31. EIG Global Energy Partners
Having launched in 1982, the energy specialist has one of the longest track records in its niche. One of the original firms in the PDI 30, EIG landed a spot in the top 10 in 2015. After falling to 38th last year, the firm has regained some ground, increasing its total this year by nearly $3 billion.
32. CarVal Investors
The distressed and credit-intensive asset specialist, which made the top 10 in the first PDI 30, moved up from last year by increasing its fundraising by more than $2 billion. Since 1987, it has invested $123 billion in 5,480 transactions across 82 countries.
33. Macquarie Infrastructure and Real Assets
The firm has slipped a notch in the rankings, despite raising an additional $1.41 billion since last year. In October, it moved up the risk curve by offering a vehicle that invests in sub-investment grade infrastructure debt.
The asset manager raised nearly $1 billion more in the period than a year ago, but fell back one place from last year’s ranking, as its Commercial Real Estate Debt Fund I, which closed in 2013, was this time excluded. Having debuted on the PDI 50 in 2017, it broke into the top 30 the following year.
35. Kayne Anderson Capital Advisors
A significant investor in energy, in addition to its mid-market credit strategy, Kayne Anderson has slipped from its 2019 ranking. But earlier this year the Los Angeles-based firm raised $1.3 billion in two weeks for a real estate debt fund, helping to push up its five-year total.
36. NB Private Credit
The credit arm of the big alternative asset manager has broken into the top 50 ranking for the first time, climbing from a placing of 59 in 2019. The firm’s $8.62 billion of fundraising includes capital raised by NB Private Credit and by Almanac Realty Investors.
37. Pemberton Capital Advisors
The London-based manager moved up from its ranking of 45 in last year’s survey, with capital raised increasing by more than $2 billion. In September, it held a first close of €900 million on its defensive senior debt strategy fund, which has a target of €2.5 billion.
38. NN Investment Partners
The Hague-based investor boosted its private debt credentials at the start of the year with the hiring of Niels Bodenheim to head up its alternative credit activities. Bodenheim joined from Bfinance where he spent three and a half years as a senior director of private markets, advising on debt investments and overseeing credit research.
39. Tikehau Capital
The Paris-based manager raised an additional $824 million this year, after debuting at 42 last year. In September, it disclosed plans to launch two new private debt strategies this year targeting secondaries and impact lending. The firm had €4.7 billion of dry powder at the end of June.
40. Brookfield Asset Management
The firm has reportedly raised about $3 billion in hard and soft commitments for its second infra debt fund, exceeding its $1.75 billion target. Brookfield said it had raised $1.8 billion by August. In October, Infrastructure Investor reported it had secured $1.2 billion in additional soft commitments.
41. Permira Debt Managers
After debuting at the bottom of the PDI 50 rankings last year, the London-based firm has pulled ahead with the addition of $1.7 billion of new capital raised. The manager, founded in 2007, closed its latest collateralised loan obligation fund – Sigma V – in September.
42. Rivage Investment
With a focus on debt, the Paris-based firm is making its first appearance on the list this year. Infrastructure Investor ranked Rivage, which raised $4.3 billion in the five years to 2018, among its top 10 infrastructure debt managers in 2019.
The firm, which focuses on sub-performing loans, speciality finance and special situations, launched a $750 million dislocated opportunities fund in 2020. The Minneapolis-based manager’s five-year capital raised slipped $300 million in 2020, due to the effects of the pandemic.
44. Bayside Capital/H.I.G. WhiteHorse
After more than tripling its capital raised in 2019 to sprint to a first-time ranking on our list in 35th place last year, the Miami-based affiliate of H.I.G. Capital has seen its five-year rolling capital figure slip $525 million in 2020.
45. Wafra Capital Partners
Five-year capital raised increased by nearly $1 billion in 2020 for the New York-based firm, which spun out in 2012 as a separate operating entity from Wafra Investment Advisory Group. The manager, which first joined the PDI 50 in 2018, is Sharia-compliant.
46. Park Square Capital
The provider of mid-market direct loans to companies in Europe and the US increased its capital raised by about $500 million and edges up one place on our list. In 2020, the London-based manager expanded into Asia, establishing its first office in the region in Seoul.
The Charlotte, North Carolina-based firm has slipped from 29th place in 2019. The firm told Real Estate Capital that the covid-19 pandemic could hinder real estate debt managers from sourcing debt-on-debt funding lines from banks. In September, the manager set up a $3.5 billion finance platform with Mubadala.
48. Audax Group
Appearing on our list for the sixth time, Audax, with a 20-year track record, slipped down in its ranking this year from 25th in 2019, though the capital raised does not count its business development company. According to our database, the Boston-based firm has not launched any funds so far this year.
49. Centerbridge Partners
With its capital raised holding steady from last year, when it added $2.1 billion to the total, the New York-based firm has fallen five places. Centerbridge launched a $5 billion distressed debt acquisition fund in 2020.
The Paris-based manager enters our ranking for the first time, after announcing a final close on €3 billion for its fourth-generation private debt platform in January. The fund beat a €2.5 billion target and was €1 billion bigger than the previous vehicle.