Key Takeaways
- • KKR ranks first in the 2026 PEI 300 with $140.3 billion raised over the five years through 2025, followed by EQT at $134.3 billion and Blackstone at $111.7 billion, according to Private Equity International's annual ranking.
- • The PEI 300 firms collectively raised a record $3.55 trillion, nearly 8% more than the prior year, with the top 10 accounting for roughly one-quarter of total capital raised.
- • McKinsey finds that buyout and growth transactions above $500 million surged 44% in 2025 to more than $1 trillion, while the drivers of past returns, including falling rates, rising multiples and cheap leverage, have largely faded.
- • Thoma Bravo agreed to acquire Accelerant in an all-cash deal with enterprise value above $4 billion at $20.25 per share, a 49% premium to the August 12 close.
- • Blackstone and La Caisse led a C$2.5 billion investment for a 25% minority stake in Air Canada's Aeroplan, valuing the program at C$10 billion.
Summary
Private Equity International's annual PEI 300 ranks the world's largest private equity firms by five-year fundraising totals. For 2026, the 300 firms collectively raised a record $3.55 trillion, nearly 8% more than the previous year, with gains concentrated among the largest managers. The ranking's top ten, by five-year fundraising, are KKR ($140.3 billion), EQT ($134.3 billion), Blackstone ($111.7 billion), TPG ($88.1 billion), Thoma Bravo ($71.8 billion), Hg ($70.2 billion), Bain Capital ($60.3 billion), General Atlantic ($59.5 billion), Advent International ($59.2 billion) and Goldman Sachs Asset Management ($58.6 billion).
The article notes that the conditions that amplified private equity returns over the past decade, including declining interest rates, expanding valuation multiples and abundant leverage, have largely passed, according to McKinsey. Higher-for-longer rates have raised the cost of the debt used in leveraged buyouts. Deal activity nonetheless remains substantial: McKinsey found buyout and growth transactions above $500 million rose 44% in 2025 to more than $1 trillion, with AI infrastructure spending a major source of opportunity. VanEck's Coulter Regal cited Nvidia's plan to establish an AI compute financing platform with Apollo, Blackstone, Brookfield and KKR, aimed at mobilizing more than $500 billion of third-party capital.
Among the leaders, KKR closed its fifth global infrastructure fund at $19.2 billion in August, its largest infrastructure fund to date. EQT's BPEA Private Equity Fund IX closed at $15.6 billion in April, the largest Asia-Pacific-dedicated private equity fund raised to date, and its Scaleup Europe Fund made its first investment in August, co-leading a 1 billion-euro round in ICEYE. Blackstone and La Caisse led the Aeroplan investment in August, and its Blackstone Digital Infrastructure Trust (BXDC) priced an IPO in May at $20 per share, with proceeds directed to data center assets. TPG Angelo Gordon acquired a 53-property U.S. industrial portfolio for $628 million in August. Thoma Bravo completed its roughly C$650 million acquisition of Kneat and sold a majority stake in Command Alkon to Francisco Partners. Goldman Sachs agreed to buy LCN Capital Partners, a real estate manager with approximately $3 billion in assets.
The article also highlights retail access to the sector. Most traditional private equity funds remain restricted to institutional and qualified investors, but several large managers are publicly traded, and some operate publicly accessible vehicles such as business development companies and mortgage REITs. VanEck's Alternative Asset Manager ETF (GPZ) tracks listed alternative asset managers, requiring at least 75% of revenue or operating assets from alternative asset investing.
The article notes that the conditions that amplified private equity returns over the past decade, including declining interest rates, expanding valuation multiples and abundant leverage, have largely passed, according to McKinsey. Higher-for-longer rates have raised the cost of the debt used in leveraged buyouts. Deal activity nonetheless remains substantial: McKinsey found buyout and growth transactions above $500 million rose 44% in 2025 to more than $1 trillion, with AI infrastructure spending a major source of opportunity. VanEck's Coulter Regal cited Nvidia's plan to establish an AI compute financing platform with Apollo, Blackstone, Brookfield and KKR, aimed at mobilizing more than $500 billion of third-party capital.
Among the leaders, KKR closed its fifth global infrastructure fund at $19.2 billion in August, its largest infrastructure fund to date. EQT's BPEA Private Equity Fund IX closed at $15.6 billion in April, the largest Asia-Pacific-dedicated private equity fund raised to date, and its Scaleup Europe Fund made its first investment in August, co-leading a 1 billion-euro round in ICEYE. Blackstone and La Caisse led the Aeroplan investment in August, and its Blackstone Digital Infrastructure Trust (BXDC) priced an IPO in May at $20 per share, with proceeds directed to data center assets. TPG Angelo Gordon acquired a 53-property U.S. industrial portfolio for $628 million in August. Thoma Bravo completed its roughly C$650 million acquisition of Kneat and sold a majority stake in Command Alkon to Francisco Partners. Goldman Sachs agreed to buy LCN Capital Partners, a real estate manager with approximately $3 billion in assets.
The article also highlights retail access to the sector. Most traditional private equity funds remain restricted to institutional and qualified investors, but several large managers are publicly traded, and some operate publicly accessible vehicles such as business development companies and mortgage REITs. VanEck's Alternative Asset Manager ETF (GPZ) tracks listed alternative asset managers, requiring at least 75% of revenue or operating assets from alternative asset investing.
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