The Largest Private Equity Firms in the US
Two US firms now manage over $1 trillion each: Blackstone (above $1.3T, March 2026) and Apollo, which crossed the mark in Q1 2026 — and at both, credit outweighs buyouts.
Largest: Blackstone (>$1.3T, Q1 2026) · Apollo crossed $1T in Q1 2026 · KKR: $758B, up 14% year over year
A US private equity firm raises capital from institutional investors, buys and builds companies, and returns the proceeds years later — but the biggest American firms have outgrown that model into full alternatives platforms. Blackstone leads at more than $1.3 trillion in assets as of 31 March 2026, per the firm's own disclosures, spanning private equity, real estate, credit, infrastructure, and hedge strategies. Apollo crossed the $1 trillion mark in the first quarter of 2026, powered by credit and its Athene retirement business. KKR follows at $758 billion, up 14% year over year, with credit and liquid strategies ($329B) now a larger book than its private equity ($231B). Ares ($644B) and Carlyle ($477B) round out the top five. Behind the giants sit the specialists: Thoma Bravo and Vista in software, plus Clearlake, Hellman & Friedman, and Silver Lake, most managing between $85 billion and $185 billion.
The real story in the table is what the money is doing. At Blackstone, Apollo, KKR, and Ares, private equity is no longer the largest business: credit, insurance capital, and perpetual vehicles drive the growth. That is also why Blue Owl ($315B) and Oaktree ($224B) appear here despite being credit and distressed houses first — the line between a private equity firm and an alternatives manager has mostly dissolved. Consolidation is following the capital: Clearlake's acquisition of Pathway Capital added roughly $95 billion and vaulted the firm past $185 billion, while TPG grew 22% in a year after absorbing Angelo Gordon. Two caveats apply when reading the ranks: AUM definitions vary across firms, from fee-earning versus total assets to the treatment of insurance and co-invest capital, and reporting dates mix Q1 2026 with year-end 2025. Privately held firms self-report, so their figures are estimates.
The industry these firms lead entered 2026 carrying more money than it can easily spend. Global buyout dry powder stands near a record $1.3 trillion, much of it aging 2022-23 vintage capital, per Bain & Company's 2026 Global Private Equity Report. Deployment has picked up: US deal value passed $1.2 trillion across more than 9,000 deals in 2025, the strongest year since the 2021 peak, and more than $1 trillion of US dry powder rolled into 2026. Fundraising, meanwhile, keeps concentrating. The ten biggest firms raised $854.6 billion over the past five years, and the largest fund closes captured an outsized share of new commitments. Every firm in the table links to its Altss profile, where leadership, funds, and deal activity are tracked.
Largest Private Equity Firms in the US: by the numbers
- Blackstone's assets exceed $1.3 trillion as of 31 March 2026, per the firm's disclosures — the world's largest alternatives platform, with a $310 billion private-wealth channel.
- Apollo crossed the $1 trillion milestone in Q1 2026 with record fee-related earnings; credit and its Athene retirement business dominate the mix, per Apollo's Q1 2026 results.
- KKR reached $758 billion, up 14% year over year: private equity $231B, real assets $198B, and credit and liquid strategies $329B, per KKR's Q1 2026 results.
- Global buyout dry powder sits near $1.3 trillion, much of it from 2022-23 vintages, per Bain & Company's 2026 Global Private Equity Report.
- US PE deal value passed $1.2 trillion in 2025 across more than 9,000 deals, the strongest year since the 2021 peak.
- The ten largest firms raised $854.6 billion over five years, per the 2026 PEI 300, as commitments concentrated in the biggest funds.
Largest Private Equity Firms in the US
Primarily Q1 2026 (Mar 31, 2026) or YE 2025 reporting; compiled mid-2026
Ordered by total firm-wide AUM for US-headquartered firms. For the platforms at the top that figure spans credit, real estate, infrastructure, and insurance capital alongside private equity; reporting dates mix Q1 2026 and year-end 2025.
| # | Firm | AUM (USD) | Headquarters |
|---|---|---|---|
| 1 | BlackstoneMulti-strategy alternatives manager spanning PE, real estate, credit, infrastructure, and hedge strategies; the world's largest, with a $310B private-wealth channel, roughly 12,500 real estate assets, and 250+ portfolio companies as of late 2025. | >$1.3T | New York, USA |
| 2 | Apollo Global ManagementCredit/PE/retirement services (Athene-heavy); crossed $1T AUM milestone in Q1 2026 with record fee-related earnings. | ~$1.03T | New York, USA |
| 3 | KKRPE/credit/real assets/infra/insurance (Global Atlantic); AUM +14% YoY with PE $231B, Real Assets $198B, Credit & Liquid $329B. | $758B | New York, USA |
| 4 | Ares ManagementCredit/PE/real estate/infra/secondaries leader; ~4,400 employees, 60+ offices, includes Ivy Hill AUM. | $644B | Los Angeles, USA |
| 5 | The Carlyle GroupGlobal PE/credit/AlpInvest secondaries; +8% YoY with Global Credit $211B and AlpInvest $102B. | $477B | Washington, D.C., USA |
| 6 | Blue Owl CapitalCredit/direct lending, real assets (data centers), GP strategic capital; $224B+ permanent capital, wealth-heavy. | $315B | New York, USA |
| 7 | TPGPE/growth/credit/real estate/impact (post Angelo Gordon/Peppertree); +22% YoY to over $300B with $72B dry powder. | $306B | San Francisco, USA |
| 8 | Bain CapitalMulti-platform firm across PE, credit, ventures, real estate, life sciences, and special situations; closed Asia Fund VI at $10.5B, with recent flagship PE vintages totaling more than $27B. | ~$225B (est.) | Boston, USA |
| 9 | Oaktree Capital ManagementAlternatives credit/distressed/high-yield specialist (Brookfield-owned); 1,500+ employees, flagship Global Opportunities strategy. | $224B | Los Angeles, USA |
| 10 | Clearlake CapitalPrivate equity in tech, industrials, and consumer, plus credit; the completed Pathway Capital acquisition added roughly $95B, taking the combined firm past $185B after a $14.8B close for its eighth flagship. | >$185B | Santa Monica, USA |
| 11 | Thoma BravoSoftware-focused buyouts; roughly 80 portfolio companies and $320B+ of aggregate enterprise value across about 590 transactions, after a recent $34.4B multi-fund raise. | >$172B | Chicago, USA |
| 12 | General AtlanticGrowth equity/credit/climate/infra; 900+ professionals, 20 countries, $121B total capital invested since inception. | $126B | New York, USA |
| 13 | Hellman & FriedmanLarge-cap buyouts (tech/healthcare/services); Fund XI ~$22B committed, 100+ historical investments, ~180 employees. | ~$115B | San Francisco, USA |
| 14 | Silver LakeLarge-scale tech PE (Partners/Alpine/LTC); SLP VII $20.5B close prior, global tech investment leader. | ~$114B | Menlo Park, USA |
| 15 | Warburg PincusGlobal growth equity/PE across sectors; 215+ active portcos, $135B+ invested historically, 290+ investment pros. | $105B+ | New York, USA |
| 16 | Vista Equity PartnersEnterprise software PE/credit; 90+ portcos, AUM = NAV + unfunded commitments per GAAP. | $103B | Austin, USA |
| 17 | Advent InternationalGlobal buyouts (tech/healthcare/consumer); 450+ investments, 305+ investment pros, three active fund programs. | $94B | Boston, USA |
| 18 | Leonard Green & PartnersServices/consumer/healthcare/distribution buyouts; ~160 investments since 1989, Sage Equity Investors >$3.6B inaugural close. | ~$85B | Los Angeles, USA |
AUM definitions differ across firms — total versus fee-earning assets, and the treatment of dry powder, insurance, co-invest, and perpetual capital at the multi-strategy platforms. Public firms report audited figures; privately held firms self-report or are estimated. Reporting dates mix 31 March 2026 and year-end 2025, which can swap adjacent ranks. Blue Owl and Oaktree are included as major US alternatives platforms despite credit-first strategies, and Clearlake's figure combines entities following the Pathway Capital acquisition. The order reflects total AUM, not pure private-equity fundraising.
How we rank — and what the totals hide
Firms are ordered by total firm-wide assets under management, drawn primarily from Q1 2026 or year-end 2025 disclosures. For the largest platforms that figure bundles credit, insurance, real estate, and perpetual capital with private equity, so it overstates pure buyout scale.
Ranked instead by five-year direct private-equity fundraising, the basis of the PEI 300, the order changes: KKR leads outright, and majority-credit managers such as Apollo and Ares drop well down the list.
Largest Private Equity Firms in the US — common questions
What is the largest private equity firm in the US?
Why is Brookfield missing from the US list?
How does the total-AUM order differ from the PEI 300 fundraising order?
Are Blue Owl and Oaktree really private equity firms?
Follow the money in US private equity
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