Database key terms and methodology

What is in the database?

The Private Debt database holds live information on institutional investors, fund managers and private funds, including co-investments and other related vehicles. In addition to this, it also holds live information about service providers such as placement agents, investment consultants and fund formation law firms.

What do we mean by private debt?

For the purposes of the Database, private debt is defined as capital raised through limited partnership structures, co-investment funds, separate accounts and private mandates for dedicated programmes of investing in the debt of private companies, or the debt financing of leveraged buyouts, infrastructure projects and real estate. This includes all elements of the capital structure except equity: senior, unitranche, mezzanine, asset-backed lending, distressed debt or credit-oriented special situations funds and CLOs.

Our definition of private debt funds does not include:

  • High yield bond funds
  • Traditional fixed income vehicles
  • Hedge funds
  • BDCs

What strategies do we cover?

  • Senior debt
  • Subordinated / mezzanine debt
  • Venture debt
  • CLO
  • Distressed
  • Fund of funds
  • Leasing
  • Royalties
  • Litigation
  • Secondaries

What sectors do we cover?

  • Corporate
  • Real estate
  • Infrastructure

How do we calculate fundraising statistics?

Our quarter-end and full-year fundraising statistics count the final closes of all funds and vehicles with fund-like economics (including co-investments, separate accounts and private mandates) with a closed-ended structure, which meet the above criteria.

Fund in market statistics count closed-ended funds and associated vehicles (co-investments, separate accounts and private mandates) that have launched and/or have held interim closes but have not yet held a final close.

We track the equity capital committed to a fund by institutional investors as well as the equity capital contributed by the GP. Leverage is not included in the size of a fund; we do not count total investable capital.

Our fundraising statistics are all given in a US dollar denomination. To calculate conversion rates for funds that do not have a US dollar-denomination we use an average exchange rate for the year in which a fund held a final close. For funds in market we use the exchange rate for the day in which the statistics are created. For example, Q1 statistics will likely use an exchange rate that is correct as at 1 April. All exchange rates are taken from www.xe.com.

Public funds, equity funds, high yield bonds, traditional fixed income vehicles, hedge funds, BDCs, and open-ended/evergreen funds are not included in our private debt statistics. If a fund has some private debt investments but this is not its main strategy, then we will not include the fund in our statistics.

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