Oaktree knocks Lone Star off PDI 30 top spot

For the first time since the PDI 30 was first compiled three years ago, three firms have each reached running totals of more than $30 billion in the industry’s definitive ranking of the largest private debt managers. In aggregate, the top 30 managers have raised $380 billion over the last five years.

This year’s top 10 private debt managers in the PDI 30 have collectively raised $235 billion for credit strategies over the last five years, a more than 30 percent increase on 2014’s $178.52 billion. The data was compiled by PDI Research & Analytics and tracks money raised for credit investment between 1 January 2010 and 1 June 2015.

This year’s top 10 firms also increased their proportion of the total $379.5 billion raised by the 30 firms included in the ranking, from 56 percent in 2014 to 62 percent this year. The list demonstrates the drive for scale among the biggest debt managers.

For the first time, all three of the managers that topped the list raised more than $30 billion each. In our inaugural ranking, Apollo Global Management topped the list with $32 billion while the 2014 ranking was headed by Lone Star with $28 billion.

Leading the charge this year is Oaktree, the US distressed behemoth. Howard Marks’ firm, which sat in second place in 2014, swaps positions with Lone Star as its massive $10 billion Opportunities X and Xb vehicles along with a plethora of other strategies produced the largest fundraising total recorded by the PDI 30 since inception.

The make-up of the top six firms has not changed, with last year’s top six playing musical chairs. Within that dance, the largest European-headquartered manager has climbed to its highest position on the list so far: M&G Investments is number three in the 2015 list.

Elsewhere, more substantial leapfrogging can be seen, including six firms that were not in last year’s ranking entering the list.

Follow the link for the full ranking and more analysis.