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	AMERICAN SECURITIES	New York, NY	$296.7B
2	KOHLBERG KRAVIS ROBERTS	New York, NY	$291.8B
3	HARBOURVEST PARTNERS	Boston, MA	$128B
4	BLACKSTONE MANAGEMENT PARTNERS	New York, NY	$123B
5	THOMA BRAVO	Chicago, IL	$121.2B
6	TPG CAPITAL ADVISORS	Fort Worth, TX	$105B
7	VISTA EQUITY PARTNERS MANAGEMENT	San Francisco, CA	$103.4B
8	CVC ADVISERS JERSEY LIMITED	St Helier,	$95.6B
9	ADVENT INTERNATIONAL	Boston, MA	$91.7B
10	WARBURG PINCUS	New York, NY	$90.5B
11	STEPSTONE GROUP	La Jolla, CA	$82.6B
12	HAMILTON LANE	Conshohocken, PA	$81.7B
13	INSIGHT VENTURE PARTNERS	New York, NY	$79.5B
14	SILVER LAKE TECHNOLOGY MANAGEMENT	Menlo Park, CA	$76.4B
15	HELLMAN & FRIEDMAN	San Francisco, CA	$75.3B
16	EQT FUND MANAGEMENT S.A.R.L	Luxembourg,	$73.6B
17	NB ALTERNATIVES ADVISERS	Dallas, TX	$71.6B
18	TIGER GLOBAL MANAGEMENT	New York, NY	$71.1B
19	COATUE MANAGEMENT	New York, NY	$69.9B
20	BAIN CAPITAL PRIVATE EQUITY	Boston, MA	$69.5B
21	GENERAL ATLANTIC SERVICE	New York, NY	$66B
22	CLAYTON DUBILIER & RICE	New York, NY	$66B
23	LEXINGTON PARTNERS	New York, NY	$63.9B
24	SIXTH STREET ADVISERS	Dallas, TX	$62.2B
25	BROOKFIELD ASSET MANAGEMENT PIC CANADA	Toronto, Ontario,	$59.9B
26	GLOBAL INFRASTRUCTURE MANAGEMENT	New York, NY	$59.7B
27	HILLHOUSE INVESTMENT MANAGEMENT	Singapore,	$55.6B
28	SEQUOIA CAPITAL CHINA ADVISORS LIMITED	Hong Kong,	$54.6B
29	SB INVESTMENT ADVISERS US	Menlo Park, CA	$54.5B
30	BDT CAPITAL PARTNERS	Chicago, IL	$53.7B
31	H.I.G. CAPITAL	Miami, FL	$52.3B
32	I SQUARED CAPITAL ADVISORS US	Miami, FL	$48.6B
33	PLATINUM EQUITY ADVISORS	Beverly Hills, CA	$47.6B
34	STONE POINT CAPITAL	Greenwich, CT	$45.1B
35	LEONARD GREEN & PARTNERS	Los Angeles, CA	$44.5B
36	BLACKROCK CAPITAL INVESTMENT ADVISORS	Wilmington, DE	$44.3B
37	VERITAS CAPITAL FUND MANAGEMENT	New York, NY	$44B
38	CLEARLAKE CAPITAL GROUP	Santa Monica, CA	$43.7B
39	APAX PARTNERS	London,	$43.6B
40	GCM CUSTOMIZED FUND INVESTMENT GROUP	New York, NY	$42.6B
41	TIKEHAU INVESTMENT MANAGEMENT	Paris,	$42.2B
42	ADAMS STREET PARTNERS	Chicago, IL	$42.1B
43	FRANCISCO PARTNERS	San Francisco, CA	$41.9B
44	DYAL ADVISORS	New York, NY	$41.8B
45	HG	London,	$40.5B
46	ARDIAN INVESTMENT UK LIMITED	London,	$39.8B
47	BC PARTNERS	London,	$36.3B
48	GENSTAR CAPITAL	San Francisco, CA	$35.9B
49	PATHWAY CAPITAL MANAGEMENT	Irvine, CA	$35.9B
50	ALPINVEST PARTNERS B.V.	Amsterdam,	$35.8B
51	BROOKFIELD ASSET MANAGEMENT PIC ADVISER PRIVATE EQUITY	Toronto, Ontario,	$33.5B
52	STONEPEAK	New York, NY	$33.1B
53	ARDIAN FRANCE	Paris,	$32.4B
54	SUMMIT PARTNERS	Boston, MA	$31.8B
55	GI PARTNERS	Scottsdale, AZ	$31.1B
56	NORDIC CAPITAL	St. Helier,	$30.7B
57	ROARK CAPITAL MANAGEMENT	Atlanta, GA	$30.5B
58	GTCR	Chicago, IL	$30B
59	BROOKFIELD RENEWABLE ENERGY GROUP	Toronto, Ontario,	$28B
60	MACQUARIE INFRASTRUCTURE & REAL ASSETS EUROPE LIMITED	London,	$26.5B
61	DIGITALBRIDGE INVESTMENT MANAGEMENT	Boca Raton, FL	$26.2B
62	D1 CAPITAL PARTNERS	New York, NY	$25.5B
63	TDR CAPITAL	London,	$24.9B
64	CASTLELAKE	Minneapolis, MN	$24.8B
65	PROVIDENCE EQUITY PARTNERS	Providence, RI	$23.5B
66	TJC	New York, NY	$22.9B
67	DRAGONEER INVESTMENT GROUP	San Francisco, CA	$22.8B
68	MACQUARIE INFRASTRUCTURE PARTNERS	New York, NY	$22.4B
69	New MOUNTAIN CAPITAL	New York, NY	$22.2B
70	PSG EQUITY	Boston, MA	$22.1B
71	PORTFOLIO ADVISORS	Darien, CT	$21.3B
72	HARVEST PARTNERS	New York, NY	$21.3B
73	LGT CAPITAL PARTNERS IRELAND LIMITED	Dublin,	$20.9B
74	JAB CONSUMER FUND MANAGEMENT SARL	Luxembourg,	$20.6B
75	COPENHAGEN INFRASTRUCTURE PARTNERS	Copenhagen O,	$20.4B
76	PARTNERS GROUP AG	Baar, Zug,	$20.3B
77	BERKSHIRE PARTNERS	Boston, MA	$20.2B
78	QUANTUM CAPITAL GROUP	Houston, TX	$19.7B
79	BREGAL INVESTMENTS	New York, NY	$19.6B
80	STEPSTONE GROUP REAL ASSETS	La Jolla, CA	$19.3B
81	ONEX PARTNERS MANAGER	Toronto,	$19.1B
82	ACCEL-KKR	Menlo Park, CA	$19.1B
83	APOGEM CAPITAL	New York, NY	$18.7B
84	TSG CONSUMER PARTNERS	Larkspur, CA	$18.7B
85	CARLYLE GLOBAL CREDIT INVESTMENT MANAGEMENT	New York, NY	$18.4B
86	50 SOUTH CAPITAL ADVISORS	Chicago, IL	$18.2B
87	ALPHA WAVE GLOBAL	New York, NY	$18.2B
88	GENERATION INVESTMENT MANAGEMENT	London,	$18B
89	TRITON INVESTMENTS ADVISERS	London,	$17.8B
90	COLLER INVESTMENT MANAGEMENT	St. Peter Port,	$17.7B
91	THRIVENT FINANCIAL FOR LUTHERANS	Minneapolis, MN	$17.4B
92	KELSO	New York, NY	$17.3B
93	ASTORG ASSET MANAGEMENT SARL	Luxembourg,	$17.2B
94	CF PRIVATE EQUITY	Wilton, CT	$17.2B
95	MORGAN STANLEY INFRASTRUCTURE	New York, NY	$17.1B
96	BATTERY MANAGEMENT	Boston, MA	$16.8B
97	ABRY PARTNERS II	Boston, MA	$16.5B
98	RIVERSTONE INVESTMENT GROUP	New York, NY	$16.5B
99	BOYU CAPITAL GROUP MANAGEMENT	George Town, Grand Cayman,	$16.5B
100	PARTNERS ENTERPRISE CAPITAL	Chicago, IL	$16.3B

Source: SEC Filings, July 2023 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").