

110 GP Investments São Paulo $3,142.00

111 Court Square Capital Partners New York $3,100.00

112 Berkshire Partners Boston $3,100.00

113 TDR Capital Partners London $3,098.72

114 LS Power Group New York $3,085.00

115 Mid Europa Partners London $3,002.10

116 One Equity Partners New York $3,000.00

117 Technology Crossover Ventures Palo Alto $3,000.00

118 Bessemer Venture Partners Larchmont (New York) $2,950.00

119 Bregal Capital London $2,929.70

120 LBO France Paris $2,890.26

121 Audax Group New York $2,858.00

122 EnerVest, Ltd. Houston $2,817.77

123 Affinity Equity Partners Hong Kong $2,800.00

124 Partners Group Zug $2,771.95

125 Platinum Equity Partners Los Angeles $2,750.00

126 KSL Capital Partners Denver $2,700.24

depended on Credit Suisse to help raise capital; the US mid-market firm’s fund five was its largest-ever, collecting $1.2 billion from institutional investors in the US, Canada, Europe, Japan and Australia. Another US fund raised by Credit Suisse in 2010 was Newbury Partners’ second secondaries vehicle, which collected $1 billion, beating its $800 million target and attracting new LPs.

Credit Suisse also raised London-based Phoenix Equity Partners’ 2010 fund, which was oversubscribed and collected £450 million.

The investment bank’s private equity third-party fundraising team is led by Anthony Bowe and John Robertshaw. The group generally takes on fund size mandates of $300 million to $ 2 billion. The team is spread out among offices in New York, San Francisco, Chicago, Los Angeles, Dallas, London, Tokyo and Melbourne.

FUND OF FUNDS OF THE YEAR 1. HarbourVest Partners2. Adams Street Partners3. Neuberger Berman

Boston-headquartered HarbourVest Partners received a strong vote of confidence from the New York State Teachers’ Retirement System in November: it received a total of $225 million in commitments from US public pension, $125 million of which went to HarbourVest/NYSTRS Co-Invest fund, with the remaining $100 million going to HIPEP Select Asia Fund . That brought the pension’s total commitment with Harbour-Vest to about $1 billion across several funds.

HarbourVest made headlines in other parts of the world, too, listing its Amsterdam Euronext-traded vehicle HarbourVest Global Private Equity (HVPE) on the London Stock Exchange. The dual-listing was meant to provide access to a greater number of “typical” listed private equity investors, such as wealth management and asset management firms.

The firm’s other activities during the year included the launch of HarbourVest Senior Loans Europe, a vehicle to invest in senior secured loans of up to 30 European small- and mid-market private equity-backed companies. It also invested $300 million to acquire minority interests in five companies owned by Bahrain-based investment firm Arcapita Bank. HarbourVest and Arcapita created a new fund to effect the transaction, with Arcapita continuing to manage the portfolio.

SECONDARIES FIRM OF THE YEAR1. Landmark Partners2. Lexington Partners3. AXA Private Equity

Landmark Partners, one of the oldest secondaries firms in the industry, last year closed its 14th fund with commitments totalling $2 billion. The Connecticut-headquartered firm has already agreed at least eight transactions for Fund XIV that together comprise 67 interests in 62 funds managed by 37 different GPs.

Among the transactions it closed last year was the acquisition

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total ($m)

127 Castle Harlan New York $2,624.30

128 Advantage Partners Tokyo $2,620.21

129 Lime Rock Partners Westport (Connecticut) $2,612.00

130 Trilantic Capital Partners New York $2,600.00

131 SAIF Partners Hong Kong $2,593.77

132 Energy Investors Funds Boston $2,583.00

133 Yucaipa Companies Los Angeles $2,542.40

134 Crestview Partners New York $2,535.90

135 Astorg Partners Paris $2,535.32

136 Gavea Investimentos Rio de Janeiro $2,521.61

137 Hopu Investment Management Beijing $2,500.00

138 BAML Capital Partners Charlotte (North Carolina) $2,500.00

139 The Riverside Company New York $2,490.30

140 JAFCO Co., Ltd. Tokyo $2,469.39

141 Southern Cross Group Buenos Aires $2,431.00

142 Tenaska Capital Management Omaha (Nebraska) $2,400.00

143 Sageview Capital LP Palo Alto $2,400.00

144 Capital International London $2,380.00

145 Pine Brook Road Partners New York $2,363.00

146 IK Investment Partners Stockholm $2,359.25

147 HarbourVest Partners Boston $2,337.81

148 American Securities Capital Partners New York $2,326.50

149 Investindustrial Milan $2,324.04

150 AAC Capital Partners Amsterdam $2,278.69

151 CITIC Private Equity Funds Management Beijing $2,271.22

152 Navis Capital Partners Kuala Lumpur $2,270.00

153 Catterton Partners Greenwich (Connecticut) $2,225.00

154 Matrix Partners Waltham (Massachusetts) $2,200.00

155 Accel Partners Menlo Park $2,195.45

156 Littlejohn & Co Greenwich (Connecticut) $2,190.00

157 Longreach Group Hong Kong $2,086.74

158 Denham Capital Management Boston $2,022.10

159 KPS Capital Partners New York $2,020.00

160 Clessidra SGR Milan $1,990.22

161 Gilde Utrecht (Netherlands) $1,971.91

162 KRG Capital Denver $1,963.80

163 Birch Hill Equity Partners Toronto $1,936.55

164 Moelis Capital Partners Los Angeles $1,904.00

165 Vision Capital London $1,882.61

166 Herkules Capital Oslo $1,850.51

167 Norwest Venture Partners Palo Alto $1,850.00

168 Great Hill Partners Boston $1,850.00

169 CHAMP Private Equity Sydney $1,846.87

170 Pamplona Capital Management New York $1,831.06

171 Diamond Castle Holdings New York $1,825.00

172 Levine Leichtman Capital Partners Beverly Hills $1,825.00

173 Energy Spectrum Partners Dallas $1,799.67

174 Wind Point Partners Chicago $1,793.72

175 Blue Ridge China Beijing $1,750.00

176 Battery Ventures Waltham (Massachusetts) $1,750.00

177 The Catalyst Capital Group Inc. Toronto $1,729.80


total ($m)

178 ARC Financial Corp. Calgary $1,724.96

179 Waterland Private Equity Investments Bussum (Netherlands) $1,724.02

180 Archer Capital Pty Ltd Sydney $1,704.25

181 Norwest Equity Partners Minneapolis $1,700.00

182 Unison Capital Partners Tokyo $1,698.28

183 Headland Capital Partners Hong Kong $1,689.50

184 Black Diamond Capital Management Greenwich & Lake Forest $1,682.00

185 Greylock Partners San Mateo (California) $1,650.00

186 CITIC Capital Hong Kong $1,635.21

187 Veronis Suhler Stevenson New York $1,612.00

188 Essex Woodlands Health Ventures Palo Alto $1,587.60

189 VantagePoint Venture Partners San Bruno (California) $1,585.30

190 Corsair Capital Partners New York $1,571.60

191 CapMan Private Equity Helsinki $1,562.18

192 Genstar Capital San Francisco $1,550.00

193 Index Ventures Geneva $1,549.36

194 Olympus Partners Stamford (Connecticut) $1,530.00

195 Khosla Ventures Menlo Park $1,525.00

196 21 Partners Venice $1,524.99

197 Charlesbank Capital Partners Boston $1,500.00

198 Odyssey Investment Partners New York $1,500.00

199 Friedman Fleischer & Lowe San Francisco $1,500.00

200 Kohlberg & Co. Mount Kisco (New York) $1,500.00

201 Primus Financial Holdings Hong Kong $1,500.00

202 JMI Equity Fund Baltimore $1,475.00

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2011 PEI 300 Rank Fund Manager Headquarters PEI 300 Five-Year Fundraising

Total ($m)

203 GIMV Antwerp (Belgium) $1,472.31

204 HitecVision AS Stavanger (Norway) $1,461.00

205 Climate Change Capital London $1,448.34

206 Austin Ventures Austin (Texas) $1,425.00

207 Global Investment House Safat (Kuwait) $1,421.47

208 New Horizon Capital Beijing $1,402.36

209 Baring Vostok Capital Partners Moscow $1,402.00

210 New Silk Route Partners New York $1,400.00

211 Dubai International Capital Dubai $1,398.83

212 Swicorp Riyadh $1,379.13

213 Quadriga Capital St. Helier, Jersey $1,365.94

214 Duke Street London $1,356.40

215 Institutional Venture Partners Menlo Park $1,350.00

216 Mercapital Madrid $1,338.08

217 Duff Ackerman & Goodrich San Francisco $1,326.00

218 Golub Capital Chicago $1,325.00

219 Phoenix Equity Partners London $1,318.24

220 Ironbridge Capital Sydney $1,303.28

221 Vitruvian Partners London $1,302.87

222 Vista Equity Partners San Francisco $1,300.00

223 Pamodzi Investment Holdings Athol (South Africa) $1,300.00

224 Foundation Capital Menlo Park $1,294.78

225 Exponent Private Equity London $1,286.29

226 Quadrant Private Equity Sydney $1,282.55

227 Polaris Venture Partners Boston $1,280.75

228 Flexpoint Ford Chicago $1,280.00

229 Lightspeed Venture Partners Menlo Park $1,275.00

230 Newstone Capital Partners Los Angeles $1,272.30

231 ICICI Ventures Mumbai $1,261.00

232 Lightyear Capital New York $1,257.14

233 MidOcean Partners New York $1,250.00

234 Snow Phipps Group New York $1,232.70

235 AnaCap Financial Partners London $1,232.45

236 Veritas Capital New York $1,225.00

237 Electra Partners London $1,224.11

238 Wellspring Capital Management New York $1,200.00

239 Unitas Capital Hong Kong $1,200.00

240 Vector Capital San Francisco $1,200.00

241 Paine & Partners Foster City (California) $1,200.00

242 Domain Associates Princeton (New Jersey) $1,200.00

243 Aisling Capital New York $1,200.00

244 Park Square Capital London $1,197.23

245 Magnum Industrial Partners Madrid $1,197.23

246 The Sentient Group Grand Cayman $1,191.00

247 Mayfield Fund Menlo Park $1,164.00

248 Sterling Partners Baltimore $1,162.45

249 Andreessen Horowitz Menlo Park $1,152.20

250 OrbiMed Advisors, LLC New York $1,150.00

251 Brait Private Equity Johannesburg $1,138.03

252 Pátria Investimentos São Paulo $1,134.77

may 2011 private equity international pa g e 45

2011 PEI 300 Rank Fund Manager Headquarters PEI 300 Five-Year Fundraising

Total ($m)

253 Axcel Industriinvestor Copenhagen $1,133.32

254 Hudson Clean Energy Partners Teaneck (New Jersey) $1,132.34

255 IVF Advisors Private Limited Mumbai $1,125.00

256 Pamlico Capital Charlotte (North Carolina) $1,115.00

257 General Catalyst Partners Boston $1,115.00

258 Venrock Palo Alto $1,114.00

259 Huntsman Gay Capital Partners Boston $1,108.50

260 Clearwater Capital Partners New York $1,105.40

261 Lee Equity Partners New York $1,100.00

262 IDFC Private Equity Mumbai $1,095.20

263 SV Life Sciences Boston $1,095.00

264 North Bridge Venture Partners Waltham (Massachusetts) $1,070.00

265 Enterprise Investors Warsaw $1,067.65

266 Thoma Bravo Chicago $1,050.90

267 Cartesian Capital New York $1,050.00

268 Redpoint Ventures Menlo Park $1,050.00

269 Balderton Capital London $1,025.00

270 Water Street Healthcare Partners Chicago $1,018.70

271 BLUM Capital Partners San Francisco $1,009.80

272 Roark Capital Group Atlanta $1,004.00

273 Argos Soditic SA Paris $1,002.86

274 JLL Partners New York $1,000.00

275 Resource Capital Funds Denver $1,000.00

276 Greenbriar Equity Group Rye (New York) $1,000.00

277 Olympus Capital Holdings Asia Hong Kong $1,000.00

278 Quintana Capital Houston $994.00

279 Ventizz Capital Duesseldorf $977.51

280 Everstone Capital Mumbai $975.00

281 CLSA Capital Partners Hong Kong $975.00

282 Quad-C Management Charlottesville (Virginia) $972.57

283 Edgewater Funds Chicago $971.00

284 KERN Partners Calgary $970.28

285 Marlin Equity Partners Los Angeles $959.00

286 ACON Investments Washington DC $956.58

287 Aureos London $954.00

288 FountainVest Partners Hong Kong $950.00

289 ChrysCapital New Delhi $950.00

290 Palamon Capital Partners London $943.70

291 Silverfleet Capital London $936.66

292 DCM Menlo Park $930.47

293 Graphite Capital Management London $929.96

294 Orchid Asia Hong Kong $927.00

295 Alchemy Partners London $926.76

296 BOC International Holdings Limited Hong Kong $926.34

297 Ignition Partners Bellevue (Washington) $920.00

298 H&Q Asia Pacific Palo Alto $910.00

299 TSG Consumer Partners San Francisco $900.00

300 Industrial Growth Partners San Francisco $900.00


As we ask each year, would you believe that ranking 300 private equity firms by size is not an easy task? First one needs to define “private equity” and “size”. Then one needs to gather accurate capital-formation information on hundreds and hundreds of firms in what is among the most opaque markets in the world.

The result of this hard work is the PEI 300, an annual ranking conducted by Private Equity International in conjunction with sister data service PE Connect.

In compiling the rankings, we are certain that we missed some important details, but we are equally certain that we exhausted every available resource in sourcing the best information. Private equity remains a non-transparent asset class, but it is getting more transparent with each passing year. We therefore believe that the PEI 300 is the authoritative guide to the most important investment firms in the global private equity market.

A firm’s rank among the largest 300 private equity firms in the world is determined by how much private equity direct-investment capital that firm has raised over a roughly five-year window ending at our press date last month.

what is the pei 300?The PEI 300 is a ranking of private equity firms globally by size. It is the only apples-to-apples comparison of dedicated, direct invest-ment private equity programmes. The rankings began in 2007 as the PEI 50 and were expanded to the PEI 300 in 2009 due to demand for more information about private equity firms globally.

The PEI 300 is not a performance ranking, nor does it constitute investment recommendations. The PEI 300 includes private equity firms with varying structures and strategies around the world. While the list is mostly made up of private equity firms that manage private equity limited partnerships, it also includes firms with multiple strategies and business lines, and firms with publicly traded vehicles.

However, only a defined type of private equity capital is counted in determining the PEI 300 rankings, as described below. The PEI 300 only measures capital raised or formed within a five-year window spanning from 1 January 2006 until 15 April 2011. Last year’s rankings were also drawn from a 64-month window, but the window started on 1 January 2005 and ended on 22 April 2009.

Where two firms have raised the same amount of capital over this time period, the higher PEI 300 rank goes to the firm with the largest active pool of capital raised since 2006 (i.e., the biggest

single fund). If there is still a “tie” after taking into account size of single fund, we give greater weight to the firm that has raised the most capital most recently.

In coming up with our key “2010 PEI 300 five-year fundraising

total” figures, upon which the PEI 300 rankings are based, we rely on the most accurate information available. We give highest priority to information that we receive from or confirm with the private equity firms themselves, always on background. When the private equity firms themselves confirm details, we still seek to “trust but verify”.

Some details simply cannot be verified by us, and in these cases we defer to the honour system. In order to encourage cooperation from private equity firms that might make the PEI 300, we do not disclose which firms have aided us on background and which have not. Lacking confirmation of details from the firms themselves, we seek to corroborate information using any available resources, including the firms’ own websites, press releases, news reports, third-party databases, limited partner disclosures, etc.

definitionsTo help answer this question – “How much private equity capital has the firm raised since 1 January 2006?” – we needed to set some definitions:

“Private equity”: The definition of private equity for the purposes of the PEI 300 means 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, and mezzanine debt. Our rankings do not take into account funds of funds capital, capital raised for primarily real estate strategies, hedge fund capital, infrastructure and debt 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 2006. We count the full amount of a fund if it has a close after this date. We also count the full amount of an interim close that has occurred recently, even if no official announcement has been made. We also count capital raised through other means, such as LP co-investment vehicles, deal-by-deal LP co-investment capital, publicly traded vehicles and earmarked annual contributions from a sponsoring entity, when we are able to access this information. Where capital is raised in partnership with an affiliated entity, we take into consideration the economic relationship between the two entities, as well as how the fundraising was marketed to investors.

We count mezzanine debt raised by firms that are primarily engaged in private equity investing. We only count equity raised for these funds, not the leveraged “buying power”. Mezzanine debt frequently involves warrants for equity stakes, and has historically been counted alongside buyout capital by industry media and data services groups. n

What the PEI 300 does and does not measure

Rules of the game

While many private equity firms the world over are fretting about the difficult fundrais-ing market, some familiar names are prov-ing investors still have a healthy appetite for private equity.

Leading the pack was the Blackstone Group, whose Fund VI had raised $14.7 billion as of February, when it held its full-year 2010 earnings call. The firm indicated at the time it was “rounding up the last couple” of LP commitments to the vehicle, with Blackstone president and chief operating officer Tony

James saying he expected the fund to close on around $15 billion.

In terms of final closes in the past year, Energy Capital Partners took the top spot, closing its second fund on $4.3 billion, well above its original target of $3.5 billion. It was one of many energy funds to have found favour with investors recently (see p. 36), who’ve been largely pleased with the sector’s returns.

Returns were also the reason why investors came out in full force for Stone

Point Capital’s latest offering, Trident V. The financial services-focused firm – which is led by Charles Davis, former head of investment banking at Goldman Sachs, and Steve Friedman, former Goldman chairman – blew past its original $3 billion hard-cap to raise $3.5 billion from investors including the Canada Pension Plan Investment Board, the Kuwait Investment Authority, TIAA-CREF, Caisse de Dépôt, General Electric and HarbourVest Partners. The fund’s predecessor, Trident IV, was generating a 1.2x cash-on-cash multiple as of 30 June 2010, sources told PEI late last year. n

Capital magnetsA look into last year’s biggest fundraisers

PEI 300 rank Fund manager Fund name Fund size ($bn)

46 Energy Capital Partners Energy Capital Partners II $4.3

23 Madison Dearborn Partners Madison Dearborn Capital Partners VI $4.1

47 Stone Point Capital Trident V $3.5

record setters The three largest fund closings on record in 2010

Source: PE Connect

p e i 3 0 0 h i g h l i g h t s t re n d a n a ly s i s

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p e i 3 0 0 h i g h l i g h t s t re n d a n a ly s i s

Firms focused on emerging markets are commanding a larger slice of the private equity fundraising pie, with Asia-based managers leading the charge

Emerging market firms are invading the global fundraising scene, as evi-denced by the shifting make-up of the PEI 300. There are now 10 percent more emerging market firms on the list compared to last year.

While the number of emerging market private equity firms to make the list from Central and Eastern Europe, Sub-Saharan Africa and MENA remained constant in 2011, Latin America and Asia were the two regions where the number of firms on the PEI 300 increased compared to last year.

Newcomers include Sydney-based Quadrant Private Equity, which ranked number 226 and closed its sixth fund on A$750 million ($745 million; €558 million) in December. The fund, which was only in the market for two months, beat its A$600 million target and was the first Quadrant fund to raise money from overseas investors. Around one-third of its LPs are from Europe and Asia.

Mumbai-based Everstone Capital also debuted on the list this year, ranking 280th. The firm closed its second India-focused fund on its $550 million hard-cap in March, attracting capital exclusively from limited partners outside of India.

Hong Kong’s CLSA Capital Partners, which had dropped off the PEI 300 list in 2010, reclaimed a spot this year with $975 million in fundraising under its belt. The firm placed 281overall.

Elsewhere in China, RMB fever continued to boost fundraising totals.

Beijing-based Hony Capital in November held a first close on RMB7 billion (€774.8 million; $1.05 billion) for its second RMB-denominated fund, which has a hard-cap target of RMB10 billion. Hony came in at 109 in the PEI 300 and ranks sixth out of emerging market firms.

Brazil-focused Patria Investimentos, in which The Blackstone Group recently purchased a 40 percent stake, was the only non-Asian emerging market firm to debut on the PEI 300 this year. The Sao Paulo-based firm landed in the 252 spot, with $1.1 billion raised over the past five years.

Middle Eastern behemoth Abraaj Capital, meanwhile, continues to dominate the emerging market global fundraising scene, taking an impressive 52nd spot on the overall PEI 300 list. Despite having to “right size” its flagship fourth buyout fund in the second quarter to around $2 billion from an original $4 billion target, Abraaj still amassed $6.2 billion, representing the largest haul by an emerging market firm by almost $1 billion.

Sydney-based Pacific Equity Partners was the emerging market runner up with $5.38 billion raised.

Elsewhere in MENA, Bahrain based firms Investcorp Bank BSC and Arcapita came in at 59 and 66 respectively, putting them both firmly among the top 10 emerging market managers ranked on the PEI 300. n

Gaining ground

PEI 300 rank Firm Headquarters Five-year fundraising total

48 Abraaj Capital Dubai $6.2bn

57 Pacific Equity Partners Sydney $5.4bn

67 Investcorp Bank BSC Manama (Bahrain) $4.7bn

73 Baring Private Equity Asia Hong Kong $4.5bn

76 CDH Investments Hong Kong $4.4bn

90 Hony Capital Beijing $3.8bn

92 Arcapita Manama (Bahrain) $3.7bn

93 Citadel Capital Cairo $3.6bn

108 Softbank Group Tokyo $3.2bn

109 MBK Partners Seoul $3.2bn

the emerging market top 10

Source: PE Connect


Source: PE Connect

Number crunchingSister data service PE Connect provides analysis on how the PEI 300 firms relate to one another, to last year's rankings and to the broader deal economy

p e i 3 0 0 d ata

$010

20

30

40

50

60

70

80

90

100

110

120

130

140

150

160

170

180

190

200

210

220

230

240

250

260

270

280

290

300

$20 $50$10 $40$30 $60

Capital raised over the last five years ($bn)

STACKING UP The PEI 300 five-year fundraising bar chart

CONNECT


p e i 3 0 0 d ata

CONNECT

top 50 vs. next 250

capital centres

mega-slowdownFrom 1 January 2006 to 15 April 2011, the largest 50 firms in the world raised 77.5% more equity capital than the next 250 firms. In 2010 and 2009, the proportions were 70.3% and 64.5%, respectively

New York- and London-based firms continue to raise the bulk of the private equity industry’s capital. Hong Kong, meanwhile, is cementing its reputation as one of the world’s largest centres of private equity capital: in 2010 it accounted for $19.2bn of five-year fundraising totals; this year it accounts for $27.2bn

Many of the top 50-firms raised significant amounts of capital in the five years preceding 2008 and 2009, but have largely stayed off the fundraising trail since. A large number of the top 50 are expected to market new vehicles in 2011 and 2012

$900$812.5

$523.9$542.5 $568.5

$771.5$733.9

$500

$700

$300

$100

$800

$400

$600

$200

$0

PEI 50

20

09

20

092

01

0

20

1020

11

20

11

NEXT 250

Five

-yea

r fu

ndra

isin

g to

tal (

$bn)

Five

-yea

r fu

ndra

isin

g to

tal (

$bn)

Five-year fundraising total ($bn) Number of firms

$900

$500

$700

$300

$100

$800

$400

$600

$200

$0

Five

-yea

r fu

ndra

isin

g to

tal (

$bn)

Source: PE Connect

Source: PE Connect

Source: PE Connect

$551

PEI 50 2007

PEI 50 2009

PEI 50 2008

PEI 50 2010

PEI 50 2011

$810 $813$772

$734

$441.974

34

2234

912 4 14

5 78

$168.1

$111.8

$47.4

$93.4

$27.2

$87.4

$26.9$48.6$24

GreaterNew York

GreaterBoston

Texas Greater Washington

DC

TorontoLondon GreaterSan

Francisco

Los Angeles

Hong Kong Chicago

$500

$250

$350

$150

$50

$400

$450

$200

$300

$100

$0

80

30

50

10

60

70

20

40

0

Num

ber o

f firms


p e i 3 0 0 d ata

CONNECT

performance on the riseGlobal market recovery has led largely to better private equity fund performance, according to the State Street Private Equity Index. The largest rallies were recorded by buyout, mezzanine and distressed funds. The PEI 50 IRR is based on the pooled long-term average performance of the top 50 firms in this year’s rankings, according to State Street Private Equity Index; the PEI 300 IRR is based on the pooled long-term average performance of all firms in this year’s PEI 300 ranking; and the SSPEI IRR is based on the pooled long-term average performance of the more than 1600 private equity funds tracked by State Street

big drops two years of climbing new entrants

out of the top 50

These top 50 firms have fallen at least 12 spots in our rankings from the previous year

These top 50 firms have advanced in our rankings for two consecutive years

These firms made it to the top 50 for the first time this year

These firms appeared in last year's top 50 but not in this year's top 50

Fortress Investment GroupCiti Capital AdvisorsBridgepoint

The Blackstone GroupHellman & Friedman General AtlanticOaktree Capital ManagementCharterhouse Capital PartnersMadison Dearborn PartnersTA AssociatesThomas H. Lee PartnersCinven JC Flowers & Co.AlpInvest PartnersNordic CapitalLindsay Goldberg Summit PartnersMarfinEnergy Capital PartnersAbraaj Capital

Ares ManagementEnCap InvestmentsEnergy Capital PartnersGolden Gate CapitalStone Point Capital

BC PartnersSun Capital PartnersWL Ross & Co.Oak Hill Capital PartnersPAI PartnersWelsh Carson Anderson & StoweHarbourVest Partners

Source: State Street Private Equity Index

Notes: Based on data on private equity funds, including fully liquidated partnerships, formed between 1980 and Q3 2010. Data for 2010 is based on funds formed between 1980 and Q3 2009.Pooled IRR is net of fees and carried interest.

PEI 50 PEI 300 SSPEI 2011 2010 2009 2011 2010 2009 2011 2010 2009Pooled IRR 15.63% 13.91% 13.45% 15.06% 13.23% 13.38% 11.77% 10.03% 12.92% By Investment Focus Buyout 15.10% 13.34% 13.50% 14.77% 12.75% 13.29% 12.35% 10.27% 13.38%Venture Capital 20.84% 20.45% 14.13% 17.70% 17.58% 12.87% 9.20% 9.05% 12.01%Mezzanine/ 11.61% 9.62% 12.69% 12.71% 10.89% 13.55% 11.70% 9.69% 10.60%Distressed By Investment Origin US 15.82% 13.43% 13.36% 15.14% 13.02% 13.31% 11.94% 9.95% 12.47%Non-US 14.33% 16.29% 15.67% 14.62% 14.29% 15.48% 10.92% 10.40% 15.61%


p e i 3 0 0 d ata

CONNECT

making a comeback

deal fees in focus

Deal activity slowed to a crawl following the financial crisis, but 2010 marked the turning point when PEI 300 firms gradually began returning to the fray

Fees paid to investment banks by the PEI 300 have so far this year been predominantly related to M&A advisory services

PEI 3

00 d

eal v

olu

me

($b

n)PE

I 300

fees

pai

d ($

bn)

Source: Dealogic

Source: Dealogic

$800

5.8%5.8%

3.6%

9.6%

9.8%

14.5%

$400

$600

$200

$700

$300

$500

$100

$02006

2006

2007

2007

M&A

M&A

Debt

Debt

IPO

IPO

2008

2008

2009

2009

2011YTD

2011YTD

2010

2010

10.5%12.2%

16%30.7%

30.6%

39%

83.7%82%

80.4%59.7%

46.5%

59.7%

$4

$2

$3

$2

$1

$3

$1

$0

28.6% 15%28.8%

27.9% 27.5%9.3%

64.4% 78.1% 63%

62.6% 67.5%90.1%

6.8% 8.2%

9.5%5%

0.7%

7%


p e i 3 0 0 d ata

CONNECT

pe vs. the rest: m&a pe vs. the rest: ipos pe vs. the rest: debt The largest 50 and 300 private equity firms were responsible for approximately 7.4% and 9.2%, respectively, of global M&A over the past five-year window

The top 50 firms have sponsored nearly 10% of all IPO activity in the five-year window ending in April 2011, while the PEI 300 sponsored just over 13%

The top 50 firms issued just 1% of all debt activity in the five-year window ending in April 2011, while the PEI 300 sponsored nearly 1.2%

where they call home North American-headquartered private equity firms continue to comprise the bulk of the PEI 300

how they spent itThe most popular sectors among PEI 300 firms to invest over the five-year period (in $bn) continued to be telecoms and healthcare. Financial services sector deals, however, edged out last year’s third-most popular sector, computers and electronics

Source: Dealogic Source: Dealogic Source: Dealogic

n UK

n Europe

ex-UK

n Asia

n MENAn Latin America

PEI 300 contributors included Nicholas Donato, Kristen Reidlinger, Eduardo Roman, Oliver Smiddy, Christopher Witkowsky and Graham Winfrey

n Sub-Saharan Africa

n North America

n Healthcare

n Finance

n Computers &

Electronics

n Utility & Energy

n Retail

n Professional Services

n Real Estate / Property

n Dining & Lodging

n Transportation

n Telecommunications

Num

ber of d

eals (in hundred

s)

Num

ber of d

eals (in hundred

s)

Num

ber of d

eals (in hundred

s)

$bn $bn $bn

PEI 50$0

$1.3

1,746 4,819

11,074

24,173

30

25

20

15

10

5

0

120

140

100

80

60

40

20

0$1.6 $1.9

$1.8

$8

$4

$12

$18

$2

$10

$16

$6

$14

$20

All PEPEI 300 All M&A

$bn

PEI 50 All PEPEI 300 All IPO

$0.11 $0.31 $0.36 $0.41

$31.2

$0.15$0.18

$1.1

236 480 705 861

115,563

454696

6,518

0

1

2

3

4

5

6

7

$0

$6

$2

$8

$4

$10

$12

$bn

$bn

Source: PE Connect

$35

$15

$25

$5

$30

$10

$20

$0PEI 50 All PEPEI 300 All Debt

Number of deals Number of deals Number of deals

$62$81

$91

$102

$117 $128

$136

$146

$181

$114

2011 PEI 300

Documents

Transcript of 2011 PEI 300