The 30 top debt fund managers raised $186 billion between them from 1 January 2021 until 31 December 2025.
The Infrastructure Investor Debt 30 is led by BlackRock, which raised $24.9 billion during a challenging fundraising environment that has seen some reshuffling and new entrants.
| Rank | Manager | Headquarters | Capital raised ($m) |
|---|---|---|---|
| 1 | BlackRock | New York | 24,887 |
| 2 | Blackstone | New York | 18,653 |
| 3 | BNP Paribas Asset Management Alts | Paris | 14,254 |
| 4 | Macquarie Asset Management | Sydney | 12,383 |
| 5 | Infranity | Paris | 11,657 |
| 6 | Brookfield Asset Management | Toronto | 11,592 |
| 7 | Ares Management | Los Angeles | 9,378 |
| 8 | Barings | Charlotte | 7,472 |
| 9 | Allianz Global Investors | Munich | 5,869 |
| 10 | Goldman Sachs Asset Management | New York | 5,446 |
PEI Group’s GP rankings are based on the amount of capital raised for private markets funds that held a final close between 1 January 2021 and 31 December 2025, as well as capital raised for funds that were actively fundraising at the end of the counting period
For the purpose of the rankings, we only count closed-end funds for which the fund manager has full discretion over the investment process, from selection over management to exit. As a consequence, we only accept blind-pool funds in which LPs cannot exercise investment decisions and have no liquidity options before the end of the (multiple years long but finite) fund life, without approval from the GP. Funds must invest solely into private assets, and GP commitments (for interest alignment only) can be included, too. Capital committed by affiliated entities as well as fund leverage is not eligible. Finally, we do not count funds of funds, nor recycled or rolled-over capital from previous fundraises.
We also count capital raised for co-investments and separately managed accounts, as long as they either fulfil the above criteria, or serve as an “extension” of the main funds’ fundraise, even if the above criteria is not fully met. “Extension” is here defined as vehicles that invest alongside a selection of the portfolio assets of their respective main funds. We do not accept deal-by-deal fundraises. For funds in market, capital raised via actual LP commitments which were made before the end of the counting period can be included, too. We cannot include commitments made after the end of the counting period nor do we accept targets or expected commitments. For open-end funds that launched prior to the beginning of the counting period, we only count capital raised entirely within the five-year counting period.
Also included in the ranking are funds that invest into infrastructure debt (not equity). This means the debt of tangible/physical assets that are expected to exhibit stable, predictable cashflows over a long-term investment horizon. This includes debt to brownfield and greenfield investments and strategies from core to opportunistic.
Private Debt Investor also compiles other private debt rankings.
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