Private Debt Global Investor 50

Welcome to Private Debt Investor’s Global Investor 50, our annual ranking of private debt’s biggest allocators.



The ranking is based on the fair value of investors’ private debt investment portfolios. This fair value is measured at a single point in time for all investors to provide an apples-to-apples comparison. For the 2023 ranking, this is 31 December 2022. This is an end investor ranking and excludes assets managed on behalf of third-party investors, as can be the case with certain insurance companies. Fund of funds, private debt funds and banks are also all excluded.

Private Debt Investor’s Research and Analytics team will seek to communicate directly by phone and email with investors to find out the fair value of their private debt portfolio as described above. In the absence of primary data, the team will gather data from secondary sources and seek to validate the researched figure with the investors themselves before we publish the final list.

‘Private debt’: The definition of private debt investment, for the purposes of this ranking, is: capital committed by investors to a dedicated programme of investing in the debt of private companies, or the non-bank debt financing of leveraged buyouts, debt of private infrastructure projects and private real estate debt. This includes distressed debt, funds of private debt funds, royalty financing, senior debt, subordinated/mezzanine debt, unitranche and venture debt. The debt investments, whether held directly or via a fund, must not be issued or traded in an open market to count in the ranking.

Both investors with a defined allocation to private debt, as well as those that are active investors in private debt funds but may not have a defined allocation, are considered for this ranking. Investors with direct lending platforms themselves are also considered.

Structures and strategies: Capital committed or invested into private debt through the following strategies should be included:

  • Funds (both open-end and closed-end)
  • Separately managed accounts
  • Commitments to fund managers that happen to be publicly traded
  • Capital committed to co-investment vehicles
  • Private placement debt (or direct debt investments)
  • Non-proprietary capital: as this is an end investor ranking, we do not count capital raised or managed on behalf of third-party investors. So, private debt funds or funds of funds are not considered in this ranking
  • Expected commitments: we do not count pending or future commitments and investments or the uncommitted portion of an institution’s target allocation
  • Hedge funds: we do not count hedge fund strategies as these primarily target liquid securities or trading strategies
  • Bank loans: we do not consider bank loans as private debt
  • Any form of public debt: publicly traded corporate bonds are excluded from this ranking
  • Opportunistic investments: as there is no hard capital allocation to an investment programme


GI 50 2022: The rise of the insurers

Insurance companies dominate our ranking of private debt’s biggest allocators, which this year is expanded from 30 to 50.

GI 50 2022: Methodology

How we compiled the 2022 ranking.

Shooting the lights out

Our annual ranking of investor allocations shows private debt becoming more popular than ever, finds Andy Thomson

Commitments on the rise: The 2020 PDI Global Investor 30

Our second annual ranking of the world’s largest institutional private debt investors.

Welcome to the PDI Global Investor 30

Our annual ranking of the top 30 investors in the asset class compares the market value of private debt investment portfolios.

What makes a top 30 investor?

The methodology behind the PDI Global Investor 30 ranking.

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In addition to the PDI GI 50, Private Debt Investor also compile other private debt rankings.

What’s more, our sister titles also produce their own industry rankings covering private equity, infrastructure investing and private real estate.

To view the latest rankings from Private Debt Investor, plus those from Private Equity InternationalInfrastructure Investor and PERE, simply navigate through the sections below:


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