Key Takeaways
- • The world's 100 largest private markets managers raised $5.74 trillion between 2021 and 2025, more than Germany's annual economic output, according to PEI Group's inaugural Private Markets 100 ranking.
- • Blackstone leads with $356.7 billion raised, followed by KKR at $302.2 billion and Goldman Sachs Alternatives at $215.3 billion.
- • The top 10 firms raised $2.04 trillion combined, equal to 35.5 percent of the total raised by the top 100.
- • Sixteen of the top 100 firms raised capital across all five strategies, and seven of the top 10 are active in all five, signaling the decline of single-asset-class specialists at the largest scale.
- • PEI Group is the first business intelligence firm to publish a five-year global fundraising ranking spanning private equity, real estate, infrastructure, private credit and secondaries together.
Summary
PEI Group has published the inaugural Private Markets 100 ranking, which measures the fundraising of the world's largest managers across private equity, real estate, infrastructure, private credit and secondaries on a combined basis for the first time. According to the report, the 100 largest private markets managers raised $5.74 trillion between 2021 and 2025, a sum PEI notes is greater than the annual economic output of Germany.
Blackstone ranks first with $356.7 billion raised over the period, ahead of KKR at $302.2 billion and Goldman Sachs Alternatives at $215.3 billion. EQT ($204.3 billion), Ares Management ($191.9 billion), Brookfield Asset Management ($184.5 billion), BlackRock ($183.0 billion), TPG ($149.4 billion), The Carlyle Group ($132.5 billion) and Blue Owl Capital ($116.1 billion) complete the top 10. Together, these ten firms raised $2.04 trillion, or 35.5 percent of the total.
A central finding of the ranking is that the largest firms are increasingly diversified across strategies rather than concentrated in one asset class. PEI reports that 16 of the top 100 firms raised money in all five strategies, and seven of the top 10 are active in all five. By contrast, 25 firms reached the list by operating in a single asset class. PEI Group described the methodology as drawing on its established industry-standard rankings, which it combined to create a single five-year global view.
The Private Markets 100 is positioned alongside PEI's existing franchise, including the PEI 300, which ranks the largest private equity firms. According to PEI's publisher materials, the 300 largest private equity firms collectively raised $3.55 trillion over the five years covered by the 2026 PEI 300 ranking, indicating that private equity forms a significant but not exclusive share of the broader $5.74 trillion total.
Blackstone ranks first with $356.7 billion raised over the period, ahead of KKR at $302.2 billion and Goldman Sachs Alternatives at $215.3 billion. EQT ($204.3 billion), Ares Management ($191.9 billion), Brookfield Asset Management ($184.5 billion), BlackRock ($183.0 billion), TPG ($149.4 billion), The Carlyle Group ($132.5 billion) and Blue Owl Capital ($116.1 billion) complete the top 10. Together, these ten firms raised $2.04 trillion, or 35.5 percent of the total.
A central finding of the ranking is that the largest firms are increasingly diversified across strategies rather than concentrated in one asset class. PEI reports that 16 of the top 100 firms raised money in all five strategies, and seven of the top 10 are active in all five. By contrast, 25 firms reached the list by operating in a single asset class. PEI Group described the methodology as drawing on its established industry-standard rankings, which it combined to create a single five-year global view.
The Private Markets 100 is positioned alongside PEI's existing franchise, including the PEI 300, which ranks the largest private equity firms. According to PEI's publisher materials, the 300 largest private equity firms collectively raised $3.55 trillion over the five years covered by the 2026 PEI 300 ranking, indicating that private equity forms a significant but not exclusive share of the broader $5.74 trillion total.
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