We’ve explored the ins and outs of private debt on the PitchBook blog, including the form private debt can take, its prevalence in the private markets, and need-to-know private debt terms.
Now, let’s take a closer look at the firms leading the private debt market according to data from the PitchBook Platform. To see which US and European firms are providing companies with the capital they need through private debt, we’re leveraging PitchBook’s Q3 2024 lending league tables—which dive even further into deal and debt types, regions, sectors, and more. Be sure to check them out!
Top 5 most active lenders to US PE-backed companies (Q3 2024)
1. Bank of America
📈 Sponsored loans in Q3 2024: 78
💲 Q3 2024 rankings by sector: B2B (#3), B2C (#2), energy (#2), financial services (#1), healthcare (#9), IT (#8), material resources (#7)
Bank of America is a commercial banking firm headquartered in Charlotte, North Carolina. In Q3 2024, Bank of America was the most active lender to US PE companies in senior debt with 74 sponsored loans. The bank serves corporations, governments, institutions, and individuals by providing them with a full range of services including banking, investing, asset management and risk management products.
2. The Goldman Sachs Group
📈 Sponsored loans in Q3 2024: 71
💲 Q3 2024 rankings by sector: B2B (#2), B2C (#1), energy (#8), financial services (#6), healthcare (#2), IT (#1), material resources (#1)
Established in 1869, The Goldman Sachs Group is an investment banking, investment management, and securities firm headquartered in New York City. In Q3 2024, it was the second most active lender to US PE companies in senior debt with 68 sponsored loans, as well as the fifth most active lender to US PE companies in revolvers. The Goldman Sachs Group provides advisory services in areas including M&A, restructurings, spin-offs, and underwriting services—such as investment-grade, high-yield, emerging market, and municipal debt.
3. J.P. Morgan
📈 Sponsored loans in Q3 2024: 69
💲 Q3 2024 rankings by sector: B2B (#1), B2C (#3), energy (#10), financial services (#3), healthcare (#4), IT (#3), material resources (N/A)
Based in the Big Apple, J.P. Morgan is an investment banking firm that offers services in asset management, private equity, wealth management, and beyond. Just behind Bank of America and The Goldman Sachs Group, J.P. Morgan was the third most active lender to US PE companies in Q3 2024 with 66 sponsored loans, as well as the eighth most active lender to US PE companies in revolvers. Its capital market and investment banking division provides IPOs, private placements, debt, M&A structuring, liquidity management, and more.
4. Wells Fargo
📈 Sponsored loans in Q3 2024: 69
💲 Q3 2024 rankings by sector: B2B (#7), B2C (#11), energy (#10), financial services (#7), healthcare (#15), IT (#7), material resources (#1)
San Francisco-based Wells Fargo is a commercial and investment bank established in 1852. In addition to offering a wide range of financial services for individuals, businesses, and institutions, Wells Fargo also provides asset-based lending services, senior secured lending services, and channel finance services through subsidiaries. In Q3 2024, it was the top lender to US PE companies in revolvers with 42 sponsored loans, as well as the fourth most active lender to US PE companies in senior debt.
5. Ares Management
📈 Sponsored loans in Q3 2024: 65
💲 Q3 2024 rankings by sector: B2B (#11), B2C (#4), energy (N/A), financial services (#2), healthcare (#9), IT (#3), material resources (N/A)
Los Angeles’ Ares Management is a global alternative asset manager and SEC-registered investment advisor. Founded in 1997, the firm pursues investment activities in leveraged loans, high-yield bonds, private debt and equity, and other investment types. From a private debt perspective, the firm provides integrated and non-control equity financing solutions for the middle market. Ares was the fourth most active investor in US PE companies in senior debt during Q3 2024 with 64 sponsored loans, as well as the eleventh most active lender to US PE companies in revolvers.
Top 5 most active lenders to European PE-backed companies (Q3 2024)
1. BNP Paribas
📈 Sponsored loans in Q3 2024: 36
🌍 Q3 2024 rankings by region: Central and Eastern Europe (#1), DACH (#7), France and Benelux (#1), Nordics (N/A), UK and Ireland (#4), Southern Europe (#2)
Founded in 1847, BNP Paribas is an international commercial bank headquartered in Paris. The firm provides a range of financial services including mergers, acquisitions, primary equity market transactions, and more. It also arranges equity and structures financing arrangements such as syndicated loans and leveraged buyouts. BNP Paribas was the most active Q3 2024 lender in the material resources sector, as well as the fourth most active in B2C.
2. Crédit Agricole
📈 Sponsored loans in Q3 2024: 32
🌍 Q3 2024 rankings by region: Central and Eastern Europe (N/A), DACH (#7), France and Benelux (#2), Nordics (N/A), UK and Ireland (N/A), Southern Europe (#1)
Founded in 1894, Crèdit Agricole is a commercial bank based in Montrouge, France. Among other services, the bank offers payment instruments, asset management, and private banking. Crèdit Agricole also provides debt financing facilities including revolving credit lines for buyouts, debt refinancings, IPOs, and secondary transactions—for small and middle-market companies. The bank was the tenth most active Q3 2024 lender in the energy sector and the eleventh most active in B2B.
3. The Goldman Sachs Group
📈 Sponsored loans in Q3 2024: 31
🌍 Q3 2024 rankings by region: Central and Eastern Europe (N/A), DACH (#1), France and Benelux (#3), Nordics (#1), UK and Ireland (#2), Southern Europe (#11)
This US-based investment banking firm took the number two ranking in our list of most active lenders to US PE-backed companies, and it’s just one spot below that on our list of lenders to European PE-backed companies.
4. Deutsche Bank
📈 Sponsored loans in Q3 2024: 30
🌍 Q3 2024 rankings by region: Central and Eastern Europe (N/A), DACH (#2), France and Benelux (#4), Nordics (N/A), UK and Ireland (#4), Southern Europe (#3)
Based in Frankfurt, Germany, Deutsche Bank (DB) is a commercial bank that dates back to 1870. DB specializes in asset management, retail banking, private wealth management, private banking, and transaction banking for corporations, governments, institutional investors, and small- and medium-sized businesses. In Q3 2024, DB was the top most active Q3 2024 lender in the material resources sector and the fourth most active in B2C.
5. J.P. Morgan
📈 Sponsored loans in Q3 2024: 26
🌍 Q3 2024 rankings by region: Central and Eastern Europe (N/A), DACH (#3), France and Benelux (#6), Nordics (#2), UK and Ireland (#1), Southern Europe (#15)
This New York City-based investment banking firm took the number three spot in our list of the most active lenders to US PE-backed companies. In our list of most active lenders to European PE-backed companies list, it closes out the top five.
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