PREQIN SPECIAL REPORT: THE PRIVATE EQUITY TOP 100

[Pages:12]PREQIN SPECIAL REPORT: THE PRIVATE EQUITY TOP 100

FEBRUARY 2017

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PREQIN SPECIAL REPORT: THE PRIVATE EQUITY TOP 100

FOREWORD

As reported in the recently released 2017 Preqin Global Private Equity & Venture Capital Report, the private equity industry's total assets under management (AUM), grew 4.2% from the end of December 2015 to reach a new record of $2.49tn as of June 2016 (the latest data available) ? more than double the size of the industry at the end of 2006. The private equity industry has now experienced eight consecutive years of growth since the Global Financial Crisis, when the industry contracted for the only time in the period 20002016.

The 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 number of proven and well-known GPs, with the largest funds accounting for a greater proportion of overall fundraising. The 10 largest private equity funds closed in 2014 accounted for 19% of overall fundraising for that year; in 2016, the figure is 26%. Similarly, the proportion of capital accounted for by the 20 largest funds has increased from 30% to 38% over the same period, while the largest 100 funds secured 64% 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 increase allocations over the longer term ? a result of record distributions in recent years ? the asset class is poised for future growth. The 100 largest LPs in private equity have a combined $791bn invested in the asset class. These investors are the main driver behind the growth in prominence of the largest fund managers, as they require GPs to be of sufficient scale to accept and deploy increasingly large commitments.

With the objective of providing greater insight into who the most influential players are, Preqin is pleased to provide a comprehensive ranking 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 GP in the last 10 years ? this includes any capital raised by owned subsidiaries. Private equity refers to the core asset class centred on the buyout 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 Online contains information on the entire private equity universe including more than 10,800 GPs, 17,900 funds, 6,400 LPs and more than 163,000 completed buyout and venture capital deals.

To find out more, please visit or contact us at info@.

2017 PREQIN GLOBAL ALTERNATIVES REPORTS

The 2017 Preqin Global Alternatives Reports are the most detailed and comprehensive reviews of the alternative assets industry available, offering exclusive insight into the latest trends and developments.

Assembled by our dedicated teams of multilingual analysts based around the world, the Reports feature 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@ | : reports

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PREQIN SPECIAL REPORT: THE PRIVATE EQUITY TOP 100

THE TOP 100 GPs

$1.5tn

Aggregate private equity capital raised

by the top 100 GPs in the last decade.

62

The US is home to the highest number

of the top 100 GPs, followed by the UK (16).

Top 100 Private Equity GPs by Location

NORTH AMERICA

64

$494bn

Estimated dry powder available

to the top 100 GPs.

WEST EUROPE 21

NORDIC 3

GREATER CHINA

11

FAR EAST

1

Fundraising by the Top 100 Private Equity GPs in the Last 10 Years by Location

1,200 1,000

1,043

800 600 580

400

330

No. of Funds Closed

Aggregate Capital Raised ($bn)

200

166

0

North

West

America Europe

84 109

Greater China

10 33 Nordic

38 Far East

GP Location

Source: Preqin Private Equity Online

Fundraising by the Top 100 Private Equity GPs in the Last 10 Years by Ranking

Proportion of Total

100% 107

90%

80%

174

70%

60% 188

50%

40%

148

230 76-100

321 51-75

26-50

30%

20%

374

823

Top 25

10%

0% No. of Funds Closed Aggregate Capital Raised ($bn)

Source: Preqin Private Equity Online

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PREQIN SPECIAL REPORT: THE PRIVATE EQUITY TOP 100

Top 100 Private Equity Firms by Capital Raised in Last 10 Years* (1-50)

Rank Firm

Headquarters

1 Carlyle Group 2 Blackstone Group 3 KKR 4 Goldman Sachs 5 Ardian 6 TPG 7 CVC Capital Partners 8 Warburg Pincus 9 Advent International 10 Bain Capital 11 Apax Partners 12 Apollo Global Management 13 Hellman & Friedman 14 HarbourVest Partners 15 Silver Lake 16 Leonard Green & Partners = Lexington Partners 18 Vista Equity Partners 19 China Reform Fund Management 20 Adams Street Partners 21 Partners Group 22 Providence Equity Partners 23 Coller Capital 24 Neuberger Berman 25 Ares Management 26 EQT 27 Thoma Bravo 28 Permira 29 Cinven 30 Pantheon 31 Baring Private Equity 32 Bridgepoint = JC Flowers & Co 34 BC Partners 35 LGT Capital Partners 36 TA Associates 37 Onex Corporation 38 Clayton Dubilier & Rice 39 Insight Venture Partners = Tiger Global Management 41 Accel Partners = Stone Point Capital 43 American Securities = Morgan Stanley 45 Thomas H Lee Partners 46 Nordic Capital 47 Hony Capital 48 Berkshire Partners = Sequoia Capital 50 RRJ Capital

Washington, US New York, US New York, US New York, US Paris, France Fort Worth, US London, UK New York, US Boston, US Boston, US London, UK New York, US

San Francisco, US Boston, US

Menlo Park, US Los Angeles, US

New York, US San Francisco, US

Beijing, China Chicago, US Baar-Zug, Switzerland Providence, US London, UK New York, US Los Angeles, US Stockholm, Sweden Chicago, US London, UK London, UK London, UK Hong Kong London, UK New York, US London, UK Pf?ffikon, Switzerland Boston, US Toronto, Canada New York, US New York, US New York, US Palo Alto, US New York, US New York, US West Conshohocken, US Boston, US Stockholm, Sweden Beijing, China Boston, US Menlo Park, US Hong Kong

Aggregate Capital Raised in the Last 10 Years ($bn)

66.7 62.2 57.9 55.6 53.4 47.0 42.2 41.6 40.9 37.7 35.8 33.1 28.2 26.2 21.5 21.2 21.2 20.8 19.6 19.2 18.7 18.1 17.5 17.2 17.1 16.7 15.9 15.0 14.8 14.6 14.4 13.5 13.5 13.3 13.2 12.8 12.6 12.2 12.0 12.0 11.5 11.5 11.0 11.0 10.7 10.6 10.5 10.4 10.4 10.3

Dry Powder ($bn)

15.8 31.9 17.6 16.0 22.3 12.9 10.6 12.9 14.4 10.0 8.6 7.2 10.2 7.6 5.1 9.5 7.3 7.3 18.9 6.2 4.6 2.2 8.1 1.5 7.6 7.9 6.6 7.8 7.8 2.9 2.8 4.9 0.1 5.2 6.3 5.1 4.2 2.0 3.0 3.4 5.4 2.8 4.5 3.2 2.2 2.0 2.6 6.1 2.3 4.2

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PREQIN SPECIAL REPORT: THE PRIVATE EQUITY TOP 100

Top 100 Private Equity Firms by Capital Raised in Last 10 Years* (51-100)

Rank Firm

Headquarters

51 Pamplona Capital Management 52 Platinum Equity 53 JPMorgan Asset Management - Private Equity Group 54 HgCapital 55 BDT Capital Partners = Inventis Investment Holdings (China) = New Mountain Capital 58 CDH Investments = CITIC Private Equity Funds Management 60 Madison Dearborn Partners 61 Commonfund Capital = MBK Partners 63 Lindsay Goldberg = New Enterprise Associates = Portfolio Advisors 66 L Catterton = Triton 68 Terra Firma Capital Partners 69 Charterhouse Capital Partners = Hamilton Lane = Kelso & Company = PAI Partners = Technology Crossover Ventures 74 Equistone Partners Europe = GTCR = Siguler Guff 77 AEA Investors 78 IDG 79 DST Global = Welsh, Carson, Anderson & Stowe 81 CCMP Capital Advisors = Kleiner Perkins Caufield & Byers = Sun Capital Partners 84 Montagu Private Equity = The Jordan Company 86 Affinity Equity Partners 87 IK Investment Partners = TowerBrook Capital Partners 89 Court Square Capital Partners = H.I.G. Capital 91 Golden Gate Capital = PAG Asia Capital 93 Brookfield Capital Partners = Fortress Investment Group 95 Andreessen Horowitz 96 Trilantic Capital Partners 97 ATP Private Equity Partners = Crestview Partners = Horsley Bridge Partners 100 Investindustrial

London, UK Los Angeles, US

New York, US London, UK Chicago, US Shanghai, China New York, US Beijing, China Beijing, China Chicago, US Wilton, US Seoul, South Korea New York, US Menlo Park, US Darien, US Greenwich, US St Helier, Jersey London, UK London, UK Bala Cynwyd, US New York, US Paris, France Palo Alto, US London, UK Chicago, US New York, US New York, US Beijing, China Central, Hong Kong New York, US New York, US Menlo Park, US Boca Raton, US London, UK New York, US Central, Hong Kong London, UK London, UK New York, US Miami, US San Francisco, US Hong Kong Toronto, Canada New York, US Menlo Park, US New York, US Copenhagen, Denmark New York, US San Francisco, US London, UK

*Excludes separate accounts.

Aggregate Capital Raised in the Last 10 Years ($bn)

Dry Powder ($bn)

9.8

3.3

9.5

4.0

9.4

3.2

9.3

3.0

9.2

3.7

9.2

3.4

9.2

2.2

9.1

2.0

9.1

1.7

8.5

3.5

8.4

2.4

8.4

4.4

8.2

3.4

8.2

1.4

8.2

1.9

8.1

2.8

8.1

3.7

8.0

0.1

7.7

2.7

7.7

3.2

7.7

1.5

7.7

1.5

7.7

2.9

7.6

1.3

7.6

2.5

7.6

0.7

7.4

3.1

7.3

2.7

7.2

2.0

7.2

2.1

7.1

1.5

7.1

1.9

7.1

1.4

6.8

2.6

6.8

1.6

6.6

1.7

6.5

1.9

6.5

2.5

6.3

1.4

6.3

4.1

6.1

0.0

6.1

3.3

6.0

2.8

6.0

0.0

5.9

2.3

5.8

1.4

5.7

1.4

5.7

2.8

5.7

1.6

5.6

2.4

Source: Preqin Private Equity Online

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PREQIN SPECIAL REPORT: THE PRIVATE EQUITY TOP 100

THE TOP 100 LPs

$791bn

Aggregate capital invested in private

equity by the top 100 LPs.

57

The US is home to the highest number of

the top 100 LPs in private equity, followed

by Canada (10).

12.5% 12.1%

12.1%

Mean current allocation to private equity

(as a % of AUM) of the top 100 LPs, below

the mean 12.5% target allocation.

Top 100 Private Equity LPs by Region 523

Top 100 Private Equity LPs by Type

8% 3% 3%

5%

5%

43%

7%

13% 13%

Public Pension Fund Asset Manager Insurance Company Sovereign Wealth Fund Endowment Plan Private Sector Pension Fund Bank Foundation Other

Source: Preqin Private Equity Online

No. of LPs Aggregate Allocation to Private Equity ($bn)

99

67

59

49

15

5

2

North America

West Europe

Far East

Middle East

Geographic Preferences of the Top 100 Private Equity LPs

100% 90%

95%

93%

89%

83%

82%

80%

70%

60%

50%

46% 42%

40%

30%

24%

20%

15%

10%

0%

22 2

4 20

3 10

29

Greater China

Australasia

Nordic

Sub-Saharan Africa

Fund Type Preferences of the Top 100 Private Equity LPs

100% 98%

90%

87% 82%

80%

70%

62% 62%

60%

52%

50%

47%

40%

30%

20%

10%

0%

Proportion of Investors Europe North America

Asia Emerging Markets

Global Australasia

Latin America

Africa Middle East

& Israel Proportion of Respondents

Buyout Growth Venture Capital Fund of Funds Secondaries Turnaround Balanced

Geographic Preference Source: Preqin Private Equity Online

Fund Type Preference Source: Preqin Private Equity Online

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PREQIN SPECIAL REPORT: THE PRIVATE EQUITY TOP 100

Top 100 Private Equity Investors (1-40)

Rank Investor

1 CPP Investment Board

2

Abu Dhabi Investment Authority (ADIA)

3 GIC

4

California Public Employees' Retirement System (CalPERS)

5 APG - All Pensions Group

6 Ontario Teachers' Pension Plan

7 CDPQ

8 Washington State Investment Board

9 National Pension Service

10

California State Teachers' Retirement System (CalSTRS)

11 John Hancock Financial Services

12 Teacher Retirement System of Texas

13

New York State Common Retirement Fund

14 Oregon State Treasury

15 TIAA

16 Florida State Board of Administration

17 Hong Kong Monetary Authority

18 PGGM

19 China Life Insurance

20

Bahrain Mumtalakat Holding Company

21 Michigan Department of Treasury

22 Allianz Capital Partners

23

Public Sector Pension Investment Board

24

Ohio Public Employees' Retirement System

25 Future Fund

26 OMERS

27

New York State Teachers' Retirement System

= Yale University Endowment

29 MetLife Insurance Company

30

Pennsylvania Public School Employees' Retirement System

31 Universities Superannuation Scheme

32 New Jersey State Investment Council

33 Harvard Management Company

34 Wellcome Trust

35

Princeton University Investment Company (Princo)

= State of Wisconsin Investment Board

37

Massachusetts Pension Reserves Investment Management Board

38 Stanford Management Company

39

University of Texas Investment Management Company

Type

Headquarters

Public Pension Fund Sovereign Wealth Fund Sovereign Wealth Fund

Toronto, Canada Abu Dhabi, United

Arab Emirates Singapore

Public Pension Fund

Sacramento, US

Asset Manager Public Pension Fund Public Pension Fund Public Pension Fund Public Pension Fund

Heerlen, Netherlands Toronto, Canada Montreal, Canada Olympia, US

Seoul, South Korea

Public Pension Fund

Sacramento, US

Asset Manager Public Pension Fund

Boston, US Austin, US

Public Pension Fund

Albany, US

Public Pension Fund Private Sector Pension Fund

Public Pension Fund Sovereign Wealth Fund

Asset Manager Insurance Company

Salem, US New York, US Tallahassee, US Central, Hong Kong Zeist, Netherlands Beijing, China

Sovereign Wealth Fund Bahrain Bay, Bahrain

Public Pension Fund Asset Manager

East Lansing, US Munich, Germany

Public Pension Fund

Montreal, Canada

Public Pension Fund

Columbus, US

Sovereign Wealth Fund Public Pension Fund

Melbourne, Australia Toronto, Canada

Public Pension Fund

Albany, US

Endowment Plan Insurance Company

New Haven, US New York, US

Public Pension Fund

Harrisburg, US

Private Sector Pension Fund Public Pension Fund Endowment Plan Foundation

London, UK Trenton, US Boston, US London, UK

Endowment Plan

Princeton, US

Public Pension Fund

Madison, US

Public Pension Fund

Boston, US

Endowment Plan

Stanford, US

Endowment Plan

Austin, US

Assets under Management ($bn)

281

792

350

305

432 124 188 84 461

192

400 133

179

69 889 179 442 188 366

11

60 17

86

96

90 73

110

25 544

50

59 72 36 28

21

95

63

29

37

Current Allocation to Private Equity ($bn)

44.4

39.6*

31.5

25.4

21.6 21.0 20.0 17.6 17.1

16.3

16.0 15.9

14.0

13.7 13.5 12.1 11.8 10.2 9.9

9.7

9.5 9.3

9.2

9.1

9.0 8.5

8.3

8.3 8.2

7.9

7.7 7.3 7.2 7.1

7.0

7.0

6.8

6.4

6.3

40 Government Employees Pension Fund

Public Pension Fund

Pretoria, South Africa

116

5.8

*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%).

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