Private Capital Fund Auditors

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PRIVATE CAPITAL FUND AUDITORS PRIVATE CAPITAL FUND AUDITORS We look at fund auditors servicing private capital funds by fund size, geographic focus, asset class and more.

Fig. 1: Prominent Fund Auditors Servicing Private Capital Funds Fig. 2: Prominent Fund Auditors Servicing Private Capital Funds Closed in 2000-2018 YTD (As at May 2018) Closed in 2018 YTD (As at May 2018) No. of Known Capital Raised by No. of Known Capital Raised by Firm Private Capital Known Private Capital Firm Private Capital Known Private Capital Funds Serviced Funds Serviced ($bn) Funds Serviced Funds Serviced ($bn) PricewaterhouseCoopers 1,685 1,267 EY 27 12.0 EY 1,391 1,124 Deloitte 22 26.6 KPMG 1,365 885 KPMG 18 20.7 Deloitte 911 928 PricewaterhouseCoopers 18 15.9 RSM 449 107 RSM 9 5.8 BDO 325 68 Grant Thornton 4 1.8 Grant Thornton 241 71 BDO 4 0.5 EisnerAmper 131 53 Frank, Rimerman & Co. 3 0.2 Frank, Rimerman & Co. 110 8 Plante & Moran 2 0.7 CohnReznick 73 8 Marcum 2 0.2

Source: Preqin Source: Preqin

Fig. 3: Prominent Fund Auditors Servicing First-Time Private Fig. 4: Prominent Fund Auditors Servicing the Largest Private Capital Funds (As at May 2018) Capital Funds Closed in 2018 YTD (As at May 2018) Funds Closed in 2000 - 2018 YTD Funds Closed in 2018 YTD Final Close Fund Fund Auditor Used Size (mn) PricewaterhouseCoopers KPMG BC European Cap X KPMG 7,000 EUR KPMG EY PAI Europe VII Deloitte 5,000 EUR EY PricewaterhouseCoopers Copenhagen Infrastructure III Deloitte 3,500 EUR Deloitte Deloitte Clearlake Capital Partners V EY 3,600 USD RSM RSM Landmark Real Estate Fund VIII PricewaterhouseCoopers 3,300 USD BDO BDO EnCap Flatrock Midstream Grant Thornton Frank, Rimerman & Co. PricewaterhouseCoopers 3,250 USD Fund IV Frank, Rimerman & Co. Moss Adams CVI Credit Value Fund IV KPMG 3,000 USD EisnerAmper Weaver Strategic Value Special PricewaterhouseCoopers 2,850 USD Moss Adams Elliott Davis Situations Fund IV

Source: Preqin LS Power Equity Partners IV KPMG 2,250 USD KKR Private Credit Deloitte 2,240 USD Opportunities Partners II

Source: Preqin

Fig. 5: Market Share of Big Four Auditors Servicing Private Fig. 6: Market Share of Big Four Auditors Servicing Private Capital Funds Closed in 2000-2018 YTD by Asset Class Capital Funds Closed in 2000-2018 YTD by Fund Size (As at May 2018) (As at May 2018)

Private Equity 13% 19% 17% 21% $1bn or More 21% 26% 18% 29%

Venture Capital 8% 12% 16% 17% $500mn-999mn 13% 23% 19% 30%

Private Debt 12% 21% 17% 21% $100mn-499mn 11% 17% 19% 21% Real Estate 11% 16% 17% 23%

$50mn-99mn 8% 12% 14% 17% Infrastructure 15% 17% 21% 24%

Natural Resources 15% 18% 17% 24% Less than $50mn 6% 7% 11% 9%

0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% Proportion of Funds Using Big Four Auditor Proportion of Funds Using Big Four Auditor Deloitte EY KPMG PricewaterhouseCoopers Deloitte EY KPMG PricewaterhouseCoopers

Source: Preqin Source: Preqin

Fig. 7: Prominent Fund Auditors Servicing Private Capital Funds Closed in 2000-2018 YTD by Asset Class (As at May 2018) Private Equity Venture Capital Private Debt Real Estate Infrastructure Natural Resources

PricewaterhouseCoopers PricewaterhouseCoopers PricewaterhouseCoopers PricewaterhouseCoopers PricewaterhouseCoopers PricewaterhouseCoopers EY KPMG EY KPMG KPMG EY KPMG EY KPMG EY EY KPMG Deloitte BDO Deloitte Deloitte Deloitte Deloitte RSM Deloitte RSM Grant Thornton BDO RSM Grant Thornton Frank, Rimerman & Co. Grant Thornton CohnReznick EisnerAmper BDO BDO RSM EisnerAmper BDO RSM Grant Thornton EisnerAmper Sensiba San Filippo BDO RSM Moore Stephens Deloitte & Touche Crowe Horwath Moss Adams CohnReznick Clark Schaefer Hackett Marcum EisnerAmper Plante & Moran Grant Thornton Crowe Horwath Marcum Grant Thornton Hein & Associates

Source: Preqin

Fig. 8: Prominent Fund Auditors Servicing Private Capital Funds Closed in 2000-2018 YTD by Primary Geographic Focus (As at May 2018) North America Europe Asia Rest of World PricewaterhouseCoopers PricewaterhouseCoopers PricewaterhouseCoopers PricewaterhouseCoopers EY KPMG EY KPMG KPMG Deloitte KPMG EY Deloitte EY Deloitte Deloitte RSM BDO Burr Pilger Mayer Grant Thornton BDO Grant Thornton Grant Thornton BDO Grant Thornton Mazars BDO RSM EisnerAmper Rees Pollock RSM Crowe Horwath Frank, Rimerman & Co. Moore Stephens Crowe Horwath Baker Tilly Brasil CohnReznick RSM BSR & Co Tenk Loubser

Source: Preqin

Fig. 9: Prominent Fund Auditors Servicing Private Capital Funds Closed in 2000-2018 YTD by Fund Size (As at May 2018) Less than $50mn $50mn-99mn $100mn-499mn $500mn-999mn $1bn or More KPMG PricewaterhouseCoopers PricewaterhouseCoopers PricewaterhouseCoopers PricewaterhouseCoopers PricewaterhouseCoopers KPMG KPMG EY EY EY EY EY KPMG Deloitte Deloitte RSM Deloitte Deloitte KPMG RSM Deloitte RSM RSM Grant Thornton BDO BDO BDO Grant Thornton RSM Grant Thornton Grant Thornton Grant Thornton BDO EisnerAmper Frank, Rimerman & Co. Frank, Rimerman & Co. EisnerAmper EisnerAmper Crowe Horwath EisnerAmper CohnReznick Crowe Horwath Crowe Horwath BDO Moss Adams EisnerAmper Plante & Moran Mazars Plante & Moran

Source: Preqin

Unless otherwise noted, firms are included in tables based on number of known funds serviced within the given criteria. In the event of a tie, firms with the same number of known fund clients will be ranked according to the funds’ aggregate value.

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