TOP 10 BIGGEST PRIVATE DEBT INVESTORS
| Rank | Investor | HQ | Private debt allocation ($m) |
|---|---|---|---|
| 1 | Allianz Group | Germany | 149,468 |
| 2 | MetLife | US | 141,028 |
| 3 | Prudential Financial Inc. | US | 71,864 |
| 4 | TIAA | US | 39,915 |
| 5 | CPP Investments | Canada | 38,743 |
| 6 | Manulife Financial | Canada | 34,435 |
| 7 | MEAG | Germany | 21,195 |
| 8 | Public Sector Pension Investment Board | Canada | 19,717 |
| 9 | BCI | Canada | 19,027 |
| 10 | Aegon NV | Netherlands | 18,349 |
* Data as of date other than 31/12/2023
INSIDE THE PDI GI 75
GI 75: Who are private debt’s top 75 LPs?
Our annual Global Investor 75 ranking shows which investors are committing the most to the private debt asset class.
AN INTERACTIVE LOOK AT THE PDI GLOBAL INVESTOR 75
PDI GLOBAL INVESTOR 75 | METHODOLOGY
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 2024 ranking, this is 31 December 2023. This is a ranking of capital allocators and excludes assets managed on behalf of third-party investors.
Private Debt Investor’s Research & 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 the debt of real estate companies. This includes distressed debt, funds of private debt funds, royalty financing, senior debt, subordinated/mezzanine debt, unitranche and venture debt. Debt investments, whether held directly or via a fund, must not be issued or traded in an open market to count in the ranking. Investments are measured at fair value or NAV.
Capital committed or invested into private debt through the following strategies is included:
- Funds and funds of funds managed by a third party (both open-end and closed-end)
- Direct debt investments
- Co-investment vehicles
- Separately managed accounts
- Joint ventures
- Non-proprietary capital: this is a ranking of capital allocators and we do not include capital raised or managed on behalf of third-party investors. However, specialist asset managers with full discretionary management of public pension portfolios are considered for the purposes of this ranking
- Uncalled capital: this ranking excludes any capital that has been committed but not yet been called by a fund manager
- Bank loans: We do not consider bank loans as private debt
- Expected commitments: we do not count pending or future commitments and investments or the uncommitted portion of an institution’s target allocation
- Any form of public debt: publicly traded debt vehicles such as corporate bonds are excluded from this ranking
- Hedge funds: We do not count hedge fund strategies as these primarily target liquid securities or trading strategies
- Opportunistic investments: do not count as there is no hard capital allocation to an investment programme
PDI GLOBAL INVESTOR 75 | PREVIOUS RANKINGS
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.
OTHER RANKINGS
In addition to the PDI GI 75, 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 International, Infrastructure Investor and PERE, simply navigate through the sections below:
HAVE YOU SEEN OUR DATABASE?
Private Debt Investor’s comprehensive database is full of intelligence relating to funds being raised worldwide, with key information on target sizes and strategies used.
