The dynamic and often turbulent world of private debt has seen a marked rise in both relevance and complexity over the past decade. To help navigate this landscape, we have compiled a list of the top 50 private debt fund managers ranked by the aggregate capital raised over the past 10 years, along with their respective dry powder or unspent capital ready to be invested. Data was sourced from Preqin and excluded separate accounts.
Top 50 Private Debt Fund Managers
The leading private debt fund manager in the last decade was Oaktree Capital Management. Based in Los Angeles, the firm raised a staggering $51.5 billion in capital and currently holds $12.9 billion in dry powder. Their official website can be found at Oaktree Capital Management.
Trailing behind in the second spot is Goldman Sachs Merchant Banking Division, a New York-based entity that successfully raised $37.4 billion over the past ten years. This prestigious firm, with $3.1 billion in dry powder, can be found at Goldman Sachs Merchant Banking Division.
GSO Capital Partners, also based in New York, came in third place with $33.3 billion capital raised and $13.2 billion in dry powder. You can find them at GSO Capital Partners.
Other high-ranking fund managers include Ares Management and Intermediate Capital Group tied at fourth place with $23.4 billion in raised capital. Based in Los Angeles and London respectively, these two firms have a dry powder of $11.4 billion and $10.3 billion. Visit them at Ares Management and Intermediate Capital Group.
Following closely were other prominent firms such as HPS Investment Partners, Apollo Global Management, Centerbridge Capital Partners, Fortress Investment Group, and Avenue Capital Group, to round up the top ten. All these firms are headquartered in the US, mainly in New York, with significant amounts of capital raised over the past ten years and sizable dry powder reserves.
The rest of the top 50 include firms across the globe with headquarters in the UK, Switzerland, Hong Kong, and Sweden. Full details of the ranking can be viewed in the provided list.
Top 51-100 Private Debt Fund Managers
The second half of the list features equally competitive private debt fund managers.
In the 51st spot, Glendon Capital Management and Tikehau Investment Management are tied, each having raised $3.6 billion in capital. Glendon, based in Santa Monica, US, has a dry powder of $2.2 billion, while Paris-based Tikehau has $1.8 billion. You can learn more about these firms at Glendon Capital Management and Tikehau Investment Management.
Other notable entries include AEA Investors, Ardian, Proventus Capital Partners, Neuberger Berman, and CITIC Private Equity Funds Management, among others. All these firms have demonstrated significant capital raising capability in the past decade and hold notable amounts of dry powder for future investments.
Notably, the firms in this half of the list are headquartered around the world, from China and Portugal to Malaysia and Luxembourg. The global diversity of these firms is a testament to the growth and dynamism of the private debt fund market.
Please note that all figures mentioned exclude separate accounts.
This overview is just a snapshot of the dynamic and highly competitive world of private debt fund management. The ongoing churn of capital, both raised and ready to be invested, hints at an exciting future for these firms and the industries they invest in.
Conclusion
The private debt fund sector continues to mature and diversify as it evolves to meet the changing needs of the global financial landscape. As demonstrated by this list, the past decade has seen considerable activity in capital raising, with firms headquartered across the globe making their mark. From Oaktree Capital Management at the top of the list to Newstone Capital Partners, each firm plays a pivotal role in shaping the private debt market’s future.
Disclaimer: Please note that the aggregate capital raised and dry powder figures were sourced from Preqin and accurate at the time of writing. They are subject to change as firms continue to raise capital and invest their dry powder.
For a full list of firms ranked from 1 to 100, please visit the Preqin website.
