Comments (7)

Sep 15, 2019

bump

Sep 15, 2019

Bain Cap has >$100B AUM putting it in 4/5 globally. How is that not a megafund?

Sep 15, 2019

Check the PEI rankings. Also, most people define megafunds based on the most recent fund size > $10B USD, not on AUM.

  • Analyst 1 in IB-M&A
Sep 16, 2019

People often say >= $10bn fund size for MF. That said what people think of megafunds are basically KKR, BX, APO, Carlyle, TPG, WP, Bain (sometimes) and the euro ones like Advent and CVC. Then you have the heavyweight UMMs like H&F, Silverlake, Berkshire, Ares, the big 3 in Chicago, etc.

Not sure what you're looking for with a ranking; AUM is misleading because it's often hard to separate by strategy (i.e. BX has a ton of RE, GSO, etc) plus the long fund life might paint a misleading picture of once-thriving shops that are resting on their laurels. Probably your best bet is to look at recent fund raises/deal activity. Not sure what else you want in a ranking beyond a general pool of roughly comparable firms to look at; God forbid we get into a classic WSO dick measuring contest over prestige.

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Most Helpful
Sep 16, 2019

Hellman and friedman is most definitely not "upper MM" their latest fund is 16bn (vs 18 for names like carlyle). That plus their highly concentrated portfolio makes them a bidder for larger deals than names like carlyle/bain and much larger than guys like WP (who have much less concentration). A bunch of funds should be added to this e.g. CD&R, EQT, Cinven, Apax etc.

Upper MM is loosely probably something like 4-7bn latest fund size. I.e. the guys who are likely selling to the above list (and includes Berkshire, AmSec and a host of others).

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  • Analyst 1 in IB-M&A
Sep 16, 2019
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