Key Takeaways
- • Zen Media's 2026 study of 4,000 AI responses (ChatGPT, Gemini, Perplexity, Grok) to 1,000 prompts found no private equity firm named in more than 15% of answers, with KKR highest at 14.6%.
- • Thoma Bravo (10.1%) and Blackstone (9.1%) followed KKR, while the 98 ranked firms averaged 3% visibility.
- • PitchBook (11.8%) and Preqin (11.1%) were named more often than every private equity firm except KKR, and led the study's citation analysis at 92% and 88%.
- • Sector expertise appeared in 88% of AI answers and reference checks in 82%, and none of the eight most-cited sources was a private equity firm's own website.
- • The study was run by Zen Media, a commercial communications firm whose ZAVI engine and Published Monthly program are the basis of its findings; no firm participated in or was notified of the study.
Summary
Zen Media released a 2026 study examining how AI assistants name private equity firms when users ask which firms to choose or how to evaluate them. According to the company, the analysis covered 1,000 prompts run on ChatGPT, Gemini, Perplexity and Grok, producing 4,000 responses. The prompts were written for 199 personas, including business owners planning an exit, M&A advisors and limited partners, with 41.2% carrying buy intent. Visibility was defined as the share of all 4,000 responses that named a company.
KKR led the ranking at 14.6%, followed by Thoma Bravo at 10.1%, Blackstone at 9.1%, Insight Partners at 9% and Warburg Pincus at 8.7%. The 98 ranked companies averaged 3%. Three lower-middle-market specialists reached the top 20: The Riverside Company (5.3%), Shore Capital Partners (5.2%) and Audax Private Equity (4.8%). The study notes the ranking measures how often assistants named each firm, not investment performance or partner quality.
Data providers were among the most visible names. PitchBook was named in 11.8% of responses and Preqin in 11.1%, more often than every private equity firm except KKR. Citation frequency, reported separately, placed PitchBook (92%) and Preqin (88%) at the top, ahead of Cambridge Associates (72%), Capital IQ (68%) and Burgiss (58%). Trade outlets PE Hub and Mergermarket followed at 45% and 42%.
Topics that recurred in AI answers included sector expertise (88%), reference checks (82%), buy-and-build value creation (79%), operating partner resources (75%), deal size fit (72%) and realized versus unrealized returns (68%). Zen Media argues that firms whose websites clearly state sectors, deal sizes and completed add-ons give AI assistants concrete material to cite. Sarah Evans, CEO of Zen Media, said a firm lacking authority, recency and relevancy in its owned content is left out of AI answers. The company's own Published Monthly program is positioned as addressing these gaps.
KKR led the ranking at 14.6%, followed by Thoma Bravo at 10.1%, Blackstone at 9.1%, Insight Partners at 9% and Warburg Pincus at 8.7%. The 98 ranked companies averaged 3%. Three lower-middle-market specialists reached the top 20: The Riverside Company (5.3%), Shore Capital Partners (5.2%) and Audax Private Equity (4.8%). The study notes the ranking measures how often assistants named each firm, not investment performance or partner quality.
Data providers were among the most visible names. PitchBook was named in 11.8% of responses and Preqin in 11.1%, more often than every private equity firm except KKR. Citation frequency, reported separately, placed PitchBook (92%) and Preqin (88%) at the top, ahead of Cambridge Associates (72%), Capital IQ (68%) and Burgiss (58%). Trade outlets PE Hub and Mergermarket followed at 45% and 42%.
Topics that recurred in AI answers included sector expertise (88%), reference checks (82%), buy-and-build value creation (79%), operating partner resources (75%), deal size fit (72%) and realized versus unrealized returns (68%). Zen Media argues that firms whose websites clearly state sectors, deal sizes and completed add-ons give AI assistants concrete material to cite. Sarah Evans, CEO of Zen Media, said a firm lacking authority, recency and relevancy in its owned content is left out of AI answers. The company's own Published Monthly program is positioned as addressing these gaps.
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.