Key Takeaways
- • KKR reclaimed the top ranking in the 2025 PEI 300 with $117.9 billion raised over the past five years, surpassing Blackstone ($95.7 billion) which held the previous year's top position; EQT AB ranks second with $113.3 billion.
- • The top 10 private equity firms collectively raised $741 billion, marking an increase of over $10 billion from the previous ranking year, demonstrating continued capital concentration among mega-funds despite broader market headwinds.
- • The entire PEI 300 cohort raised $3.29 trillion over the past five years, representing only a 0.37% increase from the prior year's $3.28 trillion—a dramatic slowdown from the historical 11% annual average growth rate, reflecting sustained fundraising challenges in the private markets.
- • Astorg advanced 11 places to enter the Top 50 in the 2024 edition, closing its flagship Astorg VIII fund with €4.4 billion in committed capital—the firm's largest fund to date—while expanding senior leadership across investment, investor relations, and digital operations.
- • Market concentration intensifies as the largest firms dominate capital flows: Thoma Bravo ($88.2 billion), TPG ($72.6 billion), and CVC Capital Partners ($72.5 billion) round out the top six, while mid-tier and smaller firms face increasingly competitive fundraising environments.
Summary
Private Equity International's 2025 PEI 300 ranking reveals a significant realignment at the apex of the global private equity industry, with KKR displacing Blackstone to claim the top position. KKR's five-year fundraising total of $117.9 billion exceeds Blackstone's $95.7 billion by nearly $22 billion, while EQT AB seized the second position with $113.3 billion raised. This reshuffling reflects shifting investor capital allocation preferences and the relative success of mega-funds in securing commitments despite a challenging fundraising environment that has persisted across the private markets sector.
The broader PEI 300 landscape demonstrates acute concentration of capital among elite-tier firms. The top 10 firms raised $741 billion cumulatively—over $10 billion more than the previous year's ranking—signaling that mega-fund platforms continue to command disproportionate investor attention and dry powder. The remainder of the top 10 includes Thoma Bravo ($88.2 billion), TPG ($72.6 billion), CVC Capital Partners ($72.5 billion), Hg ($72.5 billion), Hellman & Friedman ($50.2 billion), Clayton, Dubilier & Rice ($49.8 billion), and Insight Partners ($48.2 billion). This concentration pattern underscores a bifurcated market where the largest platforms leverage scale, track record, and institutional relationships to sustain fundraising momentum while smaller competitors face intensifying headwinds.
The aggregate performance of all 300 firms in the ranking paints a sobering picture of sector-wide challenges. Collectively, the PEI 300 raised $3.29 trillion over the five-year measurement period (January 2020 through December 2024), representing a marginal 0.37% increase from the prior year's $3.28 trillion. This stagnation contrasts sharply with the historical 11% average annual growth trajectory since the PEI 300 ranking's inception, reflecting prolonged fundraising friction, elevated interest rates, and compressed exit multiples that have dampened LP capital deployment across the industry.
Mid-tier firms are experiencing notable movement within the rankings. Astorg's advancement of 11 places to secure a Top 50 position in the 2024 edition represents a significant achievement, driven by the successful close of its flagship Astorg VIII fund with €4.4 billion in committed capital—marking the firm's largest fund raise to date. The Paris-based firm has simultaneously bolstered its institutional infrastructure through senior hires in investment, investor relations, and digital capabilities, alongside the appointment of new Executive Committee members to support succession and next-generation leadership development. This trajectory suggests mid-market generalist and specialist platforms remain viable vehicles for differentiated returns, provided they demonstrate operational excellence and strategic investor engagement.
The broader PEI 300 landscape demonstrates acute concentration of capital among elite-tier firms. The top 10 firms raised $741 billion cumulatively—over $10 billion more than the previous year's ranking—signaling that mega-fund platforms continue to command disproportionate investor attention and dry powder. The remainder of the top 10 includes Thoma Bravo ($88.2 billion), TPG ($72.6 billion), CVC Capital Partners ($72.5 billion), Hg ($72.5 billion), Hellman & Friedman ($50.2 billion), Clayton, Dubilier & Rice ($49.8 billion), and Insight Partners ($48.2 billion). This concentration pattern underscores a bifurcated market where the largest platforms leverage scale, track record, and institutional relationships to sustain fundraising momentum while smaller competitors face intensifying headwinds.
The aggregate performance of all 300 firms in the ranking paints a sobering picture of sector-wide challenges. Collectively, the PEI 300 raised $3.29 trillion over the five-year measurement period (January 2020 through December 2024), representing a marginal 0.37% increase from the prior year's $3.28 trillion. This stagnation contrasts sharply with the historical 11% average annual growth trajectory since the PEI 300 ranking's inception, reflecting prolonged fundraising friction, elevated interest rates, and compressed exit multiples that have dampened LP capital deployment across the industry.
Mid-tier firms are experiencing notable movement within the rankings. Astorg's advancement of 11 places to secure a Top 50 position in the 2024 edition represents a significant achievement, driven by the successful close of its flagship Astorg VIII fund with €4.4 billion in committed capital—marking the firm's largest fund raise to date. The Paris-based firm has simultaneously bolstered its institutional infrastructure through senior hires in investment, investor relations, and digital capabilities, alongside the appointment of new Executive Committee members to support succession and next-generation leadership development. This trajectory suggests mid-market generalist and specialist platforms remain viable vehicles for differentiated returns, provided they demonstrate operational excellence and strategic investor engagement.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.