Private equity fundraising has declined in recent years

Over the past five years, the world's top 300 private equity firms have raised $3.3 trillion, up just 0.4% from last year's total.

Overall, private equity fundraising has declined in recent years, with many industry experts expecting the trend to continue into 2025, according to a visualcapitalist.com analysis. At the same time, the industry is increasingly fragmented, with the six largest players raising 60% of total funds in the first nine months of 2024.

The cited source presents a ranking of the top 50 private equity firms globally, by the amounts raised between 2020 and 2024, according to data from Private Equity International.

With $117.9 billion raised during the period, private equity giant KKR leads the ranking, which is focused on opportunities in North America and Asia. Most recently, the firm acquired a 12% stake in healthcare products and services company Henry Schein and is considering an ownership model that involves employees. With 284 companies in its portfolio, KKR manages total assets of $620 billion.

In second place is Swedish buyout firm EQT, which raised $113.3 billion in the past five years. In 2024, the fund's outflows rose 72% in a record year. From IPOs including the offering of skin care firm Golderma to the exit of data center provider EdgeConneX, EQT has seen the largest outflows globally.

Meanwhile, New York-based Blackstone, one of the world's largest commercial property owners, slipped from first place to third place, with $95.7 billion in capital raised. Blackstone recently invested $300 million in artificial intelligence platform DDN, whose clients include Elon Musk's xAI.

Chicago-based Thoma Bravo followed with $88.2 billion raised between 2020 and 2024, and San Francisco-based TPG came in fifth with $72.6 billion. In sixth place is Luxembourg-based CVC Capital Partners, with $72.5 billion, followed by London-based Hg, with the same amount. In eighth place is San Francisco-based Hellman & Friedman, with $50.2 billion, followed by Clayton, Dubilier & Rice (New York), with $49.8 billion, and Insight Partners (New York), with $48.2 billion. Places 11 to 20 are as follows: Silver Lake (Menlo Park), $47.1 billion; Clearlake Capital Group (Santa Monica), $45.2 billion; General Atlantic (New York), $44.7 billion; Goldman Sachs Asset Management (New York), $42.6 billion; Bain Capital (Boston), $40.5 billion; Advent International (Boston), $38.2 billion; The Carlyle Group (Washington DC), $36.4 billion; Warburg Pincus (New York), $34.2 billion; Andreessen Horowitz (Menlo Park), $34.2 billion; Vista Equity Partners (Austin), $31.9 billion. Places 21-30 are as follows: Apollo Global Management (New York), $31.3 billion; Neuberger Berman Private Markets (New York), $31.3 billion; TA Associates (Boston), $30.5 billion; GTCR (Chicago), $30.2 billion; Veritas Capital (New York), $29.7 billion; Bridgepoint (London), $29.3 billion; New Mountain Capital (New York), $28.5 billion; Partners Group (Baar), $27.3 billion; Cinven (London), $27.2 billion; Apax Partners (London), $27.2 billion.