Data from the Fund Manager League Tables feature on Preqin’s Fund Manager Profiles online service shows that the top 10 private equity fund managers based in North America, Europe and Asia and the Rest of World have successfully accumulated $2.5tn altogether over the last decade, excluding any real estate or infrastructure funds raised or any separate account mandates. With all regions combined, Carlyle Group sits at the top of the list, having secured over $70bn in capital commitments, followed by Kohlberg Kravis Roberts ($61.3bn) and TPG ($58.2bn).
The top 10 North America-based fund managers have together raised $447.3bn over the last decade. The three best performing fund managers in this region in terms of capital gained over the last 10 years are also the top three managers that lead the overall strongest 30 fund managers globally, as outlined in the introduction. Carlyle Group has individually raised 37% of all capital accumulated by the top three fund managers in North America, and currently has four buyout vehicles on the road. In regards to available dry powder, Carlyle Group ranks second in North America with $19.4bn in uninvested capital. The firm with the largest amount of dry powder in North America is Apollo Global Management with a total of $21.3bn.
European market conditions have fluctuated in 2014, with recession looming for several countries as the New Year approaches. The top Europe-based fund manager is CVC Capital Partners, followed by Ardian and Apax Partners. CVC Capital Partners has accumulated $50.5bn over the last decade, 39% less than the largest fund manager based in North America, Carlyle Group. The top three fund managers ranked by dry powder commitments are CVC Capital Partners, Ardian and Permira, with these three together having $43bn in dry powder, a significantly higher amount than the North America-based fund managers.
The top three Asia & Rest of World-based fund managers in order are CDH Investments, Baring Private Equity Asia and Affinity Equity Partners, all of which are based in Asia. Together they have accumulated $23.5bn in capital commitments over the last 10 years, reflecting the relative immaturity of Asia’s private equity market when compared with those of North-America and Europe. The top three fund managers for estimated dry powder availability are Baring Private Equity Asia, Affinity Equity Partners and RRJ Capital, with an aggregate $10.3bn in estimated dry powder, the smallest amount of the three regions.
Examining the top 10 fund managers by region reveals the discrepancy between North America and Europe, with the latter lagging behind. Increased global expansion with the potential for new offices indicate that both continents could follow a similar fundraising trajectory in the New Year, although Europe may struggle more in the wake of uncertain market conditions.