每年一度的PEI300榜單新鮮出爐。該榜單通過計算過去5年募集到的資金規模,排列出全球最大的300家PE機構。全球300家PE機構基金募資數據在一定程度上有助於描繪出PE基金管理人手中到底有多少干火藥。
PEI300對於PE採取廣義的界定,包括傳統的風險基金、成長基金、併購基金及不良資產股權基金。 過去5年中,這300家PE機構共募集到 1.988萬億美元的資金,創歷史新高,這相當於意大利的GDP。而PE機構的頭部化明顯,排名前十的PE機構就募集規模就達4611億美元。
黑石再次拔得頭籌,過去5年募集資金規模高達960億美元,比第二名凱雷高出近350億美元。上榜機構的最低募資門檻為14億美元,相比2015的9.08億美元,增長了54%。進入top10的PE機構,最低募資額為320億美元,比2019年的240億美元增長了33%,頭部化趨勢進一步加強。進入top100的PE機構,最低募資額為54億美元,比2019年的46億美元增長了17%。 在PEI300中,總部在美國的機構共計201家,佔三分之二強;總部在歐洲50家,亞洲47家,拉丁美洲1家。其中top10中,有8家PE機構總部在美國,2家PE機構在歐洲。總部在中國地區(包括大陸、香港和台灣)的PE機構共計32家,比2019年增加3家。
總部在中國地區的TOP100 PE機構
美國201家 VS 中國32家
從數字對比表面看來中國PE機構的實力和美國還有很大的差距。在中國top10當中,有九家機構總部在香港。香港在PE資產管理行業的地位和獨特性還無法被取代。 不過,PEI300統計有其一定缺陷。能夠入PEI法眼的都是那些市場化、管理美元基金起家的中國PE機構。對於中國本土人民幣PE機構,特別是國有規模較大的PE機構並不在統計之中。這無形中放大了中國與美國之間的差距。 在過去的5年里,這些機構籌集了近2萬億美元。從PEI300募資金額來看,在進入並經歷covid-19大流行造成的經濟和社會創傷的過程中,PE擁有充足的資本,PE機構佔據比上一次金融危機更有利的狀況。在各國政府和企業努力應對疫情影響之際,PE在重建經濟方面有機會發揮重要作用。PE對危機不僅是解決方案的一部分,將被認為是一個重要的解決方案的一部分。
根據美國投資委員會的數據,美國PE機構持有約3.5萬家美國企業的投資,這些企業僱傭了880萬人。 值得一提的是,全球最大的資產管理公司BlackRock的PE排名大幅上升,從2019年的148名提升到2020年的第17名。 數據表明其正努力從二級市場投資加大對一級市場布局。這家從黑石獨立出來的資產管理機構,正在效仿黑石,加速成為PE及另類投資領域的一支重要力量。僅在2020年第一季度,BlackRock就募集了超過70億美元資金。在2019年第一季度和2020年第一季度之間,其管理的另類資產佔總資產的比例從2.5%上升到3.1%。
BlackRock董事長兼首席執行官拉里•芬克(Larry Fink)在公司第一季度業績電話會議上表示:“在流動性不足的另類投資領域,我們實際上比以往任何時候都更深入、更長、更廣泛地與投資者對話。”在全球流動性泛濫和低利率甚至負利率環境下,機構投資者加大包括PE在內的另類投資資產配置成為不可扭轉的趨勢。另類投資不再另類。 PEI300上榜機構的手中擁有創紀錄的1.988萬億美元。新冠危機給上榜機構帶來投資機會的同時,這些上榜機構之間的競爭也越發激烈。優質資產荒將進一步加劇。
難怪連巴菲特都抱怨:PE的競爭使得優質資產價格高得離譜。手握超過1000億美元的巴菲特也難以找到合適的投資標的。
PEI300榜單詳表
排名 | 機構名稱 | 總部所在地 |
1 | Blackstone | New York, United States |
2 | The Carlyle Group | Washington DC, United States |
3 | KKR | New York, United States |
4 | TPG | Fort Worth, United States |
5 | Warburg Pincus | New York, United States |
6 | NB Alternatives | New York, United States |
7 | CVC Capital Partners | Luxembourg, Luxembourg |
8 | EQT | Stockholm, Sweden |
9 | Advent International | Boston, United States |
10 | Vista Equity Partners | Austin, United States |
11 | Leonard Green & Partners | Los Angeles, United States |
12 | Cinven | London, United Kingdom |
13 | Bain Capital | Boston, United States |
14 | Apollo Global Management | New York, United States |
15 | Thoma Bravo | Chicago, United States |
16 | Insight Partners | New York, United States |
17 | BlackRock | New York, United States |
18 | General Atlantic | New York, United States |
19 | Permira Advisers | London, United Kingdom |
20 | Brookfield Asset Management | Toronto, Canada |
21 | EnCap Investments | Houston, United States |
22 | Francisco Partners | San Francisco, United States |
23 | Platinum Equity | Beverly Hills, United States |
24 | Hillhouse Capital Group | Hong Kong, Hong Kong |
25 | Partners Group | Baar-Zug, Switzerland |
26 | Ardian | Paris, France |
27 | PAI Partners | Paris, France |
28 | Hellman & Friedman | San Francisco, United States |
29 | Ares Management | Los Angeles, United States |
30 | Clearlake Capital Group | Santa Monica, United States |
31 | Stone Point Capital | Greenwich, United States |
32 | Bridgepoint | London, United Kingdom |
33 | Silver Lake | Menlo Park, United States |
34 | TA Associates | Boston, United States |
35 | BC Partners | London, United Kingdom |
36 | MBK Partners | Seoul, South Korea |
37 | Baring Private Equity Asia | Hong Kong, Hong Kong |
38 | Genstar Capital | San Francisco, United States |
39 | BDT Capital Partners | Chicago, United States |
40 | American Securities | New York, United States |
41 | L Catterton | Greenwich, United States |
42 | Apax Partners | London, United Kingdom |
43 | NGP Energy Capital Management | Irving, United States |
44 | Eurazeo | Paris, France |
45 | Quantum Energy Partners | Houston, United States |
46 | Clayton, Dubilier & Rice | New York, United States |
47 | Goldman Sachs Merchant Banking Division | New York, United States |
48 | H.I.G. Capital | Miami, United States |
49 | Riverstone Holdings | New York, United States |
50 | PAG | Hong Kong, Hong Kong |
51 | Veritas Capital | New York, United States |
52 | Tiger Global Management | New York, United States |
53 | Summit Partners | Boston, United States |
54 | Madison Dearborn Partners | Chicago, United States |
55 | Adams Street Partners | Chicago, United States |
56 | AEA Investors | New York, United States |
57 | Onex | Toronto, Canada |
58 | Sequoia Capital | Menlo Park, United States |
59 | Oaktree Capital Management | Los Angeles, United States |
60 | HarbourVest Partners | Boston, United States |
61 | Roark Capital Group | Atlanta, United States |
62 | Investindustrial | London, United Kingdom |
63 | Providence Equity Partners | Providence, United States |
64 | Astorg Partners | Paris, France |
65 | Welsh, Carson, Anderson & Stowe | New York, United States |
66 | CPE | Beijing, China |
67 | New Enterprise Associates | Chevy Chase, United States |
68 | Audax Group | Boston, United States |
69 | KPS Capital Partners | New York, United States |
70 | Energy Capital Partners | Summit, United States |
71 | Triton Partners | London, United Kingdom |
72 | Morgan Stanley Investment Management | New York, United States |
73 | Lindsay Goldberg | New York, United States |
74 | New Mountain Capital | New York, United States |
75 | IK Investment Partners | London, United Kingdom |
76 | TSG Consumer Partners | San Francisco, United States |
77 | Oak Hill Capital Partners | New York, United States |
78 | Andreessen Horowitz | Menlo Park, United States |
79 | Affinity Equity Partners | Hong Kong, Hong Kong |
80 | Kelso & Company | New York, United States |
81 | Harvest Partners | New York, United States |
82 | CDH Investments | Hong Kong, Hong Kong |
83 | Castlelake | Minneapolis, United States |
84 | China Everbright Limited | Hong Kong, Hong Kong |
85 | Berkshire Partners | Boston, United States |
86 | Thomas H. Lee Partners | Boston, United States |
87 | TDR Capital | London, United Kingdom |
88 | Hg | London, United Kingdom |
89 | Cerberus Capital Management | New York, United States |
90 | Sycamore Partners | New York, United States |
91 | GCM Grosvenor | Chicago, United States |
92 | Accel | Palo Alto, United States |
93 | Montagu Private Equity | London, United Kingdom |
94 | GTCR | Chicago, United States |
95 | CITIC Capital | Hong Kong, Hong Kong |
96 | Great Hill Partners | Boston, United States |
97 | Equistone Partners Europe | London, United Kingdom |
98 | Hamilton Lane | Bala Cynwyd, United States |
99 | TCV | Palo Alto, United States |
100 | KSL Capital Partners | Denver, United States |
101 | Primavera Capital Group | Beijing, China |
102 | Nordic Capital | Stockholm, Sweden |
103 | Inflexion Private Equity | London, United Kingdom |
104 | Crestview Partners | New York, United States |
105 | Searchlight Capital Partners | New York, United States |
106 | Siris Capital Group | New York, United States |
107 | American Industrial Partners | New York, United States |
108 | Lightspeed Venture Partners | Menlo Park, United States |
109 | RRJ Capital | Hong Kong, Hong Kong |
110 | Kohlberg & Company | Mount Kisco, United States |
111 | Norwest Venture Partners | Palo Alto, United States |
112 | China Renaissance Group | Beijing, China |
113 | Hahn & Co. | Seoul, South Korea |
114 | Arsenal Capital Partners | New York, United States |
115 | SSG Capital Management | Hong Kong, Hong Kong |
116 | TowerBrook Capital Partners | New York, United States |
117 | Battery Ventures | Boston, United States |
118 | Pamplona Capital Management | London, United Kingdom |
119 | Waterland Private Equity Investments | Bussum, Netherlands |
120 | Pacific Equity Partners | Sydney, Australia |
121 | Kayne Anderson Capital Advisors | Los Angeles, United States |
122 | Altas Partners | Toronto, Canada |
123 | Littlejohn & Co | Greenwich, United States |
124 | Trilantic Capital Partners North America | New York, United States |
125 | The Energy & Minerals Group | Houston, United States |
126 | IDG Capital | Beijing, China |
127 | GGV Capital | Menlo Park, United States |
128 | Hermes GPE | London, United Kingdom |
129 | Marlin Equity Partners | Hermosa Beach, United States |
130 | The Jordan Company | New York, United States |
131 | Boyu Capital | Hong Kong, Hong Kong |
132 | Bessemer Venture Partners | Redwood City, United States |
133 | Lime Rock Partners | Westport, United States |
134 | IMM Private Equity | Seoul, South Korea |
135 | Valor Equity Partners | Chicago, United States |
136 | One Equity Partners | New York, United States |
137 | The Riverside Company | New York, United States |
138 | Charterhouse Capital Partners | London, United Kingdom |
139 | Odyssey Investment Partners | New York, United States |
140 | Ridgemont Equity Partners | Charlotte, United States |
141 | Gryphon Investors | San Francisco, United States |
142 | Cortec Group | New York, United States |
143 | HGGC | Palo Alto, United States |
144 | Accel-KKR | Menlo Park, United States |
145 | Lenovo Group | Hong Kong, Hong Kong |
146 | Rothschild Merchant Banking | Paris, France |
147 | Hony Capital | Beijing, China |
148 | SK Capital Partners | New York, United States |
149 | Olympus Partners | Stamford, United States |
150 | Parthenon Capital Partners | Boston, United States |
151 | Vivo Capital | Palo Alto, United States |
152 | Aquiline Capital Partners | New York, United States |
153 | Flexpoint Ford | Chicago, United States |
154 | Rhône Group | New York, United States |
155 | Founders Fund | San Francisco, United States |
156 | Tailwind Capital Partners | New York, United States |
157 | IVP | Menlo Park, United States |
158 | Index Ventures | Geneva, Switzerland |
159 | ACON Investments | Washington, D.C., United States |
160 | Altor Equity Partners | Stockholm, Sweden |
161 | FountainVest Partners | Hong Kong, Hong Kong |
162 | Apax Partners SAS | Paris, France |
163 | Vitruvian Partners | London, United Kingdom |
164 | Sapphire Ventures | Palo Alto, United States |
165 | Cornell Capital | New York, United States |
166 | ICONIQ Capital | San Francisco, United States |
167 | GI Partners | San Francisco, United States |
168 | Charlesbank Capital Partners | Boston, United States |
169 | Patria Investments | Sao Paulo, Brazil |
170 | Court Square | New York, United States |
171 | Aurora Capital Partners | Los Angeles, United States |
172 | Deutsche Beteiligungs AG | Frankfurt, Germany |
173 | Ridgewood Energy | Montvale, United States |
174 | ABRY Partners | Boston, United States |
175 | Sentinel Capital Partners | New York, United States |
176 | Oakley Capital Private Equity | London, United Kingdom |
177 | Frazier Healthcare Partners | Seattle, United States |
178 | Pantheon | London, United Kingdom |
179 | Lovell Minnick Partners | Radnor, United States |
180 | Vertex Holdings | Singapore, Singapore |
181 | DCP Capital | Beijing, China |
182 | YunFeng Capital | Shanghai, China |
183 | Five Point Energy | Houston, United States |
184 | Trustbridge Partners | Shanghai, China |
185 | Alvarez & Marsal Capital Partners | Greenwich, United States |
186 | Thrivent Financial | Minneapolis, United States |
187 | Arlington Capital Partners | Chevy Chase, United States |
188 | Nautic Partners | Providence, United States |
189 | IFC Asset Management Company | Washington, DC, United States |
190 | Sun Capital Partners | Boca Raton, United States |
191 | Vistria Group | Chicago, United States |
192 | AE Industrial Partners | Boca Raton, United States |
193 | Spark Capital | Boston, United States |
194 | EMR Capital | Hong Kong, Hong Kong |
195 | Pamlico Capital | Charlotte, United States |
196 | Birch Hill Equity Partners | Toronto, Canada |
197 | Tailwater Capital | Dallas, United States |
198 | Flagship Pioneering | Cambridge, United States |
199 | Wynnchurch Capital | Rosemont, United States |
200 | Qiming Venture Partners | Shanghai, China |
201 | NovaQuest Capital Management | Raleigh, United States |
202 | General Catalyst Partners | Cambridge, United States |
203 | Denham Capital Management | Boston, United States |
204 | CMC Capital Partners | Beijing, China |
205 | JP Morgan Asset Management | New York, United States |
206 | GHO Capital Partners | London, United Kingdom |
207 | Linden Capital Partners | Chicago, United States |
208 | Eagletree Capital | New York, United States |
209 | Gaorong Capital | Beijing, China |
210 | The Abraaj Group | Dubai, United Arab Emirates |
211 | LLR Partners | Philadelphia, United States |
212 | Coatue Management | New York, United States |
213 | Shunwei Capital Partners | Beijing, China |
214 | Matrix Partners | San Francisco, United States |
215 | BGH Capital | Melbourne, Australia |
216 | Incline Equity Partners | Pittsburgh, United States |
217 | RoundShield Partners | London, United Kingdom |
218 | FFL Partners | San Francisco, United States |
219 | Kimmeridge | New York, United States |
220 | Centurium Capital | Beijing, China |
221 | Hopu Investment Management | Beijing, China |
222 | Russian Direct Investment Fund | Moscow, Russia |
223 | Andera Partners | Paris, France |
224 | CBC Group | Singapore, Singapore |
225 | Georgian Partners | Toronto, Canada |
226 | Bernhard Capital Partners | Baton Rouge, United States |
227 | FTV Capital | San Francisco, United States |
228 | Novacap | Longueuil, Canada |
229 | Yorktown Partners | New York, United States |
230 | Quadrant Private Equity | Sydney, Australia |
231 | Cathay Capital Private Equity | Paris, France |
232 | Kinderhook Industries | New York, United States |
233 | Freeman Spogli & Co | Los Angeles, United States |
234 | OrbiMed Advisors | New York, United States |
235 | Old Ironsides Energy | Boston, United States |
236 | BV Investment Partners | Boston, United States |
237 | Vestar Capital Partners | New York, United States |
238 | The Edgewater Funds | Chicago, United States |
239 | The Raine Group | New York, United States |
240 | China Life Investment Holding Company | Beijing, China |
241 | Menlo Ventures | Menlo Park, United States |
242 | BlackFin Capital Partners | Paris, France |
243 | Gridiron Capital | New Canaan, United States |
244 | Thompson Street Capital Partners | St. Louis, United States |
245 | Exponent Private Equity | London, United Kingdom |
246 | Redpoint China Ventures | Menlo Park, United States |
247 | Marunouchi Capital | Tokyo, Japan |
248 | Carnelian Energy Capital | Houston, United States |
249 | GSR Ventures | Beijing, China |
250 | JAFCO | Tokyo, Japan |
251 | Livingbridge | London, United Kingdom |
252 | Torquest Partners | Toronto, Canada |
253 | ARC Financial Corp. | Calgary, Canada |
254 | Värde Partners | Minneapolis, United States |
255 | J.F. Lehman & Company | New York, United States |
256 | Advantage Partners | Tokyo, Japan |
257 | Stirling Square Capital Partners | London, United Kingdom |
258 | Digital Sky Technologies (DST) | Moscow, Russia |
259 | Reverence Capital Partners | New York, United States |
260 | Thrive Capital | New York, United States |
261 | Peppertree Capital Management | Chagrin Falls, United States |
262 | Fondo FSI | Milan, Italy |
263 | JLL Partners | New York, United States |
264 | STIC Investments | Seoul, South Korea |
265 | Revelstoke Capital Partners | Denver, United States |
266 | Rocket Internet | Berlin, Germany |
267 | Atlas Holdings | Greenwich, United States |
268 | HTC Corp. | Taipei, Taiwan |
269 | Main Post Partners | San Francisco, United States |
270 | Morningside Venture Capital | Shanghai, China |
271 | VMG Partners | San Francisco, United States |
272 | Norwest Equity Partners | Minneapolis, United States |
273 | Ping An Capital | Shanghai, China |
274 | Palladium Equity Partners | New York, United States |
275 | Paine Schwartz Partners | San Mateo, United States |
276 | DCM Ventures | Menlo Park, United States |
277 | Alpine Investors | San Francisco, United States |
278 | Trive Capital | Dallas, United States |
279 | GoldPoint Partners | New York, United States |
280 | MSouth Equity Partners | Atlanta, United States |
281 | Foresite Capital Management | San Francisco, United States |
282 | AnaCap Financial Partners | London, United Kingdom |
283 | Foundry Group | Boulder, United States |
284 | Bregal Investments | New York, United States |
285 | Arcline Investment Management | San Francisco, United States |
286 | Altaris Capital Partners | New York, United States |
287 | ChrysCapital | Mumbai, India |
288 | MidOcean Partners | New York, United States |
289 | Multiples Alternate Asset Management | Mumbai, India |
290 | Data Collective | San Francisco, United States |
291 | Capvis Equity Partners | Baar, Switzerland |
292 | Trident Capital | San Mateo, United States |
293 | Portobello Capital | Madrid, Spain |
294 | Mayfair Equity Partners | London, United Kingdom |
295 | VIG Partners | Seoul, South Korea |
296 | Wellspring Capital Management | New York, United States |
297 | Atlas Merchant Capital | New York, United States |
298 | Wind Point Partners | Chicago, United States |
299 | Vector Capital | San Francisco, United States |
300 | Summa Equity | Stockholm, Sweden |