How the PDI 50 is calculated

What counts - and doesn't count - towards the five-year fundraising total.

PDI 50 Methodology

The PDI 50 ranking is based on the amount of capital raised by private debt investment programmes over a five-year period. This year, the five-year window spans from 1 January, 2012, to 1 June, 2017. Where two firms have raised the same amount of capital over this period, the higher rank goes to the firm with the largest active pool of capital raised since 2012, ie, the biggest single fund. If there is still a tie after taking this into account, we give greater weight to the firm that has raised the most capital within the past one or two years.

We give priority to information that we receive from the fund managers themselves. When managers confirm details, we seek to “trust but verify”. Some details simply cannot be verified by us, and in these cases, we defer to the honour system. To encourage co-operation, we do not disclose which firms have aided us on background and which have not. Lacking confirmation of details from the firms themselves, we seek to corroborate information using firms’ websites, press releases, news reports and limited partner disclosures.

What counts as capital raised

Limited partnerships: in most cases, funds are raised through LP commitments but in some cases capital is raised through contributions from an affiliated entity.

Co-investment capital: we count co-investment vehicles as well as opportunistic co-investment capital raised by managers.

Public entities: this is capital raised by managers that happen to be publicly traded.

Seed capital or GP commitment: we count any seed capital committed to any fund raised by the firm.

What does not count as capital raised

Expected capital commitments: we do not count ‘soft-’ or ’hard-circled’ commitments – only official final and interim closes.

Opportunistic capital: an entity that can opportunistically do debt deals, but has no dedicated programme, cannot not be counted.

Capital recycled from predecessor funds: we do not include the value of recycled capital within the five-year period.

Contributions from sponsoring entities: where capital is earmarked to a firm for a dedicated private debt programme, we do not count the amount drawn down for deals over the five-year period.

Public offerings: we do not count capital invested via public offerings. This takes recycled capital into account. Deal-by-deal raises: private debt co-investment capital raised on a deal-by-deal basis is not counted.