Q3 2023
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.
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 |