Top 10 Largest Private Equity Firms by Assets Under Management (AUM) in 2025

Global investments are growing at an incredible pace, and private equity firms are playing a major role in shaping the financial landscape. According to PwC, global Assets Under Management (AUM) are expected to reach $145.4 trillion by 2025! This is a massive jump driven by increased investor confidence and expanding financial markets.

But what exactly is AUM and what are Private Equity Firms? Let’s first understand these key terms.

• AUM:

Simply put, AUM (Assets Under Management) refers to the total market value of investments managed by a financial firm or institution on behalf of clients. This includes stocks, bonds, real estate, and other assets that investors entrust to professional fund managers.

• Private Equity Firms:

Private equity firms are investment companies that buy, improve, and sell businesses for profit. They raise capital from wealthy individuals, institutions, and pension funds to invest in companies, aiming to enhance their value before selling them at a higher price. Unlike public companies, these firms invest in private businesses or take public companies private to restructure and grow them efficiently.

List of Largest Private Equity Firms by Assets Under Management (AUM)

1. BlackRock

BlackRock is the largest private equity firm in the world with $11.6 trillion Assets Under Management in 2024. The firm stands out for its expansive portfolio of services and global market presence with 70 offices in 30 countries. BlackRock focuses on investment, advisory, risk management solutions, and balance sheet solutions.

Moreover, the company’s core services extend to capital markets support, data analytics, financial modeling, and regulatory advisory. Beyond that, for 2025, BlackRock plans to bet big on risk assets, increasing its overweight position in U.S. stocks as the AI-driven transformation expands.

When it comes to finances, BlackRock has demonstrated strong growth with a record $641 billion in net inflows and a 14% increase in full-year revenue. Therefore, their assets under management (AUM) are examples of their market dominance in the investment sector.

2. Blackstone Inc.

Blackstone has made a significant mark as the 2nd largest private equity firm in 2024 with an AUM of $1.1 trillion. They are big on strategic investments and asset management expertise. As a result, they provide financial security for retirees and institutional investors while contributing to overall economic growth.

Moreover, Blackstone’s services include real estate, private equity, and hedge fund solutions to credit. They have also set ambitious goals in India, planning to add $25 billion to Indian private equity assets over the next five years. A serious commitment, isn’t it?

Financially, Blackstone has shown strong performance with a portfolio of over 230 companies and has become one of the largest alternative asset managers by AUM in 2024.

3. Apollo Global Management

Apollo Global Management stands out with its unique business model that emphasizes large earnings growth potential. As a high-growth, Apollo offers a wide range of investment solutions, from investment grade to private equity to endowment and sovereign wealth funds.

So Apollo is ranked 3rd among the largest private equity firms by boasting an impressive AUM of $750 billion. Consequently, their strategic approach enables them to maintain a strong presence in Retirement Services, which generates significant revenue for the company.

Furthermore, Apollo is adept at managing client-focused portfolios, hedges, real estate, and private equity funds. Apollo’s financial strength is further highlighted by their inflows of more than $150 billion, and revenue of $26,114 million in 2024.

4. KKR & Co. Inc.

KKR & Co. aka Kohlberg Kravis Roberts & Co., are veterans in the investment sector. Multiple alternative asset classes including private equity, energy, infrastructure, real estate, and credit, you name it, they manage it all!

Additionally, the company’s unique offers include a strategic approach to investments that combines the firm’s industry expertise. As such, the services meet the needs of their clients, offering innovative solutions and access to a wide range of investment opportunities

KKR has a global footprint with a presence in 21 countries and more than 428 direct points of presence in 362 cities. Plus, with an AUM of $638 billion, they rank among the top private equity firms globally. Furthermore, in 2024, they secured more than $100 billion in capital and, for the first time, achieved $1 billion in revenue from their capital markets business.

5. The Carlyle Group

The Carlyle Group is a global investment firm with a strong presence in the private equity AUM arena. Their services include private equity, real estate, global credit, and investment solutions.

The Carlyle Group is big on industry expertise and commits to operational excellence. It also allows them to explore complex transactions and deliver strategic value to their portfolio companies and investors.

The Carlyle Group’s assets under management in 2024 amounted to $441 billion. No doubt they rank in the list of the largest private equity firms. Plus, their global reach consists of a team of over 2,200 professionals from 28 offices worldwide.

6. EQT

EQT, a Swedish investment organization gone global, focuses on private equity. They are into target-controlled investments in single specialty hospitals, pharmaceuticals, and diagnostics. And they’re not just staying in Europe; they have established offices in North America and Asia Pacific too.

EQT actively partners with the companies they invest in, providing operational support and strategic guidance. They also boast a vast network of experienced advisors who provide valuable insights and connections to portfolio companies.

Fortunately, EQT has recently made headlines with its public offer to acquire shares of OX2 AB with a remarkable performance of $ 22 billion last year. Moreover, the EQT group reported $281 billion of assets under management (AUM) in 2024, making it the 6th largest private equity firm in the world.

7. TPG Capital

TPG Capital, formerly known as Texas Pacific Group, is a big American private equity firm with a global presence. They cover a lot of investment strategies from growth capital, private equity, impact investing, and real estate, to public equity. 

TPG manages huge amounts of capital. Their investment teams possess massive knowledge of specific sectors, allowing them to identify promising opportunities and make informed investment decisions.

And they’ve got a seriously global reach, operating in over 30 countries. Plus, with $246 billion of AUM in 2024, TPG Capital is positioned as one of the best private equity firms globally.

8. CVC Capital Partners

CVC Capital Partners is known for its extensive experience and strong record of delivering sustainable value. Likewise, they offer diverse services including private equity, credit, and growth partnerships.

As one of the top private equity companies, CVC has a diversified investment approach, targeting a broad range of industries like consumer goods, healthcare, financial services, and technology.

Besides that, CVC Capital Partners are big on regional focus, especially in the European market. This regional expertise allows them to identify promising investment opportunities in different business environments. Moreover, with $209 billion in AUM, CVC ranks 8th among the top private equity firms.

9. Thoma Bravo

Thoma Bravo is a leading PE firm with 4 decades of experience and approx $166 billion in assets under management (as of September 30, 2024). Their USP? Focus on buyouts, growth equity, and strategic investments in the software and technology sectors.

Thoma Bravo employs a software-focused investment strategy, targeting cybersecurity, fintech, enterprise software, and infrastructure. Furthermore, over the years, Thoma Bravo has invested in or acquired more than 500 software and tech companies, representing a total value of around $265 billion. A top private equity firm for a reason, isn’t it?

10. Insight Partners

For the past three decades, Insight Partners has supported leaders by changing their visions into reality. With $80 billion in assets under management as of 2024, Insight Partners globally ranks as the 10th largest private equity firm.

Amazingly, Insight Partners has a vast portfolio of over 600 high-growth companies. Moreover, they also provide strategic guidance, operational expertise, and flexible capital at every stage. What sets them apart? A team of seasoned software professionals who work closely with entrepreneurs and executive teams to help them succeed.

Insight Partners also leverages its network of private and public industry leaders and help late-stage companies scale. They focus on these key growth strategies — product innovation, mergers & acquisitions, operational efficiency, and global expansion, to help companies reach their full potential.

Now that we have reached the end of our list, let’s look at some detailed insights on the above.

Detailed Insights On The Largest Private Equity Firms

Maria Isabel Rodrigues