Private equity continues to dominate global investment markets in 2026, with the industry’s largest firms managing unprecedented amounts of capital. The top 20 private equity firms now collectively control trillions in assets under management, shaping industries from technology to infrastructure.
These firms are increasingly focusing on AI infrastructure, data centers, and technology buyouts as demand for computing power and software solutions drives valuations higher. Here’s a comprehensive look at the 20 largest private equity firms ranked by assets under management.
1. Brookfield Asset Management
AUM: $1+ trillion
Headquarters: Toronto, Canada
Founded: 1899
Brookfield stands as one of the few PE firms to cross the $1 trillion AUM threshold. The firm raised a record $30 billion in Q3 2025 alone, demonstrating exceptional fundraising capabilities even as the broader market faced headwinds.
The firm primarily focuses on infrastructure, renewable energy, real estate, and private equity investments. Brookfield’s advantage lies in its long-duration capital and deep operational expertise across real assets, particularly in energy transition and digital infrastructure.
Brookfield’s recent major deal includes the $12.4 billion acquisition of Origin Energy in Australia, marking one of the largest global energy-transition transactions. The company continues to scale critical infrastructure platforms positioned to benefit from global decarbonization and rising digital demand.
Brookfield is well-positioned for continued double-digit earnings expansion in 2026, with growth driven by flagship fundraising efforts and its inaugural AI infrastructure strategy.
2. Blackstone
AUM: $1+ trillion
Headquarters: New York, United States
Founded: 1985
Blackstone leads as the largest private equity firm by AUM in 2026, managing over $1 trillion in assets. The firm reported record fee-related earnings in Q4 2024 and deployed $134 billion throughout the year, marking an 81% annual increase in deployment.
Blackstone’s portfolio is well-diversified: approximately 32% in corporate private equity, 28% in real estate, 7% in multi-asset investing, and 33% in credit and insurance. This diversification helps mitigate risks associated with economic cycles.
The firm has moved beyond data centers to invest heavily in the electrical supply chain, including companies like Trystar, to secure power equipment necessary for AI expansion. Blackstone’s strategy in 2026 includes the successful integration of its massive AirTrunk acquisition, positioning the firm as a primary provider of capacity for hyperscale cloud providers.
Unlike competitors Apollo and KKR, Blackstone maintains a traditional capital-light, fee-based asset management model. This approach requires continuous fundraising success but keeps risk lower.
3. Apollo Global Management
AUM: $840 billion
Headquarters: New York, United States
Founded: 1990
Apollo Global Management manages $840 billion in AUM as of Q2 2025, with the firm experiencing 21% year-over-year AUM growth. The firm has aggressive plans to reach $1 trillion by 2026 and $1.5 trillion within five years.
Apollo differentiates itself through its focus on creative credit solutions and distressed assets. The firm’s credit segment accounts for the lion’s share of its total AUM, making it one of the largest players in private credit markets.
Apollo went public in 2011 and classifies its strategies uniquely as Yield, Hybrid, and Equity, highlighting its emphasis on balance-sheet-driven investing rather than traditional buyout structures. The firm was the first among its peers to venture into an insurance-backed perpetual capital model through its merger with insurer Athene.
Apollo demonstrated its contrarian approach by committing over $2 billion across four transactions in less than two months following tariff announcements in early 2025, maintaining aggressive dealmaking despite market volatility.
4. KKR (Kohlberg Kravis Roberts)
AUM: $686+ billion
Headquarters: New York, United States
Founded: 1976
KKR oversees about $686 billion in AUM as of Q2 2025, raising $43 billion in fresh capital during Q3 2025 alone—its strongest quarter for inflows in four years. The firm demonstrated 18% compound annual growth rate in AUM since 2010.
Founded by Jerome Kohlberg Jr., Henry Kravis, and George Roberts, KKR built its reputation as a leveraged buyout pioneer. The firm has since evolved into a diversified global investor with emphasis on operational improvements and long-term value creation.
KKR solidified a $50 billion strategic partnership with Energy Capital Partners in late 2025 to accelerate the construction of data centers and power generation infrastructure required to keep them online. This move into real assets has allowed approximately 80% of its earnings to come from recurring management fees.
KKR is targeting Total Operating Earnings of $7.00 per share by 2026, rising to $15.00 within 10 years. The firm posted $22.7 billion in revenue and nearly $4.1 billion in profits over the last twelve months.
5. The Carlyle Group
AUM: $440+ billion
Headquarters: Washington, D.C., United States
Founded: 1987
The Carlyle Group manages approximately $426-440 billion in AUM and is known for its diversified investment approach across buyouts, growth capital, real assets, and private credit. The firm saw a 50% rise in deployment in 2024, driven by global credit, corporate private equity, and secondaries.
In a noteworthy strategic shift, Carlyle’s private debt business surpassed its private equity division for the first time in 35 years in 2022. This evolution underscores the firm’s adaptability and diversified investment approach.
Carlyle’s recent deal activity includes an agreement to acquire a majority stake in BASF’s coatings business in a transaction valued at about €7.7 billion. This highlights its continued ability to execute large industrial carve-outs and expand its global presence.
The firm has a strong global presence with investments spanning aerospace and defense, technology, healthcare, consumer goods, and industrials across the Americas, Europe, and Asia. Management stated the firm was well-positioned to exceed its 2025 financial targets thanks to strong inflows and momentum in strategic growth engines.
6. EQT Partners
AUM: $280+ billion
Headquarters: Stockholm, Sweden
Founded: 1994
As of 2025, EQT’s assets under management are €266 billion (approximately $285 billion), of which €141 billion are fee-generating. EQT is ranked as the third-largest private equity firm worldwide based on funds raised according to Private Equity International’s 2024 PEI 300 ranking.
Based in Sweden, EQT raised $113.3 billion over the past five years, making it Europe’s largest private equity firm by fundraising. The firm focuses on sustainability, digitization, and active ownership, with thematic strategies in healthcare, technology, and infrastructure.
EQT is known for its AI-driven platform “Motherbrain” and its strategic approach to expanding portfolios globally. The firm’s recent acquisition of Perficient in a $3 billion take-private transaction highlights its continued focus on scaling enterprise technology and digital services platforms.
In January 2026, EQT announced plans to combine with Coller Capital to enter the secondaries market, marking a significant strategic evolution for the firm.
7. TPG Capital
AUM: $222+ billion
Headquarters: Fort Worth, Texas, United States
Founded: 1992
TPG Capital’s assets under management stand at around $222 billion as of 2024. Originally known as Texas Pacific Group, the firm was founded by David Bonderman, James Coulter, and William S. Price.
TPG has extended its influence into Asian and European markets, helping both regional investments and American-based portfolio companies expand internationally. The firm specializes in healthcare, technology, and consumer goods sectors.
TPG Capital holds approximately $160 billion in its private equity arm, with strong performances in impact investing and growth equity. TPG successfully completed its IPO in 2022, opting for a listing on the Nasdaq index.
The firm’s diversified investment strategy spans private equity, credit, real estate, and market solutions across more than 300 portfolio companies in virtually all industries across 30 countries.
8. CVC Capital Partners
AUM: $230+ billion
Headquarters: St Helier, Jersey
Founded: 1981
CVC Capital Partners manages approximately $180-230 billion in AUM and stands as the largest European private equity company by assets under management. The firm was initially established in 1981 as Citigroup’s venture capital arm in Europe.
CVC remains a key player in the industry with its strategic focus on mid-market buyouts across Europe and North America. The firm has built its reputation through operational improvement strategies and international expansion initiatives.
With over $204 billion in total assets under management and $200 billion in capital commitments since inception, CVC has maintained high-performing flagship buyout funds. The firm’s Fund IX has been particularly successful, contributing to its position as a leading PE player outside the United States.
In 2025, CVC formed a $300 million strategic partnership with Madison International Realty to target real estate secondary transactions via its Capital Solutions arm, focusing on data centers, logistics, and residential properties.
9. Bain Capital
AUM: $205+ billion
Headquarters: Boston, Massachusetts, United States
Founded: 1984
Bain Capital manages around $180-205 billion in AUM, with deep operational expertise and a global footprint. The firm was established by management consultancy Bain & Company as a separate entity in 1984.
Bain focuses on value creation through active management and strategic guidance in sectors like technology, healthcare, and finance. The firm comprises five affiliate businesses: Bain Capital Private Equity, Brookside Capital, Sankaty Advisors, Bain Capital Ventures, and Absolute Return Capital.
In its early years, Bain Capital focused on venture deals, making profitable investments in companies such as Staples and Gartner Group. By the late 1980s, the firm shifted its investment approach to focus on private equity through growth capital and leveraged buyouts.
Bain Capital’s recent $1.2 billion acquisition of UK insurer Esure Group highlights the firm’s continued focus on large-scale control investments in regulated, cash-generative financial services businesses.
In 2025, Bain announced an investment in HSO, a global leader in Microsoft Cloud and AI business applications, reflecting increased focus on the AI sector.
10. Thoma Bravo
AUM: $181+ billion
Headquarters: Chicago and San Francisco, United States
Founded: 2008
Thoma Bravo is an American private equity firm that specializes in the technology sector, with $181 billion in assets under management. The firm particularly acquires companies that develop business software, with over 75 portfolio companies.
Thoma Bravo raised $88.2 billion over the past five years, leading in software-focused private equity. Based in Chicago and San Francisco, the firm invests in cybersecurity, SaaS, and fintech, driving growth through strategic M&A and operational improvements.
Thoma Bravo’s $12 billion take-private of Dayforce (formerly Ceridian) stands out as one of the largest enterprise software buyouts in recent years. The firm’s edge in 2026 lies in deep software specialization, with operational rigor supporting margin expansion and cash flow.
In a notable move, Thoma Bravo announced a substantial $32.4 billion fund earmarked for new acquisitions in the technology sector, demonstrating its strategic foresight in pursuing value-driven investments.
11. Partners Group
AUM: $170+ billion
Headquarters: Zug, Switzerland
Founded: 1996
Partners Group manages approximately $170 billion in AUM, investing across private equity, private debt, infrastructure, and real estate. The firm focuses on mid-market growth platforms, energy transition assets, and digital infrastructure with a global footprint.
Partners Group’s strength in 2026 comes from its platform-led investment approach, pairing long-duration ownership with hands-on asset management. The firm targets companies at various stages of maturity with thematic investing guiding capital allocation.
In 2025, Partners Group agreed to acquire Life Cycle Power, a leading provider of mobile power generation solutions with an 897 MW fleet in the U.S., expanding its infrastructure exposure in grid resiliency and mission-critical energy services.
The firm’s diversified approach across multiple alternative asset classes provides resilience against market volatility while maintaining strong returns for investors.
12. Brookfield (Private Equity Division)
AUM: $150 billion
Headquarters: Toronto, Canada
Founded: 1899
Brookfield’s private equity division manages $150 billion in AUM separately from its broader $1 trillion total AUM. The PE unit’s portfolio companies represent a broad range of industries, from financial services to infrastructure assets providers and manufacturers.
Brookfield’s private equity venture seeks out high-quality businesses that offer essential products. The firm acquires these businesses and transforms them to create long-term value, leveraging more than a century of investment experience.
As one of the oldest and largest PE firms in the world, Brookfield brings deep expertise and patient capital to its investments. The firm’s approach emphasizes operational transformation and long-term value creation rather than quick exits.
13. Ardian
AUM: $158 billion (total), $121 billion (PE division)
Headquarters: Paris, France
Founded: 1996
Ardian is a French investment house with a global footprint that invests in private equity, credit, and real estate. Private equity is Ardian’s largest investment unit, with $121 billion in assets under management.
Across its various investment divisions, Ardian has a total AUM of $158 billion. The firm manages diversified portfolios spanning multiple geographies and asset classes, with particular strength in European mid-market investments.
Ardian operates as a major player in the European private equity landscape, competing effectively with larger U.S.-based firms through its specialized regional knowledge and operational capabilities.
14. Carlyle (Private Equity Division)
AUM: $165 billion
Headquarters: Washington, D.C., United States
Founded: 1987
Carlyle Group’s private equity branch has $165 billion in assets under management, with more than 300 portfolio companies across dozens of countries. This represents the firm’s core private equity operations separate from its broader credit and real assets businesses.
Carlyle’s private equity funds have invested extensively in healthcare, financial services, technology, and aerospace industries. The firm combines global reach with deep sector expertise to identify and execute transformational investments.
The PE unit has demonstrated strong performance across multiple fund cycles, maintaining investor confidence even as the firm expanded into adjacent businesses like private credit and secondaries.
15. Blackstone (Private Equity Division)
AUM: $165 billion
Headquarters: New York, United States
Founded: 1985
Blackstone’s PE branch has $165 billion in assets under management, representing a focused segment of the firm’s $1 trillion total AUM. The PE unit has invested in a portfolio of more than 120 companies across diverse industries.
The firm’s private equity division specializes in large-scale leveraged buyouts and growth equity investments. Blackstone brings operational expertise and strategic resources to transform portfolio companies and drive value creation.
Despite being only one division of Blackstone’s broader platform, the PE unit alone would rank among the largest standalone private equity firms globally by AUM.
16. General Atlantic
AUM: $140+ billion
Headquarters: New York, United States
Founded: 1980
General Atlantic manages approximately $140 billion in AUM, operating as an investment firm focused on growth equity. The firm provides capital and support to help the growth of companies across technology, healthcare, financial services, consumer, life sciences, and climate-related industries.
General Atlantic’s advantage in 2026 lies in its ability to support growth-stage companies through long-term partnerships combined with hands-on operational support. The firm’s deep regional networks across North America, Europe, India, and Latin America enable international expansion and faster scaling for market-leading businesses.
The firm has built a reputation for patient capital and strategic partnership, working closely with management teams to build category-defining companies.
17. TPG (Private Equity Division)
AUM: $135 billion
Headquarters: Fort Worth, Texas, United States
Founded: 1992
TPG’s private equity arm has $135 billion in AUM, focused on diversified investments spanning multiple sectors. The firm’s total AUM across all investment divisions reaches $269 billion, but the PE division remains the core business.
TPG has more than 300 portfolio companies representing virtually all industries across 30 countries. Notable portfolio companies include Airtel, Acorns, Alloy Properties, and Allogene.
The firm’s private equity strategy emphasizes partnership with management teams and operational value creation, combining capital with strategic expertise to build market leaders.
18. Thoma Bravo
AUM: $130 billion
Headquarters: Chicago and San Francisco, United States
Founded: 2008
Thoma Bravo manages approximately $130 billion in AUM and specializes exclusively in technology investments. The firm remains vigilant for opportunities in the software sector, particularly in cybersecurity, SaaS, and enterprise software.
Thoma Bravo’s focused strategy on software and technology companies has proven highly successful. The firm announced a substantial $32.4 billion fund for new acquisitions in the technology sector, demonstrating strategic foresight in pursuing value-driven investments.
The firm’s operational rigor and deep software specialization support margin expansion and cash flow improvements across portfolio companies, with recurring-revenue models providing stability.
19. EQT
AUM: $120 billion
Headquarters: Stockholm, Sweden
Founded: 1994
EQT continues its rapid ascent as one of the most prominent private equity firms globally with an AUM of $120 billion. Based in Sweden, the firm raised $57 billion in a remarkable fundraising year, solidifying its position as a top global fundraiser.
EQT’s focus on Japanese technology deals underscores its strategic approach to expanding portfolios and seizing growth opportunities. The firm maintains momentum following strong performance in recent years.
The firm invests across private equity, infrastructure, and real assets, with emphasis on technology, healthcare, services, energy transition, and digital infrastructure across Europe, North America, and Asia.
20. Vista Equity Partners
AUM: $100+ billion
Headquarters: Austin, Texas, United States
Founded: 2000
Vista Equity Partners manages over $100 billion in assets, with strong emphasis on enterprise software investments. The firm exclusively invests in enterprise software, data, and technology-enabled businesses, targeting high-growth SaaS and mission-critical platforms.
Vista is renowned for its operational rigor and deep specialization in digital transformation. The firm has built its reputation through strategic software investments and systematic value creation initiatives using data-driven processes.
Vista Equity Partners’ $2.6 billion take-private of Duck Creek Technologies in 2023 highlights its continued focus on mission-critical enterprise software platforms serving regulated and data-intensive industries.
The firm’s differentiation lies in its proprietary operating model, with data-driven processes guiding execution and disciplined scaling improving operational performance across portfolio companies.
Key Trends Shaping Private Equity in 2026
AI Infrastructure Dominance
Private equity firms are pouring capital into AI infrastructure, particularly data centers and power generation. The “Innovation Supercycle” treats AI infrastructure as the new core asset class, with Blackstone and KKR acting as primary financiers of the nation’s technological and energy transition.
Firms recognize that AI’s massive power demands create opportunities in both digital infrastructure and energy systems. Investments in modular nuclear reactors and renewable energy sources are becoming strategic priorities.
Private Credit Growth
The shift toward private credit continues accelerating. Traditional bank lending remains cautious about large-scale specialized tech builds, creating opportunities for private credit funds to provide leverage for multi-billion dollar AI projects.
Several major PE firms have built substantial credit businesses that now rival or exceed their traditional private equity operations in size. This trend reflects both investor demand for yield and operational advantages of permanent capital structures.
Strategic Divergence
The three largest players: Blackstone, Apollo, and KKR are pursuing dramatically different business models. Blackstone maintains a capital-light, fee-based approach. Apollo and KKR embrace insurance-backed leverage through acquisitions of insurance operations.
These strategic choices will determine which firms thrive during economic stress, as each model creates different risk profiles and vulnerabilities.
Sector Specialization
Successful PE firms increasingly focus on specific sectors where they can develop deep expertise. Technology-focused firms like Thoma Bravo and Vista Equity Partners demonstrate the advantages of concentrated portfolios and specialized knowledge.
Sector specialization enables firms to identify unique opportunities, drive operational improvements, and manage risks more effectively, often leading to stronger investment outcomes.
Fundraising Concentration
Capital is flowing to fewer, larger firms rather than spreading across many managers. The top firms are raising mega-funds exceeding $10 billion while smaller firms struggle to attract commitments.
This concentration reflects institutional investors’ preference for established relationships, proven track records, and the operational resources that only the largest firms can provide.
ESG and Energy Transition
European firms particularly emphasize environmental, social, and governance factors in investment decisions. EQT Partners has integrated ESG metrics into every stage of its investment cycle.
Energy transition investments represent a major focus area, with firms deploying capital into renewable energy, grid infrastructure, and technologies supporting decarbonization goals.
What This Means for 2026
The private equity landscape in 2026 is characterized by unprecedented scale, strategic divergence, and focus on transformational technologies. The industry’s largest firms are well-capitalized to pursue major acquisitions and infrastructure investments.
With the Federal Reserve stabilizing interest rates and a massive $2 trillion in industry-wide “dry powder” hitting the market, the U.S. asset management sector is poised for one of its most active years in history.
Private equity firms are moving beyond traditional financial engineering toward operational transformation and long-term value creation. The emphasis on AI infrastructure, energy systems, and sector specialization reflects recognition that future returns will come from identifying and building the essential systems powering the digital economy.
For companies seeking private equity investment, the current environment offers opportunities to partner with well-capitalized firms that can provide both funding and operational expertise. For investors, the concentration of capital among the largest firms reflects their proven ability to navigate complex markets and deliver returns across economic cycles.
The competition among these 20 firms will shape global business for years to come, determining which technologies scale, which industries consolidate, and how capital flows through the world economy.