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February 22, 2021 12:00 AM

Graphic: Private funds weathered 2020 turmoil

Aaron M. Cunningham
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    Private market fundraising kept a brisk pace in 2020, with total assets raised in excess of $315 billion. Pensions & Investments tracked more than 93 institutional funds that each raised more than $1 billion during the year, down slightly from 2019 but significantly up over the past decade. Demand was high: $1 billion-plus funds raised from 2017 through 2020 collected, on average, 26.5% more than their targets and were up more than 55% from their prior funds. Although the 20 managers closing the highest volume of funds between 2010 and 2020 received 48% of the capital raised — led by Blackstone’s 9.1% — medium and small managers also received plenty of commitments.
    Managers ranked by private funds closed, 2010-2021* (dollars are in millions)
    RankManagerTotal assets% of totalCredit assetsPrivate equity assetsReal assetsReal estate assetsNo. of funds
    1Blackstone Group$184,450 9.1%$7,250 $73,300 $26,500 $77,400 23
    2Carlyle Group$85,390 4.2%$7,700 $59,450 $6,200 $12,040 18
    3Brookfield Asset Mgmt.$68,400 3.4%$13,000 $46,400 $9,000 8
    4KKR$61,313 3.0%$7,713 $33,900 $16,000 $3,700 15
    5Warburg Pincus$48,250 2.4%$44,250 $4,000 6
    6Apollo Global Mgmt.$46,800 2.3%$1,950 $44,850 4
    7Silver Lake$45,300 2.2%$45,300 3
    8Thoma Bravo$43,000 2.1%$43,000 5
    9Advent International$38,250 1.9%$38,250 6
    10Lexington Partners$35,330 1.7%$35,330 5
    11Ardian$34,600 1.7%$24,800 $9,800 4
    12CVC Capital Partners$33,100 1.6%$33,100 6
    13Leonard Green & Partners$29,650 1.5%$29,650 4
    14Permira$27,382 1.3%$27,382 3
    15Cinven$25,400 1.3%$25,400 3
    16Vista Equity Partners$25,280 1.2%$25,280 3
    17Bain Capital$24,550 1.2%$24,550 4
    18Ares Mgmt.$24,114 1.2%$11,100 $7,850 $5,164 7
    19GSO Capital Partners$23,000 1.1%$23,000 4
    20TPG$22,900 1.1%$17,100 $5,800 6
    TOP 20$926,459 48.0%$58,713 $645,742 $108,900 $113,104 137
    RANKED 21-50$418,633 20.6%$44,720 $275,158 $77,845 $20,910 90
    RANKED 51-100$304,162 15.0%$40,331 $168,048 $63,673 $32,110 104
    ALL OTHERS$382,551 18.8%$58,335 $222,976 $39,744 $61,496 231
    TOTAL$2,031,805 100.0%$202,099 $1,311,924 $290,162 $227,620 562
    *Through Feb. 2. Source: Pensions & Investments
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