Key Takeaways
- • EQT completed its acquisition of secondaries specialist Coller Capital on 31 August 2026, a deal worth up to $3.7 billion in shares and contingent consideration, lifting combined AUM to roughly €341 billion ($389 billion).
- • CVC agreed in January 2026 to acquire US credit manager Marathon Asset Management for up to $1.6 billion, lifting CVC Credit's fee-paying AUM to roughly €61 billion and supporting a target of €200 billion group fee-paying AUM by 2028.
- • EQT ended 2025 with €270 billion in total AUM and CVC closed 2025 with €205 billion, per their own reporting, making them the leading European private markets platforms by AUM.
- • Ardian passed $200 billion in AUM in 2026, with its Private Wealth Solutions arm now over 10% of AUM; AXA exited its remaining 10% stake in a 2026 restructuring.
- • Per the ranking, European houses are consolidating into multi-strategy platforms, with Invest Europe reporting €147 billion raised in 2025 and dry powder near €434.8 billion, while deal count fell 8%.
Summary
RankiaPro's 2026 ranking of Europe's largest private equity firms, ordered by total AUM as disclosed by each firm, shows the region's biggest buyout houses increasingly operating as diversified private markets platforms. EQT, CVC Capital Partners and Ardian now earn a growing share of fees from secondaries, credit and infrastructure rather than classic leveraged buyouts. The article notes that AUM figures are approximate because firms report on different bases (total AUM versus fee-paying AUM) and in different currencies.
EQT ended 2025 with total AUM of €270 billion, split between €141 billion in fee-generating AUM and a broader base of committed and strategic capital, according to its year-end report. On 31 August 2026 it completed its acquisition of Coller Capital, a deal worth up to $3.7 billion in shares and contingent consideration, taking combined AUM to roughly €341 billion ($389 billion). Coller now operates as "Coller EQT," a dedicated secondaries segment alongside EQT's Private Capital and Real Assets divisions, with founder Jeremy Coller joining EQT's executive committee. EQT management has said it expects the secondaries market to more than double by 2030.
CVC closed 2025 with €205 billion in AUM and €148 billion in fee-paying AUM, up from €200 billion and €147 billion a year earlier. In January 2026 it agreed to acquire US credit manager Marathon Asset Management for up to $1.6 billion, which lifts CVC Credit's fee-paying AUM to roughly €61 billion. CVC has said the combination supports its target of €200 billion in group fee-paying AUM by 2028. More than half of CVC's fee-paying AUM now sits outside its original private equity strategy.
Paris-based Ardian passed $200 billion in AUM in 2026, its 30th anniversary year, with capital split across private equity, real assets, credit and secondaries. Employees hold around 40% of the firm, and in a 2026 shareholder restructuring AXA exited its remaining 10% stake in favour of existing investors Assurances du Crédit Mutuel and Wafra. Ardian serves more than 1,920 clients, and its Private Wealth Solutions arm now represents over 10% of AUM.
Below the top three, Partners Group reported total AUM of $185 billion at end-2025, up from $152 billion, after raising $30 billion in new client assets. ICG reported $124 billion in AUM as of 30 September 2025, and Hg, which focuses on software and technology, reports roughly $110 billion. A second tier including Permira, Nordic Capital, Cinven, Bridgepoint, PAI Partners and Triton was not included in the table because of inconsistent AUM disclosure.
The article attributes the consolidation to broader market conditions. Invest Europe's 2025 activity report recorded €147 billion raised by European private equity and venture firms, up 16%, with dry powder at €434.8 billion, while deal count fell 8%. For allocators, the article argues that manager selection is shifting from individual buyout funds to platform-level assessment, with integration risk and revenue mix becoming key due diligence factors.
EQT ended 2025 with total AUM of €270 billion, split between €141 billion in fee-generating AUM and a broader base of committed and strategic capital, according to its year-end report. On 31 August 2026 it completed its acquisition of Coller Capital, a deal worth up to $3.7 billion in shares and contingent consideration, taking combined AUM to roughly €341 billion ($389 billion). Coller now operates as "Coller EQT," a dedicated secondaries segment alongside EQT's Private Capital and Real Assets divisions, with founder Jeremy Coller joining EQT's executive committee. EQT management has said it expects the secondaries market to more than double by 2030.
CVC closed 2025 with €205 billion in AUM and €148 billion in fee-paying AUM, up from €200 billion and €147 billion a year earlier. In January 2026 it agreed to acquire US credit manager Marathon Asset Management for up to $1.6 billion, which lifts CVC Credit's fee-paying AUM to roughly €61 billion. CVC has said the combination supports its target of €200 billion in group fee-paying AUM by 2028. More than half of CVC's fee-paying AUM now sits outside its original private equity strategy.
Paris-based Ardian passed $200 billion in AUM in 2026, its 30th anniversary year, with capital split across private equity, real assets, credit and secondaries. Employees hold around 40% of the firm, and in a 2026 shareholder restructuring AXA exited its remaining 10% stake in favour of existing investors Assurances du Crédit Mutuel and Wafra. Ardian serves more than 1,920 clients, and its Private Wealth Solutions arm now represents over 10% of AUM.
Below the top three, Partners Group reported total AUM of $185 billion at end-2025, up from $152 billion, after raising $30 billion in new client assets. ICG reported $124 billion in AUM as of 30 September 2025, and Hg, which focuses on software and technology, reports roughly $110 billion. A second tier including Permira, Nordic Capital, Cinven, Bridgepoint, PAI Partners and Triton was not included in the table because of inconsistent AUM disclosure.
The article attributes the consolidation to broader market conditions. Invest Europe's 2025 activity report recorded €147 billion raised by European private equity and venture firms, up 16%, with dry powder at €434.8 billion, while deal count fell 8%. For allocators, the article argues that manager selection is shifting from individual buyout funds to platform-level assessment, with integration risk and revenue mix becoming key due diligence factors.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.