Welcome to Private Equity International’s ranking of the private equity industry’s top law firms by number of closed funds advised on and total capital of underlying vehicles.
METHODOLOGY
The 2025 PEIÂ Fund Formation League Table covers blind pool private equity funds and continuation funds that had a final close date between 1 October 2023 and 30 September 2024 that have been tracked by PEIÂ data.
Feeder funds, co-investment vehicles, SMAs and open-ended funds are not included in the league table. Only lead counsels for the funds were included in the ranking for aggregate value.
Only the master fund vehicle was accepted. The following vehicle types were not accepted:
- Feeder funds
- Co-investments
- SMAs
We also did not accept:
- Hedge funds
- CLOs
- BDCs
- REITs
- Joint Ventures
- SPVs
- Open-ended funds
Both the number of funds, and the total aggregate value of the funds advised, were used to inform law firms’ positions on the league tables.
- Number of funds: both lead counsel law firms and supporting firms get credit for funds advised.
- Total aggregate value of funds: only lead counsel get credit for the full value of the fund.
All funds were verified with information we held in PEI Group’s proprietary database.
If we needed to verify further information, we conducted secondary research to identify fund details, alongside verifying with the firm. We did not contact GPs asking about confidential funds, and only relied on public information.
We sought to ‘trust but verify’ fund formation information submitted by law firms corroborating with reference to websites, press releases and other disclosures. Given the commercial sensitivity of some fund formation deals, some details simply could not be verified by us. In such cases – we deferred to the honour system.
LATEST HEADLINES
How an LP and a GP are approaching the slower exit environment
In the first episode of PEI Group's new podcast series Commitment Issues, Yangge Seaman of Children's Health and Steven Batchelor of Hg discuss how both sides are seeking greater liquidity from their portfolios
Aware Super establishes private markets division with Jenny Newmarch as head
Newmarch, formerly global head of private equity at the superfund, will step up to the newly created role of head of private markets and will report to CIO Simon Warner.
Investor Intentions: Plutus Partners seeks new private equity opportunities
Singapore-based single-family office will invest in private equity opportunistically.
It’s time to talk about the future of PE returns
What role does private equity play in a portfolio if it's not delivering alpha?
Side Letter: TPA pushback
In today's edition, Why the total portfolio approach isn't for all LPs; Tikehau doubles its annual realisations; A report says LPs are increasingly worried about valuation-related conflicts.
