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US Public PE and GP Deal Roundup

Q3 2023

US Public PE and GP Deal Roundup

November 29, 2023

Public GPs raise more money for private credit than they can deploy 

The top alternative asset managers are awash in capital committed to private credit strategies. Recently, private credit’s share of overall fundraising surged at the biggest public PE firms, but lending volumes are tracking down 33% this year during a slump in dealmaking.

PitchBook’s Q3 2023 US Public PE and GP Deal Roundup checks the vital signs that many Wall Street analysts miss on the seven largest US-listed alt managers: Blackstone, KKR, Apollo Global Management, Blue Owl, The Carlyle Group, Ares Management, and TPG.  

For these bellwether firms, shoring up dry powder for private credit is just one of many strategies—including blockbuster deals with insurers—to sustain long-term growth.  


Table of contents
Key takeaways 3
Private equity performance 4
Deployment 6
Realizations 9
Fundraising 11
Strategy expansion 16
Share of AUM by manager and strategy 18
GP deal activity 20
GP stake transactions TTM 22
Operating results 23
Stock performance and comps 24