The private debt universe is expanding and to reflect that new reality we have expanded this year’s list – which until now has been the PDI 30 – to bring you our first PDI 50 ranking.
The fifth iteration – which lists managers by the total capital raised over the past five years – could not have come at a better time. Today, private debt stands at a crossroads in its short history. After staying on a virtually uninterrupted upward trend since the days of the global financial crisis, the industry has reached a point where the amount of capital raised is unprecedented.
Already, 2017 is on course to be a record fundraising year with $130 billion raised in the first three quarters of the year. Meanwhile, the top 50 biggest managers have seen their combined five-year total grow by nearly $100 billion to $640 billion.
Many of the names at the very top will be familiar, comprising firms that have managed to capitalise on their early success to forge a dominant market position. But the ranking also features plenty of new names, be they fast-growing private debt managers or well-established asset managers who have bolstered their exposure to the asset class.