Private equity is the most consequential industry in American business that most consumers will never knowingly interact with. PE firms now own roughly one in every twelve US workers’ employers. They control hospital chains, dental groups, fast-food brands, gyms, software companies, and a growing share of single-family rental homes. The biggest names — Blackstone, KKR, Apollo, Carlyle — are publicly traded themselves, but the companies in their portfolios are usually invisible to the public. Here’s the ranking, and a sample of what each firm owns.
How we built this list
Ranking is by assets under management (AUM) as of Q4 2025, per each firm’s most recent investor disclosures. Portfolio examples are drawn from publicly-announced acquisitions, not the full holdings list (most of which is non-public).
The Top 10
1. Blackstone — $1.1+ trillion AUM
Blackstone (NYSE: BX) is the largest alternative-asset manager in the world. Co-founder Stephen Schwarzman remains chairman/CEO; co-founder Peter Peterson passed away in 2018. Major holdings include Hilton Worldwide (formerly), Refinitiv (sold), Bumble, Vrbo (part of Expedia), several major hospital chains, and the largest US owner of single-family rental homes via Invitation Homes (now spun off).
2. KKR & Co. — $580 billion AUM
KKR (NYSE: KKR) was founded in 1976 by Jerome Kohlberg, Henry Kravis, and George Roberts. Henry Kravis (75) and George Roberts (80) remain co-executive chairmen; CEOs Joseph Bae and Scott Nuttall took operational control in 2021. KKR is famous for the $25 billion RJR Nabisco buyout (1989) and currently owns BMC Software, Toys ‘R’ Us (relaunched), Heartland Dental, and a growing infrastructure portfolio.
3. Apollo Global Management — $696 billion AUM
Apollo (NYSE: APO) is led by CEO Marc Rowan, who took over after co-founder Leon Black’s 2021 departure tied to Jeffrey Epstein–related controversy. Apollo’s portfolio includes Yahoo (private since 2021), Athene (insurance), several gas-station chains, ADT Security, and Cox Media Group’s TV business. Apollo’s life-insurance subsidiary makes it functionally a multi-trillion-dollar asset manager.
4. Carlyle Group — $440 billion AUM
Carlyle (NASDAQ: CG) was founded in 1987 in Washington D.C. and historically had close defense-industry ties. Co-founders David Rubenstein and Daniel D’Aniello remain co-chairmen; CEO Harvey Schwartz joined in 2023 after the previous CEO’s contested exit. Notable portfolio companies include Booz Allen Hamilton (formerly), HD Supply, and a substantial stake in NGL Energy Partners.
5. Brookfield Asset Management — $1+ trillion AUM
Brookfield (NYSE: BAM) is Toronto-headquartered. CEO Bruce Flatt is widely viewed as one of the most successful alternative-asset CEOs of the last 25 years. Brookfield is particularly strong in infrastructure and renewable energy. Notable holdings include Westinghouse Nuclear, Oaktree Capital (controlling stake), and a sprawling commercial real-estate portfolio.
6. TPG Inc. — $245 billion AUM
TPG (NASDAQ: TPG) was founded as Texas Pacific Group in 1992 by David Bonderman, Jim Coulter, and William Price. The firm went public in 2022. Recent notable deals include the acquisition of Angelo Gordon (2023) and stakes in Cushman & Wakefield, Spotify, and Vice Media (which subsequently went bankrupt).
7. Bain Capital — $185 billion AUM
Bain Capital is private (the firm itself, despite its public-investment focus). Founded in 1984 by future Senator and Republican presidential nominee Mitt Romney along with several Bain & Company alumni. Notable current and historical holdings include Domino’s Pizza (pre-IPO), Toys ‘R’ Us (pre-bankruptcy), Dunkin’ (sold to Roark/Inspire), and Virgin Voyages.
8. Vista Equity Partners — $100+ billion AUM
Vista, founded and led by Robert F. Smith, is the largest tech-focused private-equity firm in the world. Smith remains chairman/CEO. Vista has acquired hundreds of enterprise software companies, including Marketo (sold to Adobe), Ping Identity, KnowBe4, and most recently Avalara. Smith is also one of the most prominent philanthropists in US private equity.
9. CVC Capital Partners — $200+ billion AUM
CVC is Luxembourg-headquartered with major presence in London and globally. The firm went public in 2024 on Euronext Amsterdam. Notable holdings include La Liga (Spanish football media rights, partial), Lipton, the Six Nations rugby commercial business, and historic stakes in Formula One (since exited).
10. Advent International — $95+ billion AUM
Advent International, based in Boston, is one of the largest privately-held PE firms. Notable portfolio companies include Walmart Brazil (sold to BRGE in 2024), Cytiva (formerly GE Healthcare Life Sciences division), Sovos Compliance, and ATI Physical Therapy. The firm has historically been less media-visible than Blackstone or KKR but operates at similar scale.
At-a-glance comparison
| Rank | Firm | AUM | Listed? |
|---|---|---|---|
| 1 | Blackstone | $1.1T+ | NYSE: BX |
| 2 | Brookfield Asset Management | $1T+ | NYSE: BAM |
| 3 | Apollo Global Management | $696B | NYSE: APO |
| 4 | KKR & Co. | $580B | NYSE: KKR |
| 5 | Carlyle Group | $440B | NASDAQ: CG |
| 6 | TPG Inc. | $245B | NASDAQ: TPG |
| 7 | CVC Capital Partners | $200B+ | Euronext: CVC |
| 8 | Bain Capital | $185B | Private |
| 9 | Vista Equity Partners | $100B+ | Private |
| 10 | Advent International | $95B+ | Private |
My take
What strikes me looking at this list is how recently most of these firms went public themselves. KKR went public in 2010, Carlyle in 2012, Apollo in 2011. Blackstone listed in 2007 right before the financial crisis. Today they are the ones doing the IPO-and-buyout cycle to other companies — a complete circle. The interesting question for 2026 is whether the next consolidation wave happens within private equity itself. AUM is concentrated more heavily in the top five than ever before, and Apollo’s growth via insurance demonstrates a template that the others are now copying.
Frequently Asked Questions
What is the largest private equity firm in the world?
Blackstone is the largest alternative-asset manager globally, with approximately $1.1 trillion in assets under management as of Q4 2025. It is publicly traded on the NYSE under the ticker BX. Brookfield Asset Management is comparable in scale at over $1 trillion AUM.
Who owns Apollo Global Management?
Apollo (NYSE: APO) is a publicly traded asset manager. Co-founders Marc Rowan, Josh Harris, and Leon Black originally controlled the firm; Leon Black exited in 2021 amid controversy. Marc Rowan now serves as CEO. Largest institutional shareholders include Vanguard and BlackRock.
Who is the CEO of Blackstone?
Stephen Schwarzman remains chairman and CEO of Blackstone. He co-founded the firm in 1985 with Peter Peterson, who passed away in 2018. Jonathan Gray, Blackstone’s president and COO, is widely considered the most likely successor.
Is Bain Capital publicly traded?
No. Despite Bain Capital being one of the largest private-equity firms in the world (over $185 billion AUM), the firm itself remains privately held. It was founded in 1984 by Mitt Romney along with several other Bain & Company alumni and has chosen not to follow Blackstone, KKR, Carlyle, and Apollo onto public markets.
Who owns Vista Equity Partners?
Vista Equity Partners is privately held and led by founder and CEO Robert F. Smith. The firm is the largest software-focused private-equity firm in the world with over $100 billion AUM. Vista has not gone public, though the firm regularly takes its portfolio companies through IPOs.
