5 of 15
BACK NEXT
Warburg Pincus
Warburg Pincus
Warburg's biggest solo deal in the U.S. was a $4 billion buyout of Bausch & Lomb.
2008 Rank: 5
2007 Rank: 8
Recent buyout fundraising: $16.2 billion

The oldest firm on the list, dating back to 1966, Warburg likes to control its own LBOs, so it wasn't a player in any of the $10 billion-plus club deals of the past few years. Instead it was busy in China, India, and Korea, where it invested in stakes often less than $100 million. Its biggest solo deal in the U.S. was a $4 billion buyout of contact-lens maker Bausch & Lomb.

Headwind issue: In December 2007, the firm--led by senior advisor and former Bank of America CEO David Coulter--sank $1 billion into struggling bond insurer MBIA. Since then, MBIA has lost two-thirds of its value.

Worth noting: Warburg co-president Chip Kaye is the chairman of the U.S.-India Business Council. Next month he will pass the job to a friend, Indian-born PepsiCo CEO Indra Nooyi.

NEXT: TPG
Last updated July 28 2008: 4:28 PM ET
Source: Rankings are based on a firm's most recently raised buyout fund(s). Fortune looked at data from Capital IQ, institutional investors, and the companies themselves to determine the size of the most recently raised buyout funds. For some firms that means a fund that was raised in 2007; for others it might be 2006. Whatever the date, the most recent fund was the one we counted. In the case of companies that raise multiple funds simultaneously as opposed to raising a single fund at a time, we chose to count only those private equity funds that were not raised in public markets and that were earmarked for buyouts (as opposed to investments in debt, venture capital, or other ventures).
The year of the vulture The private equity firms that will thrive in the year ahead are those that know how to profit from others' misfortunes. (more)
35 largest U.S. private companies Some of the biggest names in business operate outside the public markets. Here's a look at the top players. (more)
10 private-equity deals gone bust When the liquidity is flowing like wine, every deal looks like a perfect ten. But a lot can - and has - gone wrong. (more)