Private equity data collector Prequin is out with a fascinating look at the top 100 private debt companies. Which companies would you guess show up on the list? Where would you speculate the majority of private debt companies are headquartered? Make your guesses now, because the answers follow.
Where the Top 100 Private Debt Companies are Headquarters
First off, a look at where the top 100 private debt companies are headquartered.
Perhaps completely unsurprising, of the top 100 private debt fund managers, 68 are headquartered in the United States, as indicated in the following graphic. Far behind in second place is the United Kingdom at 12 of Western Europe’s 23 fund mangers.
Interestingly, China only has 4 of the top 100 private debt fund managers and the broader far east only has 1.
Astoundingly, the aggregate amount of debt raised by the top 100 fund managers sums to approximately $626 billion over the past 10 years. Private debt fund managers also have an estimated $186 billion in dry powder (unallocated cash) at their disposal. The size of these figures are amazing given the general size of the global economy. Private debt fund mangers are doing just fine.
Source: Prequin
Who are the Companies?
Switching to the top 100 companies, the following few graphics have the answer. Before looking, take another guess given the geographic concentration of private debt fund managers in the United States and Western Europe.
Interestingly, the top spot belongs to Oaktree Capital Management. Based out of Los Angeles, California, the fund has raised an aggregate of $51.5 billion over the past 10 years and has $12.9 billion in dry powder available.
In second place is Goldman Sachs Merchant Banking Division. The New York, New York-based company has raised an estimated $37.4 billion over the past 10 years and has an estimated $3.1 billion in dry powder.
In third place is GSO Capital Partners at $33.3 billion and dry powder available of $13.2 billion.
Fourth and fifth place belong to Ares Management ($23.4 billion raised/$11.4 billion dry powder) and Intermediate Capital Group ($23.4 billion raised/$10.3 billion in dry powder).
Rounding out the top 10 are HPS Investment Partners ($20.6 billion raised/$8.3 billion in dry powder), Apollo Global Management ($19.2 billion raised/$5.1 billion in dry powder), Centerbridge Capital Partners ($18.9 billion raised/$5.5 billion in dry powder), Fortress Investment Group ($16.4 billion raised/$3.2 billion in dry powder), and Avenue Capital Group ($15.5 billion raised/$1.0 billion in dry powder).
Perhaps unsurprisingly, 7 of the top 10 are based in New York, two are in Los Angeles, and one is headquartered in London.
Source: Prequin
Source: Prequin
What Sectors are the Institutional Investors From?
Last, a discussion on the sectors from which the institutional investors of private debt fund management are from. Before looking, which sectors would you guess show up on top? The results follow.
Interestingly, the top institutional investor in private debt is public pension funds, accounting for about 34 percent of all funds. In second place are private sector pension funds. The third through fifth places include insurance companies (14 percent), asset managers (14 percent), and other entities.
Conclusion
Overall, a fascinating look at the private debt fund managers, institutional investors in private debt, and where private debt fund managers are headquartered.
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