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August 9, 2025
Introduction: Why 2026 Is a Defining Year for Private Equity
Private equity continues to play a central role in global finance, with firms managing trillions in assets across industries like technology, healthcare, infrastructure, and energy. According to McKinsey’s Global Private Markets Review 2025, “fundraising across all asset classes fell to its lowest level since 2016, even as the performance of public markets increased” (McKinsey).
Despite a slowdown in fundraising, private equity’s long-term growth outlook remains robust. BlackRock estimates that private markets could expand from $13 trillion today to more than $20 trillion by 2030 (BlackRock).
As we move into 2026, investors, professionals, and businesses alike are asking: Which are the top private equity firms to watch?
What Is Private Equity?
Before diving into the rankings, let’s revisit the basics. Private equity (PE) refers to investments in companies that are not publicly traded. Do not mix with Venture Capital (VC), which are focused on . These firms typically raise funds from institutional investors and high-net-worth individuals to acquire, restructure, and grow businesses before exiting through IPOs or strategic sales. PEs tend to invest aligned with their investment thesis.
According to Vanguard, PE’s median expected return for the next decade is 8.9%, compared to 5.4% for global public equity (Vanguard).
Private equity stands apart because:
- It provides long-term capital compared to traditional financing.
- Firms take active roles in management, driving operational improvements.
- Returns can be significant, but they come with higher risk and longer investment horizons.
👉 Related reading: What is an investment thesis?
Source: Mergers & Inquisitions
Top Private Equity Firms to Watch in 2026
The Top 10 PE Firms to Watch in 2026
1. KKR (Kohlberg Kravis Roberts)
- AUM (2025 est.): Over $500 billion
- Why Watch in 2026: Expanding into renewable energy and infrastructure, with bold bets on AI-driven companies.
- Highlight: Strong presence across North America, Europe, and Asia.
2. Blackstone Group
- AUM (2025 est.): Over $1 trillion
- Why Watch in 2026: Maintaining its position as the largest private equity firm globally, while expanding in real estate and credit.
- Data point: Blackstone’s AUM hit a record $1.13 trillion in Q4 2024 (Reuters).
3. Carlyle Group
- AUM (2025 est.): ~$400 billion
- Why Watch in 2026: Aggressive push into healthcare and defense.
4. Apollo Global Management
- AUM (2025 est.): ~$600 billion
- Why Watch in 2026: Known for distressed assets; poised to capitalize on potential volatility.
5. Bain Capital
- AUM (2025 est.): ~$180 billion
- Why Watch in 2026: Strong mid-market strategy and acquisitions in tech and healthcare.
6. TPG Capital
- Why Watch in 2026: A leader in ESG-focused investments, aligning with growing investor demand.
7. Advent International
- Why Watch in 2026: Rapid expansion in Latin America and Southeast Asia.
8. Warburg Pincus
- Why Watch in 2026: Specialist in growth equity, especially in fintech and cybersecurity.
9. EQT Partners
- Why Watch in 2026: Europe’s largest PE firm, scaling globally in infrastructure and sustainability.
10. CVC Capital Partners
- Why Watch in 2026: Strong portfolio in consumer brands and sports, including Formula 1.
Top 100 Private Equity Firms by AUM
Beyond the top 10, rankings like the PEI 300 show a highly competitive landscape. Firms like Ardian, Brookfield, and Hellman & Friedman continue to grow, particularly in infrastructure and climate-focused strategies. PwC notes: “The global inventory of private equity portfolio companies as of March 2025 is up 1% from the beginning of the year” (PwC).
Trends Defining Private Equity in 2026
📌 1. Technology & AI Investments
Private equity firms are allocating more capital to artificial intelligence, SaaS, and fintech companies. EY reported that global M&A activity rose by 30% in Q2 2025, with private equity transactions leading the momentum (EY).
- Example: KKR has been expanding its AI portfolio in the US and Asia.
- Why It Matters: Tech-driven assets are increasingly viewed as essential for long-term growth.
📌 2. ESG & Sustainable Investing
Firms like TPG and EQT are doubling down on green energy, carbon-reduction, and responsible supply chains. According to GAM, private equity’s share of alternatives AUM is projected to grow from 35% to 41%, reaching nearly $12 trillion by 2029 (GAM).
- Example: EQT Partners, based in Sweden, has integrated ESG metrics into every stage of its investment cycle.
- Why It Matters: ESG credentials are now a prerequisite for attracting institutional investors, particularly in Europe.
📌 3. Globalization of Capital
Emerging markets are gaining a larger share of PE capital flows, especially in Asia, Latin America, and Africa. These regions offer higher growth potential and diversification away from saturated US and European markets.
- Example: Advent International has been scaling in Latin America, while Warburg Pincus has invested heavily in Asian fintech startups.
- Why It Matters: Regional diversification reduces risk and positions firms to benefit from fast-growing economies.
📌 4. Recruiting Trends in Private Equity
The war for talent in private equity is intensifying. Recruiters like Heidrick & Struggles and Russell Reynolds highlight rising demand for professionals with data science, sustainability, and operational turnaround skills.
- Example: Many PE firms in New York and London are now recruiting analysts with STEM backgrounds, not just finance.
- Why It Matters: The next generation of private equity professionals will need to blend financial acumen with digital and ESG expertise.
🔍 Global perspective: PwC highlights that the number of PE portfolio companies globally rose by 1% in early 2025, reflecting continued appetite for deals despite macro uncertainty (PwC).
How are trends expected to change between 2025 and 2026?
| 2025 | 2026 |
|---|---|
Growing AI, SaaS | Greater focus on AI-driven compnies |
Prioritizing ESG initiatives | ESG & sustainability become mainstream |
More capital in emerging markets | Expansion in Asia, LatAm and Africa |
High demand for finance backgrounds | Data science & ESG skillsets in demand |
How to Evaluate Private Equity Firms
When evaluating the best private equity firms, investors and limited partners (LPs) consider a combination of financial metrics, sector expertise, and global presence. Below is a structured view:
| Evaluation Factor | What It Means | Why It Matters (with Global Examples) |
|---|---|---|
Assets Under Management (AUM) | Total capital managed by the firm across all funds. | Larger AUM shows scale and stability. For instance, Blackstone (US) leads globally with more than $1.13 trillion AUM (Reuters), while EQT Partners (Sweden) is Europe’s largest PE firm. |
Track Record of Returns (IRR, DPI, MOIC) | Measures such as IRR (Internal Rate of Return), DPI (Distributions to Paid-In), and MOIC (Multiple on Invested Capital). | Shows historical ability to deliver returns. KKR (US) is known for strong IRRs in infrastructure, while CVC Capital Partners (Luxembourg) has a solid MOIC track record in consumer and sports investments. |
Industry Specialization | Focus on particular sectors like technology, healthcare, or infrastructure. | Specialization drives expertise and better outcomes. Bain Capital (US) is strong in healthcare and tech, Warburg Pincus invests heavily in fintech across Asia, and Advent International is expanding into Latin America. |
Geographic Reach | Presence of offices and investments worldwide. | Broad presence allows firms to diversify risk and capture growth. Carlyle (US & Europe) is strong in healthcare and defense, Brookfield (Canada) dominates infrastructure in North and South America, and Advent is active in Southeast Asia. |
Leadership & Governance | Senior leadership quality, ESG policies, and governance standards. | Strong leadership builds trust with investors. TPG (US) and EQT (Sweden) are recognized for ESG-focused governance, while Apollo (US) has expertise in managing distressed assets during market volatility. |
🔍 Global perspective: According to McKinsey’s Global Private Markets Review 2025, private equity remains the largest private markets asset class, accounting for 41% of industry AUM and projected to surpass $12 trillion by 2026 (McKinsey).
Conclusion: The Future of Private Equity in 2026
The top private equity firms to watch in 2026 are not just giants like Blackstone and KKR, but also specialized firms targeting ESG, tech, and emerging markets. With private equity AUM expected to surpass $12 trillion globally by 2026, opportunities and competition will continue to intensify.
For professionals, investors, and students alike, staying informed about these firms and trends is essential to understanding how private capital continues to reshape industries worldwide.
Domande Frequenti
What is private equity?
Private equity is an investment strategy where firms raise money from institutional investors and high-net-worth individuals to buy companies that are not publicly traded. These firms improve operations, grow the business, and later sell it at a profit through an IPO or acquisition.
What is a private equity firm?
A private equity firm is a financial company that manages funds dedicated to investing in private businesses. Firms like Blackstone, KKR, and Carlyle are examples of leading private equity firms. They typically oversee billions of dollars in assets under management (AUM) and specialize in sectors like technology, healthcare, or infrastructure.
What do private equity firms do?
Private equity firms:
- Raise capital from investors.
- Acquire businesses (often with majority control).
- Improve operations and strategy to increase value.
- Exit by selling or taking companies public, distributing profits to investors.
This active involvement differentiates private equity from passive investment vehicles like mutual funds.
How to get into private equity?
Private equity is one of the most competitive career paths in finance. Typical routes include:
- Starting in investment banking or management consulting.
- Building expertise in a sector (tech, healthcare, infrastructure).
- Networking with recruiters like Heidrick & Struggles and Russell Reynolds.
👉 Skills in financial modeling, data analysis, and ESG investing are increasingly in demand.
