Just starting the discussion on Private Credit League Table as today PDI 100 results came out. Ares still the undisputed leader, however there are some shops that grew massively over the past year such as HPS. Surprisingly some of the big PE shops' credit arm are falling behind in the pack - i.e. KKR down 3 positions, Blackstone down 2, Oaktree down 6. I am also attaching a screenshot of the the top 30.
Curious to know what you all think!
Ares at the top was an obvious one but surprised about bx
GSO legacy baby
Thanks
Surprised about PIMCO here, seems like their private credit vehicles are really starting to take off
Why is Golub so low and what is the time frame here?
Ranking is based on the total AuM at end of 2022 vs end of 2021
I believe it is a ranking of capital raised over past five years
Ranking off of AUM is a joke. Owl Rock has been consistently generating great numbers with their non-traded BDCs and as a group in general yet they aren't even on this list.
Apollo on the other hand is ranked 8 yet their flagship private credit BDC (ADS) is doing horrible performance wise..
More to private credit than just direct lending. These numbers likely have a broader definition.
What’s everyone’s thoughts on Bain Capital Credit?
bump
Top place, good culture, good exit
Anyone know more about Pimco’s private credit/ special sits platform in terms of AUM, mandate, and comp?
Growing that division is definitely a focus at PIMCO. They have over 200B in RE as well which they include in their alts discussions, some of which will require distress workouts. The whole area of private credit/ RE is a big fee generator vs. traditional public markets. A lot of attention moving to that industry wide. PIMCO has a very deep bench in just about everything on the FI side so I would think they'd be a great place to be.
How is blue owl not on this list, they pioneered the perpetual non-traded BDC
When they do these league tables - what do they include in private credit? Is it just direct lending or does it include real estate, infra, aviation credit etc?
League tables are irrelevant in Private Credit.
Better to show the current fund size, how the fund size has grown over the last year, etc.
A lot of these funds also have different investment strategies so to group them as "Private Credit" is just not relevant. At GS for instance the figure consist of their DL, Hybrid Capital, Structured Lending team whilst some other only consist of DL.
Your point regarding Oaktree, have you checked when their latest fund was raised versus the competitors? You have a few AM who are hovering around the same AUM. If one just raised, it will obviously skew the "rank".
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