London, October 9, 2026 / PRNewswire / -- The first report " Private Markets 100" released by PEI Group shows that between 2021 and 2025, the world's 100 largest private equity market management firms raised a total of 5.74 trillion US dollars, exceeding Germany's annual economic output*.
Blackstone topped the list with $356.7 billion, KKR ranked second with $302.2 billion, and Goldman Sachs Alternatives came in third with $215.3 billion.
The top 10 institutions raised a total of $2.04 trillion, accounting for 35.5% of the total amount.
PEI Private Markets Top 10 List
"Professional institutions" are disappearing.
PEI Group indicates that this is the first business intelligence firm to provide a global fundraising ranking covering five major asset classes on a five-year cycle. This ranking integrates data from industry standard lists that are widely adopted by the market and trusted by investors, which are under PEI.
By combining and measuring these five types of assets, phenomena that cannot be reflected in individual lists become apparent: the largest management institutions are no longer specialized organizations focused on a single asset class.
In this top 100 list, there are 16 institutions that have raised funds across all five strategies; among the top 10, 7 are active in all five types of assets. At the same time, a quarter of the list, namely 25 institutions, have made it into the top 100 by focusing on business in a single asset category.
Ares Management has shown the largest change within a single year. The company raised more funds in the private lending sector than any other institution, rose from 10th to 4th place in the real estate sector, and moved from 16th to 10th place in the secondary market sector. When combined, it has become the fifth-largest private market fundraising institution globally, ranking above Brookfield and BlackRock.
To a large extent, this convergence has been achieved through acquisitions rather than internal development. Over the past two years, KKR acquired the sports investment firm Arctos Partners; EQT acquired the secondary market company Coller Capital for a transaction amount of up to $3.7 billion; Goldman Sachs acquired Industry Ventures. General Atlantic acquired the infrastructure management firm Actis, and BNP Paribas completed the acquisition of AXA Investment Managers.
PEI Group Research Director Dan Gunner stated: "This industry has surpassed its original categorization. Institutions that were once strong in mergers and acquisitions investments have now seen their fundraising scale in the credit sector exceed that of the equity sector. By conducting systematic analysis and launching the first PEI Private Markets 100, we have provided a comprehensive view of a broader market, enabling the industry to see the entire fundraising landscape in an unprecedented way. This demonstrates our unparalleled capabilities in research and analysis, as well as the breadth and depth of data we have accumulated over more than 15 years in the private equity market."
* Germany's nominal GDP in 2025 is $5.01 trillion (International Monetary Fund World Economic Outlook, October 2025).
Note to the Editor
Explanation regarding PEI Private Markets 100
PEI Private Markets ranks management institutions based on the amount of funds raised in the private equity market over a five-year period ending December 31, 2025. This list integrates six existing asset category lists from PEI Group; these lists are compiled annually based on data submitted by management institutions and verified through public filing documents, regulatory disclosures, and fund documents.
The threshold to enter this list is $18.97 billion. The list counts the amount of funds raised, not the scale of managed assets. If a fund invests across multiple strategies, its funds will be allocated across different lists and will not be counted repeatedly.
View the list
To download the complete PEI Private Markets 100 report and rankings, including more comments, analyses, and detailed breakdowns by asset category, you need to register the relevant information first.
Existing subscribers and members can view the complete report through the following online platforms or publication websites, depending on their subscription or membership level:
- Private Equity International
- PEI Private Credit
- PEI Infrastructure Investor
- PEI PERE
- PEI Secondaries Investor
About PEI Group
PEI Group is a globally leading organization that provides business intelligence, data, indices and benchmarks, analysis, and event services to professionals in the private equity market.
PEI signifies that, with rigorously collected data, in-depth analytical expertise, and a trusted tradition in journalism, the company provides critical intelligence to over 30,000 investors, asset managers, and service providers, enhancing the quality of their decision-making.
According to PEI, the company has achieved steady growth for over two decades, with its business covering 10 asset classes including private equity, private credit, private real estate, and private infrastructure. It provides services through a high-end research platform, a membership network, and global events.
PEI indicates that, based on cross-asset category underlying rankings, the company serves 100% of the top 50 institutions in the private equity market. This ranking covers private equity, real estate, infrastructure, private lending, and the secondary market, with the size of each institution determined by its fundraising amount over the past five years.
According to PEI, the company has a team of 500 people spread across 8 offices, providing professionals in the private equity market with the network, opportunities, and key market insights they need in this constantly changing environment, in order to achieve better investment results.
