How the ranking is determined
The 2021 Buyouts 100 ranking is based on the amount of private equity direct investment capital raised by North American firms between January 1, 2016, and April 1, 2021.
For purposes of the Buyouts 100, the definition of private equity is capital raised for a dedicated program of investing directly into businesses. This includes equity capital for diversified private equity, buyouts, growth equity, venture capital and turnaround or control-oriented distressed investment capital.
This means capital definitively committed to a private equity direct investment program. In the case of a fundraising, it means the fund has had a final or official interim close after January 1, 2016. We count the full amount of a fund if it has a close after this date, and we count the full amount of an interim close that has occurred recently, even if no official announcement has been made. We also count capital raised through co-investment vehicles.
What does not count as private equity?
Funds of funds, secondaries, real estate, infrastructure, hedge funds, debt, mezzanine and PIPEs. The Buyouts 100 is not a performance ranking, nor does it constitute investment recommendations.
For a full methodology, email PEI Media’s head of fund manager research, Daniel Humphrey Rodriguez (email@example.com).