Key Takeaways
- • HEC Paris and Dow Jones released the 2025 HEC – Dow Jones Large Buyout Performance Ranking, which ranks the top 20 private equity firms out of 649 analysed based on buyout funds raised between 2011 and 2020.
- • For the first time, seven of the top 10 ranked firms raised more than $10 billion in buyout funds over the 2011–2020 vintage decade, according to Professor Oliver Gottschalg.
- • The 649 firms analysed collectively raised 2,662 funds with an aggregate equity volume of $2.29 trillion over the period.
- • Average fund-raising scale for the top 10 performers was notably higher than for firms ranked 11–20, indicating a link between scale and top-decile performance.
- • The ranking uses Preqin fund performance data supplemented by direct contributions from PE firms, assessing aggregate performance across vintage years on both relative and absolute returns.
Summary
The latest HEC – Dow Jones Large Buyout Performance Ranking, released by HEC Paris Business School and Dow Jones, shows that US-based private equity firms hold most of the top 10 positions, according to the Business Wire release. The ranking, conducted by strategy Professor Oliver Gottschalg, covers buyout funds raised between 2011 and 2020 and evaluates 649 PE firms and their 2,662 funds, with an aggregate equity volume of $2.29 trillion.
Professor Gottschalg said the results demonstrate continued strong performance from top-ranked firms, which have delivered impressive returns over the past decade. He noted that for the first time, seven of the top 10 firms raised more than $10 billion over the decade, and that the ranking reflects consistent value delivered to investors despite varying market conditions. The average scale of the top 10 performers was notably higher than that of firms ranked 11–20.
The ranking highlights diverse approaches that produce strong returns. Thoma Bravo and Lindsay Goldberg, despite differing strategies, share similar performance scores. While many top 10 firms focus on software buyouts and/or growth-oriented investments, the release notes considerable diversity in style, scale and industry focus across the group.
Methodologically, the ranking is based on a comprehensive dataset of PE fund performance from Preqin, supplemented by direct contributions from PE firms. Each firm's aggregate performance is assessed across all funds it managed, considering multiple performance measures and aggregating across vintage years.
Gottschalg argued the ranking addresses a long-standing transparency gap in private equity, noting that previous PE rankings were based on size alone, which offered limited insight into true performance. HEC Paris and Dow Jones have collaborated on rankings since 2009, with historic performance and expected future competitiveness assessed respectively.
Professor Gottschalg said the results demonstrate continued strong performance from top-ranked firms, which have delivered impressive returns over the past decade. He noted that for the first time, seven of the top 10 firms raised more than $10 billion over the decade, and that the ranking reflects consistent value delivered to investors despite varying market conditions. The average scale of the top 10 performers was notably higher than that of firms ranked 11–20.
The ranking highlights diverse approaches that produce strong returns. Thoma Bravo and Lindsay Goldberg, despite differing strategies, share similar performance scores. While many top 10 firms focus on software buyouts and/or growth-oriented investments, the release notes considerable diversity in style, scale and industry focus across the group.
Methodologically, the ranking is based on a comprehensive dataset of PE fund performance from Preqin, supplemented by direct contributions from PE firms. Each firm's aggregate performance is assessed across all funds it managed, considering multiple performance measures and aggregating across vintage years.
Gottschalg argued the ranking addresses a long-standing transparency gap in private equity, noting that previous PE rankings were based on size alone, which offered limited insight into true performance. HEC Paris and Dow Jones have collaborated on rankings since 2009, with historic performance and expected future competitiveness assessed respectively.
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