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Ranked: The World’s 50 Largest Private Equity Firms

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See this visualization first on the Voronoi app.

This circular barplot shows the top 50 private equity firms in the world based on capital raised over the last five years ending March 2023.

The World’s 50 Largest Private Equity 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.

In 2023, private equity firms controlled $8.2 trillion in assets globally according to McKinsey & Company, a figure that has rapidly expanded since the industry first emerged 40 years ago.

As large investors such as pension funds and insurance companies increasingly look to private markets, these alternative asset managers have seen their assets grow by more than twofold in the last five years.

This graphic shows the top 50 private equity firms worldwide, based on data from Private Equity International (PEI).

The Top 50 Private Equity Firms

To determine the rankings, private equity firms were defined as those that raise capital with the purpose of directly investing in businesses, covering diversified private equity, venture capital, growth equity, buyouts, along with turnaround or control-oriented distressed investment capital.

The ranking does not include funds of funds, private investment in public equity (PIPE), or funds that follow a secondaries, real estate, infrastructure, hedge fund, debt or mezzanine strategies.

Below, we show the 50 biggest private equity companies around the world, measured by the scale of capital raised over the five-year period ending March 31, 2023:

RankingFund ManagerCityCapital Raised
1BlackstoneNew York$125.6B
2KKRNew York$103.7B
3EQTStockholm$101.7B
4Thoma BravoChicago$74.1B
5The Carlyle GroupWashington DC$69.7B
6TPGFort Worth$55.0B
7Advent InternationalBoston$52.9B
8HgLondon$51.0B
9General AtlanticNew York$48.7B
10Warburg PincusNew York$48.5B
11Silver LakeMenlo Park$48.3B
12Goldman SachsNew York$45.4B
13Bain CapitalBoston$44.3B
14Clearlake Capital GroupSanta Monica$44.0B
15CVC Capital PartnersLuxembourg$41.8B
16Vista Equity PartnersAustin$41.5B
17Clayton, Dubilier & RiceNew York$41.1B
18Hellman & FriedmanSan Francisco$40.9B
19Insight PartnersNew York$40.2B
20Leonard Green & PartnersLos Angeles$39.6B
21Permira AdvisersLondon$34.8B
22CinvenLondon$32.7B
23Brookfield Asset ManagementToronto$31.2B
24Nordic CapitalSaint Helier$31.1B
25Genstar CapitalSan Francisco$29.9B
26Francisco PartnersSan Francisco$28.3B
27Tiger Global ManagementNew York$28.3B
28Blue Owl CapitalNew York$27.2B
29Partners GroupZug$26.7B
30Ares ManagementLos Angeles$26.6B
31Hillhouse Capital GroupSingapore$26.4B
32L CattertonGreenwich$24.1B
33Neuberger Berman
Private Markets
New York$23.7B
34PAI PartnersParis$23.7B
35TA AssociatesBoston$23.5B
36Apollo Global ManagementNew York$22.8B
37Stone Point CapitalGreenwich$22.3B
38BC PartnersLondon$20.3B
39Adams Street PartnersChicago$20.2B
40BlackRockNew York$19.9B
41BDT & MSD PartnersChicago$19.5B
42Veritas CapitalNew York$19.0B
43BridgepointLondon$18.0B
44ArdianParis$17.9B
45HarbourVest PartnersBoston$17.5B
46China Reform Fund
Management Corporation
Beijing$16.8B
47Andreessen HorowitzMenlo Park$16.7B
48Thomas H. Lee PartnersBoston$16.0B
49Summit PartnersBoston$16.0B
50PSG EquityBoston$15.8B

Private equity titan Blackstone is the top in the United States and the world, raising $125.6 billion in capital from 2018 to 2023.

Headquartered in New York, Blackstone’s total assets under management stood at $991 billion as of the first quarter of 2023, and have since surpassed $1 trillion this year. For perspective, this is comparable to the GDP of the Netherlands.

Following next in line are KKR and Sweden’s EQT, each raising over $100 billion. In fact, this was the first time three firms achieved this $100 billion equity-raise milestone in PEI’s ranking over a five-year period. This was particularly notable given a challenging fundraising landscape amid higher borrowing costs and lagging dealmaking activity.

North American Firms Dominate Private Equity

As we can see, the vast majority of the biggest private equity firms are based in America, accounting for 36 of the top 50 firms globally. North American PE firms made up $1.34 trillion (72%) of the $1.85 trillion raised by the top 50 firms in the ranking.

Falling in second by a wide margin is Europe, with nine firms making up $179 billion (9.7%) of the total funds raised. Many of Europe’s largest private equity firms are based in London, England, with the most prominent asset managers in the city being Hg and Permira Advisors.

Across Asia, the top alternative investment firm was Singapore-based Hillhouse Capital Group, which launched in 2005. The firm has backed several internet companies spanning from Tencent, the largest publicly-traded company in China, to Baidu, but has faced increasing setbacks amid regulatory crackdowns and a sluggish Chinese stock market.

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Sports

Ranked: Which NHL Team Takes Home the Most Revenue?

The Oilers are the second-highest earning team in the NHL and the Panthers are 26th. We show the top teams in the NHL by revenue in 2023.

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Visualization of NHL team revenues

Which NHL Team Takes Home the Most Revenues?

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.

This graphic shows every NHL team’s revenue from the 2022/23 season using data from Forbes, compiled by JP Morgan Asset Management.

Ranked: The Highest-Earning NHL Teams

As the final round of the Stanley Cup Playoffs wears on, two teams on different ends of the revenue spectrum face off.

Despite representing a much smaller city than the other teams at the top of the ranking, the Edmonton Oilers have the second highest revenue in the league at $281 million. The Oilers have seen the fastest revenue growth over the past five years (13%) as the team has improved.

Team2022-23 Season RevenueValuation
Toronto Maple Leafs$281M$2.8B
Edmonton Oilers$281M$1.9B
Los Angeles Kings$279M$2.0B
New York Rangers$265M$2.7B
Montreal Canadiens$265M$2.3B
New Jersey Devils$240M$1.5B
Boston Bruins$239M$1.9B
Vegas Golden Knights$233M$1.1B
Chicago Blackhawks$228M$1.9B
Philadelphia Flyers$219M$1.7B
Washington Capitals$218M$1.6B
Dallas Stars$210M$1.1B
Pittsburgh Penguins$207M$1.2B
Detroit Red Wings$199M$1.2B
Vancouver Canucks$198M$1.3B
Seattle Kraken$197M$1.2B
Tampa Bay Lightning$196M$1.3B
Minnesota Wild$185M$1.1B
St Louis Blues$184M$1.0B
New York Islanders$183M$1.6B
Calgary Flames$183M$1.1B
Colorado Avalanche$182M$1.2B
Nashville Predators$180M$1.0B
Carolina Hurricanes$177M$0.8B
Anaheim Ducks$164M$0.9B
Winnipeg Jets$162M$0.8B
Florida Panthers$161M$0.8B
Buffalo Sabres$159M$0.8B
San Jose Sharks$158M$0.9B
Columbus Blue Jackets$151M$0.8B
Ottawa Senators$128M$1.0B
Arizona Coyotes$120M$0.5B

In the 2022/23 season, the Florida Panthers pulled off a major upset in the first round of the playoffs and fought their way to the finals before losing to the Vegas Golden Knights.

Despite the success last season, the Panthers still find themselves in the bottom six in this ranking, with $161 million in revenue. The team also has the second lowest operating income in the league, after Ottawa. Florida is an emerging hockey market though, with revenue increasing 9% over the past five years.

Other Hockey Revenue Highlights

  • Along with the Oilers, the Toronto Maple Leafs sit at the top of the revenue ranking. There is a key difference though: the Maple Leafs have a higher valuation-to-revenue multiple (10x vs 6.6x).
  • Professional hockey remains attractive to advertisers. In the 2022/23 season, team-specific sponsorship revenue was 36% higher than in 2018/19.
  • The team with the lowest revenue, the Arizona Coyotes, will be moving to Utah next season.
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