PEI Group: World's 100 largest private markets firms raised $5.74 trillion in five years

The 100 largest managers in private markets globally raised a total of $5.74 trillion between 2021 and 2025, according to the inaugural Private Markets 100 report by PEI Group. This figure surpasses the annual economic output of Germany.

Blackstone topped the ranking with $356.7 billion in capital raised. KKR followed in second place with $302.2 billion, and Goldman Sachs Alternatives was third with $215.3 billion. The top 10 firms collectively raised $2.04 trillion, representing 35.5 percent of the total.

The report highlights a trend where major firms are diversifying beyond single asset classes. Sixteen of the top 100 managers are active across all five strategies measured, and seven of the top 10 are active in all five. This convergence is partly driven by acquisitions, with firms like KKR and EQT recently making strategic purchases to expand their offerings.

"The industry has outgrown its own categories," said Dan Gunner, Director of Research at PEI Group. "By methodically analysing and launching the first ever PEI Private Markets 100, we are offering a complete view of the wider market which allows the industry to see the full fundraising picture like never before."