PDI 200 – the largest private credit fund managers

Welcome to the inaugural ranking of Private Debt Investor’s PDI 200, our annual ranking of the leading fundraisers in private credit based on a rolling five-year period – doubled in size from our PDI 100 ranking. It’s a story of debt managers shrugging off headwinds and continuing to amass bigger war chests.


Rank Firm HQ Capital raised ($m)
1 Ares Management Los Angeles 117,171
2 Goldman Sachs Asset Management New York 83,421
3 HPS Investment Partners New York 66,742
4 Blackstone New York 58,389
5 Apollo Global Management New York 49,612
6 Intermediate Capital Group London 49,482
7 Oaktree Capital Management Los Angeles 46,317
8 BlackRock New York 45,727
9 AXA IM ALTS Paris 43,769
10 M&G Investments London 38,005




The inaugural PDI 200 is based on the amount of private debt investment capital raised by firms between 1 January 2018 and 1 June 2023. Where two firms have raised the same amount of capital over this period, the higher ranking goes to the firm with the largest active pool of capital raised since 2018 (the biggest single fund). If there is still a tie after taking into account the size of the largest funds, greater weight is given to the firm that has raised the most capital over the previous 12 months.

The highest priority is given to information we receive from or confirm directly with private debt managers themselves. When firms confirm details, we seek to ‘trust but verify’. Some details cannot be verified by us, and in these instances we defer to the honour system.
To encourage co-operation from private debt firms that might make the PDI 200, we do not disclose which ones have aided us on background and which have not. If we have not had confirmation of details from the firm itself, we seek to corroborate information using its website, press releases, limited partner disclosures and similar sources.

Defining private debt

For the purposes of the PDI 200, the definition of private debt is capital committed by investors to a dedicated programme of investing in the debt of private companies, or the debt financing of leveraged buyouts, infrastructure projects and real estate.
This encompasses all elements of the capital structure except equity, and includes senior, unitranche and mezzanine investments. Asset-backed lending, distressed debt or credit-orientated special situations funds are also included.

Quantifying capital raised

For the purposes of the PDI 200, capital raised means capital definitively committed to a private debt direct investment programme. In the case of a fundraising, it means the fund has had a final or official interim close on or after 1 January 2018.

The full amount of a fund if it has a close after this date may be counted. The full amount of an interim close (a real one, not a ‘soft-circle’) that has occurred recently, even if no official announcement has been made, may also be counted, as may capital raised through co-investment vehicles. BDCs are not included.


• Limited partnerships
• Co-investment funds
• Separate accounts
• Capital raised by private debt managers that happen to be publicly traded
• Seed capital and GP commitments


• Senior debt funds
• Subordinated debt funds
• Mezzanine funds
• Distressed debt funds
• Leasing funds
• Venture debt funds
• Royalty financing funds

• Expected capital commitments
• Public funds
• Contributions from sponsoring entities
• Capital raised for funds of private debt funds or secondaries vehicles
• Equity funds (private equity, real estate, infrastructure)
• High-yield bond funds
• Traditional fixed-income vehicles
• Collateralised loan obligation funds
• Hedge funds
• Capital raised on a deal-by-deal basis
• Leverage


Below you will find coverage of the 2022 PDI 100. It’s a story of continuing investor hunger for the asset class, despite the challenges of the macroeconomic environment.

PDI 100: The dollars keep flowing

The asset class may be facing a more challenging fundraising environment in the period ahead, but our latest PDI 100 and BDC rankings are showing no let-up so far.

BDC Manager Ranking 2022

The Private Debt Investor BDC ranking looks at the biggest managers of business development companies in North America.

Methodology: Compiling the PDI 100

Revealing the process we undertook to decide what qualifies for inclusion.

The evolution of the PDI 100

A comparison of our first PDI 30 ranking of private debt managers in 2013 with the 2022 PDI 100 list reveals the increasingly global nature of the asset class.

Below you will find coverage of the 2021 PDI 100, an enlarged annual ranking of the leading fundraisers in private debt based on a rolling five-year period. It’s a story of continuing investor hunger for the asset class, despite the challenges of covid-19, as the aggregate total climbs to new heights.

PDI 100: The year our ranking doubled in size

As we move from 50 fundraisers to 100, investor appetite for private debt is soaring to record levels.

Five trends shaping the 2021 ranking

We highlight some of the biggest developments in the 2021 PDI 100 ranking.

A groundbreaking Europe fund assists Ares’ dominance

The US-based fund manager topped the PDI 50 for two years running and has now carried its supremacy into the inaugural PDI 100.

‘Large-cap direct lending is only becoming more important’

We take the temperature of the market based on conversations with some of the asset class’s biggest fundraisers.

Compiling the PDI 100

Revealing the process we undertook to decide what qualifies for inclusion.

Below you will find coverage of the 2020 PDI 50, Private Debt Investor’s annual ranking of the leading fundraisers in private debt based on a rolling five-year period. It’s a story of continuing investor hunger for the asset class, despite the challenges of covid-19, as the aggregate total climbs to new heights.

Another year of progress for fundraisers

The rolling five-year capital raising total for private debt’s top 50 has taken another big leap. However, the current picture is a little more challenging.

PDI 50: The top 10

We examine activity at each of the top 10 firms in this year's ranking of private debt's biggest fundraisers.

PDI 50: 11-30

11. Apollo Global Management $28.1bn The New York-based alternatives giant keeps the same place as last...

PDI 50: 31-50

31. EIG Global Energy Partners $10.0bn Having launched in 1982, the energy specialist has one of...

Five key themes

Five of the biggest developments in the 2020 PDI 50 ranking.

Covid-19 creates new round of NPL buying prospects

The coronavirus crisis may not be as bountiful for Europe’s NPL investors as the GFC, but it will offer select opportunities.

Compiling the PDI 50

Revealing the process we undertook to decide what qualifies for inclusion.

Each year we publish our PDI 50 and each year we witness the growing consolidation of the industry. The 2019 list has been no different. This is now our seventh iteration of the ranking, and the third since we expanded the list from 30 to 50 firms.

Ares hits top spot: Inside the PDI 50

There is change throughout the ranking, including at the top, as private debt's biggest fundraisers rake in unprecedented amounts of capital.

Three of the biggest developments in the 2019 PDI 50 ranking

In our annual list of the top fundraisers, the top 10 has barely changed, and the top firms continue to pull further away from the pack.

How the PDI 50 continues to grow

A comparison of the rankings through the years shows firms are raising more capital than ever as the market becomes broader and deeper.

PDI 50: The real assets difference

Real assets are a large but often hidden part of the private debt world.

Direct lending is still popular, but there are challenges

The sector has been at the heart of private debt’s emergence as an asset class to be reckoned with. Investors remain committed, but there may be risks.

Q&A: Fundraising amid growing competition

Smart GPs can fundraise successfully if they go into the process tactically and well-informed, says Tavneet Bakshi, partner at FIRSTavenue.

PDI 50: Asian managers rising

The region’s fund managers are gaining ground and have reached a new high point in this year’s PDI 50.

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In addition to the PDI 200, Private Debt Investor also compile other private debt rankings.

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

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