Top Private Equity Landscape Overview
Private equity firms are investment companies that acquire established businesses, improve their operations, and eventually sell them for a profit. These firms pool capital from institutional investors like pension funds, endowments, and high-net-worth individuals to make strategic investments in companies across various industries.
The largest private equity firms differ significantly from smaller players in terms of scale, resources, and global reach. While smaller firms may focus on regional markets or specific sectors, the industry giants have the capital and expertise to pursue complex, multi-billion-dollar transactions across multiple continents. The assets under management of US private equity firms reached $3.128 trillion in September 2024, marking the highest level since December 2020, demonstrating the substantial capital concentration within this industry.
The concentration of capital among the top firms illustrates the industry’s dynamics, with the largest 25 firms controlling a significant portion of the global private equity assets. This concentration enables these firms to compete for the most attractive investment opportunities and negotiate favorable terms with both portfolio companies and limited partners.
Key metrics used to measure private equity firm size include:
- Assets Under Management (AUM): The total market value of assets a firm manages on behalf of investors. This is a primary indicator of a firm’s scale and influence in the market.
- Capital Raised: The total amount of money a firm has secured from investors over the past five years. This metric shows fundraising strength and investor confidence.
- Deal Volume: The number and size of transactions a firm completes, reflecting activity and market presence.
- Geographic Reach: Whether a firm operates globally or focuses on specific regions, impacting its investment strategy and opportunities.
How We Ranked the Largest PE Firms
The methodology behind ranking the biggest private equity companies ensures transparency and credibility in our assessment of industry leaders.
1. Data Sources
Our rankings draw from multiple industry reports and databases, including data from reputable sources like the PEI 300, McKinsey Global Private Markets Report, and S&P Global Market Intelligence. Information was verified across multiple sources to ensure accuracy, though we acknowledge limitations in data collection such as reporting lags and differences in firm disclosure practices.
2. Assets and Fundraising Totals
Five-year fundraising totals serve as a key metric because they reflect recent investor confidence and firm momentum in the current market environment. Assets under management remain crucial for determining firm size and market influence, as larger AUM typically correlates with greater negotiating power and deal access.
| Firm | AUM | Recent 5-Year Fundraising |
| Blackstone | $941B | $250B+ |
| KKR | $550B | $180B+ |
| EQT | $265B | $120B+ |
| Apollo | $631B | $200B+ |
| Carlyle | $426B | $160B+ |
3. Sector Benchmarks
Sector focus significantly impacts rankings and firm strategies. Generalist firms like Blackstone and KKR maintain diversified portfolios across multiple industries, while specialist firms like Thoma Bravo focus exclusively on software and technology investments. This specialization allows firms to develop deep expertise in specific sectors, often leading to superior returns within their areas of focus.
Different investment strategies—including buyouts, growth equity, and venture capital—were accounted for in our rankings, with primary emphasis on traditional private equity buyout activities.
The 25 Biggest Private Equity Firms by Assets
Private equity firms manage large amounts of money from investors to buy and grow companies. These firms differ in size, strategy, and areas of focus. The following list shows the 25 largest private equity firms in the world based on assets under management (AUM), as of July 2025.
1. Blackstone Group
- Headquarters: New York, United States
- Year Founded: 1985
- Approximate AUM: $941 billion
- Investment Focus: Buyouts, real estate, growth equity, and infrastructure
- Notable Recent Deal: Acquisition of Rover Group, a pet care services platform
2. KKR (Kohlberg Kravis Roberts)
- Headquarters: New York, United States
- Year Founded: 1976
- Approximate AUM: $550 billion
- Investment Focus: Private equity, infrastructure, credit, and real assets
- Notable Recent Deal: Investment in Cotiviti, a healthcare-focused data analytics company
3. EQT
- Headquarters: Stockholm, Sweden
- Year Founded: 1994
- Approximate AUM: €246 billion (approximately $265 billion)
- Investment Focus: Technology, healthcare, and sustainability-driven sectors
- Notable Recent Deal: Acquisition of veterinary technology company IVC Evidensia
4. Apollo Global Management
- Headquarters: New York, United States
- Year Founded: 1990
- Approximate AUM: $631 billion (includes private equity and credit)
- Investment Focus: Buyouts, credit, and real assets
- Notable Recent Deal: Buyout of Arconic, an aluminum manufacturer
5. The Carlyle Group
- Headquarters: Washington, D.C., United States
- Year Founded: 1987
- Approximate AUM: $426 billion
- Investment Focus: Aerospace, defense, healthcare, and financial services
- Notable Recent Deal: Acquisition of Abingworth, a life sciences investment firm
6. CVC Capital Partners
- Headquarters: Luxembourg
- Year Founded: 1981
- Approximate AUM: $186 billion
- Investment Focus: Consumer goods, business services, and healthcare
- Notable Recent Deal: Investment in LaLiga’s media rights through a joint venture
7. Thoma Bravo
- Headquarters: Chicago, United States
- Year Founded: 2008 (as a standalone brand)
- Approximate AUM: $160 billion
- Investment Focus: Software and technology
- Notable Recent Deal: Acquisition of Coupa Software
8. TPG
- Headquarters: San Francisco, United States
- Year Founded: 1992
- Approximate AUM: $139 billion
- Investment Focus: Healthcare, technology, and consumer businesses
- Notable Recent Deal: Investment in DirecTV alongside AT&T
9. Warburg Pincus
- Headquarters: New York, United States
- Year Founded: 1966
- Approximate AUM: $85 billion
- Investment Focus: Energy, industrials, technology, and financial services
- Notable Recent Deal: Investment in Aiven, a cloud data infrastructure company
10. Bain Capital
- Headquarters: Boston, United States
- Year Founded: 1984
- Approximate AUM: $185 billion
- Investment Focus: Private equity, venture capital, credit, and real estate
- Notable Recent Deal: Investment in CitiusTech, a healthcare technology firm
11. Advent International
- Headquarters: Boston, United States
- Year Founded: 1984
- Approximate AUM: $100 billion
- Investment Focus: Healthcare, technology, industrials
- Notable Recent Deal: Acquisition of Maxar Technologies, a satellite imaging company
12. Vista Equity Partners
- Headquarters: Austin, United States
- Year Founded: 2000
- Approximate AUM: $101 billion
- Investment Focus: Enterprise software, data, and technology-enabled businesses
- Notable Recent Deal: Sale of Datto to Kaseya
13. General Atlantic
- Headquarters: New York, United States
- Year Founded: 1980
- Approximate AUM: $83 billion
- Investment Focus: Growth equity in consumer, technology, and financial sectors
- Notable Recent Deal: Investment in Duolingo before its IPO
14. Permira
- Headquarters: London, United Kingdom
- Year Founded: 1985
- Approximate AUM: $77 billion
- Investment Focus: Technology, consumer, and healthcare
- Notable Recent Deal: Investment in Zendesk, a customer service platform
15. Hellman & Friedman
- Headquarters: San Francisco, United States
- Year Founded: 1984
- Approximate AUM: $95 billion
- Investment Focus: Software, financial services, and healthcare
- Notable Recent Deal: Acquisition of Checkmarx, a cybersecurity firm
16. Silver Lake
- Headquarters: Menlo Park, United States
- Year Founded: 1999
- Approximate AUM: $98 billion
- Investment Focus: Technology and innovation
- Notable Recent Deal: Investment in Endeavor Group Holdings
17. Clayton, Dubilier & Rice
- Headquarters: New York, United States
- Year Founded: 1978
- Approximate AUM: $57 billion
- Investment Focus: Industrials, healthcare, and consumer companies
- Notable Recent Deal: Acquisition of Cornerstone Building Brands
18. Brookfield Asset Management
- Headquarters: Toronto, Canada
- Year Founded: 1899
- Approximate AUM: $900 billion (across all asset classes)
- Investment Focus: Real estate, infrastructure, and private equity
- Notable Recent Deal: Purchase of Origin Energy in Australia
19. Insight Partners
- Headquarters: New York, United States
- Year Founded: 1995
- Approximate AUM: $75 billion
- Investment Focus: Software and internet companies
- Notable Recent Deal: Investment in Monday.com
20. Leonard Green & Partners
- Headquarters: Los Angeles, United States
- Year Founded: 1989
- Approximate AUM: $70 billion
- Investment Focus: Retail, healthcare, and services
- Notable Recent Deal: Acquisition of SRS Distribution
21. Nordic Capital
- Headquarters: Stockholm, Sweden
- Year Founded: 1989
- Approximate AUM: €25 billion (approximately $27 billion)
- Investment Focus: Healthcare, financial services, and technology
- Notable Recent Deal: Acquisition of Max Matthiessen, a Nordic financial services firm
22. Francisco Partners
- Headquarters: San Francisco, United States
- Year Founded: 1999
- Approximate AUM: $45 billion
- Investment Focus: Technology and tech-enabled services
- Notable Recent Deal: Acquisition of healthcare IT firm bswift from CVS Health
23. Platinum Equity
- Headquarters: Beverly Hills, United States
- Year Founded: 1995
- Approximate AUM: $36 billion
- Investment Focus: Industrial and business services
- Notable Recent Deal: Acquisition of Ingram Micro
24. TA Associates
- Headquarters: Boston, United States
- Year Founded: 1968
- Approximate AUM: $50 billion
- Investment Focus: Technology, healthcare, financial services
- Notable Recent Deal: Investment in MRI Software
25. Cinven
- Headquarters: London, United Kingdom
- Year Founded: 1977
- Approximate AUM: €37 billion (approximately $40 billion)
- Investment Focus: Healthcare, business services, and industrials
- Notable Recent Deal: Acquisition of Partner in Pet Food, a European pet food manufacturer
For entrepreneurs and business leaders interested in connecting with these top private equity firms, understanding their investment criteria and sector preferences is crucial for successful partnership alignment.
Market Trends Affecting Large Private Equity Firms
Current industry dynamics are reshaping how the largest private equity funds and companies operate in today’s market environment.
1. Fundraising Shifts
After U.S. PE fundraising dropped for a 3rd consecutive year in 2024, fundraising remains slow with 81 funds closing YTD through February in 2025. This trend reflects several underlying factors affecting the industry:
- Institutional investor preferences: Limited partners are becoming more selective, focusing on established relationships and proven track records
- First-time vs. established managers: Established managers continue to have significant advantages in fundraising, while first-time funds face increased scrutiny
- Fund size inflation: Average fund sizes continue growing as firms seek to maintain market share and pursue larger deals
Despite a more promising fundraising outlook for 2025, we expect many sponsors will continue to focus on increasing their product offerings and broadening their capital pool, with many firms exploring evergreen fund structures as alternatives to traditional drawdown vehicles.
2. Geopolitical Factors
Global events significantly impact private equity strategy and deal-making across regions. Rising trade tensions are creating caution among investors. Many firms may limit capital deployment in the coming months as they assess geopolitical risks. Regional investment trends show firms adapting to regulatory changes, with increased focus on domestic markets and strategic sectors deemed critical for national security.
3. Innovation and Technology
In 2025, private equity interest is notably turning towards technology and energy sectors, with managers focusing on increased investment in sustainable and high-growth areas. Leading firms are leveraging AI and data analytics to improve deal sourcing and portfolio management, modernizing traditional private equity operations.
| Traditional PE Approach | Tech-Enabled PE Approach |
| Manual deal sourcing | AI-powered deal discovery |
| Quarterly board meetings | Real-time portfolio monitoring |
| Financial metrics focus | Operational analytics integration |
| Reactive problem solving | Predictive performance management |
Global Reach of the Largest Private Equity Firms in the World
The geographic distribution of major private equity firms reflects both historical market development and current growth opportunities:
| Region | Leading Firms | Key Characteristics |
| North America | Blackstone, KKR, Apollo, Carlyle | Large-scale buyouts, mature markets |
| Europe | EQT, CVC, Permira, Cinven | Cross-border expertise, regulatory navigation |
| Asia-Pacific | Regional offices of global firms | High-growth markets, emerging opportunities |
North America remains the dominant region for private equity, with key market characteristics including mature regulatory frameworks and established exit markets. The concentration of pension funds and endowments provides substantial capital for investment.
Europe shows notable investment trends toward sustainability and ESG-focused strategies, operating within a complex regulatory environment that requires specialized expertise for cross-border transactions.
Asia-Pacific represents significant growth areas and opportunities, though firms face unique challenges including regulatory complexity, cultural differences, and varying levels of market development across different countries.
International expansion strategies among the largest firms focus on establishing local presence while maintaining global investment discipline. This geographic diversification allows firms to access different economic cycles and growth opportunities while managing regional risks.
Future Outlook for Private Equity Giants
The private equity industry faces several key developments that will shape the largest firms’ strategies in the coming years.
We expect 2025 to be a busy year for private equity dealmaking, with opportunities for sponsors to reap rewards as market conditions improve. However, several challenges and opportunities will define the industry’s evolution:
Industry consolidation trends suggest continued concentration among the largest firms, as smaller players struggle to compete for limited partner attention and the most attractive deals. This consolidation may accelerate as firms seek scale advantages and operational efficiencies.
Rising interest rates impact deal activity and valuations, with firms adapting their investment strategies to account for higher cost of capital. Despite strong investor appetite and a desire to put capital to work, many sponsors are grappling with the new economic reality of sustained higher rates.
Specialized investment strategies are becoming increasingly important as firms seek differentiation and superior returns. Sector-focused expertise allows firms to better understand market dynamics and create value in portfolio companies.
ESG considerations continue growing in importance, with environmental, social, and governance factors increasingly integrated into investment decisions and portfolio company operations.
Future challenges include:
- Valuation pressures: Higher interest rates and increased competition continue affecting deal pricing and expected returns
- Competition for assets: Intensifying competition among top firms for the most attractive investment opportunities
- Limited partner expectations: Evolving investor demands for transparency, ESG integration, and consistent performance
- Regulatory landscape: Potential changes in tax policy, financial regulations, and cross-border investment rules
Next Steps in Private Investment
For entrepreneurs and business leaders seeking to connect with leading private equity firms, strategic preparation and alignment are essential for successful partnerships.
Positioning for PE investment requires companies to demonstrate strong financial performance, scalable business models, and clear growth strategies. Companies should prepare comprehensive financial documentation, develop strategic plans, and ensure management team alignment before approaching potential investors.
Strategic alignment with investor focus areas significantly improves the likelihood of successful partnerships. Understanding each firm’s sector preferences, investment criteria, and value creation approaches allows companies to target the most suitable partners.
Technology platforms can streamline the connection process between companies and investors by providing data-driven matching and efficient communication channels. These platforms help identify compatible investors based on specific criteria and facilitate initial conversations.
For founders and business leaders ready to explore growth capital opportunities, partnering with specialized platforms can accelerate the process of connecting with the right private equity firms. Qubit Capital’s Investor Discovery and Mapping service leverages AI-driven technology to match companies with compatible investors, streamlining the path to strategic partnerships and growth capital.
FAQs
What makes a private equity firm considered “top tier”?
A top-tier private equity firm typically combines consistent above-market returns, significant assets under management (typically $10B+), and a proven track record across multiple economic cycles with strong operational expertise.
How do large private equity firms differ from venture capital?
Private equity firms primarily invest in established companies with proven business models, often taking majority ownership, while venture capital targets early-stage startups with high growth potential through minority investments.
What are the minimum investment requirements for top private equity funds?
Most institutional-grade private equity funds require minimum investments of $5-25 million from limited partners, though some firms now offer access to qualified individual investors with $250,000-1 million minimums through feeder funds.
How do top private equity firms create value in their portfolio companies?
Top private equity firms create value through operational improvements, strategic repositioning, financial engineering, and industry consolidation, typically employing specialized operating partners with sector-specific expertise to drive growth.
What percentage of deals do the largest private equity firms typically close?
The largest private equity firms typically close only 1-3% of deals they evaluate, reviewing hundreds of potential investments annually through rigorous screening processes that assess growth potential, competitive positioning, and value creation opportunities.
