Markets

Visualizing the World’s Top 50 Private Equity Firms in 2025

Published

1 month ago

June 12, 2025

Dorothy Neufeld

Graphics/Design:

Sabrina Lam

See this visualization first on the Voronoi app.

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Visualizing the World’s Top 50 Private Equity Firms in 2025

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Key Takeaways

New York-based KKR takes top spot in the PEI 300 rankings by Private Equity International, raising $117.9 billion over the past five years.
Following next in line is mega-fund EQT, the largest private equity (PE) firm in Europe.
Falling to third place is Blackstone, which recently invested $300 million into AI platform DDN, whose customers include Elon Musk’s xAI.

In the last five years, the top 300 private equity (PE) firms raised $3.3 trillion—up just 0.4% from last year’s total.

Overall, PE fundraising has slumped in recent years, with many expecting the trend to continue in 2025. At the same time, the industry is getting increasingly divided—with the six largest players raising 60% of total funds in the first nine months of 2024.

This graphic shows the top 50 PE firms globally, based on data from Private Equity International.

Ranked: The Global Leaders in Private Equity

Below, we show the biggest PE firms by capital raised between 2020 and 2024:

Ranking	Name	City	Capital Raised 2020-2024 (B)
1	KKR	New York	$117.9
2	EQT	Stockholm	$113.3
3	Blackstone	New York	$95.7
4	Thoma Bravo	Chicago	$88.2
5	TPG	San Francisco	$72.6
6	CVC Capital Partners	Luxembourg	$72.5
7	Hg	London	$72.5
8	Hellman & Friedman	San Francisco	$50.2
9	Clayton, Dubilier & Rice	New York	$49.8
10	Insight Partners	New York	$48.2
11	Silver Lake	Menlo Park	$47.1
12	Clearlake Capital Group	Santa Monica	$45.2
13	General Atlantic	New York	$44.7
14	Goldman Sachs Asset Management	New York	$42.6
15	Bain Capital	Boston	$40.5
16	Advent International	Boston	$38.2
17	The Carlyle Group	Washington DC	$36.4
18	Warburg Pincus	New York	$34.2
19	Andreessen Horowitz	Menlo Park	$34.2
20	Vista Equity Partners	Austin	$31.9
21	Apollo Global Management	New York	$31.3
22	Neuberger Berman Private Markets	New York	$31.3
23	TA Associates	Boston	$30.5
24	GTCR	Chicago	$30.2
25	Veritas Capital	New York	$29.7
26	Bridgepoint	London	$29.3
27	New Mountain Capital	New York	$28.5
28	Partners Group	Baar	$27.3
29	Cinven	London	$27.2
30	Apax Partners	London	$27.2
31	Stone Point Capital	Greenwich	$27.2
32	Nordic Capital	St Helier	$26.6
33	Leonard Green & Partners	Los Angeles	$26.2
34	Francisco Partners	San Francisco	$25.8
35	Tiger Global Management	New York	$25.7
36	Blue Owl Capital	New York	$25.7
37	Brookfield Asset Management	Toronto	$25.4
38	Genstar Capital	San Francisco	$25.3
39	Permira Advisers	London	$23.8
40	BDT & MSD Partners	Chicago	$23.1
41	Summit Partners	Boston	$22.2
42	Ardian	Paris	$21.7
43	Platinum Equity	Beverly Hills	$21.5
44	China Merchants Capital	Shenzhen	$20.1
45	Hillhouse Capital Group	Hong Kong	$19.9
46	PSG	Boston	$19.3
47	L Catterton	Greenwich	$19.1
48	HarbourVest Partners	Boston	$17.8
49	The Jordan Company	New York	$17.2
50	ICONIQ Capital	San Francisco	$16.7

With $117.9 billion raised, PE giant KKR leads the rankings, driven by its focus on opportunities in North America and Asia.

Most recently, the firm acquired a 12% stake in medical supply company Henry Schein, while working with the company to consider an employee-ownership model. With 284 portfolio companies, KKR manages $620 billion in assets overall.

Ranking in second is Swedish buyout firm EQT, raising $113.3 billion in the past five years. In 2024, fund exits surged by 72% in a record-breaking year. With IPOs covering skincare firm Golderma to exits for data center provider EdgeConneX, EQT saw the highest fund exits globally.

Meanwhile, Blackstone, one of the largest owners of commercial property worldwide, fell from first to third place with $95.7 billion in capital raised.