Top 10 Private-Equity Firms in Texas (2025 Edition)
A 2025 deep-dive into the ten largest private-equity firms rooted in Texas, ranked by assets under management (AUM), with context on their newest headline deals and what the latest transaction data say about the state’s PE momentum.
From Fort Worth to Houston, these managers oversee more than $580 billion and are behind many of 2025’s headline-grabbing deals.
Why Texas still punches above its PE weight
Texas long ago outgrew its “oil-patch capital” label. Today the state combines deep energy expertise with a fast-rising software corridor (Austin), a powerful logistics hub (Dallas–Fort Worth), and the country’s largest medical-center complex (Houston). Those fundamentals, plus a business-friendly tax regime, have attracted both home-grown giants and transplants that now call the Lone Star State home.
Below is a deal-driven look at the ten firms that matter most right now, ranked by assets under management (AUM) and filtered for brand recognition and recent activity.
1. TPG | Fort Worth · $258 B AUM
Snapshot. Founded in 1992 out of the old Bass family offices, TPG today runs eight distinct platforms spanning buyout, growth, impact, and secondaries. Its regulatory AUM reached $258 billion after closing TPG Partners IX in March.
Latest move. In April 2025 the firm agreed to acquire Columbus-based Peppertree Capital, a portfolio of 12 900 wireless towers, for $1.5 billion—a bet on 5G densification ahead of the 2026 World Cup.
2. Vista Equity Partners | Austin · $100 B AUM
Snapshot. Vista’s software-only focus remains intact even after topping $100 billion in assets.]
Latest moves.
- Energy Exemplar – joint $1.6 B take-private with Blackstone (Oct 2023).
- Acumatica – definitive agreement announced May 29 2025; price ≈ $2 B, closing expected Q3.
3. Lone Star Funds | Dallas · $95 B AUM
Snapshot. The distressed-assets specialist has raised $95 billion across 25 funds since 1995.
Latest move. Sale of resins maker AOC to Nippon Paint closed 3 Mar 2025, returning $1.8 B to investors.
4. EnCap Investments | Houston · $47 B Commitments
Snapshot. The energy-sector veteran has raised 25 funds and $47 billion since inception.
Latest move. EnCap-backed Mach Natural Resources completed an $815 M Anadarko Basin bolt-on in Dec 2023 and remains on the hunt for additional Mid-Con acreage.
5. NGP Energy Capital | Irving/Dallas · $24 B Commitments
Snapshot. With $24 billion raised, NGP straddles conventional E&P and energy-transition themes.
Latest move. Backed the $250 M formation of Greenlake II, a Delaware-Basin development vehicle led by ex-Parsley Energy CEO Matt Gallagher (May 2025).
6. Energy Capital Partners | Houston & Summit NJ · $31 B AUM
Snapshot. ECP manages $31 billion across power, renewables and energy-transition assets.Bridgepoint ECP
Latest moves.
- Triple Oak Power wind portfolio acquired from EnCap (Jan 2024).
- Folded into London-listed Bridgepoint in a £835 M (≈ $1.05 B) cash-and-shares deal that closed Aug 2024, giving ECP a European fundraising umbrella.
7. The Sterling Group | Houston · $9.4 B AUM
Snapshot. Middle-market industrial buy-out specialist with $9.4 billion under management.
Latest move. Announced $1.33 B exit of Artisan Design Group to Lowe’s (signing 14 Apr 2025), marking its fourth liquidity event this year.
8. Trive Capital | Dallas · $8 B AUM
Snapshot. Operationally heavy firm now manages $8 billion after closing Fund V at $2.7 B in April.
Latest move. Fund V’s seventh platform, Karman Space & Defense, listed on the NYSE in June, representing one of 2025’s few successful industrial IPOs.
9. Tailwater Capital | Dallas · $4.5 B AUM
Snapshot. Energy-infrastructure investor with $4.5–5 billion committed across four flagship funds.
Latest move. Portfolio company Frontier Infrastructure inked a $130 M turbine-technology acquisition and senior loan package in June to serve data-center peakers.
10. Trinity Hunt Partners | Dallas · $2 B AUM
Snapshot. Services-focused small-cap buyer managing $2 billion and ranked No. 10 globally on the HEC-Dow Jones small-buyout list.
Latest move. Launched a national HVAC distribution platform via the bolt-on of Blackhawk Supply and Midwest Supply (July 2025).
OSINT corner: what the data say
- Deal velocity. Despite higher rates, Texas-headquartered sponsors closed or announced >$13 B of transactions in H1 2025—19 % more than the same period last year, per Altss’ internal scrape of public filings.
- Energy still rules. Six of the ten firms here allocate at least half their dry-powder to energy or infrastructure—underpinning the state’s core edge.
- Software is the swing factor. Vista’s and TPG’s cloud bets account for four of the ten largest PE exits involving Texas sponsors since 2023 (Apptio, PowerSchool, extraHop, Cvent).
Why OSINT matters & how Altss delivers
Unstructured filings, local clerk records and EPC contract notices often surface weeks before official press releases. Altss’ OSINT engine flags those breadcrumbs—giving LPs and corp-dev teams a decisive informational edge. Want to see the raw alerts? Request a demo.
Key takeaways
Texas capital is big-league. Four managers now sit above the $40 B mark, and one tops $250 B.
Energy diversification is real. Renewables, grid software and carbon-capture plays now feature in half the portfolios profiled.
Exit windows are reopening. High-quality assets (Artisan, Acumatica) are clearing at double-digit EBITDA multiples even in a higher-rate world.
FAQ
Why isn’t KKR or Blackstone on the list?
Both are active deal-makers in Texas but are headquartered elsewhere; this ranking spotlights firms with a principal base in the state.
Where do the AUM numbers come from?
All figures are the latest publicly reported regulatory assets or cumulative commitments as of Q2 2025, verified via SEC filings, company websites and press releases cited above.
Will energy downturns derail fundraising?
LP appetite has shifted toward energy-transition strategies, which now account for >40 % of capital raised by Texas managers since 2022, cushioning commodity swings.
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