States with the most Private Equity Firms

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Largest Private Equity Firms in the United States

Top 100 PE Firms

Rank	Name	Location	AUM ($ Billions)
1	Kohlberg Kravis Roberts	New York, NY	$341.7B
2	Harbourvest Partners	Boston, MA	$142.9B
3	Thoma Bravo	Chicago, IL	$137B
4	Blackstone Management Partners	New York, NY	$125B
5	CVC Advisers Jersey Limited	St Helier,	$124.6B
6	TPG Capital Advisors	Fort Worth, TX	$112.2B
7	Hellman & Friedman	San Francisco, CA	$105.7B
8	Silver Lake Technology Management	Menlo Park, CA	$102B
9	Vista Equity Partners Management	San Francisco, CA	$100.6B
10	Global Infrastructure Management	New York, NY	$93.8B
11	Warburg Pincus	New York, NY	$91.7B
12	Insight Venture Partners	New York, NY	$89.3B
13	Advent International	Boston, MA	$87B
14	Coatue Management	New York, NY	$84.3B
15	Stepstone Group	La Jolla, CA	$82.7B
16	Pantheon	London,	$82.5B
17	Hamilton Lane	Conshohocken, PA	$81.7B
18	General Atlantic Service	New York, NY	$81.1B
19	Clayton Dubilier & Rice	New York, NY	$79B
20	Bain Capital Private Equity	Boston, MA	$78.6B
21	Brookfield Asset Management PIC Canada	Toronto, Ontario,	$78.1B
22	Leonard Green & Partners	Los Angeles, CA	$77.8B
23	Tiger Global Management	New York, NY	$75.3B
24	Blue OWL Gpsc Advisors	New York, NY	$75.1B
25	EQT Fund Management S.A.R.L	Luxembourg,	$73.8B
26	Lexington Partners	New York, NY	$71B
27	BDT Capital Partners	Chicago, IL	$69.7B
28	Strategic Partners Fund Solutions Advisors	New York, NY	$68.2B
29	Sixth Street Advisers	Dallas, TX	$65.3B
30	Goldman Sachs	New York, NY	$62.3B
31	NB Alternatives Advisers	Dallas, TX	$58.6B
32	H.I.G. Capital	Miami, FL	$55.6B
33	Blackrock Capital Investment Advisors	Wilmington, DE	$55.4B
34	SB Investment Advisers US	Menlo Park, CA	$54.5B
35	Hillhouse Investment Management	Singapore,	$53.7B
36	Hongshan Capital Advisors Limited	Hong Kong,	$53.2B
37	Clearlake Capital Group	Santa Monica, CA	$51.3B
38	Adams Street Partners	Chicago, IL	$49.6B
39	Stone Point Capital	Greenwich, CT	$49.1B
40	Platinum Equity Advisors	Beverly Hills, CA	$48.4B
41	Ardian Investment UK Limited	London,	$48.1B
42	I Squared Capital Advisors US	Miami, FL	$47.9B
43	Ardian France	Paris,	$46.9B
44	Francisco Partners	San Francisco, CA	$45B
45	Apax Partners	London,	$43.6B
46	HG	London,	$40.5B
47	GTCR	Chicago, IL	$39.9B
48	Veritas Capital Fund Management	New York, NY	$39.9B
49	BC Partners	London,	$38.4B
50	Stonepeak	New York, NY	$37.8B
51	Brookfield Renewable Energy Group	Toronto, Ontario,	$36.8B
52	Pathway Capital Management	Irvine, CA	$36.3B
53	Brookfield Asset Management PIC Adviser Private Equity	Toronto, Ontario,	$36.2B
54	Alpinvest US Holdings	New York, NY	$36.1B
55	Digitalbridge Investment Management	Boca Raton, FL	$35.2B
56	Summit Partners	Boston, MA	$34.7B
57	GCM Customized Fund Investment Group	New York, NY	$34.3B
58	Genstar Capital	San Francisco, CA	$33.4B
59	Nordic Capital	St. Helier,	$32.8B
60	Roark Capital Management	Atlanta, GA	$31.9B
61	Copenhagen Infrastructure Partners	Copenhagen,	$30.7B
62	TJC	New York, NY	$30.3B
63	Blackrock Alternatives Management	New York, NY	$27.4B
64	PSG Equity	Boston, MA	$26.6B
65	Macquarie Infrastructure & Real Assets Europe Limited	London,	$26.5B
66	Castlelake	Minneapolis, MN	$26.3B
67	Bregal Investments	New York, NY	$25.8B
68	TDR Capital	London,	$24.9B
69	LGT Capital Partners Ireland Limited	Dublin,	$24.9B
70	Providence Equity Partners	Providence, RI	$24.6B
71	D1 Capital Partners	New York, NY	$24B
72	Dragoneer Investment Group	San Francisco, CA	$23.7B
73	Berkshire Partners	Boston, MA	$23.3B
74	New Mountain Capital	New York, NY	$22.9B
75	Macquarie Infrastructure Partners	New York, NY	$22.4B
76	Carlyle Global Credit Investment Management	New York, NY	$22.2B
77	Astorg Asset Management Sarl	Luxembourg,	$22B
78	KPS Capital Partners	New York, NY	$21.4B
79	American Securities	New York, NY	$21.2B
80	Onex Partners Manager	Toronto,	$21B
81	MBK Management	Hong Kong,	$20.6B
82	Harvest Partners	New York, NY	$20.5B
83	Portfolio Advisors	Darien, CT	$20.5B
84	BTG Pactual Asset Management US	New York, NY	$20.5B
85	50 South Capital Advisors	Chicago, IL	$20.2B
86	TCV	Menlo Park, CA	$20B
87	Generation Investment Management	London,	$19.9B
88	Quantum Capital Group	Houston, TX	$19.7B
89	SVB Capital	Menlo Park, CA	$19.4B
90	Stepstone Group Real Assets	La Jolla, CA	$19.3B
91	Accel-KKR	Menlo Park, CA	$19.3B
92	Partners Group AG	Baar, Zug,	$19.3B
93	Madison Dearborn Partners	Chicago, IL	$19.3B
94	JAB Consumer Fund Management Sarl	Luxembourg,	$19B
95	Audax Private Equity	Boston, MA	$19B
96	Kelso	New York, NY	$18.5B
97	Waterland Private Equity Investments	Bussum,	$18.4B
98	Valor Equity Partners	Chicago, IL	$18.1B
99	Triton Investments Advisers	London,	$17.8B
100	Alpha Wave Global	New York, NY	$17.7B

Source: SEC Filings, Apr 2024 Top 101-200 PE Firms

Private Equity News

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Limited partners evaluate private equity firms based on several key factors:

1. Track Record: returns generated by past investments and rate of return / IRR.

2. Experience and Expertise: The experience and knowledge of the firm's team, especially in the industry or sectors they invest in, are examined. This includes the team's skill in business operations, financial engineering, and deal structuring.

3. Investment Strategy: The firm's approach to sector focus, deal type (e.g., growth, LBO, turnaround) and value creation

4. Governance: strong corporate governance, clear reporting systems, and high levels of transparency.

5. Risk Management: This includes financial leverage, diversification, and portfolio management.

6. Fees and Terms: Limited partners assess the fee structure, carried interest, terms of the fund, and other economic considerations.

7. Alignment of Interests: Limited partners look for evidence that the private equity firm's interests are aligned with their own. For instance, they prefer firms where the team commits personal capital into the fund (known as a "skin in the game").