2014 Rank Firm HeadquartersPEI 300 Five-Year Fundraising Total ($m)

1 p [2] The Carlyle Group Washington DC $30,650.332 p [4] Kohlberg Kravis Roberts New York $27,182.333 vw [3] The Blackstone Group New York $24,639.844 p [8] Apollo Global Management New York $22,298.025 q [1] TPG Fort Worth (Texas) $18,782.596 p [10] CVC Capital Partners London $18,082.357 p [12] General Atlantic Greenwich (Connecticut) $16,600.008 p [18] Ares Management Los Angeles $14,113.589 p [33] Clayton Dubilier & Rice New York $13,505.0010 q [7] Advent International Boston $13,228.0911 p [16] EnCap Investments Houston $12,400.2012 q [6] Goldman Sachs Principal Investment Area New York $12,343.3213 p [53] EIG Global Energy Partners Washington DC $11,345.1814 q [5] Warburg Pincus New York $11,213.0015 p [27] Silver Lake Menlo Park $10,986.4016 q [11] Riverstone Holdings New York $10,384.2617 q [14] Oaktree Capital Management Los Angeles $10,147.2818 p [43] Onex Toronto $10,097.2119 p [29] Ardian (formerly AXA Private Equity) Paris $9,805.2520 q [15] Lone Star Funds Dallas $9,731.8121 q [9] Bain Capital Boston $9,066.9022 vw [22] Hellman & Friedman San Francisco $8,900.0023 p [81] Stone Point Capital Greenwich (Connecticut) $8,842.0624 q [23] BC Partners London $8,590.1125 q [13] JP Morgan Asset Management New York $8,207.8726 p [40] EQT Partners Stockholm $8,204.7527 p [30] Cinven London $8,099.6028 p [31] Mount Kellett Capital New York $7,902.0029 p [52] Apax Partners London $7,701.2630 p [57] Triton Partners Frankfurt $7,673.5131 p [36] Cerberus Capital Management New York $7,240.0032 Russian Direct Investment Fund (RDIF) Moscow $7,155.61

33 p [101] GTCR Golder Rauner Chicago $7,124.2334 p [51] Welsh Carson Anderson & Stowe New York $6,772.0035 p [90] HgCapital London $6,655.0236 Permira London $6,575.50

37 p [50] Energy Capital Partners Short Hills (New Jersey) $6,465.0038 q [25] Nordic Capital Stockholm $6,257.5239 vw [39] Leonard Green & Partners Los Angeles $6,250.0040 Georgian Co-investment Fund (GCF) Tbilisi (Georgia) $6,000.00

41 p [46] TA Associates Boston $5,925.0042 q [28] American Capital Bethesda (Maryland) $5,875.0043 p [48] RRJ Capital Hong Kong $5,800.0044 p [202] Pine Brook Road Partners New York $5,668.5145 p [62] Charterhouse Capital Partners London $5,562.1246 q [35] CDH Investments Hong Kong $5,561.8447 q [44] Sequoia Capital Menlo Park $5,477.9848 p [59] Vista Equity Partners San Francisco $5,430.1049 p [67] AlpInvest Partners Amsterdam $5,277.8750 p [102] MBK Partners Seoul $5,207.00

p Higher rank than 2013 q Lower rank than 2013 vw Same rank as 2013 PEI 50 debut (or returning after an absence)

2014 vs 2013

may 2014 private equity international 49

2014 PEI 300 Rank Fund Manager Headquarters PEI 300 Five-Year Fundraising Total ($m)

51 p New Enterprise Associates Chevy Chase (Maryland) $5,080.0052 p Brookfield Asset Management Toronto $5,066.0053 p Partners Group Zug $5,000.0054 p Providence Equity Partners Providence (Rhode Island) $5,000.0055 p CITIC Private Equity Funds Management Beijing $4,930.1156 p IFC Asset Management Company Washington DC $4,731.8257 p Insight Venture Partners New York $4,635.9058 p H.I.G. Capital Miami $4,613.4459 p Berkshire Partners Boston $4,500.0060 p Centerbridge Capital Partners New York $4,496.7861 q Intermediate Capital Group London $4,435.5762 p Affinity Equity Partners Hong Kong $4,433.0063 p KPS Capital Partners New York $4,387.7364 p AEA Investors New York $4,382.9865 p The Energy & Minerals Group (EMG) Houston $4,366.7566 q NGP Energy Capital Management Dallas $4,307.0067 q Hony Capital Beijing $4,264.9568 p Neuberger Berman Group New York $4,183.9369 p Farallon Capital Management San Francisco $4,172.3270 p Morgan Stanley Investment Management New York $4,166.3871 p Andreessen Horowitz Menlo Park $4,152.2072 p Oak Hill Capital Partners Stamford (Connecticut) $4,118.4073 p Madison Dearborn Partners Chicago $4,100.0074 p ArcLight Capital Partners Boston $3,900.0075 p Abraaj Capital Dubai $3,751.2176 vw Platinum Equity Partners Los Angeles $3,750.0077 q Denham Capital Management Boston $3,665.0078 Korea Development Bank Seoul $3,662.84

79 q American Securities Capital Partners New York $3,640.0080 p Accel Partners Menlo Park $3,548.6281 p Montagu Private Equity London $3,543.0282 p GI Partners Menlo Park $3,523.7183 p China Development Bank Beijing $3,510.9584 q TowerBrook Capital Partners New York $3,500.0085 q Golden Gate Capital San Francisco $3,500.0086 p Odyssey Investment Partners New York $3,500.0087 p Crescent Capital Group Los Angeles $3,440.0088 p Thoma Bravo Chicago $3,403.1089 p BTG Pactual So Paulo $3,315.0090 q ABRY Partners Boston $3,300.0091 q Summit Partners Boston $3,250.0092 p Levine Leichtman Capital Partners Beverly Hills $3,214.4593 p Court Square Capital Partners New York $3,200.0094 q Capital International London $3,130.0095 p The Riverside Company New York $3,104.2896 p PAG Hong Kong $3,100.0097 p Taoshi Equity Investment Management Shangai $3,095.0598 p Yorktown Partners New York $3,094.0099 p BDT Capital Partners Chicago $3,065.00100 p Resource Capital Funds Denver $3,060.00

PEI 300: 51 100 p Higher rank than 2013 q Lower rank than 2013 vw Same rank as 2013 PEI 300 debut

private equity international may 201450

2014 PEI 300 Rank Fund Manager Headquarters PEI 300 Five-Year Fundraising Total ($m)

101 p Kayne Anderson Capital Advisors Los Angeles $3,050.00102 p TCW Group Los Angeles $2,850.00103 p Rhne Capital New York $2,839.56104 p Pamplona Capital Management London $2,779.93105 q Tiger Global Management New York $2,735.00106 q Avista Capital Partners New York $2,728.73107 q Wayzata Capital Management Wayzata (Minnesota) $2,716.00108 p Marlin Equity Partners Los Angeles $2,714.00109 p CITIC Capital Hong Kong $2,686.23110 p Navis Capital Partners Kuala Lumpur $2,686.00111 p Highstar Capital New York $2,635.27112 p Yucaipa Companies Los Angeles $2,617.93113 q Ptria Investimentos So Paulo $2,615.20114 p New Horizon Capital Beijing $2,552.61115 Metalmark Capital Partners New York $2,500.00

116 p Quantum Energy Partners Houston $2,500.00117 p The Gores Group Los Angeles $2,500.00118 p Primavera Capital Group Hong Kong $2,493.35119 q Baring Private Equity Asia Hong Kong $2,460.00120 q Kleiner Perkins Caufield & Byers Menlo Park $2,453.58121 p Khosla Ventures Menlo Park $2,392.00122 q IDG Ventures Boston $2,386.43123 q JC Flowers & Co. New York $2,357.11124 p Bregal Capital London $2,350.40125 q PAI Partners Paris $2,338.33126 p CCMP Capital New York $2,300.00127 p Olympus Partners Stamford (Connecticut) $2,300.00128 p Catterton Partners Greenwich (Connecticut) $2,300.00129 q Citadel Capital Cairo $2,298.85130 p ARC Financial Corp. Calgary $2,253.33131 p Audax Group New York $2,250.00132 p Technology Crossover Ventures Palo Alto $2,230.00133 q Citi Capital Advisors New York $2,222.67134 q KSL Capital Partners Denver $2,211.22135 p White Deer Energy Houston $2,210.00136 p Trilantic Capital Partners New York $2,200.00137 q WL Ross & Co. New York $2,200.00138 p Greylock Partners San Mateo (California) $2,180.00139 p Draper Fisher Jurvetson Menlo Park $2,172.58140 q Investcorp Bank BSC Manama (Bahrain) $2,156.46141 p The Sentient Group Grand Cayman $2,141.00142 L Capital Management Paris $2,140.99

143 q HitecVision AS Stavanger (Norway) $2,135.00144 vw Prudential Capital Group Chicago $2,115.00145 Boyu Capital Consultancy Co. Ltd. Hong Kong $2,100.00

146 p SAIF Partners Hong Kong $2,083.06147 p Sentinel Capital Partners New York $2,065.00148 q Gvea Investimentos Rio de Janeiro $2,053.10149 q Lion Capital London $2,051.58150 q Actis London $2,012.00

PEI 300: 101 150 p Higher rank than 2013 q Lower rank than 2013 vw Same rank as 2013 PEI 300 debut

may 2014 private equity international 51

2014 Pei 300 Rank Fund manager Headquarters PEI 300 Five-Year Fundraising Total ($m)

151 q Shanghai International Group Shangai $2,003.39152 p Francisco Partners San Francisco $2,000.00153 p Equistone Partners Europe London $1,991.70154 p Strategic Value Partners Greenwich (Connecticut) $1,975.10155 p GP Capital Shangai $1,973.41156 q Archer Capital Sydney $1,964.90157 p Clessidra Milan $1,964.82158 q Bessemer Venture Partners Larchmont (New York) $1,950.00159 p Fosun Capital Group Shangai $1,936.23160 q Investindustrial Milan $1,929.34161 p Energy Investors Funds Boston $1,925.67162 p TDR Capital London $1,915.61163 p Northstar Group Singapore $1,908.00164 p Sun Capital Partners Boca Raton (Florida) $1,890.00165 p Founders Fund San Francisco $1,878.50166 p IK Investment Partners Stockholm $1,858.92167 q Bridgepoint London $1,858.52168 q CHAMP Private Equity Sydney $1,852.24169 p Matrix Partners Waltham (Massachusetts) $1,850.00170 p The Catalyst Capital Group Toronto $1,832.60171 p The Jordan Company New York $1,800.00172 p Lightspeed Venture Partners Menlo Park $1,793.00173 q CLSA Capital Partners Hong Kong $1,777.59174 p Aurora Capital Group Los Angeles $1,771.80175 q HarbourVest Partners Boston $1,750.62176 q Institutional Venture Partners Menlo Park $1,750.00177 q AAC Capital Partners Amsterdam $1,739.51178 q Veritas Capital New York $1,735.57179 p Bright Stone (Beijing) Investment Management Limited Beijing $1,717.22180 Royal Bank of Scotland Asset Management (RBS) London $1,716.71

181 q YunFeng Capital Hong Kong $1,702.28182 q Southern Cross Group Buenos Aires $1,680.00183 The Innovation Network Corporation of Japan (INCJ) Tokyo $1,667.31

184 p Tinicum Inc. New York $1,650.00185 q Battery Ventures Waltham (Massachusetts) $1,650.00186 p Falcon Investment Advisors Boston $1,638.70187 q Baring Vostok Capital Partners Moscow $1,631.60188 q New Mountain Capital New York $1,610.30189 q Kohlberg & Co. Mount Kisco (New York) $1,600.00190 Q Capital Partners Seoul $1,594.79

191 p Great Hill Partners Boston $1,593.55192 q 3i Group London $1,588.71193 Lexington Partners New York $1,570.00

194 q Waterland Private Equity Investments Bussum (Netherlands) $1,567.46195 p Vitruvian Partners London $1,563.22196 q Roark Capital Group Atlanta $1,560.00197 q Tencent Holdings Limited Shenzhen $1,547.53198 p STIC Investments Seoul $1,533.48199 p OrbiMed Advisors New York $1,507.00200 q Charlesbank Capital Partners Boston $1,500.00

PEI 300: 151 200 p Higher rank than 2013 q Lower rank than 2013 vw Same rank as 2013 PEI 300 debut

private equity international may 201452

2014 PEI 300 Rank Fund Manager Headquarters PEI 300 Five-Year Fundraising Total ($m)

201 q Unison Capital Partners Tokyo $1,494.15202 p Quadrant Private Equity Sydney $1,490.64203 q Astorg Partners Paris $1,459.46204 p Mid Europa Partners London $1,444.51205 q Accel-KKR Menlo Park $1,430.00206 p Vinci Partners Rio de Janeiro $1,420.00207 p Golub Capital Chicago $1,415.02208 p GoldPoint Partners New York $1,415.00209 The Cleantech Syndicate Chicago $1,400.00

210 EBF & Associates Minnetonka (Minnesota) $1,367.00

211 p China International Capital Corporation Beijing $1,355.94212 q FountainVest Partners Hong Kong $1,350.00213 p Rothschild Merchant Banking Paris $1,341.06214 vw Littlejohn & Co Greenwich (Connecticut) $1,340.00215 p AnaCap Financial Partners London $1,332.18216 Fortman Fund Beijing $1,317.59

217 q Eurazeo Paris $1,315.51218 q TSG Consumer Partners San Francisco $1,300.00219 Atlas Holdings Greenwich (Connecticut) $1,265.00

220 p Castle Harlan New York $1,256.82221 q KERN Partners Calgary $1,249.07222 p Samsung Electronics Suwon City $1,235.70223 p Deutsche Beteiligungs AG Frankfurt $1,235.59224 p China Merchants Group Hong Kong $1,233.38225 q Wind Point Partners Chicago $1,212.73226 p Clearlake Capital Group New York $1,203.90227 q Legend Capital Beijing $1,203.03228 p Redpoint Ventures Menlo Park $1,200.25229 p Wellspring Capital Management New York $1,200.00230 p Norwest Venture Partners Palo Alto $1,200.00231 p August Capital Menlo Park $1,200.00232 q Victoria Capital Partners Buenos Aires $1,195.70233 p Ridgemont Equity Partners Charlotte $1,195.20234 p Qiming Venture Partners Shangai $1,192.86235 q SBI Holdings Tokyo $1,190.32236 p Chequers Capital Paris $1,181.47237 p Park Square Capital London $1,181.47238 p General Catalyst Partners Boston $1,175.00239 p Sterling Partners Baltimore $1,171.38240 p Actera Partners Istanbul $1,167.54241 q Index Ventures Geneva $1,128.98242 p Harvest Partners New York $1,125.10243 p Clyde Blowers Capital East Kilbride $1,124.44244 p BRZ Investimentos So Paulo $1,121.78245 q ACON Investments Washington DC $1,121.67246 q Energy Spectrum Capital Dallas $1,114.30247 p Gilde Buy Out Partners Utrecht (Netherlands) $1,112.42248 vw Huntsman Gay Global Capital Boston $1,105.30249 q HGGC Palo Alto $1,105.00250 q Vision Capital London $1,104.29

PEI 300: 201 250 p Higher rank than 2013 q Lower rank than 2013 vw Same rank as 2013 PEI 300 debut

may 2014 private equity international 53

2014 Pei 300 Rank Fund manager Headquarters Pei 300 Five-year Fundraising Total ($m)

251 q CCB International Holdings Limited (CCBI) Hong Kong $1,100.30252 q Hopu Investment Management Beijing $1,100.00253 vw Lee Equity Partners New York $1,100.00254 p Oakley Capital Ltd. London $1,087.14255 q Babson Capital Management Boston $1,080.97256 p CapMan Private Equity Helsinki $1,079.72257 q JAFCO Co., Ltd. Tokyo $1,064.82258 Kerogen Capital Hong Kong $1,062.00

259 q GIMV Antwerp (Belgium) $1,057.28260 p GP Investments So Paulo $1,052.00261 p Birch Hill Equity Partners Toronto $1,050.66262 NiXEN Partners Paris $1,047.34

263 p Modal Administradora de Recursos Rio de Janeiro $1,046.91264 q Tata Capital Mumbai $1,043.72265 p Sycamore Partners New York $1,025.00266 p Hudson Clean Energy Partners Teaneck (New Jersey) $1,024.34267 Jog Capital Calgary $1,017.74

268 SAP Ventures Palo Alto $1,004.00

269 p Highland Capital Partners Lexington (Massachusetts) $1,000.02270 p China-ASEAN Capital Advisory Company Hong Kong $1,000.00271 p Behrman Capital New York $1,000.00272 p Bedford Funding Capital White Plains (New York) $1,000.00273 p Sageview Capital LP Palo Alto $1,000.00274 p Fisher Lynch Capital San Mateo (California) $1,000.00275 p Terra Firma Capital Partners London $998.80276 p Essex Woodlands Health Ventures Palo Alto $987.60277 Digital Sky Technologies (DST) Moscow $987.00

278 p CapVis Equity Partners Zurich $985.17279 p Apax Partners France Paris $978.53280 Nexus Group Lima $970.00

281 p Riverside Partners Boston $967.00282 p Alpha Associs Conseil Paris $963.45283 p Lightyear Capital New York $954.00284 p Arias Resource Capital Management New York $954.00285 Macquarie Group Sydney $953.52

286 Better Capital London $953.04

287 q LLR Equity Partners Philadelphia $950.00288 p ABS Capital Partners Baltimore $949.00289 p Woongjin Capital Seoul $946.74290 p Third Rock Ventures Boston $942.00291 q Aquiline Capital Partners New York $936.30292 p Silverfleet Capital London $931.65293 p The CID Group Taipei $930.00294 p Insight Equity Southlake (Texas) $924.00295 p GSR Ventures Menlo Park $923.56296 p Emerging Capital Partners Washington DC $913.00297 q Cartesian Capital Group New York $908.80298 q Water Street Healthcare Partners Chicago $902.90299 p Genstar Capital San Francisco $900.00300 p Helios Investment Partners London $900.00

PEI 300: 251 300 p Higher rank than 2013 q Lower rank than 2013 vw Same rank as 2013 PEI 300 debut