15 Biggest Private Equity Firms in the World

As a precursor to our list of the top private equity firms in the world for 2026, we researched and found some of the largest private equity firms in terms of their Assets Under Management (AUM), as well as an overview of the type of assets each firm has under their management and how they got to be so successful. Then we delved deeper to find the top private equity firms in various cities and states across the world.

As one can imagine, PE is a huge part of Mergers and Acquisitions, and we have written extensively on a myriad of topics related to PE and Mergers and Acquisitions, including but not limited to:

• Private Equity Fund Structures
• Private Equity Careers
• The Differences between Private Equity and Venture Capital in Mergers and Acquisitions
• The Top Venture Capital Firms in the World
• And much more

So, let's dive in and take a look at the list of the largest PE firms in the world.

Here are the 15 largest private equity firms listed in order based on their current AUM (Assets Under Management):

1. BlackRock - AUM: $8.2 trillion

BlackRock is an unrivaled leader in global private equity firms known for their investment, advisory, and risk management services. Not afraid of a little risk or a little bad publicity, BlackRock's performance varies over the course of a given 5-year period. In 2022, BlackRock had losses of 25% in terms of their assets under management (AUM) as a result of investor backlash against their impact investing strategy. However, BlackRock is a resilient and flexible company that reached a new milestone in 2024 in terms of client cash of $641 billion (Yahoo News) and began 2025 with an AUM of $11.5 trillion (Reuters).

Further developments can be anticipated in 2025 from BlackRock in terms of their ESG strategy as they remain focused on resolving investor issues and continuing their dominance in the PE and investment management sector. BlackRock continues to attract institutional investors across the globe with their focus on alternative investments, growth equity, partnerships, and strategic mergers. Additionally, their establishment in London and their foray into business services have increased their net worth and standing in the financial sector.

2. Blackstone - AUM: $1.1 trillion

Blackstone is a renowned PE Firm that has achieved great success in winning Asset Manager of the Year for PE firms with an AUM of over $100B as of the end of 2024. With an AUM of $1 trillion and 85 portfolio companies, Blackstone is a global PE firm that operates in a wide range of industries.

With their shift in strategy in 2022 in terms of their focus on HNWIs, where they redirected their capital from their real estate and credit funds, Blackstone expanded their focus on PE growth strategies, financial services, and alternative investments and partnerships.

The year 2024 was a great year for Blackstone as they showcased their resilience in dealing with market changes. Further developments can be anticipated in 2025 from Blackstone as a dominant player in the PE sector that meets the demands of the market while providing value to their clients.

‍3. Apollo Global Management - AUM: $600 billion

The latest move by Apollo Global Management, which has been to strengthen its credit offerings to capitalize on increasing interest rates, geopolitical tensions, and liquidity issues, has been favorable for its position in the financial world.

As we move into 2025, Apollo Global Management remains strong in its AUM of $600 billion, indicating its success and flexibility in coping with the constantly changing financial environment. It’s expected to continue to be proactive in capitalizing on the available opportunities and utilizing its expertise in credit investments to enhance its position in the financial world.

4. KKR - AUM: $550 billion

KKR continued its rise in 2023, capitalizing on the financial environment to strengthen its position in the world of private equity. The firm benefited from the short-term downfall of BlackRock and has grown considerably, raising an impressive $126 billion in funds in 12 months.

The impressive fundraising move has enabled KKR to reach an AUM of $550 billion, making it one of the prominent players in the world of global private equity. The firm’s move to capitalize on the financial environment and its initiatives have been impressive, making it one of the prominent players in the industry.

5. The Carlyle Group - AUM: $420 billion

In a remarkable move, The Carlyle Group has seen its private debt business outstrip its private equity business for the first time in 35 years in 2022.

In addition to that, The Carlyle Group has achieved significant milestones in the field of sustainable investing by establishing a clean energy developer. Although the exact figure of the investment was not revealed, the move can be seen as a part of the forward-thinking strategy of the organization in the field of clean energy.

As The Carlyle Group enters 2025 with an AUM of $420 billion, it’s likely to continue to face the ever-changing trends of the market, as well as explore new avenues of innovation in the industry. The organization is likely to remain at the forefront of the industry by leveraging the diversified portfolio of the organization to create value for the stakeholders involved in the business.

6. CVC Capital Partners - AUM: $180 billion

As the largest European private equity organization in the industry, CVC Capital Partners has managed to remain at the forefront of the industry in terms of AUM. In 2022, the organization was reportedly planning to list the organization on the Paris Stock Exchange but decided against it as it didn’t have any immediate plans to do so.

As the interest rate in Europe has been rising, CVC Capital Partners has been cautious regarding the decision to list the organization in the first half of 2023. However, as the market trends change, the decision-making strategy of the organization may also be assessed in the future.

As the organization has an AUM of $180 billion, it’s likely to continue to leverage its diversified portfolio to create value for the stakeholders involved in the business.

7. TPG - AUM: $160 billion

TPG made a different decision than CVS and went ahead with the IPO in 2022, choosing the Nasdaq stock exchange for listing on the index. This move can be viewed as surprising, given that the majority of peers had chosen the NYSE almost a decade ago.

The success of the $10 billion IPO can be viewed as positive, indicating investors' confidence in the firm's future prospects. The true test of success, however, will be how the markets react to the firm's new focus on debt and infrastructure, which was recently announced.

TPG, with an AUM of $160 billion, is continuing to adapt to changing market dynamics with agility and foresight.

8. Thoma Bravo - AUM: $130 billion

Specializing in technology investments, Thoma Bravo is on the lookout for potential opportunities arising amidst changing market dynamics. The firm believes that the darkening clouds over the technology sector may provide opportunities for acquiring undervalued assets for itself.

In one of the surprising moves of 2022, Thoma Bravo decided to bid higher than Elon Musk for Twitter, which may come back to haunt both parties in the near future. As the year came to a close, the firm announced plans for investing $32.4 billion, which will be used for new acquisitions in the technology sector.

Thoma Bravo, with an AUM of $130 billion, is continuing to display its foresight and agility in making strategic decisions for value-based investments.

9. EQT - AUM: $120 billion

EQT keeps its rapid rise as one of the most prominent players in the global private equity industry in the year 2025. The firm has maintained its momentum in the year 2025, with an AUM of $120 billion, following its remarkable fundraising year in 2022.

Headquartered in Sweden, EQT raised $57 billion in 2022, cementing its position as one of the top fundraisers in the world. Notably, the firm’s Japanese technology deals highlight its shrewd approach to building its portfolio and capitalizing on business opportunities. As EQT remains on the radar of industry players, one can anticipate continued innovation and success from this dynamic player in the private equity industry.

10. Insight Partners - AUM: $110 billion

Despite the dynamic nature of the industry, New York-based Insight Partners takes a unique position in the industry, advising investors to avoid debt in 2023. This shrewd move by the firm highlights its commitment to standing out in crowded fields and its focus on its private equity strategy in Europe.

As the European economy faces an uphill task in addressing its economic woes, Insight Partners remains committed to its approach, standing firm in its efforts to create value for its LPs. With an AUM of $110 billion, the firm remains committed to its track record of success and its resilience in the constantly evolving private equity industry.

11. Warburg Pincus - AUM: $100 billion

With an impressive AUM of $100 billion, Warburg Pincus remains a force to reckon with in the private equity industry. The firm has established itself as a trusted ally for companies looking to grow their businesses and expand their operations.

By utilizing the industry expertise that the firm has gained over the years, Warburg Pincus is at the forefront of identifying new opportunities for investments in different sectors. By focusing on the creation of value, the firm remains at the pinnacle of the ever-changing market, ready to capitalize on new trends that are bound to emerge. 

12. Advent International - AUM: $95 billion

Advent International is one of the leading private equity firms with an AUM of $95 billion. By focusing on buyouts and growth investments, the firm has managed to prove that it’s one of the most successful firms in the industry. 

With its presence in different parts of the globe, the firm is at the pinnacle of identifying new opportunities for investments in sectors that are undergoing transformation. By using a collaborative approach in the investment process, the firm has managed to create a positive impact on the industry. 

13. Bain Capital - AUM: $90 billion

Bain Capital remains one of the leading firms in the industry with an AUM of $90 billion. By focusing on the diversified investment strategy that the firm has employed over the years, Bain Capital has managed to prove that it’s one of the most successful firms in the industry. By using the expertise that the firm has gained over the years, Bain Capital identifies new opportunities for investments in different sectors.

Therefore, with the focus on creating long-term value and innovation, Bain Capital remains a trusted ally for businesses seeking strategic advice on how to effectively operate within the dynamic business environment.

14. Vista Equity Partners - AUM: $85 billion

Vista Equity Partners is at the forefront of the private equity industry, with an impressive AUM of $85 billion. The firm specializes in software and technology investments, making it one of the leading players in the private equity industry with regard to value creation and innovation within the technology sector. Having achieved impressive success within the technology sector, Vista Equity Partners is actively engaged with high-growth software businesses, helping them realize their full potential for growth.

By providing strategic advice, operational expertise, and access to international resources, Vista Equity Partners enables businesses within their portfolio to succeed within the competitive business environment.

15. Silver Lake Partners - AUM: $80 billion

Silver Lake Partners is one of the leading players within the private equity sector, with an impressive AUM of $80 billion. The firm specializes in technology investments, strategic partnerships, and innovation. Having achieved impressive success within the technology sector, Silver Lake Partners is actively engaged with technology companies, helping them realize their full potential for growth.

By leveraging their expertise within the technology sector, Silver Lake Partners is able to create value for businesses within their portfolio, helping them succeed within the competitive business environment.

‍

Top PE Firms by Geography

The right PE firm for your business depends on a number of factors, and geography is a significant part of that equation. It’s always a great advantage to find a PE firm in your area because they are familiar with the problems and complexities that come with doing business in that area. Below is a list of the top PE firms by geography in key cities in the United States.

Top Private Equity Firms in Boston

Boston is known for being a powerhouse in innovation and PE, and Massachusetts is ranked among the top states in the US for PE penetration. Boston is known for its presence in the tech, healthcare, and education industries, and it’s no surprise that there are so many world-class universities in the area, such as MIT and Harvard. In 2022, Massachusetts saw a total of $77 billion in PE investments in 462 deals, further cementing its place in the PE world.

• Candescent Partners
• Gemini Investors
• Artemis Capital Partners
• Pleasant Bay Capital Partners
• Sagepeak Capital
• Union Park Capital  

Top Private Equity Firms in Chicago

Chicago has emerged as a PE powerhouse, given its strategic location in the midwest and its diversity in terms of industry and economy. Illinois is ranked among the top five states in the US in terms of PE investments, and key sectors in the area include manufacturing, logistics, and industrials. In the past few years, Chicago PE firms have invested over $100 billion annually.

• Pfingsten Partners
• Crescendo Capital Partners
• Right Lane Capital LLC
• Next Gen Growth Partners
• CIVC Partners‍
• Industrial Opportunity Partners

Top Private Equity Firms in Washington D.C.

Washington D.C. is different from other PE hubs in terms of its concentration in government services, defense, and investments in infrastructure. Private equity firms in the Washington D.C. area have an advantage in terms of their proximity to federal agencies and policymakers. The Washington D.C. area continues to experience a steady pace of private equity investments, with billions of dollars being invested in firms related to federal contracts and national infrastructure projects.

• IMB Partners
• Halifax Group
• RLJ Equity Partners
• Brydon Group
• Potomac Equity Partners
• Oroco Capital

Top Private Equity Firms in Dallas

Dallas is a hub for private equity firms. Private equity firms in Dallas are active in various industries, particularly in energy, technology, and healthcare. It’s one of the top three states in terms of receiving investments in the PE sector. Texas attracts an investment of over $90 billion every year.

• Baymark Partners
• Gauge Capital
• Hillstar Capital
• LongWater Opportunities
• Pharos Capital
• Clavis Capital Partners

Top Private Equity Firms in New York

New York City is known for being the financial capital of the world. Many private equity firms are attracted to New York City for its unparalleled access to capital markets and talent. In 2022, New York State received an investment of over $175 billion in the PE sector, which is much higher than any other state in the US.

• Fidelman & Company
• Hellman & Friedman
• AEA Investors LP
• The Riverside Company
• Prime Group Holdings, LLC
• Vimtra Ventures
• JLL Partners
• Kuzari Group LLC

Top Private Equity Firms in Florida

Florida has been witnessing tremendous growth in its economy due to private equity investments in the health care, real estate, and manufacturing industries. In 2022, Florida received over $60 billion in private equity investment capital, making it one of the top-ranked states in growth-stage capital investment. Cities like Miami, Tampa, and Orlando have become important destinations in the Southeast region for private equity deal flow.

• Hidden Harbor Capital Partners
• KLH Capital Partners, LP
• Mangrove Equity Partners
• The Anderson Group, LLC
• Slack Water Capital
• MBF Healthcare Partners

Top Private Equity Firms in Atlanta

Atlanta plays a major role in supporting private equity growth in the Southeast region with Georgia’s strong economy and low business costs. The private equity firms in Atlanta generally invest in industries like technology, real estate, and financial services. The state has received over $40 billion in private equity investment capital in recent times, boosting job creation and business growth in Georgia.

• Source Capital
• Arcapita Group
• Fulcrum Equity Partners
• Third Century Management LLC
• Cairngorm Capital Partners LLP
• Vion Investments
• Brighton Partners, LLC

Top Private Equity Firms in Charlotte

Charlotte, North Carolina, has become one of the emerging stars in private equity firms with a strong presence in financial services and manufacturing industries. As one of the fastest-growing cities in the nation with over $25 billion in annual private equity investment capital, Charlotte has become one of the key financial banking destinations in the US, creating synergies with private equity firms.

• Harren Equity Partners
• Plexus Capital
• Capitala Financial Advisors LLC
• Zabel Companies, LLC
• Venture Capital Advisors

How does Private Equity Work?

The Process

The process for private equity funds generally works in the following manner:

1. The Capital Raise: The time in which the team of the private equity firm tries to persuade the investor to invest his capital in the fund/company of the private equity firm.

2. Deal Sourcing: The time in which the private equity firm searches for deals that match the PE firm’s investment thesis.

3. Post-acquisition Operational Improvement: The time in which the acquired company is improved by the team of the private equity firm to create value.

4. Liquidation: The time in which the acquired company is either sold or taken to an IPO to allow the private equity firm to liquidate the investments of the investors in the company. The ultimate goal of the entire process is to create a higher multiple of earnings (value addition) than the price at which the company or asset has been acquired by the private equity firm.

Characteristics of Firms that Private Equity Invests In

If there’s one characteristic that ties all the investments of the private equity firm together, it’s that the companies or assets in which the private equity firm invests are undervalued in some form.

Either because the current owners of the business have not been able to see the full potential of the business, have not been able to run it well, or have not been able to access the capital to bring the business to scale, the private equity firm seeks to create value that will ultimately lead to a higher investor return. Beyond that, other factors that the private equity firm seeks to consider when investing in companies or assets include:

• Industry/market considerations
• Cash generation potential of the business
• Competitive position of the business
• Technology/capital investments (insert the link on capital investments)
• Potential to disrupt an industry

What are the most common PE strategies?

A previous article on DealRoom has discussed the six most common strategies used by PE firms. These are:

• Venture Capital
• Growth Capital
• Real Estate
• Mezzanine Finance
• Leveraged Buyout
• Fund of Funds

What is the largest private equity firm?

Blackstone is the largest private equity Firm, and KRR is second to it. Blackstone has $1 trillion AUM.

Is Blackstone bigger than BlackRock?

No, as of January 2025, BlackRock has $11.5 trillion AUM, while Blackstone has $1 trillion AUM. Both are leading private equity Firms and arguably the two most dominant players in this industry.

This comparison is not entirely fair because BlackRock is a publicly traded company and not a PE Firm. Out of $11.5 trillion AUM, only $49.1 billion is allocated to private equity, and the remaining AUM is allocated to exchange-traded funds (EFTs) or fixed income or multi-asset solutions. Blackstone's services are more focused on providing investment services such as private equity, real estate, and credit.

Who is the richest person in private equity?

Stephen Schwarzman, the CEO and Co-Founder of Blackstone, is the richest man in the private equity business, with a net worth of $37.4 billion. Furthermore, Schwarzman owns 232 million shares of Blackstone stock, making him the largest shareholder of the company and one of the most powerful individuals on Wall Street.  

How does Private Equity Differ from Venture Capital?

For more information regarding the differences between PE and VC, see our in-depth look at the differences between the two. However, to summarize, the differences between the two can be summarized as follows: