The top eight companies in the 2022 HEC Paris-DowJones  have their headquarters in the United States. The firms in ninth and tenth place--SwanCap Partners and Schroders Capital--are, however, based in Europe.

SwanCap’s authorised in-house alternative investment fund manager, SwanCap Investment Management SA, is based in Luxembourg and is headed by . SwanCap, which has four offices in Europe and North America, manages more than €4bn of assets under management.

Schroeders, which has its investment management arm in Luxembourg, placed tenth in the HEC Paris-DowJones ranking. Schroeders Capital has $88bn has of assets under management and 19 offices around the world.

The ranking is based on the aggregate performance of a private equity firm, which can only be interpreted relative to the average aggregate performance score of all the firms analysed, noted the press release from HEC Paris.

The firms in the study need to meet the following criteria: the fund of fund manager must have at least two funds that were raised from 2009-2018 and for which full performance information is available; performance data is available on all the funds; over $200m was raised during this time; it has investments in the US, EU or globally; and it must have at least 10 observation years.

Find more information on the methodology .