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Indeed, our analysis indicates the dispersion of global mega fund net internal rates of return from the median to the 5th percentile is 1,043 basis points, roughly one third of the 3,041 basis point dispersion for smaller funds. Investment strategies for the world's largest institutional investors. Mega funds are a substantial part of the private investment ecosystem.

Private equity is well-capitalised to face the economic and social trauma caused by the covid-19 pandemic. © 2020 Conexus Financial. The new Porsche Targa: is this the greatest 911 yet? Private equity is, strictly speaking, a type of equity and one of the asset classes consisting of equity securities and debt in operating companies that are not publicly traded on a stock exchange. Our analysis indicates they have essentially bifurcated the private equity arena, offering exposures and returns more akin to public markets than classic private markets.

Don't have an account? On a three, five, 10, and 12.75-year basis (through September 30, 2018), our analysis shows that global mega funds returned 15.6 per cent, 14.9 per cent, 13.5 per cent and 10.5 per cent respectively, essentially neck and neck with Russell 3000 performance on an mPME basis. In addition to the PEI 300, Private Equity International also compile other private equity rankings. The efforts to open private markets to retail investors will continue and appear to be progressing. Firms now need at least $1.4 billion to get into our ranking – versus $868 million in 2010.

A verification email is on its way to you. Get limited access to our industry news, analysis and data, plus regular email updates. The result, one might conclude, should be mega returns.

TPG Creative Capital Firm.

Please read our Terms and Conditions, Privacy Policy and Terms of use. Click here to register, Not for publication, email or dissemination, In addition to the PEI 300, Private Equity International also compile, To view the latest rankings from Private Equity International, plus those from, PODCAST: How PE firms can recruit a diverse investment team, PODCAST: 10 litigation risks to look out for this year, PODCAST: Leapfrog’s CEO on separating the impact investing wheat from the chaff, PODCAST: Gazing into the future – 5 tips for long-term investors, PODCAST: Extending your platform beyond PE, Podcast: Ludovic Phalippou talks Private Equity Risk, PODCAST: Riverside on the GFC’s ‘difficult blessing’, PODCAST: Why investors should look beyond the headlines in emerging markets, Why GP led secondaries is the next big thing in Private Equity.

Please login via linkedin to post a comment, Improving alternative investment industry practices: John Claisse. That’s not to say some of the mega funds won’t punch through the returns ceiling and deliver old-school, private-equity returns to their investors but as they continue to amass capital their increasingly larger prey may not make it easy for them.

TPG is presently the leading private investment firm in the world.

The private equity market is already bifurcating, when the retail capital arrives, much of it will likely be deployed into the deep end of the market, with the ultimate result likely being public returns earned privately.

The math would imply $2.5 billion per equity investment (perhaps more given the prevalence of co-investment) and, when using market leverage, target companies may need to be at or near $10 billion in enterprise value simply to compel this mega fund to “get out of bed” – to paraphrase supermodel Linda Evangelista. Yet mega-fund returns are more akin to public markets returns than they are to private equity funds of other sizes. Given the increasing prevalence of large-cap private companies that could eventually go public but haven’t yet (and perhaps never will), investors wanting differentiated equity exposure to complement the public equity investments already in their portfolios, passive or otherwise, can increasingly find that exposure from a mega fund. To view the latest rankings from Private Equity International, plus those from Private Debt Investor, Infrastructure Investor and PERE, simply navigate through the sections below: Private Equity International’s comprehensive database is full of intelligence relating to funds being raised worldwide, with key information on target sizes and strategies used.

Because mega funds are the largest pools of capital roaming the investment countryside, so to speak, they have little competition for the deals they want, can get the best advice, access leverage at the most favorable terms, and attract top talent to their firms and their portfolio companies. Firms now need at least $1.4 billion to get into our ranking – versus $868 million in 2010. To enter the top 100, you must have raised at least $5.4 billion, and an additional $26.7 billion to join the top 10. PEI 300: If private credit goes down, it won’t be for... PEI 300: The case for specialised fund strategies, PEI 300: Private equity is now a liquid asset class, KKR amasses more than $13bn for record Asia fund, Nordic Capital ups skin in the game in €6.1bn Fund X.

Welcome to the PEI 300, Private Equity International’s list of the world’s biggest private equity firms, based on how much capital they raised over the last five years. Defining a private investment fund as one with $10 billion or more in commitments, we calculate that at the end of 2017 mega funds constituted one-third of the estimated $629 billion of dry powder in US private equity and were responsible for one-third of all invested capital from 2014 to 2018. Mega-fund returns are also more than 60 per cent correlated with public indexes, nearly twice the correlation of funds of less than $1 billion in size. Defining a private investment fund as one with $10 billion or more in commitments, we calculate that at the end of 2017 mega funds constituted one-third of the estimated $629 billion of dry powder in US private equity and were responsible for one-third of all invested capital from 2014 to 2018. But private companies in this size range are shoulder to shoulder with large-cap public equity companies, likely already substantial and globally dominant.

Just recently, the average private equity fund surpassed $1 billion for the first time (and so far in 2019 the average buyout fund has raised nearly $1.7 billion). Blackstone’s Joe Baratta tells us why, at times like this, it’s a blessing to be private equity owned.

Their scale can make it difficult to effect truly material change that would certainly impact return potential.

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