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The 2021 HEC – DowJones Private Equity Performance Ranking lists the world’s Top PE firms in terms of aggregate performance based on all buyout funds raised between 2008 and 2017. This ranking answers the question: “Which firm(s) generated the best performance for their investors over the past years?”

The ranking draws on a comprehensive set of data on PE fund performance provided by preqin and directly from PE Firms and uses a unique methodology to calculate the aggregate performance of a PE firm based on different performance measures for all the funds managed by this firm. The method is able to aggregate performance across vintage years and considers relative and absolute returns.

In total, HEC Paris Professor Oliver Gottschalg analyzed performance data from 517 PE firms and the 991 funds they raised between 2008 and 2017 with an aggregate equity volume of $1.5tr.

The “Top Decile” Ranking: Top 20 out of over 517 PE Firms

Rank

Firm

Performance Score

1

Accel-KKR

3,34

2

Francisco Partners

2,95

3

TA Associates

2,49

4

Vitruvian Partners

1,56

5

Great Hill Partners

1,36

6

Genstar

1,18

7

Hellman & Friedman

1,17

8

Clayton, Dubilier & Rice

1,12

9

Thoma Bravo

1,00

10

Hg Capital

0,99

11

Veritas Capital

0,95

12

Permira

0,68

13

Leonard Green & Partners

0,65

14

Waterland Private Equity Investments

0,60

15

EQT

0,37

16

New Mountain Capital, LLC

0,33

17

Welsh, Carson, Anderson & Stowe

0,23

18

Advent International

0,21

19

Crestview Partners

0,18

20

Charlesbank Capital Partners

0,12

 

He comments: “This year’s results clearly illustrate the superior performance of tech/software focused buyout firms, with over half of the firms in the Top 10 having a strong focus on buyouts in these sectors. At the same time it is impressive to see that scale is not necessarily an obstacle to stellar returns in the buyout space as two of the Top 10 firms (Clayton Dubilier & Rice and Hellman & Friedman) each cumulatively raised and invested funds of about 20B USD in size over our observation period, which is about twice of the average scale of the Top 10 firms.”

The Private Equity industry is notorious for being opaque and access to any data is chronically difficult. In particular, little is known about the performance and competitive behaviour of the key PE Firms. While performance rankings exist for many other areas (the best ‘business school’, the best ‘place to work’, the best ‘stock market analyst’ etc), nothing worth that name exists in PE. Until recently, the only available rankings for Private Equity were based on size alone, which has very limited meaning.

Since 2009, HEC Paris and DowJones have joined forces to publish regular rankings of PE Firms based on their historic performance and expected future competitiveness respectively.

To see the full Press Release visit, Accel-KKR News.

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