Welcome to Private Debt Investor’s ranking of private debt industry’s top law firms by the number of closed funds advised on and total capital of underlying vehicles.
METHODOLOGY
The 2025 Private Debt Investor Fund Formation League Table covers all private debt closed-end limited partnerships (funds) for which firms provided fund formation advisory services, and which held a final close between 1 January 2025 to 31 December 2025.
Only master fund vehicles were accepted, not feeder funds, co-investments or separately managed accounts.
LATEST HEADLINES
Apollo’s Kleinman: Exits aren’t the problem, pricing is
Scott Kleinman, co-president of the firm, said at an industry event on Wednesday that the real obstacle is sellers being unwilling to accept the price the market is offering.
Why the UK regulator has its eyes on private credit
A recent note from the FCA highlighted both the rapid growth of the asset class and various areas of concern.
Loan Note: Santander makes key infra debt hires; smaller funds hit fundraising wall
In today's edition, Santander grows its infrastructure debt operation to help manage two new funds. Plus: smaller managers are finding fundraising a struggle; and we invite our readers to participate in our emerging manager survey. Here's today's brief for our valued subscribers only.
Why hybrid lending is gaining ground in the mid-market
Asset-based lending and term lending are coming together to meet challenges for a wide range of companies under pressure, argues Richard Gumbrecht.
Number of smaller funds dwindles
Analysis of fund close data found that vehicles valued at under $250m have seen a rapid decline since 2024.