Visualizing the 25 Largest Private Equity Firms in the World
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The 25 Largest Private Equity Firms in One Chart

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The 25 Largest Private Equity Firms in One Chart

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The 25 Largest Private Equity Firms Since 2015

Frequent the business section of your favorite newspaper long enough, and you’ll see mentions of private equity (PE).

Maybe it’s because a struggling company got bought out and taken private, just as Toys “R” Us did in 2005 for $6.6 billion.

Otherwise, it’s likely a mention of a major investment (or payout) that a PE firm scored through venture or growth capital. For example, after Airbnb had to postpone its original plans for a 2020 initial public offering (IPO) in light of the pandemic, the company raised more than $1 billion in PE funding to plan for a new listing later this year.

Yet many people don’t fully understand the size and scope of private equity. To demonstrate the impact of PE, we break down the funds raised by the top 25 firms over the last five years.

How Private Equity Firms Operate

First, we need to differentiate between private equity and other forms of investment.

A PE firm makes investments and provides financial backing to startups and non-public companies (or public companies that are being taken private).

Each firm raises a PE fund by pooling capital from investors, which it then uses to carry out transactions such as leveraged buyouts, venture and growth capital, distressed investments, and mezzanine capital.

Unlike other investment firms such as hedge funds, private equity firms take a direct role in managing their assets. In order to maximize value, that can mean asset stripping, lay-offs, and other significant restructuring.

Traditionally, PE investments are held on a longer-term basis, with the goal of maximizing the target company’s value through an IPO, merger, recapitalization, or sale.

The List: The Most PE Funds Raised in Five Years

So which names should you know in private equity?

Here are the largest 25 private equity firms by their five-year PE fundraising total over the last five years, with data on funds and investments from respective firms and Private Equity International.

They include well-known private equity houses like The Blackstone Group and KKR (Kohlberg Kravis Roberts), as well as investment managers with private equity divisions like BlackRock.

RankPrivate Equity Firm5-Year Funds Raised ($B)Notable Current Investments
1The Blackstone Group95.95Refinitiv, Merlin Entertainments
2The Carlyle Group61.72ZoomInfo, PPD
3Kohlberg Kravis Roberts & Co. 54.76Axel Springer SE, Epic Games
4TPG Capital38.68Cirque du Soleil, Cushman & Wakefield
5Warburg Pincus37.59Airtel, Sundyne
6Neuberger Berman36.51Marquee Brands, Telxius
7CVC Capital Partners35.88Petco, Premiership Rugby
8EQT Partners34.46Dunlop Protective Footwear, SUSE
9Advent International33.49Cobham, Serta Simmons Bedding,
10Vista Equity Partners32.1Finastra, Mindbody
11Leonard Green & Partners26.31Lucky Brand, Signet Jewelers
12Cinven26.15Kurt Geiger, Hotelbeds
13Bain Capital25.74Virgin Voyages, Canada Goose
14Apollo Global Management25.42ADT, Chuck E Cheese's
15Thoma Bravo25.29Dynatrace, McAfee
16Insight Partners22.74Monday.com, HelloFresh
17BlackRock22.46Authentic Brands Group, Qumulo
18General Atlantic22.42Airbnb, Vox Media
19Permira22.21Dr. Martens, Informatica
20Brookfield Asset Management21.69Multiplex, Westinghouse Electric
21EnCap Investments21.33Pegasus Resources, Lotus Midstream
22Francisco Partners19.13Verifone, GoodRx
23Platinum Equity18.00Livingston International, Palace Sports & Entertainment
24Hillhouse Capital Group17.89Miniso, Belle International
25Partners Group17.87Civica, KinderCare Education 

Most of the world’s top PE firms, including TPG Capital (which invested in Ducati Motorcycles, J. Crew, and Del Monte Foods) and Advent International (an early investor in Lululemon Athletica) are headquartered in the U.S.

In fact, of the largest 25 private equity firms in the last five years, just four are headquartered in Europe (CVC, EQT, Cinven, and Permira) and one in Asia (Hillhouse).

Another name that might be recognizable is Bain Capital, which was co-founded by Utah Senator and former Republican Presidential nominee Mitt Romney and found success with investments in AMC Theatres, Domino’s Pizza, and iHeartMedia.

Famous Private Equity Investments

One of the most surprising things investors discover about private equity is how many large organizations have been funded through the PE world.

More well-known investments include KKR’s $31.1 billion takeover of food and tobacco conglomerate RJR Nabisco in 1989, and Blackstone’s $26 billion buyout of Hilton Hotels Corporation in 2007.

But other well-known companies have been funded, saved, or restructured through private equity. That list includes grocery chain Safeway, fast food chain Burger King, international racing operator Formula One Group, and hotel and casino company Caesars Entertainment (then called Harrah’s Entertainment).

Many other notable investments could soon pay off for private equity. With IPOs back in season, tech companies like Airbnb and Epic Games are ripe for payouts. At the same time, restructuring companies like J. Crew and Chuck E Cheese’s always offers a chance to recapitalize.

With the COVID-19 economic downturn resulting in newly distressed companies and potential takeover targets, expect the private equity world to be very active in the foreseeable future.

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Companies Going Public in 2021: Visualizing IPO Valuations

Tracking the companies that have gone public in 2021 so far, their valuation, and how they did it.

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Companies Going Public in 2021 08 Share

Companies Going Public in 2021: Visualizing Valuations

The beginning of the year has been a productive one for global markets, and companies going public in 2021 have benefited.

From much-hyped tech initial public offerings (IPOs) to food and healthcare services, many companies with already large followings have gone public this year. Some were supposed to go public in 2020 but got delayed due to the pandemic, and others saw the opportunity to take advantage of a strong current market.

This graphic measures 47 companies that have gone public just past the first half of 2021 (from January to July)— including IPOs, SPACs, and Direct Listings—as well as their subsequent valuations after listing.

Who’s Gone Public in 2021 So Far?

Historically, companies that wanted to go public employed one main method above others: the initial public offering (IPO).

But companies going public today readily choose from one of three different options, depending on market situations, associated costs, and shareholder preference:

  • Initial Public Offering (IPO): A private company creates new shares which are underwritten by a financial organization and sold to the public.
  • Special Purpose Acquisition Company (SPAC): A separate company with no operations is created strictly to raise capital to acquire the company going public. SPACs are the fastest method of going public, and have become popular in recent years.
  • Direct Listing: A private company enters a market with only existing, outstanding shares being traded and no new shares created. The cost is lower than that of an IPO, since no fees need to be paid for underwriting.

So far, the majority of companies going public in 2021 have chosen the IPO route, but some of the biggest valuations have resulted from direct listings.

Listing DateCompanyValuation ($B)Listing Type
08-Jan-21Clover Health$7.0SPAC
13-Jan-21Affirm$11.9IPO
13-Jan-21Billtrust$1.3SPAC
14-Jan-21Poshmark$3.0IPO
15-Jan-21Playtika$11.0IPO
21-Jan-21Hims and Hers Health$1.6SPAC
28-Jan-21Qualtrics$15.0IPO
09-Feb-21Metromile-SPAC
11-Feb-21Bumble$8.2IPO
26-Feb-21ChargePoint Holdings$0.45SPAC
03-Mar-21Oscar Health$7.9IPO
10-Mar-21Roblox$30.0Direct Listing
11-Mar-21Coupang$60.0IPO
23-Mar-21DigitalOcean$5.0IPO
25-Mar-21VIZIO$3.9IPO
26-Mar-21ThredUp$1.3IPO
31-Mar-21Coursera$4.3IPO
01-Apr-21Compass$8.0IPO
14-Apr-21Coinbase$86.0Direct Listing
15-Apr-21AppLovin$28.6IPO
21-Apr-21UiPath$35.0IPO
21-Apr-21DoubleVerify$4.2IPO
05-May-21The Honest Company$1.4IPO
07-May-21Lightning eMotors$0.82SPAC
07-May-21Blade Air Mobility$0.83SPAC
19-May-21Squarespace$7.4Direct Listing
19-May-21Procore$9.6IPO
19-May-21Oatly$10.0IPO
26-May-21ZipRecruiter$2.4IPO
26-May-21FIGS$4.4IPO
01-Jun-21SoFi$8.7SPAC
02-Jun-21BarkBox$1.6SPAC
08-Jun-21Marqueta$15.0IPO
10-Jun-21Monday.com$7.5IPO
16-Jun-21WalkMe$2.5IPO
22-Jun-21Sprinklr$3.7IPO
24-Jun-21Confluent$9.1IPO
29-Jun-21Clear$4.5IPO
30-Jun-21SentinelOne$10.0IPO
30-Jun-21LegalZoom$7.0IPO
30-Jun-21Didi Chuxing$73.0IPO
16-Jul-21Blend$4IPO
21-Jul-21Kaltura$1.24IPO
21-Jul-21DISCO$2.5IPO
21-Jul-21Couchbase$1.4IPO
23-Jul-21Vtex$3.5IPO
23-Jul-21Outbrain$1.1IPO

Though there are many well-known names in the list, one of the biggest through lines continues to be the importance of tech.

A majority of 2021’s newly public companies have been in tech, including multiple mobile apps, websites, and online services. The two biggest IPOs so far were South Korea’s Coupang, an online marketplace valued at $60 billion after going public, and China’s ride-hailing app Didi Chuxing, the year’s largest post-IPO valuation at $73 billion.

And there were many apps and services going public through other means as well. Gaming company Roblox went public through a direct listing, earning a valuation of $30 billion, and cryptocurrency platform Coinbase has earned the year’s largest valuation so far, with an $86 billion valuation following its direct listing.

Big Companies Going Public in Late 2021

As with every year, some of the biggest companies going public are lined up for the later half.

Tech will continue to be the talk of the markets. Payment processing firm Stripe is setting up to be the year’s biggest IPO with an estimated valuation of $95 billion, and now-notorious trading platform Robinhood is looking to go public with an estimated valuation of $12 billion.

But other big players are lined up to capture hot market sentiments as well.

Electric truck startup Rivian Automotive (backed by Amazon) is estimated to earn a public valuation around $70 billion, which would make it one of the world’s largest automakers by market cap. Likewise, online grocery delivery platform InstaCart, which saw a big upswing in traction due to the pandemic, is looking at an estimated valuation of at least $39 billion.

Of course, there’s always a chance that potential public listings and offerings fall through. Whether they get delayed due to weak market conditions or cancelled at the last minute, anything can happen when it comes to public markets.

This post will be periodically updated throughout the year.

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Financing

Which Country is the Cheapest for Starting a Business?

These maps show the most (and least) costly countries for starting a business by relative costs.

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Cost of Starting A Business By Country Share

Which Country is the Cheapest for Starting A Business?

Starting a new business isn’t as simple as coming up with an idea.

In addition to the time investment needed to formulate and create a business, there’s often a hefty capital requirement. A new business usually requires paying different fees for licensing, permits, and approvals, and many governments also have minimum on-hand capital requirements.

And costs are relative. Though it might be more costly to start a business in some countries on paper, affordability also takes into account relative income.

These graphics from BusinessFinancing.co.uk use data from the World Bank’s Doing Business 2020 report to examine the startup cost for a small-to-medium-size LLC in the largest business cities across 190 countries.

The Cost of Starting a Business in Different Countries

From a pure cost perspective, the affordability of starting a business is extremely dependent on where you are located.

Some countries make the cost of business extremely low to encourage more economic activity. Others have high or nearly inaccessible fees to protect existing businesses, or to simply cash in on the entrepreneurial spirit.

CountryCost (2020 USD)% of Monthly Income
Venezuela0-%
Rwanda0-%
Slovenia0-%
Kyrgyzstan80.1
Sudan80.13
Timor Leste100.09
Azerbaijan110.04
Kazakhstan120.02
Ukraine120.06
Egypt130.07
South Africa130.03
Mauritania140.12
Uzbekistan140.13
Chile160.02
United Kingdom170.01
Belarus180.04
Pakistan200.16
Croatia270.03
Sierra Leone290.81
Armenia300.1
Burundi301.77
Iran310.09
Benin320.38
Liberia320.87
Niger320.78
Afghanistan330.86
Georgia330.1
Mongolia370.17
Romania380.05
Botswana400.08
New Zealand430.02
South Korea470.02
Kosovo49-%
Angola540.63
Togo561.29
Indonesia740.3
Bulgaria750.11
Moldova760.24
Mozambique762.09
Russia770.11
Congo (Democratic Republic of the)802.39
Ireland860.02
Lesotho860.89
Mauritius860.1
Lithuania900.07
Tunisia930.42
Belize990.33
Bhutan1000.45
Madagascar1002.72
Laos1050.68
Montenegro1050.16
Denmark1100.02
Serbia1120.24
Trinidad and Tobago1150.1
Malawi1174.72
Morocco1200.52
Zambia1201.28
Cameroon1251.24
Ghana1251.03
Vietnam1280.73
Tajikistan1361.86
China1380.21
India1420.98
Bangladesh1491.11
Ethiopia1503.21
Honduras1520.85
Czech Republic1580.13
Uganda1633.67
Canada1650.05
Argentina1670.21
Eritrea1744.63
Kiribati1740.7
Estonia1760.11
Sri Lanka1760.56
Turkey1770.28
Myanmar1791.73
Nepal1862.43
Jamaica1890.48
Thailand2010.43
North Macedonia2020.52
Algeria2030.79
Comoros2041.9
Greece2040.14
Slovakia2090.17
Brazil2180.35
Nigeria2231.68
Bahrain2310.14
Micronesia, Federated States of2310.82
Paraguay2320.61
Dominican Republic2330.39
Singapore2380.06
Taiwan239-%
Sweden2590.07
Tonga2620.78
Portugal2680.17
Latvia2870.25
Samoa2961
France3180.11
Tanzania3224.55
The Gambia3266.71
Libya3280.59
Guinea-Bissau3325.72
Senegal3433.35
Kenya3533.01
Peru3550.77
Costa Rica3630.4
Colombia3640.85
Brunei3660.18
Hungary3690.34
South Sudan3735.31
Palau375-%
Australia3770.1
Guinea3806.42
Poland3870.36
Philippines3891.44
Swaziland (Eswatini)4251.59
Guyana4361.29
Namibia4461.15
Papua New Guinea4592.71
Vanuatu4842.04
Mali4938.02
Oman5020.65
Hong Kong5121.2
Germany5240.16
Central African Republic52914.55
Malaysia5670.83
Zimbabwe5765.01
Chad59113.58
Albania5971.71
Marshall Islands610-%
Malta620-%
Japan6410.24
Fiji7051.65
United States of America7250.16
Panama7300.66
Spain7360.34
Cambodia7467.55
Finland7970.23
Yemen80810.7
Kuwait8140.31
Guatemala8192.63
Bosnia and Herzegovina8331.93
Seychelles8420.75
Jordan8602.67
Somalia900-%
Haiti94114.03
Gabon9472.18
Nicaragua9486.6
El Salvador9753.53
Dominica10732.31
Iceland10890.23
Barbados11590.92
Congo (Republic of the)122925.46
Israel12410.41
Saudi Arabia12670.81
Antigua and Barbuda1271-%
Bolivia12935.67
Luxembourg13430.27
Uruguay13441.13
Syria139210.41
Grenada1410-%
Mexico14502.34
Switzerland14630.27
Norway14820.27
Iraq15734.34
Cyprus15760.72
Liechtenstein1619-%
Ecuador16304.23
Bahamas18100.89
Netherlands21900.59
Equatorial Guinea23227.18
Belgium24020.74
Austria24750.71
Lebanon28555.35
Suriname303011.14
Qatar39520.92
San Marino4672-%
Italy48762.02
United Arab Emirates74442.23

At a glance, the cheapest regions for starting a business include Central Asia and Africa.

But the cheapest countries on the dollar for a new startup are Venezuela, Rwanda, and Slovenia. While the former does have fees that only total $0.21, both Rwanda and Slovenia have no fees for new businesses, though Slovenia does have a capital requirement of €7,500.

Expensive countries for new businesses are also spread across the world. There are some in Europe, including Italy at $4,876 and Austria at $2,475, as well as the Americas, including Suriname at $3,030 and Ecuador at $1,630.

The most expensive countries, however, are largely in the Middle East. They include #1 UAE at $7,444, #4 Qatar at $3,952, and #6 Lebanon at $2,855.

Which Country is the Most Affordable for Starting a Business?

Just as costs vary by country, so too does relative affordability.

Though some countries are cheaper than others for starting a business on the dollar, the picture changes when accounting for monthly income. When it comes to the cost of starting a business relative to monthly income, many developed countries take the cake.

Not including countries with missing data, the most affordable countries for starting a business include the UK, Denmark, and Ireland in Europe, South Korea in East Asia, and New Zealand in Oceania. Startup costs in each range from just 1%-2% of monthly income.

The picture is similar in the Americas, where Chile and Canada have the lowest relative fees at 2% and 5% of monthly income respectively. Even the U.S.—which has a decently high cost of $725 for starting a business—is relatively affordable at 16% of monthly income.

Some of the least affordable countries lie in the Middle-East and Central America. Haiti and Suriname have startup costs that are 1,403% and 1,114% of monthly income, while Yemen has affordability rates of 1,070%.

But the least affordable countries are in Africa. Many countries on the continent have startup costs that are more than 100% of monthly income, but the Republic of the Congo and the Central African Republic have affordability rates of 2,546% and 1,455% of monthly income, respectively.

Where is the best place to start a business? It can depend on the barrier to entry. But the biggest barrier takes time and ingenuity: finding the right idea at the right time.

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