What is large-cap PE?
What firms would you guys consider large-cap PE? I previously considered these to be firms that have been able to raise >$15B in buyout funds and are in the top 30 for the PEI 300. That list looks like this:
KKR
Blackstone
Thoma Bravo
Carlyle Group
Hellman & Friedman
Vista Equity Partners
Silver Lake
Warburg Pincus
Clayton, Dubilier, & Rice
TPG
Apollo Global Management
Advent International
EQT
CVC Capital Partners
Permira Advisers
Albeit, there are some big names missing like Ares Management (don't know if they would be considered large-cap PE nowadays though because they have been struggling to perform and raise recently) and Bain Capital (shockingly have never raised a >$15B buyout fund). Would love to hear others' thoughts on this and what firms y'all would add/remove.
Bain never raising >$15M is somewhat misleading because they separate out PE capital by geography/sector - $12B North America + $5B Europe + $5B Asia + $1B FIG/insurance makes it similar in size with, say, Advent/H&F/Warburg with one fund across all geographies and sectors.
Otherwise this seems like a fine list.
Fund size is irrelevant. Do you normally write equity checks of $1BN+? If so, you are “large cap” PE. The more dated version of MM is a holdover from banking referencing transacting with businesses $1BN and smaller.
How’s the lifestyle? just between us
I love it here. Very few firms I would consider leaving for.
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