90 MBK Partners

253 Graham Partners

225 Greylock Partners

279 Ironbridge Capital 54 Summit Partners

276 Weston Presidio Capital 151 Spectrum Equity Investors
212 Vista Equity Partners 256 Marlin Equity Partners
40 NGP Energy Capital Management
252 Hudson Clean Energy Partners 178 Genstar Capital

1 Goldman Sachs Principal Investment Area

130 Audax Group
47 WL Ross & Co. 197 CITIC Capital

39 Lindsay Goldberg 138 Capital International 31 AXA Private Equity 265 Water Street Healthcare Partners 202 New Silk Route Partners 221 Greenhill Capital Partners

291 TSG Consumer Partners

52 One Equity Partners

142 Credit Suisse Private Equity 250 Levine Leichtman Capital Partners 94 Draper Fisher Jurvetson 18 Clayton Dubilier & Rice
128 Mount Kellett Capital 63 Quantum Energy Partners
201 Roark Capital Group

233 The Sentient Group

8 Bain Capital 48 Oak Hill Capital Partners
213 Duke Street
2 The Carlyle Group
254 Frazier Healthcare Ventures 108 Montagu Private Equity 105 Court Square Capital Partners
51 Ares Management 278 Southern Cross Group
235 Clarus Ventures

141 Investindustrial
206 ECP Investments
174 Wind Point Partners 145 KPS Capital Partners 104 Berkshire Partners
83 TowerBrook Capital Partners
11 Aquiline Capital Partners
205 Swicorp

200 Austin Ventures

21 Charterhouse Capital Partners 21 Charterhouse Capital Partners
53 CPP Investment Board 170 Norwest Equity Partners 51 Ares Management 170 Norwest Equity Partners
55 Barclays Private Equity 98 Francisco Partners
255 Sentinel Capital Partners
30 Cinven 156 Moelis Capital Partners 201 Roark Capital Group
30 Cinven156 Moelis Capital Partners
179 Sterling Partners 131 Vision Capital 233 The Sentient Group
203 CapMan Private Equity 77 Triton Partners 203 CapMan Private Equity 77 Triton Partners
42 AlpInvest Partners 261 Cartesian Capital
67 HIG Capital 210 Code Hennessy & Simmons
295 ICICI Ventures
67 HIG Capital 210 Code Hennessy & Simmons
152 Yorktown Partners 217 Mercapital 133 The Gores Group
97 GI Partners 56 Investcorp 149 ABRY Partners 97 GI Partners 56 Investcorp
3 Kohlberg Kravis Roberts 290 Sigma Partners 219 Lightspeed Venture Partners 169 Matrix Partners 290 Sigma Partners 219 Lightspeed Venture Partners

PEI 300 2010

129 Unison Capital Partners 93 The Jordan Company 282 Snow Phipps 32 JC Flowers & Co. 282 Snow Phipps
32 JC Flowers & Co.
71 Stone Point Capital 132 Energy Investors Funds 65 Eurazeo 115 Platinum Equity Partners
193 21 Partners
65 Eurazeo115 Platinum Equity Partners
6 CVC Capital Partners 4 TPG 20 Bridgepoint 4 TPG 20 Bridgepoint
260 Daiwa SMBC Capital

95 Advantage Partners
120 Accel Partners
10 Apax Partners
251 Nautic Partners
10 Apax Partners
177 Vector Capital 285 Palamon Capital Partners
232 Primus Financial Holdings 300 Sofinnova Partners
281 Morgenthaler

215 Sterling Group

232 Primus Financial Holdings 300 Sofinnova Partners
197 CITIC Capital 82 CCMP Capital 224 Vitruvian Partners
58 Sequoia Capital 155 Insight Venture Partners 58 Sequoia Capital
155 Insight Venture Partners
26 Teachers' PrivatePrivate Capital 57magazine’s
Equity International
Leonard
proprietary ranking of the largest 300 private equity firms in the world
Green & Partners 240 IDFC Private Equity 57 Leonard Green & Partners240 IDFC Private Equity
270 Angelo Gordon & Co.
140 AAC Capital Partners
116 Hony Capital 70 EnCap Investments 181 Olympus Partners 70 EnCap Investments 181 Olympus Partners
126 Charlesbank Capital Partners
43 EQT Partners 43 EQT Partners
288 JMI Equity
166 Veronis Suhler Stevenson 268 Enterprise Investors 268 Enterprise Investors

Executive Summary 191 Kohlberg & Co.

5 Apollo Global Management

185 Flexpoint Ford
209 Catterton Partners 42 292 Silverfleet Capital

269 Guggenheim Partners

AlpInvest Partners 292 Silverfleet Capital

269 Guggenheim Partners

124 Gavea Investimentos 76 Arcapita 237 OrbiMed Advisors 249 Lee Equity Partners 237 OrbiMed Advisors 280 FountainVest Partners
This report presents an overview of the
109 Clessidra SGR201036 PEI Nordic 300, whichCapital ranks private equitySGR
109 Clessidra firms
36 around
Nordic Capital
45 Onex Partners 223 MidOceanEquity
211 Pamodzi Investment Holdings
236 LLR Equity Partners the world by size, using Private Partners International’s
204 Bessemer Venture Partners unique,
215 Sterling apples-to-apples
Group 103 GP methodology.
Investments A 264 ECI Partners
204 Bessemer Venture Partners

143 CHAMP Private 75 Technology Crossover Ventures

complete report on the PEI 300 is featured in the103
Equity May GP2010 75 Technology Crossover
issue of Private Equity International,
Investments Ventures
102 Centerbridge Capital Partners
available only to 182
subscribers or for individual 101
Archer Capital 144 The Riverside Company
purchase.
Yucaipa Companies 228 Aisling Capital 182 Archer Capital 101 Yucaipa Companies
11 First Reserve Corporation 89 Mid Europa Partners 242 HitecVision 143 CHAMP Private Equity 89 Mid Europa Partners
About the PEI96300
161 Diamond Castle Holdings
and
Kayne Capital Advisors 25 TA Associates 159 Great Hill Partners 137 AEA Investors 244 Pamlico Capital
PEI Media
Anderson
79 HgCapital 119
TheKleiner Perkins Caufield & Byers
PEI 300 firms are ranked based 259
on the amount of private equity direct-investment
North Bridge Venture Partners 228 Aisling Capital 59 Energy Capital
capital each Partners
127 Hopu Investment Management
199 Bregal Capital

186 Battery Ventures

12 Hellman
have raised or formed & Friedman
over a roughly five-year
288 JMI Equity period beginning
297 Brait Private Equity 29 1Riverstone
January 2005Holdings and ending 15
286 Aurora Capital Group 154 KERN Partners
231 Menlo Ventures

April 2010.149 ABRY Partners 117 Irving Place Capital 293 Veritas Capital 248 KSL Capital Partners 218 India Value Fund

64 New Enterprise Associates

263 Polaris Venture Partners
66 Actis
9 Warburg Pincus
267 Paine & Partners
150 Quadrangle Group 169 Matrix Partners
222 Birch Hill Equity Partners
118 KRG Capital
34 BC Partners
Private Equity International is the leading publication for the private equity industry. It is published
295 ICICI Ventures
227 Gilde 280 FountainVest Partners

46 Marfin
180 Mayfield Fund
monthly
60 MatlinPatterson Global Advisers
by PEI Media, which provides market intelligence and events for professionals189inHighland
44 Welsh Carson Anderson & Stowe
the Capital Partners
243 General Catalyst Partners

35 3i 296 Aureos
298 Centre Partners Management
22 Fortress Investment Group 134 American Securities Capital Partners
private
69 Pacific Equity equity, real estate and infrastructure asset classes.
Partners 271 Greenbriar Equity Group 157 Elevation Partners 257 Mohr Davidow Ventures

114 GTCR Golder Rauner 220 Lincolnshire Management 78 LS Power Group

62 New Mountain Capital 264 ECI Partners
122 Trilantic Capital Partners 136 Odyssey Investment Partners
81 ArcLight Capital Partners 164 Navis Capital Partners
165 For139more
Blue Ridge China information about the PEI 300, contact
289 Quintana Capital
PEI Media Editor-in-Chief David Snow at
Pamplona Capital Management 99 Tenaska Capital Management 162 ChrysCapital 24 Oaktree Capital Management
david.s@peimedia.com.
191 Kohlberg & Co.
14 General Atlantic 27 Citi Alternative Investments
184 Baring Vostok Capital Partners
214 Foundation Capital
50 Doughty Hanson
208 Baird Private Equity

146 Morgan Stanley Private Equity Asia

www.peimedia.com
294 Bohai Industrial Investment Fund Management 245 Brazos Private Equity Partners

193 21 Partners
246 Canaan Partners
68 Candover 153 Energy Spectrum Partners 148 Global Investment House 13 Cerberus Capital Management
167 Duff Ackerman & Goodrich

113 Unitas Capital

15 Advent International
72 Vestar Capital Partners
© PEI Media 2010 Copying without permission from PEI Media is unlawful
198 Pine Brook Road Partners
277 GIMV 194 Astorg Partners
230 Domain Associates

158 Index Ventures

100 SAIF Partners 163 HSBC Private Equity (Asia) 274 Quad-C Management

37 HarbourVest Partners
17 Providence Equity Partners 283 EFG-Hermes Private Equity 266 Balderton Capital
281 Morgenthaler

85 CDH Investments 91 Denham Capital Management 229 August Capital

123 Oak Investment Partners 234 AnaCap Financial Partners 247 Huntsman Gay Global Capital 272 Ignition Partners
147 Baring Private Equity Asia 183 LCF Rothschild Group
19 Terra Firma Capital Partners
168 Herkules Capital
195 IDG Ventures
38 PAI Partners 73 Darby Overseas Investments
49 Sun Capital Partners 112 Affinity Equity Partners 262 Khosla Ventures 192 New Horizon Capital 287 Institutional Venture Partners 173 Waterland Private Equity Investments

273 Olympus Capital Holdings Asia 171 Cognetas 226 Exponent Private Equity 135 IK Investment Partners
84 Babson Capital
61 Kelso & Co. 7 The Blackstone Group
110 TDR Capital Partners 107 Lime Rock Partners 28 Thomas H. Lee Partners 172 ARC Financial Corp.
190 JLL Partners
284 Versant Ventures 92 Citadel Capital 160 Norwest Venture Partners
196 Climate Change Capital 238 Clearwater Capital Partners 188 Friedman Fleischer & Lowe
187 Essex Woodlands Health Ventures
239 Magnum Industrial Partners
74 Abraaj Capital 125 BAML Capital Partners 175 VantagePoint Venture Partners 176 EnerVest Management Partners
80 Altor Equity Partners
23 Madison Dearborn Partners 275 Wellspring Capital Management 33 Silver Lake 299 Graphite Capital Management

207 CITIC Private Equity Funds Management
258 Corsair Capital Partners 241 Electra Partners
86 Crestview Partners 88 Lion Capital 121 LBO France
www.peimedia.com 41 Lone Star Funds
page 2 PEI 300 Executive Summary 2010

2010

The PEI 300

In this fourth annual ranking of the world’s largest private equity firms you will find many
familiar names and placements but also some notable shuffling in the ranks, reflective of
a dramatically changed fundraising market as well as the rise of specialist and emerging
markets strategies.
Having launched in 2007, the PEI 300 has sized up private equity direct investment
programmes during private equity’s biggest boom as well as during the sharpest market
decline in the history of the asset class. The stability of many of the names on this list across
those years is owed largely to the long-term structure of private equity partnerships. Firms
that raised a great amount of capital leading up to 2008, for example, have for the most
part retained their standing in the market because much of that capital raised in better times
remains under management. But the year 2009 represented a very weak fundraising market,
indeed, and the falling tide lowered many boats. For the first time, the five-year fundraising
total of the PEI 300’s top 50 has shrunk (see p. 58).
That said, there is an impressive collection of upwardly mobile GPs and newcomers in
the PEI 300, showing that demand for fresh private equity talent has remained strong even
through the Great Recession. Going forward, expect to see a changing of the guard play out
in slow motion as the strongest franchises gradually win commitment dollars away from
firms whose best years lie in the past.

CAPITAL RAISED OVER 2009

RANK NAME OF FIRM HEADQUARTERS LAST FIVE YEARS ($M) RANK

1 Goldman Sachs Principal Investment Area New York $54,584.0 2

2 The Carlyle Group Washington DC $47,825.5 3

3 Kohlberg Kravis Roberts New York $47,031.0 4

4 TPG Fort Worth (Texas) $45,052.0 1

5 Apollo Global Management New York $34,710.0 5

6 CVC Capital Partners London $34,175.4 7

7 The Blackstone Group New York $31,139.4 8

8 Bain Capital Boston $29,239.6 6

9 Warburg Pincus New York $23,000.0 9

10 Apax Partners London $21,728.1 10

11 First Reserve Corporation Greenwich (Connecticut) $19,063.5 11

12 Advent International Boston $18,179.8 16

13 Hellman & Friedman San Francisco $17,300.0 14

14 Cerberus Capital Management New York $14,900.0 21

15 General Atlantic Greenwich (Connecticut) $14,700.0 18

Legend:

Higher rank than 2009 Lower rank than 2009 Same rank as 2009
* PEI 50 debut
www.peimedia.com
 2010 PEI 300 Executive Summary page 3

CAPITAL RAISED OVER 2009

RANK NAME OF FIRM HEADQUARTERS LAST FIVE YEARS ($M) RANK

16 Permira London $12,963.3 22

17 Providence Equity Partners Providence (Rhode Island) $12,100.0 15

18 Clayton Dubilier & Rice New York $11,704.0 23

19 Terra Firma Capital Partners London $11,645.0 17

20 Bridgepoint London $11,203.0 26

21 Teachers’ Private Capital Toronto $10,890.5 30

22 Charterhouse Capital Partners London $10,762.4 29

23 Fortress Investment Group New York $10,700.0 19

24 Madison Dearborn Partners Chicago $10,600.0 28

25 Oaktree Capital Management Los Angeles $10,559.9 37

26 * TA Associates Boston $10,547.5 51

Firms with the same five-year fundraising total are further ranked based on size of largest fund, then most recent closing of fund
27 Citi Alternative Investments New York $10,197.0 48

28 Thomas H. Lee Partners Boston $10,100.0 31

29 Riverstone Holdings New York $9,800.0 34

30 Cinven London $9,606.8 32

31 AXA Private Equity Paris $9,535.1 35

32 JC Flowers & Co. New York $9,300.0 36

33 Silver Lake Menlo Park $9,300.0 20

34 BC Partners London $8,897.3 38

35 3i London $8,340.9 12

36 Nordic Capital Stockholm $8,340.9 41

“Five years” defined as 1 January 2005 to press time on 22 April 2010

All currencies have been converted at a set of standard exchange rates

37
* HarbourVest Partners Boston $7,953.8 N/A

38 PAI Partners Paris $7,929.2 25

39 Lindsay Goldberg New York $7,800.0 43

40 NGP Energy Capital Management Dallas $7,519.0 45

41
* Lone Star Funds Dallas $7,500.0 N/A

42 AlpInvest Partners Amsterdam $7,399.2 46

43 EQT Partners Stockholm $7,372.4 27

44 Welsh Carson Anderson & Stowe New York $7,309.0 40

45 Onex Partners Toronto $7,278.2 33

46 Marfin Athens $6,955.2 49

47 WL Ross & Co. New York $6,900.0 42

48 * Oak Hill Capital Partners Stamford (Connecticut) $6,606.5 56

49 Sun Capital Partners Boca Raton (Florida) $6,500.0 44

*Notes:

50
* Abraaj Capital Dubai $6,458.8 54

Legend:

Higher rank than 2009 Lower rank than 2009 Same rank as 2009
* PEI 50 debut
* This is a revised 2010 ranking based on updated information we received following our press deadline
www.peimedia.com
page 4 PEI 300 Executive Summary 2010

CAPITAL RAISED OVER

RANK NAME OF FIRM HEADQUARTERS LAST FIVE YEARS
51 Doughty Hanson London $6,439.6
52 Ares Management Los Angeles $6,000.0
53 One Equity Partners New York $6,000.0
54 CPP Investment Board Toronto $5,666.8
55 Summit Partners Boston $5,663.6
56 Barclays Private Equity London $5,509.0
57 Investcorp Manama (Bahrain) $5,439.0
58 Leonard Green & Partners Los Angeles $5,300.0
59 Sequoia Capital Menlo Park $5,269.8
60 Energy Capital Partners Short Hills (New Jersey) $5,250.0
61 MatlinPatterson Global Advisers New York $5,165.0
62 Kelso & Co. New York $5,125.0
63 New Mountain Capital New York $5,121.8
64 Quantum Energy Partners Houston $5,032.7
65 New Enterprise Associates Chevy Chase (Maryland) $5,008.0
66 Eurazeo Paris $4,939.9
67 Actis London $4,900.0
68 HIG Capital Miami $4,857.2

Firms with the same five-year fundraising total are further ranked based on size of largest fund, then most recent closing of fund
69 Candover London $4,843.1
70 Pacific Equity Partners Sydney $4,825.7
71 EnCap Investments Houston $4,765.0
72 Stone Point Capital Greenwich (Connecticut) $4,740.4
73 Vestar Capital Partners Boston $4,668.8
74 Darby Overseas Investments Washington DC $4,552.0
75 Technology Crossover Ventures Palo Alto $4,400.0
76 Arcapita Manama (Bahrain) $4,399.9
77 Triton Partners Frankfurt $4,372.2
78 LS Power Group New York $4,300.0
79 HgCapital London $4,269.2
80 Altor Equity Partners Stockholm $4,237.7
81 ArcLight Capital Partners Boston $4,200.0

“Five years” defined as 1 January 2005 to press time on 22 April 2010

All currencies have been converted at a set of standard exchange rates

82 CCMP Capital New York $4,160.6
83 TowerBrook Capital Partners New York $4,130.0
84 Babson Capital Boston $4,117.7
85 CDH Investments Beijing $4,060.0
86 Crestview Partners New York $3,950.0
87 Avista Capital Partners New York $3,800.0
88 Lion Capital London $3,793.8
89 Mid Europa Partners London $3,739.8
90 MBK Partners Seoul $3,700.0
91 Denham Capital Management Boston $3,693.9
92 Citadel Capital Cairo $3,685.3
93 The Jordan Company New York $3,576.5
94 Draper Fisher Jurvetson Menlo Park $3,494.0
95 Advantage Partners Tokyo $3,462.9
96 Kayne Anderson Capital Advisors Los Angeles $3,413.7
97 GI Partners Menlo Park $3,350.0
98 Francisco Partners San Francisco $3,300.0
*Notes:

99 Tenaska Capital Management Omaha (Nebraska) $3,238.0

100 SAIF Partners Hong Kong $3,227.1

www.peimedia.com
2010 PEI 300 Executive Summary page 5

CAPITAL RAISED OVER

RANK NAME OF FIRM HEADQUARTERS LAST FIVE YEARS ($M*)
101 Yucaipa Companies Los Angeles $3,205.9
102 Centerbridge Capital Partners New York $3,200.0
103 GP Investments Sao Paulo $3,140.0
104 Berkshire Partners Boston $3,100.0
105 Court Square Capital Partners New York $3,100.0
106 Softbank Group Tokyo $3,075.6
107 Lime Rock Partners Westport (Connecticut) $3,068.0
108 Montagu Private Equity London $3,041.2
109 Clessidra SGR Milan $3,004.3
110 TDR Capital Partners London $2,959.7
111 Aquiline Capital Partners New York $2,943.0
112 Affinity Equity Partners Hong Kong $2,800.0
113 Unitas Capital Hong Kong $2,790.0
114 GTCR Golder Rauner Chicago $2,750.0
115 Platinum Equity Partners Los Angeles $2,750.0
116 Hony Capital Beijing $2,709.4
117 Irving Place New York $2,700.0
118 KRG Capital Denver $2,675.0
119 Kleiner Perkins Caufield & Byers Menlo Park $2,660.0
120 Accel Partners Menlo Park $2,635.0
121 LBO France Paris $2,626.0
122 Trilantic Capital Partners New York $2,600.0
123 Oak Investment Partners Westport (Connecticut) $2,560.0
124 Gavea Investimentos Rio de Janeiro $2,522.9
125 BAML Capital Partners Charlotte (North Carolina) $2,500.0
126 Charlesbank Capital Partners Boston $2,500.0
127 Hopu Investment Management Beijing $2,500.0
128 Mount Kellett Capital New York $2,500.0
129 Unison Capital Partners Tokyo $2,492.0
130 Audax Group New York $2,400.0
131 Vision Capital London $2,361.0
132 Energy Investors Funds Boston $2,350.0
133 The Gores Group Los Angeles $2,340.0
134 American Securities Capital Partners New York $2,300.0
135 IK Investment Partners London $2,253.4
136 Odyssey Investment Partners New York $2,250.0
137 AEA Investors New York $2,245.0
138 Capital International London $2,190.0
139 Pamplona Capital Management New York $2,182.1
140 AAC Capital Partners Amsterdam $2,176.4
141 Investindustrial Milan $2,152.5
142 Credit Suisse Private Equity New York $2,100.0
143 CHAMP Private Equity Sydney $2,068.2
144 The Riverside Company New York $2,035.0
145 KPS Capital Partners New York $2,020.0
146 Morgan Stanley Private Equity Asia Hong Kong $2,015.0
147 Baring Private Equity Asia Hong Kong $2,005.0
148 Global Investment House Safat (Kuwait) $2,003.1
149 ABRY Partners Boston $2,000.0
150 Quadrangle Group New York $2,000.0
www.peimedia.com
page 6 PEI 300 Executive Summary 2010

CAPITAL RAISED OVER

RANK NAME OF FIRM HEADQUARTERS LAST FIVE YEARS ($M)*
151 Spectrum Equity Investors Menlo Park $2,000.0
152 Yorktown Partners New York $2,000.0
153 Energy Spectrum Partners Dallas $1,963.0
154 KERN Partners Calgary $1,928.2
155 Insight Venture Partners New York $1,925.0
156 Moelis Capital Partners Los Angeles $1,904.0
157 Elevation Partners Menlo Park $1,900.0
158 Index Ventures Geneva $1,883.4
159 Great Hill Partners Boston $1,850.0
160 Norwest Venture Partners Palo Alto $1,850.0
161 Diamond Castle Holdings New York $1,825.0
162 ChrysCapital New Delhi $1,819.0
163 HSBC Private Equity (Asia) Hong Kong $1,800.0
164 Navis Capital Partners Kuala Lumpur $1,785.0
165 Blue Ridge China Beijing $1,750.0
166 Veronis Suhler Stevenson New York $1,735.0
167 Duff Ackerman & Goodrich San Francisco $1,734.0
168 Herkules Capital Oslo $1,714.5

Firms with the same five-year fundraising total are further ranked based on size of largest fund, then most recent closing of fund
169 Matrix Partners Waltham $1,700.0
170 Norwest Equity Partners Minneapolis $1,700.0
171 Cognetas London $1,695.1
172 ARC Financial Corp. Calgary $1,651.7
173 Waterland Private Equity Investments Bussum (Netherlands) $1,640.6
174 Wind Point Partners Chicago $1,615.0
175 VantagePoint Venture Partners San Bruno (California) $1,585.3
176 EnerVest Management Partners Houston $1,570.0
177 Vector Capital San Francisco $1,567.0
178 Genstar Capital San Francisco $1,550.0
179 Sterling Partners Baltimore $1,547.0
180 Mayfield Fund Menlo Park $1,539.0
181 Olympus Partners Stamford (Connecticut) $1,530.0

“Five years” defined as 1 January 2005 to press time on 22 April 2010

All currencies have been converted at a set of standard exchange rates

182 Archer Capital Sydney $1,526.8
183 LCF Rothschild Group Paris $1,516.2
184 Baring Vostok Capital Partners Moscow $1,516.0
185 Flexpoint Ford Chicago $1,505.0
186 Battery Ventures Waltham (Massachusetts) $1,500.0
187 Essex Woodlands Health Ventures Palo Alto $1,500.0
188 Friedman Fleischer & Lowe San Francisco $1,500.0
189 Highland Capital Partners Lexington (Massachusetts) $1,500.0
190 JLL Partners New York $1,500.0
191 Kohlberg & Co. Mount Kisco (New York) $1,500.0
192 New Horizon Capital Beijing $1,496.3
193 21 Partners Venice $1,488.7
194 Astorg Partners Paris $1,481.2
195 IDG Ventures Boston $1,480.0
196 Climate Change Capital London $1,467.0
197 CITIC Capital Hong Kong $1,456.3
198 Pine Brook Road Partners New York $1,430.0
*Notes:

199 Bregal Capital London $1,426.0

200 Austin Ventures Austin (Texas) $1,425.0

www.peimedia.com
2010 PEI 300 Executive Summary page 7

CAPITAL RAISED OVER

RANK NAME OF FIRM HEADQUARTERS LAST FIVE YEARS ($M)*
201 Roark Capital Group Atlanta $1,417.0
202 New Silk Route Partners New York $1,400.0
203 CapMan Private Equity Helsinki $1,382.7
204 Bessemer Venture Partners Larchmont (New York) $1,350.0
205 Swicorp Riyadh $1,350.0
206 ECP Investments Washington DC $1,336.2
207 CITIC Private Equity Funds Management Beijing $1,316.4
208 Baird Private Equity Chicago $1,301.1
209 Catterton Partners Greenwich (Connecticut) $1,300.0
210 Code Hennessy & Simmons Chicago $1,300.0
211 Pamodzi Investment Holdings Athol (South Africa) $1,300.0
212 Vista Equity Partners San Francisco $1,300.0
213 Duke Street London $1,295.5
214 Foundation Capital Menlo Park $1,294.7
215 Sterling Group Houston $1,290.0
216 Egeria Amsterdam $1,288.8
217 Mercapital Madrid $1,278.0
218 India Value Fund Mumbai $1,275.0
219 Lightspeed Venture Partners Menlo Park $1,275.0
220 Lincolnshire Management New York $1,268.0
221 Greenhill Capital Partners New York $1,264.8
222 Birch Hill Equity Partners Toronto $1,250.9
223 MidOcean Partners New York $1,250.0
224 Vitruvian Partners London $1,244.4
225 ICICI Ventures Mumbai $1,242.0
226 Greylock Partners San Mateo (California) $1,225.0
227 Exponent Private Equity London $1,219.0
228 Gilde Utrecht $1,210.8
229 Aisling Capital New York $1,200.0
230 August Capital Menlo Park $1,200.0
231 Domain Associates Princeton (New Jersey) $1,200.0
232 Menlo Ventures Menlo Park $1,200.0
233 Primus Financial Holdings Hong Kong $1,200.0
234 The Sentient Group Sydney $1,191.0
235 AnaCap Financial Partners London $1,177.1
236 Clarus Ventures Cambridge (Massachusetts) $1,160.0
237 LLR Equity Partners Philadelphia $1,160.0
238 OrbiMed Advisors New York $1,150.0
239 Clearwater Capital Partners New York $1,148.6
240 Magnum Industrial Partners Madrid $1,143.5
241 IDFC Private Equity Mumbai $1,143.2
242 Electra Partners London $1,129.6
243 HitecVision Stavanger (Norway) $1,116.0
244 General Catalyst Partners Boston $1,115.0
245 Pamlico Capital Charlotte (North Carolina) $1,115.0
246 Brazos Private Equity Partners Dallas $1,100.0
247 Canaan Partners Menlo Park $1,100.0
248 Huntsman Gay Global Capital Palo Alto $1,100.0
249 KSL Capital Partners Denver $1,100.0
250 Lee Equity Partners New York $1,100.0
www.peimedia.com
 page 8 PEI 300 Executive Summary 2010

CAPITAL RAISED OVER

RANK NAME OF FIRM HEADQUARTERS LAST FIVE YEARS ($M)*
251 Levine Leichtman Capital Partners Beverly Hills $1,100.0
252 Nautic Partners Providence (Rhode Island) $1,100.0
253 Hudson Clean Energy Partners Teaneck (New Jersey) $1,099.3
254 Graham Partners Newtown Square (Pennsylvania) $1,092.0
255 Frazier Healthcare Ventures Seattle $1,090.0
256 Sentinel Capital Partners New York $1,084.0
257 Marlin Equity Partners Los Angeles $1,079.0
258 Mohr Davidow Ventures Menlo Park $1,077.0
259 Corsair Capital Partners New York $1,073.0
260 North Bridge Venture Partners Boston $1,070.0
261 Daiwa SMBC Capital Tokyo $1,067.9
262 Cartesian Capital New York $1,050.0
263 Khosla Ventures Menlo Park $1,050.0
264 Polaris Venture Partners Boston $1,047.0
265 ECI Partners London $1,042.7
266 Water Street Healthcare Partners Chicago $1,035.1
267 Balderton Capital London $1,025.0
268 Paine & Partners Foster City (California) $1,023.9
269 Enterprise Investors Warsaw $1,019.7
270 Guggenheim Partners Chicago $1,015.0
271 Angelo Gordon & Co. New York $1,000.0
272 Greenbriar Equity Group Rye (New York) $1,000.0
273 Ignition Partners Bellevue (Washington) $1,000.0
274 Olympus Capital Holdings Asia Hong Kong $1,000.0
275 Quad-C Management Charlottesville (Virginia) $1,000.0
276 Wellspring Capital Management New York $1,000.0
277 Weston Presidio Capital San Francisco $1,000.0
278 GIMV Antwerp (Belgium) $980.0
279 Southern Cross Group Buenos Aires $968.0
280 Ironbridge Capital Sydney $965.1
281 FountainVest Partners Hong Kong $950.0
282 Morgenthaler Menlo Park $950.0
283 Snow Phipps New York $928.0
284 EFG-Hermes Private Equity Cairo $919.8
285 Versant Ventures Menlo Park $905.5
286 Palamon Capital Partners London $901.4
287 Aurora Capital Group Los Angeles $900.0
288 Institutional Venture Partners Menlo Park $900.0
289 JMI Equity Baltimore $900.0
290 Quintana Capital Houston $900.0
291 Sigma Partners Boston $900.0
292 TSG Consumer Partners San Francisco $896.6
293 Silverfleet Capital London $894.6
294 Veritas Capital New York $893.8
295 Bohai Industrial Investment Fund Management Tianjin (China) $892.2
296 Aureos London $887.1
297 Brait Private Equity Johannesburg $880.0
298 Centre Partners Management New York $880.0
299 Graphite Capital Management London $877.0
300 Sofinnova Partners Paris $867.7
* This
is a revised 2010 ranking based on updated information we received following our press deadline
www.peimedia.com
2010 PEI 300 Executive Summary page 9
Rules of the game
What the PEI 300 does and does not measure
As we ask each year — would you believe that ranking 300 pri-
vate equity firms by size is not an easy task?
First one needs to define “private equity” and “size”. Then one
needs to gather accurate capital-formation information on hun-
dreds of firms in what is among the most opaque markets in the
world.
The result of this hard work is the PEI 300, an annual ranking
conducted by Private Equity International.
In compiling the rankings, we are certain that we missed some
important details, but we are equally certain that we exhausted
every available resource in sourcing the best information. Private
equity remains a non-transparent asset class, but it is getting more
transparent with each passing year. We therefore believe that the
PEI 300 is the authoritative guide to the most important invest-
ment firms in the global private equity market.
A firm’s rank among the largest 300 private equity firms in the
world is determined by how much private equity direct-invest-
ment capital that firm has raised over a roughly five-year window
ending at our press date last month.
WHAT IS THE PEI 300?
The PEI 300 is a ranking of private equity firms globally by size.
It is the only apples-to-apples comparison of dedicated, direct-
investment private equity programmes. The rankings began in
2007 as the PEI 50 and was expanded to the PEI 300 in 2009
due to demand for more information about private equity firms
globally.
The PEI 300 is not a performance ranking, nor does it consti-
tute investment recommendations. The PEI 300 includes private
equity firms with varying structures and strategies around the
world. While the list is mostly made up of private equity firms
that manage private equity limited partnerships, it also includes
firms with multiple strategies and business lines, and firms with
publicly traded vehicles.
However, only a defined type of private equity capital is count-
ed in determining the PEI 300 rankings, as described below. The
PEI 300 only measures capital raised or formed within a five-year
window spanning from 1 January 2005 until 22 April 2010. Last
year’s rankings were also drawn from a 64-month window, but of
course last year the window started on 1 January 2004 and ended
on 15 April 2009.
Where two firms have raised the same amount of capital over
this time period, the higher PEI 300 rank goes to the firm with the
largest active pool of capital raised since 2004 (i.e., the biggest
single fund). If there is still a “tie” after taking into account size of
single fund, we give greater weight to the firm that has raised the
most capital most recently.
In coming up with our key “2010 PEI 300 Five-Year Fundrais-
ing Total” figures, upon which the PEI 300 rankings are based, we
www.peimedia.com
rely on the most accurate information available. We give highest
priority to information that we receive from or confirm with the
private equity firms themselves, always on background. When the
private equity firms themselves confirm details, we still seek to
“trust but verify”.
Some details simply cannot be verified by us, and in these cases
we defer to the honour system. In order to encourage cooperation
from private equity firms that might make the PEI 300, we do
not disclose which firms have aided us on background and which
have not. Lacking confirmation of details from the firms them-
selves, we seek to corroborate information using any available
resources, including the firms’ own websites, press releases, news
reports, third-party databases, limited partner disclosures, etc.
DEFINITIONS
To help answer this question – how much private equity capital
has the firm raised since 1 January 2005? – we needed to set some
definitions:
“Private equity”: The definition of private equity for the purposes
of the PEI 300 means capital raised for a dedicated programme of
investing directly into businesses. This includes equity capital for
diversified private equity, buyouts, growth equity, venture capital,
turnaround or control-oriented distressed investment capital, and
mezzanine debt. Our rankings do not take into account funds of
funds capital, capital raised for primarily real estate strategies,
hedge fund capital, infrastructure and debt capital.
“Capital raised”: This means capital definitively committed to
a private equity direct investment programme. In the case of a
fundraising, it means the fund has had a final or official interim
close after 1 January 2005. We count the full amount of a fund
if it has a close after this date. We also count the full amount of
an interim close that has occurred recently, even if no official an-
nouncement has been made. We also count capital raised through
other means, such as LP co-investment vehicles, deal-by-deal LP
co-investment capital, publicly traded vehicles and earmarked an-
nual contributions from a sponsoring entity, when we are able
to access this information. Where capital is raised in partnership
with an affiliated entity, we take into consideration the economic
relationship between the two entities, as well as how the fundrais-
ing was marketed to investors.
We count mezzanine debt raised by firms that are primarily en-
gaged in private equity investing. We only count equity raised for
these funds, not the leveraged “buying power”. Mezzanine debt
frequently involves warrants for equity stakes, and has histori-
cally been counted alongside buyout capital by industry media
and data services groups.
 page 10 PEI 300 Executive Summary 2010

Capital stack
The PEI 300 five-year fundraising bar chart

#1
#10
#20
#30
#40
#50
#60
#70
#80
#90
#100
#110
#120
#130
#140
#150
#160
#170
#180
#190
#200
#210
#220
#230
#240
#250
#260
#270
#280
#290
#300
$0 $10 $20 $30 $40 $50 $60

Capital raised over last five years ($bn)

Source: Private Equity International

www.peimedia.com