Graphic: Private funds weathered 2020 turmoil
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)
| Rank | Manager | Total assets | % of total | Credit assets | Private equity assets | Real assets | Real estate assets | No. of funds |
|---|---|---|---|---|---|---|---|---|
| 1 | Blackstone Group | $184,450 | 9.1% | $7,250 | $73,300 | $26,500 | $77,400 | 23 |
| 2 | Carlyle Group | $85,390 | 4.2% | $7,700 | $59,450 | $6,200 | $12,040 | 18 |
| 3 | Brookfield Asset Mgmt. | $68,400 | 3.4% | $13,000 | $46,400 | $9,000 | 8 | |
| 4 | KKR | $61,313 | 3.0% | $7,713 | $33,900 | $16,000 | $3,700 | 15 |
| 5 | Warburg Pincus | $48,250 | 2.4% | $44,250 | $4,000 | 6 | ||
| 6 | Apollo Global Mgmt. | $46,800 | 2.3% | $1,950 | $44,850 | 4 | ||
| 7 | Silver Lake | $45,300 | 2.2% | $45,300 | 3 | |||
| 8 | Thoma Bravo | $43,000 | 2.1% | $43,000 | 5 | |||
| 9 | Advent International | $38,250 | 1.9% | $38,250 | 6 | |||
| 10 | Lexington Partners | $35,330 | 1.7% | $35,330 | 5 | |||
| 11 | Ardian | $34,600 | 1.7% | $24,800 | $9,800 | 4 | ||
| 12 | CVC Capital Partners | $33,100 | 1.6% | $33,100 | 6 | |||
| 13 | Leonard Green & Partners | $29,650 | 1.5% | $29,650 | 4 | |||
| 14 | Permira | $27,382 | 1.3% | $27,382 | 3 | |||
| 15 | Cinven | $25,400 | 1.3% | $25,400 | 3 | |||
| 16 | Vista Equity Partners | $25,280 | 1.2% | $25,280 | 3 | |||
| 17 | Bain Capital | $24,550 | 1.2% | $24,550 | 4 | |||
| 18 | Ares Mgmt. | $24,114 | 1.2% | $11,100 | $7,850 | $5,164 | 7 | |
| 19 | GSO Capital Partners | $23,000 | 1.1% | $23,000 | 4 | |||
| 20 | TPG | $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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