China's Hony Capital has moved into first place in the fourth annual PE Asia 30 rankings with a five-year fundraising total of $6.1 billion.
Hony climbed five positions from the 2011 rankings and also closed two of the five largest funds in 2011, most noteable was the December closing of its fifth USD-denominated fund on nearly $2.4 billion just three months after launch.
This was the second largest Asian fund close of 2011 behind the $2.46 billion fifth fund closed by Baring Private Equity Asia (placed fourth on the PE Asia 30).
Taking second place on the list was Hong Kong-based CDH Investments, which had a five-year total of $5.8 billion.
The 30 firms ranked on the 2012 list raised a combined $79.4 billion in the last five years, down 1.8 percent from 2011 totals.
This year's rankings show a dynamic that suggests the emergence of an industry that will not be dominated by a few heavyweights. Fundraising totals for the 10 largest firms in Asia this year fell by 11.4 percent, while the next 20 firms saw an increase of 8.9 percent.
In addition, the list reveals many newcomers, with 43 percent of the firms appearing for the first time. Of these debutants, Shanghai International Group is the firm with the highest ranking, having raised around $3.7 billion of private equity capital in the last five years.
Four of the region's top ten firms are Hong Kong based. In fact, capital collected by Hong Kong-headquartered GPs was the largest in Asia, reaching about $30 billion or 37 percent of all funds raised in Asia. This year's data makes it clear that Hong Kong can now unarguably be called the private equity centre of Asia.