Largest Private Equity Firms by Fund Assets (2024 Filings)

KKR reports the most private equity fund assets to the SEC, $248 billion, in Form ADV filings through December 31, 2024. Blackstone and Brookfield follow. The ten largest firms hold 23% of the $6.10 trillion in private equity fund assets reported by 1,990 SEC-registered advisers.

The figures are counted fund by fund from Schedule D of Form ADV, the most detailed record the SEC publishes, which the SEC releases in full for periods ending December 31, 2024.

The 25 largest private equity firms

Ranked by the gross assets of the private equity funds each firm advises, as its advisers reported them on Schedule D. Only private equity funds count, so a firm that also runs credit, real estate or hedge funds is ranked on its private equity alone. Feeder funds and funds of funds are left out so that no investor's money is counted twice, and a fund that two advisers report under its one Form ADV fund identification number counts once in every total and share.

Rank	Firm	Private equity fund assets	Share	Funds	Average fund	Source
1	KKR	$248 billion	4.1%	409	$606 million	SEC
2	Blackstone	$210 billion	3.4%	123	$1.7 billion	SEC
3	Brookfield	$137 billion	2.2%	226	$606 million	SEC
4	Thoma Bravo	$133 billion	2.2%	89	$1.5 billion	SEC
5	Carlyle	$131 billion	2.1%	212	$617 million	SEC
6	TPG	$115 billion	1.9%	105	$1.1 billion	SEC
7	Hellman & Friedman	$106 billion	1.7%	42	$2.5 billion	SEC
8	Goldman Sachs	$101 billion	1.7%	177	$571 million	SEC
9	Vista Equity Partners	$99.9 billion	1.6%	98	$1.0 billion	SEC
10	Silver Lake	$97.0 billion	1.6%	21	$4.6 billion	SEC
11	Apollo	$95.8 billion	1.6%	132	$726 million	SEC
12	Global Infrastructure Management	$93.8 billion	1.5%	89	$1.1 billion	SEC
13	Warburg Pincus	$91.7 billion	1.5%	173	$530 million	SEC
14	Insight Partners	$88.6 billion	1.5%	81	$1.1 billion	SEC
15	Advent International	$87.0 billion	1.4%	142	$612 million	SEC
16	Bain Capital	$82.3 billion	1.3%	31	$2.7 billion	SEC
17	Clayton Dubilier & Rice	$79.9 billion	1.3%	38	$2.1 billion	SEC
18	Leonard Green & Partners	$77.8 billion	1.3%	73	$1.1 billion	SEC
19	HPS Investment Partners	$77.5 billion	1.3%	106	$731 million	SEC
20	General Atlantic	$72.1 billion	1.2%	122	$591 million	SEC
21	BDT Capital Partners	$69.7 billion	1.1%	44	$1.6 billion	SEC
22	BlackRock	$64.0 billion	1.1%	126	$508 million	SEC
23	Sixth Street Advisers	$56.3 billion	0.9%	93	$606 million	SEC
24	SB Investment Advisers (US)	$53.9 billion	0.9%	1	$53.9 billion	SEC
25	H.I.G. Capital	$51.1 billion	0.8%	91	$562 million	SEC

Download this table (CSV), free. The full dataset, every SEC-registered adviser with private equity funds, by filing adviser, is one email away.

The largest fund-of-funds and secondaries managers

A private equity fund of funds invests in other managers' funds, so its assets are already counted in the table above under the managers it backs. They are ranked here on their own. Together 6,547 funds of funds report $1.44 trillion to the SEC, led by HarbourVest with $107 billion.

Rank	Manager	Private equity funds of funds	Funds	Also manages directly	Source
1	HarbourVest	$107 billion	186	$29.9 billion	SEC
2	StepStone	$96.5 billion	296	$5.3 billion	SEC
3	Goldman Sachs	$84.2 billion	116	$101 billion	SEC
4	Lexington Partners	$72.5 billion	92	none	SEC
5	Strategic Partners Fund Solutions Advisors	$61.1 billion	28	none	SEC
6	KKR	$49.5 billion	34	$248 billion	SEC
7	Hamilton Lane	$48.5 billion	219	$5.8 billion	SEC
8	Adams Street Partners	$43.6 billion	238	$6.6 billion	SEC
9	Neuberger Berman	$38.7 billion	61	$17.5 billion	SEC
10	Pathway Capital Management	$36.3 billion	89	none	SEC

Who owns private equity funds

• The median private equity fund reports $56 million in gross assets, and the largest tenth of funds hold 70% of the total, according to SEC data.
• Investors outside the US own 43% of private equity fund assets, weighting each fund's reported share of non-US owners by its size, according to SEC data.
• Private equity funds are 26% of the gross assets of all private funds that SEC-registered advisers report.

What this means for technology buyers

A private equity firm runs on its fund books, its investor reporting and its deal pipeline. These guides compare the options:

• Deal sourcing CRM for private equity: tracking relationships and the pipeline.
• NAV calculation and waterfall distribution: carried interest and distributions.
• Subscription and capital call management: onboarding investors and calling capital.
• Investor relations and reporting platforms: what limited partners see each quarter.

Mapping the firm before choosing systems? The Private Equity Capability Model sets out what a private equity manager does, and the Private Equity Business Information Model defines the data behind it.

More from Finantrix Atlas

• Largest private fund managers
• Who administers private funds
• Compare a private fund adviser with its peers

How this list was built

The universe is every private fund that an SEC-registered adviser reported on Schedule D, Section 7.B.(1) of Form ADV, in its latest filing up to December 31, 2024. An adviser counts only if the SEC's own list of registered advisers for January 2, 2025 still includes it: 348 private equity funds of 46 advisers that the list no longer includes are left out, so funds that moved to another adviser are not counted twice. A fund counts when its adviser classed it as a private equity fund, using the form's own definitions. Of those, 955 feeder funds are left out because their assets are invested in a master fund that is reported as well, and funds of funds are ranked separately.

Form ADV gives each private fund one identification number, which every adviser to that fund must use. According to SEC data, 70 private equity funds are reported by more than one adviser; each is credited to every firm that reports it and counted once in totals and shares. The SEC's list for January 2, 2025 also gives each adviser's number of private equity funds and the gross assets of all its private funds, and for 2,340 of the 2,340 advisers counted here both match this count, the gross assets to within 1%, according to SEC data.

Advisers that file separately but share a firm's name are grouped under that firm; the dataset lists every filing adviser with its own figures, so any grouping can be undone.

Limits

• Dated. Schedule D is published in full only for past periods, so this page describes filings through December 31, 2024, not today.
• Gross assets include uncalled commitments. Form ADV asks for a private fund's gross assets on the basis used for regulatory assets under management, and Instruction 5.b of Part 1A has an adviser include the fair value of the fund's assets, including assets bought with borrowing, plus the contractual amount of any uncalled capital commitment. So the figure is neither the value of the portfolio alone nor the capital a firm has raised.
• SEC-registered advisers only. Exempt reporting advisers also file Schedule D, and this page leaves them out; managers with no US registration and no exempt report are not in the data at all.
• Grouping is by name. A firm whose advisers file under unrelated names appears once per adviser.

Cite this

Free to quote, cite and republish, including the chart, with credit to Finantrix Atlas and a link to this page.

KKR reports the most private equity fund assets to the SEC, $248 billion, according to a Finantrix Atlas analysis of Form ADV filings through December 31, 2024.

The ten largest private equity firms hold 23% of the private equity fund assets SEC-registered advisers report, according to Finantrix Atlas.

Suggested citation: Finantrix Atlas, "Largest Private Equity Firms by Fund Assets," filings through December 31, 2024, from SEC Form ADV Schedule D. https://www.finantrix.com/articles/largest-private-equity-advisers

Embed the chart:

<a href="https://www.finantrix.com/articles/largest-private-equity-advisers"><img src="https://www.finantrix.com/atlas/largest-private-equity-advisers.png" alt="The largest private equity firms by fund assets, from Finantrix Atlas"></a>
<p>Chart: <a href="https://www.finantrix.com/articles/largest-private-equity-advisers">Finantrix Atlas</a>, from SEC Form ADV data.</p>

Frequently asked questions

Q: What is the largest private equity firm? A: By the private equity fund assets its advisers report to the SEC, KKR, with $248 billion in filings through December 31, 2024. Blackstone and Brookfield follow.

Q: How much is in private equity funds? A: SEC-registered advisers report $6.10 trillion in private equity fund gross assets across 18,511 funds, not counting feeder funds or funds of funds. On Form ADV that figure includes investors' uncalled capital commitments as well as what the funds hold.

Q: Why are funds of funds ranked separately? A: A fund of funds invests in other managers' funds, so its assets also appear under the managers it backs. Counting both would count the same money twice.