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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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Business

Visualizing the Revenue of the Big Four Accounting Firms

The Big Four accounting firms amassed over $200 billion in combined revenue in 2023.

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Donut chart showing revenue of the top four accounting firms.

Visualizing the Revenue of the Big Four Accounting Firms

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

The Big Four accounting firms – Deloitte, Ernst & Young (EY), PricewaterhouseCoopers (PwC), and KPMG – have solidified their positions as global industry leaders, boasting a combined revenue exceeding $200 billion in 2023.

Together, these firms audit the majority of publicly traded companies worldwide.

This infographic details the revenues of the “Big Four” accounting firms for the fiscal year 2023, based on data from Statista.

Deloitte Leads the Big Four in 2023 Revenues

Offering diverse services, the Big Four specialize in auditing and assurance, ensuring financial transparency, and regulatory compliance for their clients. Additionally, they provide strategic consulting services. All four are legally headquartered in the UK and command a dominant global market share.

CompanyAuditing & AssuranceConsultingTaxOtherTotal ($ billions)
Deloitte$20.1$29.6$10.3$5.1$65.1
PwC$18.7$22.6$11.8$53.1
EY$15.1$16.1$12.1$6.1$49.4
KPMG$12.6$15.9$7.9$36.4

Interestingly, the largest accounting firms were formerly known as the “Big Eight,” but mergers and closures starting in the late 1980s have reduced their number to four.

The original group consisted of Arthur Andersen, Arthur Young, Coopers & Lybrand, Deloitte Haskin & Sells, Ernst & Whinney, Peat Marwick Mitchell, Price Waterhouse, and Touche Ross, all headquartered in the U.S. or UK.

Arthur Young merged with Ernst & Whinney, and Deloitte Haskin & Sells combined with Touche Ross. Subsequently, Price Waterhouse and Coopers & Lybrand merged their practices, reducing the count to five. However, following the collapse of Arthur Andersen due to its involvement in the Enron scandal, the “Big Five” became the present-day four.

The Scale of the Big Four

Deloitte is the largest in terms of headcount, with over 456,000 employees as of FY2023, followed by Ernst & Young with more than 395,000 workers, and PwC with 364,000. Despite being the smallest among the four, KPMG still has 298,356 employees.

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