PEI 300 2009

Private Equity International magazine’s proprietary ranking of the largest 300 private equity firms in the world

Executive Summary
This report presents an overview of the 2009 PEI 300, which ranks private equity firms around
the world by size, using Private Equity International’s unique, apples-to-apples methodology. A
complete report on the PEI 300 is featured in the May 2009 issue of Private Equity International,
available only to subscribers or for individual purchase.

About the PEI 300 and PEI Media

The PEI 300 firms are ranked based on the amount of private equity direct-investment capital each
have raised or formed over a roughly five-year period beginning 1 January 2004 and ending 15
April 2009.

Private Equity International is the leading publication for the private equity industry. It is published
monthly by PEI Media, which provides market intelligence and events for professionals in the
private equity, real estate and infrastructure asset classes.

For more information about the PEI 300, contact PEI Media executive editor David Snow at
david.s@peimedia.com.

www.peimedia.com
© PEI Media 2009 Copying without permission from PEI Media is unlawful

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2009 PEI 300 Executive Summary page 3

The PEI 300

Although 2009 marks the debut of the PEI 300, this is the third year in a row that
Private Equity International has ranked the largest 50 private equity firms in the
world, called the PEI 50. As with last year, the line-up of the top 50 firms has

Firms with the same five-year fundraising total are further ranked based on size of largest fund, then most recent closing of fund
not remained static. Some firms managed to close sizeable fundraisings, which
boosted their respective ranks significantly, or allowed them to debut on the
top 50 list. As in prior years, the PEI 300 based its rankings on this measure: the
amount of private equity direct-investment capital raised or created over the past
five years. See p. 10 for greater detail on the PEI 300 methodology.

Capital raised OVER 2008

Rank Name of firm Headquarters last five years ($Bn) Rank

1 TPG Fort Worth (Texas) $52.35 3

“Five years” defined as 1 January 2004 to press time on 15 April 2009

2 Goldman Sachs Principal Investment Area New York $48.99 2

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

3 The Carlyle Group Washington DC $47.73 1

4 Kohlberg Kravis Roberts New York $40.46 4

5 Apollo Global Management New York $35.18 6

6 Bain Capital Boston $34.95 7

7 CVC Capital Partners London $33.73 5

8 The Blackstone Group New York $30.8 10

9 Warburg Pincus New York $23 11

10 Apax Partners London $21.33 9

11 First Reserve Corporation Greenwich (Connecticut) $20.89 23

12 3i Group London $18.39 12

13 American Capital Bethesda (Maryland) $17.99 15

14 Hellman & Friedman San Francisco $17.9 25

*Notes:

15 Providence Equity Partners Providence (Rhode Island) $16.36 16

Legend:

Higher rank than 2008 Lower rank than 2008 Same rank as 2008
* PEI 50 debut

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page 4 PEI 300 Executive Summary 2009

Capital raised over 2008

Rank Name of firm Headquarters last five years ($bn) Rank

16 Advent International Boston $16.13 13

17 Terra Firma Capital Partners London $14.21 14

18 General Atlantic Greenwich (Connecticut) $14.10 21

19 Fortress Investment Group New York $14.08 20

20 Silver Lake Menlo Park $14.0 17

21 Cerberus Capital Management New York $13.9 18

22 Permira London $12.67 8

23 Clayton Dubilier & Rice New York $11.72 28

24 Lehman Brothers Private Equity New York $11.71 31

25 PAI Partners Paris $11.5 22

26 Bridgepoint London $10.87 27

27 EQT Partners Stockholm $10.82 24

Firms with the same five-year fundraising total are further ranked based on size of largest fund, then most recent closing of fund
28 Madison Dearborn Partners Chicago $10.6 47

29 Charterhouse Capital Partners London $10.56 30

30 Teachers’ Private Capital Toronto $10.24 29

31 Thomas H. Lee Partners Boston $10.21 32

32 Cinven London $10.17 26

33 Onex Toronto $9.59 49

34
* Riverstone Holdings New York $9.4 N/A

35 AXA Private Equity Paris $9.37 34

36 JC Flowers & Co. New York $8.9 40

“Five years” defined as 1 January 2004 to press time on 15 April 2009

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

37 Oaktree Capital Management Los Angeles $8.85 36

38 BC Partners London $8.75 33

39
* Candover London $8.45 N/A

40 Welsh Carson Anderson & Stowe New York $8.42 50

41
* Nordic Capital Stockholm $8.18 N/A

42 WL Ross & Co. New York $7.77 45

43
* Lindsay Goldberg New York $7.69 N/A

44 Sun Capital Partners Boca Raton (Florida) $7.5 38

45 NGP Energy Capital Management Dallas $7.47 35

46
* AlpInvest Partners Amsterdam $7.26 N/A

47
* Kelso & Co. New York $7.2 N/A

48
* Citi Alternative Investments New York $7.08 N/A

49 Marfin Investment Group Athens $6.86 37

*Notes:

50 MatlinPatterson New York $6.83 44

Legend:

Higher rank than 2008 Lower rank than 2008 Same rank as 2008
* PEI 50 debut

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2009 PEI 300 Executive Summary page 5

Capital raised over

Rank Name of firm Headquarters last five years ($M)
51 TA Associates Boston $6,827
52 New Mountain Capital New York $6,687
53 EnCap Investments Houston $6,575
54 Abraaj Capital Dubai $6,493
55 Doughty Hanson London $6,396
56 Oak Hill Capital Partners Stamford (Connecticut) $6,300
57 Stone Point Capital Greenwich (Connecticut) $6,226
58 Summit Partners Boston $6,101
59 Investcorp Manama (Bahrain) $5,958
60 ArcLight Capital Partners Boston $5,800
61 Barclays Private Equity London $5,405
62 HIG Capital Management Miami $5,342
63 Leonard Green & Partners Los Angeles $5,300
64 Technology Crossover Ventures Palo Alto $5,300
65 Eurazeo Paris $4,847
66 Arcapita Manama (Bahrain) $4,839
67 Sequoia Capital Menlo Park $4,821
68 Actis London $4,442

Firms with the same five-year fundraising total are further ranked based on size of largest fund, then most recent closing of fund
69 CCMP Capital New York $4,318
70 LS Power Group New York $4,285
71 Altor Equity Partners Stockholm $4,158
72 Crestview Partners New York $4,150
73 TowerBrook Capital Partners New York $4,130
74 Oak Investment Partners Westport (Connecticut) $4,110
75 Citadel Capital Cairo $4,100
76 MBK Partners Seoul $4,060
77 One Equity Partners New York $4,000
78 Pacific Equity Partners Sydney $3,835
79 Lion Capital London $3,756
80 Platinum Equity Partners Los Angeles $3,700
81 Quantum Energy Partners Houston $3,665

“Five years” defined as 1 January 2004 to press time on 15 April 2009

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

82 Vestar Capital Partners Boston $3,650
83 Babson Capital Boston $3,636
84 The Jordan Company New York $3,600
85 New Enterprise Associates Chevy Chase (Maryland) $3,600
86 Mid Europa Partners London $3,500
87 Affinity Equity Partners Hong Kong $3,500
88 Advantage Partners Tokyo $3,433
89 Accel Partners Menlo Park $3,385
90 American Securities Capital Partners New York $3,300
91 IK Investment Partners Stockholm $3,300
92 Softbank Group Tokyo $3,263
93 GI Partners Menlo Park $3,250
94 Tenaska Capital Management Omaha (Nebraska) $3,238
95 Draper Fisher Jurvetson Menlo Park $3,237
96 Hopu Investment Management Beijing $3,232
97 Yucaipa Companies Los Angeles $3,225
98 Centerbridge Capital Partners New York $3,200
*Notes:

99 KRG Capital Denver $3,184

100 Court Square Capital Partners New York $3,100

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page 6 PEI 300 Executive Summary 2009

Capital raised over

Rank Name of firm Headquarters last five years ($M)
101 Berkshire Partners Boston $3,100
102 HSBC Principal Investments London $3,000
103 Montagu Private Equity London $2,970
104 ABRY Partners Boston $2,950
105 Bohai Industrial Investment Fund Management Tianjin (China) $2,931
106 Norwest Equity Partners Minneapolis $2,900
107 Capital International London $2,868
108 Kleiner Perkins Caufield & Byers Menlo Park $2,860
109 Hony Capital Beijing $2,836
110 Clessidra Milan $2,797
111 Unitas Capital (formerly CCMP Capital Asia) Hong Kong $2,790
112 GTCR Golder Rauner Chicago $2,750
113 Irving Place Capital (formerly Bear Stearns Merchant Banking) New York $2,700
114 CDH Investments Hong Kong $2,660
115 Lime Rock Partners Westport (Connecticut) $2,633
116 Unison Capital Partners Tokyo $2,620
117 The Riverside Company New York $2,581
118 MidOcean Partners New York $2,580

Firms with the same five-year fundraising total are further ranked based on size of largest fund, then most recent closing of fund
119 LBO France Paris $2,576
120 GP Investments Sao Paulo $2,550
121 Golden Gate Capital San Francisco $2,414
122 Credit Suisse Private Equity New York $2,400
123 Energy Investors Funds San Francisco $2,400
124 Audax Group New York $2,400
125 Gavea Investimentos Rio de Janeiro $2,390
126 Global Investment House Safat (Kuwait) $2,378
127 Dubai International Capital Private Equity Dubai $2,376
128 Francisco Partners San Francisco $2,332
129 TDR Capital London $2,310
130 Kohlberg & Co. Mount Kisco (New York) $2,300
131 IDG Ventures Boston $2,290

“Five years” defined as 1 January 2004 to press time on 15 April 2009

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

132 Energy Capital Partners Short Hills (New Jersey) $2,250
133 Odyssey Investment Partners New York $2,250
134 Friedman Fleischer & Lowe San Francisco $2,250
135 BLUM Capital Partners San Francisco $2,200
136 Kayne Anderson Capital Advisors Los Angeles $2,200
137 Veronis Suhler Stevenson New York $2,151
138 Pamplona Capital Management London $2,141
139 HgCapital London $2,139
140 ChrysCapital New Delhi $2,080
141 Genstar Capital San Francisco $2,025
142 Morgan Stanley Private Equity New York $2,015
143 Insight Venture Partners New York $2,010
144 Baring Private Equity Asia Hong Kong $2,005
145 Avista Capital Partners New York $2,000
146 Investindustrial Milan $1,980
147 SAIF Partners Hong Kong $1,977
148 Catterton Partners Greenwich (Connecticut) $1,950
*Notes:

149 Baring Vostok Capital Partners Moscow $1,913

150 Essex Woodlands Health Ventures Palo Alto $1,900

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2009 PEI 300 Executive Summary page 7

Capital raised over

Rank Name of firm Headquarters last five years ($M)
151 Herkules Capital Oslo $1,885
152 Great Hill Partners Boston $1,850
153 Index Ventures Geneva $1,848
154 Waterland Private Equity Investments Bussum (Netherlands) $1,836
155 Diamond Castle Holdings New York $1,825
156 EnerVest Houston $1,801
157 Moelis Capital Partners Los Angeles $1,800
158 Quadrangle Group New York $1,800
159 ARC Financial Corp. Calgary $1,771
160 Exponent Private Equity London $1,753
161 Blue Ridge China Beijing $1,750
162 AEA Investors New York $1,745
163 CapMan Private Equity Helsinki $1,720
164 Energy Spectrum Partners Dallas $1,716
165 Sterling Partners Baltimore $1,703
166 Centre Partners Management New York $1,660
167 KPS Capital Partners New York $1,654
168 Cognetas London $1,650

Firms with the same five-year fundraising total are further ranked based on size of largest fund, then most recent closing of fund
169 Duke Street London $1,634
170 JLL Partners New York $1,600
171 Astorg Partners Paris $1,598
172 VantagePoint Venture Partners San Bruno (California) $1,585
173 Yorktown Partners New York $1,580
174 Ignition Partners Bellevue (Washington) $1,575
175 Vector Capital San Francisco $1,550
176 Mayfield Fund Menlo Park $1,536
177 Castle Harlan New York $1,531
178 Olympus Partners Stamford (Connecticut) $1,530
179 Flexpoint Ford Chicago $1,505
180 Elevation Partners Menlo Park $1,500
181 Golub Capital Chicago $1,500

“Five years” defined as 1 January 2004 to press time on 15 April 2009

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

182 Wind Point Partners Chicago $1,460
183 Englefield Capital London $1,450
184 Battery Ventures Waltham (Massachusetts) $1,450
185 Climate Change Capital London $1,448
186 Pine Brook Road Partners New York $1,430
187 Austin Ventures Austin (Texas) $1,425
188 Roark Capital Group Atlanta $1,416
189 General Catalyst Partners Boston $1,416
190 Navis Capital Partners Kuala Lumpur $1,415
191 Sofinnova Paris $1,403
192 Enterprise Investors Warsaw $1,396
193 Archer Capital Sydney $1,394
194 Balderton Capital London $1,365
195 Vision Capital London $1,359
196 Baird Private Equity Chicago $1,358
197 Bessemer Venture Partners Larchmont (New York) $1,350
198 Swicorp Riyadh $1,350
*Notes:

199 Emerging Capital Partners Washington DC $1,344

200 New Silk Route Partners New York $1,340

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page 8 PEI 300 Executive Summary 2009

Capital raised over

Rank Name of firm Headquarters last five years ($M)
201 Gimv Antwerp (Belgium) $1,323
202 Venrock Palo Alto $1,317
203 Vista Equity Partners San Francisco $1,300
204 Gores Group Los Angeles $1,300
205 Pamodzi Investment Holdings Athol (South Africa) $1,300
206 Code Hennessy & Simmons Chicago $1,300
207 Monitor Clipper Partners Boston $1,300
208 KERN Partners Calgary $1,296
209 Lightspeed Venture Partners Menlo Park $1,288
210 Foundation Capital Menlo Park $1,275
211 Levine Leichtman Capital Partners Beverly Hills $1,269
212 Lincolnshire Management New York $1,268
213 LD Invest Equity Copenhagen $1,256
214 InterWest Partners Menlo Park $1,256
215 AAC Capital Partners Amsterdam $1,254
216 Mercapital Madrid $1,254
217 Greenhill Capital Partners New York $1,253
218 Huntsman Gay Capital Partners Boston $1,250

Firms with the same five-year fundraising total are further ranked based on size of largest fund, then most recent closing of fund
219 Intel Capital Santa Clara (California) $1,250
220 CITIC Capital Hong Kong $1,246
221 US Venture Partners Menlo Park $1,225
222 Vitruvian Partners London $1,221
223 Menlo Ventures Menlo Park $1,200
224 Paine & Partners Foster City (California) $1,200
225 Spectrum Equity Investors San Francisco $1,200
226 Clearwater Capital Partners New York $1,200
227 Domain Associates Princeton (New Jersey) $1,200
228 Aisling Capital New York $1,200
229 Gilde Utrecht (Netherlands) $1,188
230 Perseus Washington DC $1,182
231 The Sentient Group Sydney $1,175

“Five years” defined as 1 January 2004 to press time on 15 April 2009

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

232 Benchmark Capital Menlo Park $1,175
233 Electra Partners London $1,160
234 LLR Equity Partners Philadelphia $1,160
235 Clarus Ventures Cambridge (Massachusetts) $1,160
236 Russia Partners Management (Siguler Guff) Moscow $1,135
237 Egeria Amsterdam $1,132
238 CLSA Capital Partners Hong Kong $1,130
239 Magnum Capital Industrial Partners Lisbon $1,122
240 HitecVision Stavanger (Norway) $1,116
241 Highland Capital Partners Lexington (Massachusetts) $1,108
242 Corsair Capital Partners New York $1,100
243 Aquiline Capital Partners New York $1,100
244 KSL Capital Partners Denver $1,100
245 Brazos Private Equity Partners Dallas $1,100
246 Canaan Partners Menlo Park $1,100
247 Sentinel Capital Partners New York $1,084
248 Frazier Healthcare Ventures Seattle $1,075
*Notes:

249 Pegasus Capital Partners Cos Cob (Connecticut) $1,066

250 Cartesian Capital New York $1,050

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2009 PEI 300 Executive Summary page 9

Capital raised over

Rank Name of firm Headquarters last five years ($M)
251 Water Street Capital Management Chicago $1,020
252 Quad-C Management Charlottesville (Virginia) $1,008
253 Ironbridge Capital Sydney $1,005
254 Lee Equity Partners New York $1,000
255 Brysam Global Partners New York $1,000
256 Greenbriar Equity Group Rye (New York) $1,000
257 Polaris Venture Partners Boston $1,000
258 Wellspring Capital Management New York $1,000
259 Weston Presidio Capital San Francisco $1,000
260 Freeman Spogli & Co. Los Angeles $1,000
261 Angelo Gordon & Co. New York $1,000
262 Mohr Davidow Ventures Menlo Park $1,000
263 ECI Partners London $993
264 HealthPoint Capital Partners New York $992
265 Alta Partners San Francisco $975
266 H&Q Asia Pacific Palo Alto $956
267 FountainVest Partners Hong Kong $950
268 Caltius Capital Management Los Angeles $949

Firms with the same five-year fundraising total are further ranked based on size of largest fund, then most recent closing of fund
269 21 Partners Milan $937
270 Lereko Metier Parklands (South Africa) $934
271 Investitori Associati Milan $924
272 ACON Investments Washington DC $923
273 Brait Private Equity Johannesburg $922
274 Daiwa SMBC Capital Tokyo $915
275 Viola Group Herzeliya (Israel) $913
276 Quintana Capital Houston $910
277 Aurora Capital Group Los Angeles $900
278 TSG Consumer Partners San Francisco $900
279 JMI Equity Fund Baltimore $900
280 Institutional Venture Partners Menlo Park $900
281 Sigma Partners Boston $900

“Five years” defined as 1 January 2004 to press time on 15 April 2009

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

282 ICICI Venture Mumbai $892
283 Palamon Capital Partners London $884
284 DCM Menlo Park $880
285 Charles River Ventures Waltham (Massachusetts) $855
286 Eos Partners New York $853
287 Oakley Capital Investments London $851
288 Ventizz Capital Duesseldorf $851
289 Aureos London $850
290 Littlejohn & Co. Greenwich (Connecticut) $850
291 Lightyear Capital New York $850
292 Bay City Capital San Francisco $850
293 Morgenthaler Partners Menlo Park $850
294 Gresham Private Equity London $846
295 GGV Capital Menlo Park $840
296 Accent Equity Partners Stockholm $831
297 HM Capital Dallas $830
298 Quadriga Capital Frankfurt $829
*Notes:

299 Chequers Capital Paris $825

300 Thoma Bravo Chicago $822

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page 10 PEI 300 Executive Summary 2009
Rules of the game
What the PEI 300 does and does not measure
Would you believe that ranking 300 private 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
hundreds of firms in what is among the most opaque markets
in the world.
The result of this hard work is the PEI 300, an expansion of
an earlier annual ranking conducted by Private Equity Interna-
tional called the PEI 50. Responding to demand from our read-
ers, we have simply applied the same rules governing the PEI 50
rankings to a much larger population of firms.
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. Pri-
vate equity remains a non-transparent asset class, but it is get-
ting more transparent with each passing year. We therefore be-
lieve that the PEI 300 will become more and more authoritative
as a guide to the most important investment 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-
investment 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-in-
vestment 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
counted in determining the PEI 300 rankings, as described be-
low. The PEI 300 only measures capital raised or formed within
a five-year window spanning from 1 January 2004 until 15 April
2009. Last year’s rankings were also drawn from a 64-month
window, but of course last year the window started on 1 January
2003 and ended on 15 April 2008.
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 big-
gest 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 “2009 PEI 300 Five-Year Fundrais-
www.peimedia.com
ing Total” figures, upon which the PEI 300 rankings are based,
we 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 coopera-
tion 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
themselves, we seek to corroborate information using any avail-
able 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 2004? – 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 2004. 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 offi-
cial announcement 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 annual 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 fundraising 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
historically been counted alongside buyout capital by industry
media and data services groups.
 2009 PEI 300 Executive Summary page 11

By the numbers
How the PEI 300 firms relate to each other, to last year’s list and to the
broader deal economy

Top 50 vs. next 250 Slowing at the top

Over the past five years, the largest 50 firms in The largest 50 firms in the world did not raise
the world have raised some 55 percent more significantly more capital during the five year
equity capital than the next 250 firms window ending last month than during similar
windows ending in the two prior years

$900
$900 $1000
$1000

$813
$813 $810
$810 $813
$813
$750
$750
$800
$800
Five-year fundraising total ($bn)

Five-year fundraising total ($bn)

$600
$600
$524
$524 $600
$600 $551
$551

$450
$450

$400
$400
$300
$300

$200
$200
$150
$150

$0
$0 00
Top
Top 50
50 Next
Next 250
250 PEI
PEI 50
50 2007
2007 PEI
PEI 50
50 2008
2008 PEI
PEI 50
50 2009
2009
Source: Private Equity International Source: Private Equity International

Where they’re based Two years of climbing

Although many of the PEI 300 firms are globally These top 50 firms have advanced in our rankings
for two consecutive years
active, a look at their headquarters shows the
continued dominance of North America and the TPG
UK in the private equity industry Apollo Global Management
Bain Capital
Africa
MENA 1% Latin America
Warburg Pincus
2.7% 0.7% American Capital
Fortress Investment Group
Clayton Dubilier & Rice
Asia JC Flowers & Co.
8% WL Ross & Co.
Bridgepoint
Europe ex-UK
11.3%
Out of the 50
These firms appeared in last year’s top 50 but not
UK in this year’s top 50
11.3% North America
65% Barclays Private Equity
EnCap Investments
New Mountain Capital
Eurazeo
TA Associates
Doughty Hanson
AIG Investments
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 $2.5

2.0 $1.81
page 12 PEI 300 Executive Summary 2009

Deal value ($tr)

$1.5

$1.0
PEI 50 outperforms rest of the pack
According to State Street Private Edge (SSPE), the PEI 50 outperformed the next 250 largest firms and the
$0.5
industry as a whole, tracked by the SSPE Index. Non-US PEI 50 firms lead by a clear margin
PEI 50 IRR PEI 300 IRR SSPE
$0.0 Index IRR
PEI 300
Pooled average 13.45% 13.38% 12.92%

By investment focus
Buyout 13.50% 13.29% 13.38%
$1.5 $1.39
Venture$2.5
capital 14.13% 12.87% 12.01%
Mezzanine and others 12.69% 13.55% 10.60%
$1.19
2.0 $1.2
$1.81
By geography
Deal value ($tr)

Deal value ($tr)

US $1.5 13.36% 13.31% $0.9 12.47%
Non-US 15.67% 15.48% 15.61%
$1.0 $0.6
Notes: Based on data compiled from 1437 private equity funds, including fully liquidated partnerships, formed between 1990 to 2008 Q3. IRR: Pooled Average IRR is net
of fees, expenses and carried interest. Pooled average IRR treats sample funds as a single “fund” by adding together all cash flows and net asset values. Rather than
averaging returns for each sample fund, returns are calculated on the underlying “pooled” portfolio.
$0.5 $0.3
Source: State Street Private Edge

$0.0 $0.0
PEI 300 PEI 50 2007 PEI 50 2008 PE
Slowing deals for the top 50 PEI 300 deals vs. the world
The largest 50 firms did fewer deals during the five year According to Dealogic, PEI 300 firms spoke for more
window ending April 2009 than the previous period than 10 percent of global M&A over the past five years
$1.5 $1.39 $1.37 $20
$17.41
$1.19
$1.2
$15
Deal value ($tr)
Deal value ($tr)

$0.9
$10
$0.6

$5
$0.3
$1.81 $2.08

$0.0 $0
PEI 50 2007 PEI 50 2008 PEI 50 2009 PEI 300 All PE All M&A
Notes: Excludes real estate and infrastructure deals
Notes: Excludes real estate and infrastructure deals
Source: Dealogic
Source: Dealogic

How they spent it WHERE they spent it

The PEI 300 $17.41
invested $1.81 trillion in a broad array The PEI 300 have invested in diverse locations
of industries around the world since 1 January 2004 around the world since 1 January 2004
Latin America Africa
Latin America Africa
Transportation Transportation 0.7% 0.6% 0.7% Middle East
0.6% Middle East
6.5% 6.5% 0.2% 0.2%
Asia Asia
5.1% 5.1%
Dining Dining
& lodging & lodging
7.9% Telecommunications
7.9% Telecommunications
$1.81 $2.08 17.6% 17.6%
Professional Professional
services services
PEI 300 All PE All
9.0%M&A 9.0% Healthcare Healthcare Europe
13.8% Europe
13.8% 34.9% 34.9%
Finance Finance
10% 10% North America North America
58.5% 58.5%
Computers & Computers &
Utility & Utilityelectronics
& electronics
energy 12.4%
11.3% Retailenergy Retail
12.4%
11.5%11.3% 11.5%
Notes: Excludes real estate Notes: Excludes real estate
and infrastructure deals and infrastructure deals
Source: Dealogic Source: Dealogic

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