Preqin data shows that 162 firms have managed private equity mezzanine funds from 2005 to the present. Preqin’s Fund Manager Profiles can be used to reveal which firms have raised the largest amount of aggregate capital from mezzanine funds in the last 5 years.
Goldman Sachs Private Equity Group has raised the most capital from mezzanine vehicles. Founded in 1869, the firm has raised a total of $18.3 billion from private equity mezzanine funds since 2005. This is followed by TCW Group, which in the last five years has raised a total of just over $7 billion. New York-based, Blackstone Group is the third-largest firm raising private equity mezzanine funds, having raised slightly under $3billion. Although Blackstone is known for raising large buyout funds, the firm has raised 3 mezzanine funds since 1996.
London-based Intermediate Capital Group has raised just over $2.9 billion from private equity mezzanine funds closed over the last five years and has raised 2 generalist mezzanine funds focusing on Asia.
Completing the top five is Babson Capital Management. The firm’s most recent private equity mezzanine fund, Tower Square Capital Partners III, closed in December 2008 with $1.58 billion in capital commitments. Since 2005, the Boston-headquartered Babson Capital Management has collected a total of $2.6 billion through its mezzanine vehicles.
Preqin data reveals that there are currently 47 private equity mezzanine funds on the road targeting $22.3 billion in capital commitments. The largest private equity mezzanine vehicle currently on the road is TCW Energy Fund XV which is targeting $2.5 billion for investments in asset based energy and energy-related infrastructure projects