11. Apollo Global Management
The New York-based alternatives giant keeps the same place as last year, though it has edged closer to a place in the top 10 by closing the gap on Cerberus. The Apollo total includes a quarter of the $24.7 billion fund it raised in 2017, which was mainly a private equity vehicle.
12. Fortress Investment Group
Fortress, like Apollo an equity as well as a debt investor, climbs just one place in this year’s ranking. However, this disguises a considerable increase in capital raised in dollar terms – up by more than $6.5 billion compared with last year. Currently has a $3 billion distressed debt fund in the market.
KKR has experienced similar fortunes to Fortress, moving up just two places in the list but adding a hefty $4.8 billion in additional capital. The firm may be expected to make an even stronger challenge in 2021, given the $4 billion dislocation fund it raised this year in just eight weeks, alongside other new initiatives.
The world’s largest asset manager has been making big strides over the last year – bumping up its five-year fundraising total by around $6 billion and climbing from 19th to 14th place in the process. The New York-based firm’s European mid-market funds have been easily beating targets.
15. Oak Hill Advisors
New York-based global manager Oak Hill has made a big leap in the rankings this time around, rising from 24th last year to 15th on the back of around $7.5 billion of increased capital. The firm is raising a $2.5 billion distressed debt fund and will see the current crisis as an opportunity to grow further.
16. Sixth Street
Sixth Street has dropped from 12th last year and its five-year capital raising total has declined from around $22.0 billion in 2019 to $17.8 billion today. The San Francisco-based firm’s Fundamental Strategies Partners fund, focused on subordinated and mezzanine debt, is in market with a $2 billion target.
17. Hayfin Capital Management
Following a busy period of fundraising over the last few years for direct lending, special opportunities and collateralised loan obligation strategies, Hayfin has shot up the ranking from 28th a year ago to 17th. The London-headquartered firm has added close to $7 billion this year.
Alcentra, a London-based manager with a strong US presence, has bumped up its capital raising total by more than $1.5 billion. In September, the firm announced that Jonathan DeSimone would be replacing David Forbes-Nixon as chief executive.
Like Alcentra, PGIM has boosted its fundraising total – in its case by around $800 million – but has fallen in the ranking from 16th last year. The firm continues to be active in the fundraising market. In August it announced it had raised more than $1.6 billion for its PGIM Real Estate US Debt Fund (Open-ended).
20. Golub Capital
Golub Capital, having been placed 21st a year ago, has edged its way into the top 20 by adding around another $2 billion to its total. The Chicago-based firm, which has been a prolific raiser of funds over the years, announced in May that it had raised $3 billion of new investment firepower in just six weeks.
21. The Carlyle Group
Carlyle is among the large alternative assets firms to have made great strides in this year’s list. The Washington DC-based outfit leaps from 27th to 21st with more than $5.5 billion of capital added to the total. The firm says it sees a rich deal environment amid the health crisis and has been ramping up in credit.
22. Arcmont Asset Management
London-based Arcmont is the former private debt team of BlueBay Asset Management, from which it spun out in November last year. As BlueBay, the team came 18th in last year’s ranking with a total of around $13.2 billion. This year, it has increased the capital raised to almost $15 billion but drops down to 22nd.
23. Angelo Gordon
New York-based Angelo Gordon has made a significant move up the list from 30th to 23rd, boosting its total by around $6.5 billion. The firm is at the forefront of those seeking to identify dislocation and distressed opportunities from the crisis. In July it announced it had raised around $3.5 billion for its latest fund.
24. Partners Group
The Switzerland-headquartered private markets specialist just made the top 20 last year but has fallen four places, despite having raised almost $1.5 billion in additional capital. The private debt business is headed by Denver-based Bill Berry and has, according to its website, invested $39 billion in credit since 2003.
25. Bain Capital Credit
Boston-based Bain Capital Credit has dropped a few places as its rolling five-year capital raising fell from around $12.7 billion to approximately $12.1 billion. In June, it announced a final close of $3.2 billion for its $3 billion-target Bain Capital Distressed and Special Situations Fund 2019.
26. Crescent Capital Group
Crescent Capital, based in Los Angeles, has fallen three places but saw its capital raising total increase by almost $1 billion. Canadian insurer SunLife Financial announced in October that it was taking a 51 percent stake in Crescent in a deal expected to complete by the end of the year.
27. Värde Partners
Minneapolis-based Värde Partners has been productive on the fundraising trail, moving up from 41st last year to 27th and increasing its capital from approximately $6.5 billion to $11.9 billion. The firm has also raised around $2.6 billion for a dislocation strategy in 2020.
28. AMP Capital
Just over a year ago, the Sydney-based fund manager raised $4 billion for its fourth infrastructure debt fund, beating a target of $3.5 billion. However, over the last 12 months it has slipped from 26th to 28th in our ranking, despite increasing its five-year total by more than $1 billion.
PAG is one of the managers flying the flag for Asia-Pacific in the PDI 50, and has made quite an impression – jumping into the top 30 this time from 37th in the previous ranking. PAG, which increased its five-year total by around $3 billion, closed its $1.5 billion Loan Fund IV in June.
30. CVC Credit Partners
London-based CVC makes a big advance this year, from 40th place to 30th, with almost $3.5 billion added to its total. The firm has continued its fundraising success into 2020, with $657 million ($500 million target) collected for its second US direct lending fund as well as successes on the CLO front.