University of Oxford Trillion Dollar Bonus of Private Capital Fund Managers Paper 2024: 10,827 Funds with $7.6 Trillion Investment & $1 Trillion Carry, Return Metrics 1.6 TVPI & 13% IRR, 83 Private Equity Billionaires with $450 billion Wealth, Richest is Blackstone Stephen Schwarzman with $77 Billion, Richest in Asia is Hong Kong-Based EQT Jean Salata with $7.3 Billion, Richest in Europe is Lone Star Funds John Grayken with $6.9 Billion
21st June 2024 | Hong Kong
University of Oxford Professor (Financial Economics) Ludovic Phalippou at Saïd Business School has released a research paper on the “Trillion Dollar Bonus of Private Capital Fund Managers”, providing key insights on private equity carry (fund profits payable to fund manager), private equity returns (TVPI / IRR), and billionaires from private equity firms. In the released research paper, 10,827 funds have a total of $7.6 trillion investment and $1 trillion carry (profits payable to fund manager). Return Metrics – 1.6 TVPI / 13% IRR. No. of Private equity billionaires – 83 billionaires with $450 billion wealth. Private equity billionaires with net worth > $4 billion – 31 billionaires with $301 billion wealth. Private equity billionaires with net worth $1 b to $4 billion – 57 billionaires with $134 billion wealth. Private equity billionaires jailed or died – 5 billionaires with $15 billion wealth. Top 31 Private equity billionaires (>$4 billion) nationality / location – 26 of 31 (83%) in United States, 1 Asia-based, 1 Europe, 1 Canada, 1 South America. Top 5 private equity billionaires – Stephen Schwarzman (Blackstone) $77 billion, Leon Black (Apollo) $14 billion, George Roberts (KKR) – $12.7 billion, John Doerr (Kleiner Perkins) $11.7 billion, Henry Kravis (KKR) $11.7 billion. Top private equity billionaire based in World & United States – Stephen Schwarzman (Blackstone, United States) with $77 billion wealth. Top private equity billionaire based in Europe – John Grayken (Lone Star Funds, Ireland) with $6.9 billion wealth. Top private equity billionaire based in Asia – Jean Salata (EQT Private Capital Asia, Chile / Hong Kong-based) with $7.3 billion wealth. Top 22 Private equity / capital fund strategies with Carried Interest – Buyout, Growth, Fund of Funds, Real Asset Value Added, Natural Resources, Real Asset Opportunistic, Mezzanine, Venture (General), Direct Lending (Senior), Distressed Debt, Special Situations, Co-Investment, Real Asset Debt, Expansion / Late Stage, Direct lending (Junior Secondaries), Balanced, Early Stage, Infrastructure Core, Venture Debt, Timber, Turnaround, Real Estate Core. Top 5 Location of Private Capital Providers – United States 30.8%, Canada 11.1%, Benelux (Belgium, Netherlands, Luxembourg) 10.5%, United Kingdom 7.6%, Germany & Austria 6.5%. Carry by Fund Type 10% – Real Asset funds, Fund of Funds, Secondaries. Carry by Fund Type 20% – Leveraged Buyout, Growth, General Venture Capital (VC). Carry by Fund Type 25% – Early-stage VC. Top 5 Private Equity Funds by Largest Total Carry Returns (TVPI / IRR) – Blackstone (57 funds / $266 billion carry) – 1.54 / 13%, Carlyle (66 funds / $166 billion carry) – 1.51 / 11%, CVC (13 funds / $86 billion carry) – 1.86 / 18%, KKR (37 funds / $123 billion carry) – 1.54 / 12%, Bain Capital (49 funds / $107 billion carry) – 1.63 / 14%. Insights of Private Capital Firms – Located in major financial hubs such as New York City, London or Hong Kong. Advise Private Capital Funds, which are structured as Limited Partnership and are typically located in jurisdictions with favourable corporate taxes and practices. Receive a payment conditional on the performance of the funds they advise: the carried interest (Carry). Carry Tax – Most tax laws, consider Carry to be a capital gain and not a bonus payment. Analysis – Analyze funds raised between 2000 and 2019 (10,780 funds) – Funds invested $8 trillion, returned $12.8 trillion net of fees; estimated total Carry is > $1 trillion dollars. Returns of Private Capital / Private Equity firms – Large private capital firms return about $1.6 for every $1 they call from their investors (For every $1 trillion invested $1.6 trillion was returned). Correlation between Carry and either IRR or TVPI is zero: firms with higher Carry do not necessarily have higher performance. Duration vs return – Between 3.5 and 5 years, If 3.5 years 14% IRR, If 5 years – 10% IRR. Analysis contributes to 3 related global debates – Cost & Contribution to GDP, Tax on Carried Interest, Spillover Effect & Wealth Inequalities to eg. senior executives of publicly traded companies, lawyers ( If the remuneration of private capital fund managers increases sharply, it may trigger compensation of similar agents in other professions to increase). See key findings & summary below | View research paper here
“ 10,827 Funds with $7.6 Trillion Investment & $1 Trillion Carry, Return Metrics 1.6 TVPI & 13% IRR, 83 Private Equity Billionaires with $450 billion Wealth, Richest is Blackstone Stephen Schwarzman with $77 Billion, Richest in Asia is Hong Kong-Based EQT Jean Salata with $7.3 Billion, Richest in Europe is Lone Star Funds John Grayken with $6.9 Billion “
University of Oxford Trillion Dollar Bonus of Private Capital Fund Managers Paper 2024: 10,827 Funds with $7.6 Trillion Investment & $1 Trillion Carry, Return Metrics 1.6 TVPI & 13% IRR, 83 Private Equity Billionaires with $450 billion Wealth, Richest is Blackstone Stephen Schwarzman with $77 Billion, Richest in Asia is Hong Kong-Based EQT Jean Salata with $7.3 Billion, Richest in Europe is Lone Star Funds John Grayken with $6.9 Billion
University of Oxford Professor (Financial Economics) Ludovic Phalippou at Saïd Business School has released a research paper on the “Trillion Dollar Bonus of Private Capital Fund Managers”, providing key insights on private equity carry (fund profits payable to fund manager), private equity returns (TVPI / IRR), and billionaires from private equity firms. See key findings & summary below | View research paper here
Summary
- Total Private Capital / Private Equity Funds – 10,827 Funds with $7.6 Trillion Investment & $1 Trillion Carry
- Return Metrics – 1.6 TVPI / 13% IRR
- No. of Private equity billionaires – 83 billionaires with $450 billion wealth
- Private equity billionaires with net worth > $4 billion – 31 billionaires with $301 billion wealth
- Private equity billionaires with net worth $1 b to $4 billion – 57 billionaires with $134 billion wealth
- Private equity billionaires jailed or died – 5 billionaires with $15 billion wealth
- Top 31 Private equity billionaires (>$4 billion) nationality / location – 26 of 31 (83%) in United States, 1 Asia-based, 1 Europe, 1 Canada, 1 South America
- Top 5 private equity billionaires – Stephen Schwarzman (Blackstone) $77 billion, Leon Black (Apollo) $14 billion, George Roberts (KKR) – $12.7 billion, John Doerr (Kleiner Perkins) $11.7 billion, Henry Kravis (KKR) $11.7 billion
- Top private equity billionaire based in World & United States – Stephen Schwarzman (Blackstone, United States) with $77 billion wealth
- Top private equity billionaire based in Europe – John Grayken (Lone Star Funds, Ireland) with $6.9 billion wealth
- Top private equity billionaire based in Asia – Jean Salata (EQT Private Capital Asia, Chile / Hong Kong-based) with $7.3 billion wealth
- Top 22 Private equity / capital fund strategies with Carried Interest – Buyout, Growth, Fund of Funds, Real Asset Value Added, Natural Resources, Real Asset Opportunistic, Mezzanine, Venture (General), Direct Lending (Senior), Distressed Debt, Special Situations, Co-Investment, Real Asset Debt, Expansion / Late Stage, Direct lending (Junior Secondaries), Balanced, Early Stage, Infrastructure Core, Venture Debt, Timber, Turnaround, Real Estate Core
- Top 5 Location of Private Capital Providers – United States 30.8%, Canada 11.1%, Benelux (Belgium, Netherlands, Luxembourg) 10.5%, United Kingdom 7.6%, Germany & Austria 6.5%
- Carry by Fund Type 10% – Real Asset funds, Fund of Funds, Secondaries
- Carry by Fund Type 20% – Leveraged Buyout, Growth, General Venture Capital (VC)
- Carry by Fund Type 25% – Early-stage VC
Top 5 Private Equity Funds by Largest Total Carry Returns (TVPI / IRR)
- Blackstone (57 funds / $266 billion carry) – 1.54 / 13%
- Carlyle (66 funds / $166 billion carry) – 1.51 / 11%
- CVC (13 funds / $86 billion carry) – 1.86 / 18%
- KKR (37 funds / $123 billion carry) – 1.54 / 12%
- Bain Capital (49 funds / $107 billion carry) – 1.63 / 14%
Insights
- Private Capital Firms – Located in major financial hubs such as New York City, London or Hong Kong. Advise Private Capital Funds, which are structured as Limited Partnership and are typically located in jurisdictions with favourable corporate taxes and practices. Receive a payment conditional on the performance of the funds they advise: the carried interest (Carry).
- Carry Tax – Most tax laws, consider Carry to be a capital gain and not a bonus payment.
- Analysis – Analyze funds raised between 2000 and 2019 (10,780 funds). Funds invested $8 trillion, returned $12.8 trillion net of fees; estimated total Carry is > $1 trillion dollars.
- Returns of Private Capital / Private Equity firms – Large private capital firms return about $1.6 for every $1 they call from their investors (For every $1 trillion invested $1.6 trillion was returned). Correlation between Carry and either IRR or TVPI is zero: firms with higher Carry do not necessarily have higher performance.
- Duration vs return – Between 3.5 and 5 years, If 3.5 years 14% IRR, If 5 years – 10% IRR
- Analysis contributes to 3 related global debates – Cost & Contribution to GDP, Tax on Carried Interest, Spillover Effect & Wealth Inequalities to eg. senior executives of publicly traded companies, lawyers ( If the remuneration of private capital fund managers increases sharply, it may trigger compensation of similar agents in other professions to increase)
University of Oxford Trillion Dollar Bonus of Private Capital Fund Managers Paper 2024
1) Private Equity Billionaires
Private Equity Billionaires
- Net worth > $4 billion – 31 billionaires ($301 billion wealth)
- Net worth $1 b to $4 billion – 57 billionaires ($134 billion wealth)
- Jailed or died – 5 billionaires ($15 billion wealth)
- Total – 83 billionaires ($450 billion wealth)
Private Equity Billionaires net worth (> $4 billion)
- Stephen Schwarzman (Blackstone, United States) – $77 billion
- Leon Black (Apollo, United States) – $14 billion
- George Roberts (KKR, United States) – $12.7 billion
- John Doerr (Kleiner Perkins, United States) – $11.7 billion
- Henry Kravis (KKR, United States) – $11.7 billion
- Antony Ressler (Apollo, United States) – $10.5 billion
- Michael Kim (MBK Partners, United States) – $9.7 billion
- Robert F. Smith (Vista Equity Partners, United States) – $9.2 billion
- Tom Gores (Platinum Equity, United States) – $9.1 billion
- Ramzi Musallam (Veritas Capital, United States) – $9 billion
- Orlando Bravo (Thoma Bravo, United States) – $8.7 billion
- Josh Harris (Apollo, United States) – $8.4 billion
- Peter Thiel (Founders Fund, United States) – $7.5 billion
- Jonathan Gray (Blackstone, United States) – $7.4 billion
- Jean Salata – (EQT Private Capital Asia, Chile / Hong Kong-based) – $7.3 billion
- Douglas Leone (Sequoia, United States) – $7.2 billion
- John Grayken (Lone Star Funds, Ireland) – $6.9 billion
- Marc Rowan (Apollo, United States) – $6.5 billion
- Mark Stevens (Sequoia, United States) – $6.5 billion
- David Bonderman (TPG, United States) – $6.4 billion
- Alexandre Behring (3G Capital, Brazil) – $6.3 billion
- Michael Moritz (Sequoia, United States) – $5.6 billion
- Justin Ishbia (Shore Capital Partners, United States) – $5.1 billion
- Sami Mnaymneh (H.I.G. Capital, United States) – $5.1 billion
- Tony Tamer (H.I.G. Capital, United States) – $5.1 billion
- Stephen Feinberg (Cerberus, United States) – $4.8 billion
- Leonid Boguslavsky (RTP Global, Canada) – $4.7 billion
- Jim Coutler (TPG, United States) – $4.5 billion
- Tench Coxe (Sutter Hill Ventures, United States) – $4.3 billion
- Daniel D’Aniello (Carlyle, United States) – $4.3 billion
- Hamilton James (Blackstone, United States) – $4.1 billion
Do not include individuals whose source of wealth is real estate, energy or infrastructure because their wealth rarely comes from running private capital funds.
Private Equity Billionaires Nationality / Location (Total 31 with > $4 billion wealth):
- 26 United States (83%)
- 1 Asia-based
- 1 Europe
- 1 Canada
- 1 South America
Richest private equity billionaire by region
- Top private equity billionaire based in World & United States – Stephen Schwarzman (Blackstone, United States) with $77 billion wealth
- Top private equity billionaire based in Europe – John Grayken (Lone Star Funds, Ireland) with $6.9 billion wealth
- Top private equity billionaire based in Asia – Jean Salata (EQT Private Capital Asia, Chile / Hong Kong-based) with $7.3 billion wealth
Jailed or died – 5 billionaires ($15 billion wealth)
Examples of jailed or died:
- Thomas Haskell Lee (founder of TH Lee)
- Jerome Kohlberg (Co-founder of KKR and then of his own firm)
- Charles Feeney (Founder of General Atlantic, anonymously donated all his $7.5 billion to charities)
- Arif Naqvi (Founder of Abraaj) was worth $2 billion before being arrested.
2) Private Equity Strategies / Location
Top 22 Private equity / capital fund strategies with Carried Interest:
- Buyout
- Growth
- Fund of Funds
- Real Asset Value Added
- Natural Resources
- Real Asset Opportunistic
- Mezzanine
- Venture (General)
- Direct Lending – Senior
- Distressed Debt
- Special Situations
- Co-Investment
- Real Asset Debt
- Expansion / Late Stage
- Direct lending – Junior Secondaries
- Balanced
- Early Stage
- Infrastructure Core
- Venture Debt
- Timber
- Turnaround
- Real Estate Core
Location of Private Capital Providers:
- United States – 30.8%
- Canada – 11.1%
- Benelux (Belgium, Netherlands, Luxembourg) – 10.5%
- United Kingdom – 7.6%
- Germany, Austria – 6.5%
- Switzerland – 5.9%
- France – 5.7%
- China, Hong Kong, Taiwan, Singapore – 4.3%
- Middle East – 4.0%
- Scandinavia – 3.4%
- Australia – 3.0%
- South Korea – 1.8%
3) Return of Private Equity Funds
- TVPI – Total Value to Paid-In Capital
- IRR – Internal Rate of Return
- Carry / Carried interest – Fund profits payable / paid to fund manager as compensation
Return of Private Equity Funds by Largest Total Carry (No. of funds / Investment) – TVPI / IRR
- Blackstone (57 funds / $266 billion) – 1.54 / 13% (TVPI / IRR)
- Carlyle (66 funds / $166 billion) – 1.51 / 11%
- CVC (13 funds / $86 billion) – 1.86 / 18%
- KKR (37 funds / $123 billion) – 1.54 / 12%
- Bain Capital (49 funds / $107 billion) – 1.63 / 14%
- Warburg Pincus (13 funds / $81 billion) – 1.71 / 11%
- Brookfield (23 funds / $102 billion) – 1.58 / 14%
- Hellman & Friedman (6 funds / $49 billion) – 2.06 / 18%
- Advent (13 funds / $63 billion) – 1.82 / 18%
- TPG (29 funds / $116 billion) – 1.52 / 13%
- Apollo (30 funds / $116 billion) – 1.46 / 12%
- EQT (33 funds / $70 billion) – 1.73 / 17%
- Thoma Bravo (14 funds / $38 billion) – 2.27 / 25%
- Goldman Sachs (31 funds / $133 billion) – 1.46 / 11%
- Apax (11 funds / $59 billion) – 1.75 / 14%
- Vista Equity Partners (19 funds / $52 billion) – 1.82 / 14%
- Silver Lake (6 funds / $44 billion) – 1.96 / 17%
- Insight Partners (15 funds / $30 billion) – 2.44 / 21%
- TA Associates (13 funds / $32 billion) – 2.27 / 24%
- Leonard Green & Partners (7 funds / $34 billion) – 2.19 / 15%
- Permira (14 funds / $51 billion) – 1.83 / 14%
- Clayton Dubilier & Rice (5 funds / $26 billion) – 2.36 / 26%
- Oaktree Capital (48 funds / $97 billion) – 1.45 / 10%
- Summit Partners (15 funds / $26 billion) – 1.92 / 19%
- Ardian (50 funds / $85 billion) – 1.48 / 13%
- Lone Star Funds (17 funds / $76 billion) – 1.4 / 13%
- Fortress (29 funds / $62 billion) – 1.48 / 10%
- Ares Management (60 funds / $84 billion) – 1.42/ 11%
- HarbourVest (81 funds / $59 billion) – 1.78 / 17%
- Cinven (4 funds / $28 billion) – 1.85 / 19%
- Others (10,019 funds / $5.3 trillion) – 1.58 / 12%
Total (10,827 funds / $7.6 trillion) – 1.6 TVPI / 13% IRR
Example: Blackstone (57 funds / $266 billion) – 1.54 / 13% (TVPI / IRR)
- Blackstone has 57 funds with total carried interest of $266 billion (profits payable to fund manager).
- $100 million investment will return a total of $154 million to investor (Principal + Profit), equivalent to 13% internal rate of return (over the invested time period).
4) Carry of Private Equity Funds
Carry / Carried interest – Fund profits payable / paid to fund manager as compensation
Total (No. of funds / Investment, TVPI / IRR) – Total Carry:
- Blackstone – $33.6 billion
- Carlyle – $11.8 billion
- CVC – $17.9 billion
- KKR – $15.8 billion
- Bain Capital – $15.6 billion
- Warburg Pincus – $14.1 billion
- Brookfield – $13.9 billion
- Hellman & Friedman – $13.1 billion
- Advent – $13 billion
- TPG – $12.9 billion
- Apollo – $12.9 billion
- EQT – $12.4 billion
- Thoma Bravo – $12.2 billion
- Goldman Sachs – $12.1 billion
- Apax – $11.2 billion
- Vista Equity Partners – $10.7 billion
- Silver Lake – $10.6 billion
- Insight Partners – $10.3 billion
- TA Associates – $10.2 billion
- Leonard Green & Partners – $10.1 billion
- Permira – $9.9 billion
- Clayton Dubilier & Rice – $8.9 billion
- Oaktree Capital – $8.7 billion
- Summit Partners – $7.9 billion
- Ardian – $7.6 billion
- Lone Star Funds – $7.4 billion
- Fortress – $7.1 billion
- Ares Management – $6.8 billion
- HarbourVest – $6 billion
- Cinven – $5.9 billion
- Others – $678 billion
Total – $1.03 trillion Carry
Carry by Fund Type:
- Carry 10% – Real Asset funds, Fund of Funds, Secondaries
- Carry 20% – Leveraged Buyout, Growth, General Venture Capital (VC)
- Carry 25% – Early-stage VC
5) Private Capital / Private Equity Insights
- TVPI – Total Value to Paid-In Capital
- IRR – Internal Rate of Return
- Carry / Carried interest – Fund profits payable / paid to fund manager as compensation
Private Capital Firms Introduction:
- Advisory companies located in major financial hubs such as New York City, London or Hong Kong.
- Advise Private Capital Funds, which are structured as Limited Partnership and are typically located in jurisdictions with favourable corporate taxes and practices
- Senior employees of the advisory firms earn a salary, which is subject to standard income taxes on these payments.
- In addition, they receive a payment conditional on the performance of the funds they advise: the carried interest (Carry).
- Most tax laws, consider Carry to be a capital gain and not a bonus payment.
Analysis:
- Analyze funds raised between 2000 and 2019, with performance data as of the end of 2023 (report as of April 2024).
- Dataset contains 10,780 funds with sufficient information about capital deployed and performance (IRR or Multiple).
- Funds invested $8 trillion, returned $12.8 trillion net of fees; estimated total Carry is > $1 trillion dollars.
Returns of Private Capital / Private Equity firms:
- TVPI of large private capital firms is surprisingly close to one another.
- Large private capital firms return about $1.6 for every $1 they call from their investors (Sample).
- This means that for every $1 trillion invested $1.6 trillion was returned
- Correlation between Carry and either IRR or TVPI is zero: firms with higher Carry do not necessarily have higher performance.
Duration vs return:
- Duration – Between 3.5 and 5 years
- If 3.5 years – 14% IRR
- If 5 years – 10% IRR
MSCI vs Preqin dataset:
- Results generated from MSCI and Preqin data are remarkably similar
- MSCI contains performance data for 8,800 vehicles for a total amount invested of $7 trillion.
- Preqin has slightly more funds, but its total invested is $7.7 trillion — just 10% more than MSCI’s.
- Close match for the overall TVPI: 1.61 from the MSCI data, 1.62 from Preqin.
- Invested money in Carry is the same: 70%.
- The Total Carry using MSCI data as of the end of 2023 is $980 billion.
- Preqin lists nearly 40,000 private capital vehicles raised between 2000 and 2019 for which they have a fund size. Only around 25% have performance data.
Analysis contributes to 3 related global debates:
- Cost & Contribution to GDP – Rising costs of financial intermediation and, in particular, on so-called alternative investments being a key driver of the growth of the financial sector’s revenue as a share of GDP
- Tax on Carried Interest – Several countries have put forward proposals to change the taxation of carried interest from capital gains to ordinary income rates. These proposals usually rest on the concern that carried interest taxation at capital gain rates is a loophole for wealthy fund managers to minimize their tax burden. Venture Capital funds represent only 7% of the Carry pool. If we add growth, and expansion funds to this category, the share reaches 15%. If we further restrict the analysis to small or new venture capital funds, the share becomes negligible. Thus, most of the Carry goes to a few large U.S. firms specializing in Leveraged Buy-Outs.
- Spillover Effect & Wealth Inequalities – Carry payments may be large enough to impact statistics measuring the evolution of wealth inequalities. If the remuneration of private capital fund managers increases sharply, it may trigger compensation of similar agents in other professions to increase as well (e.g., senior executives of publicly traded companies, lawyers).
University of Oxford Trillion Dollar Bonus of Private Capital Fund Managers Paper 2024
University of Oxford Professor (Financial Economics) Ludovic Phalippou at Saïd Business School research paper on the “Trillion Dollar Bonus of Private Capital Fund Managers”, providing key insights on private equity carry (fund profits payable to fund manager), private equity returns (TVPI / IRR), and billionaires from private equity firms. View research paper here
Ludovic Phalippou, Professor of Financial Economics at Saïd Business School, University of Oxford
Ludovic specialises in private equity and asset management. Ludovic is the author of the bestseller ‘Private Equity Laid Bare’, and professor of Financial Economics at Saïd Business School, University of Oxford. He specialises in private market investments with a focus on fee tracking, interest alignment, and return benchmarking. Named as one of ‘The 40 Most Outstanding Business School Profs Under 40 in the World’ in 2014, and as one of the 20 most influential individuals in private equity in Europe in 2016, Ludovic has strong links with senior practitioners in the industry, routinely speaks at practitioner conferences, and appears in the media internationally. Ludovic’s research papers have been widely cited in academia, in the press, and in regulatory circles. Ludovic’s paper ‘How alternative are private markets?’ is one of three 2018 recipients of the Jack Treynor Prize, sponsored by the Q-Group. The Treynor Prize recognises superior academic working papers with potential applications in the fields of investment management and financial markets. Ludovic achieved a degree in Economics from Toulouse School of Economics; a Master in Economics and a Master in Mathematical Finance both from the University of Southern California; and a PhD in Finance from INSEAD.
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