Investors continue to hunger for private credit exposure according to our GI 75 ranking this year. Average allocations are on the rise, now at 8 percent, with a number of major institutions committing more than 20 percent of their portfolio to the asset class.
| Rank | Investor | HQ | Private debt allocation ($m) |
|---|---|---|---|
| 1 | Allianz Group | Germany | 146,253 |
| 2 | MetLife | US | 87,600 |
| 3 | Prudential Financial Inc | US | 78,384 |
| 4 | TIAA | US | 45,541 |
| 5 | CPP Investments | Canada | 37,144 |
| 6 | Manulife Financial | Canada | 34,483 |
| Â 7 | Aviva Investors | Â UK | 32,304 |
| 8 | MEAG | Canada | 22,357 |
| 9 | Temasek Holdings* | Canada | 22,231 |
| 10 | AEGON NV | Netherlands | 21,324 |
The PDI GI 75 ranking identifies the world’s largest institutional investors in private debt based on their 2025 allocations to private credit. The top 10 are dominated by global insurers and pension funds, reflecting the asset class’s growing role in delivering stable yield, diversification and long-term liability matching. Their allocations highlight how private debt has become a core component of institutional portfolios across corporate credit, real estate debt and infrastructure lending.
Germany’s Allianz Group leads the ranking by a wide margin, allocating $146.3 billion to private debt in 2025. As one of the world’s largest insurers, Allianz leverages its scale and balance sheet strength to invest across corporate lending, real estate debt, infrastructure credit and alternative fixed-income strategies. Its long-term liability structure makes private debt a natural fit within its portfolio.
MetLife Investment Management ranks second, with $87.6 billion allocated. The US insurer has built a deep presence in private corporate and infrastructure credit, emphasising stable income, downside protection and relationship-driven origination. MIM remains one of the most active North American institutions in the asset class.
Prudential takes third place, managing $78.4 billion in its private debt allocation. The firm’s sizeable private credit footprint spans investment-grade private placements, mid-market lending, infrastructure debt and structured credit. Long recognised as a pioneer in private placements, Prudential continues to scale its global platform.
TIAA ranks fourth, with $45.5 billion in private debt allocation. The US pension and asset manager is a major force in private corporate and real-assets credit, investing across direct lending, real estate finance and impact-aligned debt strategies. Its consistent commitment reflects the need for stable long-term income to meet retirement liabilities.
Canada’s CPP Investments places fifth, with $37.1 billion. CPP has steadily expanded its credit business globally, deploying across corporate lending, opportunistic credit, secondaries and structured solutions. Its diversified private credit platform supports long-term, returns-driven capital deployment.
Manulife Financial ranks sixth, allocating $34.5 billion. The insurer’s private credit business spans private placements, infrastructure debt, commercial mortgages and speciality finance. Manulife’s global footprint and insurance balance sheet support consistent origination across North America and Asia-Pacific.
Aviva Investors is seventh, with $32.3 billion. The UK manager has built a strong position in sustainable private credit, including infrastructure debt, real estate finance and climate-aligned lending. Its allocation underscores the continued importance of private credit for European insurers.
MEAG, the asset manager for Munich Re and ERGO, ranks eighth, with $22.4 billion allocated. The German group invests across infrastructure credit, corporate lending and real estate debt, drawing on a deep liability-driven investment framework and a growing focus on energy transition assets.
Singapore’s Temasek places ninth, with $22.2 billion. As a globally diversified state investor, Temasek has been scaling its commitment to private credit through direct investments and partnerships, focusing on corporate lending, speciality credit and emerging-market private debt opportunities.
AEGON rounds out the top 10, with $21.3 billion allocated. The Dutch insurance group is active across corporate private placements, infrastructure debt and real estate lending, leveraging long-dated liabilities to pursue high-quality, yield-driven private credit strategies.
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 2025 ranking, this is 31 December 2024. 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:
We present our GI75, a measurement of the 75 limited partners making the largest commitments to the private debt asset class. This year’s ranking – increased in size from last year’s GI50 – contains some interesting new entrants and increased geographic diversity.
In addition to the PDI GI 75, Private Debt Investor also compiles 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:
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