Private equity firms

Largest private equity firms in the US

Name: Largest private equity firms in the US
Creator: nodilist
License: https://creativecommons.org/licenses/by/4.0/

The largest private equity adviser in the US by this measure is Kohlberg Kravis Roberts & Co. L.P., followed by HarbourVest Partners and Thoma Bravo, in the SEC's Form ADV file of 2026-10-02. We rank advisers whose private equity funds are at least half of the private funds they report, by the gross assets of the private funds the adviser reports, not fund size or assets raised. The median adviser that reports private equity funds reports $439.2 million, so every firm in this table is many times larger than a typical one.

Kohlberg Kravis Roberts & Co. L.P. reports the most gross private-fund assets of any adviser in the ranking, on SEC Form ADV (file of 2026-10-02).

1st

2026-10-02SEC Form ADV

~2,600 US advisers pass our focus rule: private equity funds are at least half of the private funds they report.

~2,600

2026-10-02SEC Form ADV

The median adviser that reports private equity funds reports $439.2 million in gross private-fund assets, across all of its private funds.

$439.2 million

2026-10-02SEC Form ADV

The 100 largest private equity advisers

The 100 largest private equity advisers
Adviser	Main office	Gross private-fund assets	PE funds reported	Evidence
1. Kohlberg Kravis Roberts & Co. L.P.	New York, NY	$518.1 billion	553 PE funds of 630 private funds	adviserinfo.sec.gov
2. HarbourVest Partners, LLC	Boston, MA	$201.4 billion	285 PE funds of 311 private funds	adviserinfo.sec.gov
3. Thoma Bravo	Chicago, IL	$182.9 billion	146 PE funds of 151 private funds	adviserinfo.sec.gov
4. The Carlyle Group	Washington, DC	$173.6 billion	167 PE funds of 314 private funds	adviserinfo.sec.gov
5. HPS Investment Partners, LLC	New York, NY	$150.8 billion	142 PE funds of 253 private funds	adviserinfo.sec.gov
6. Blackstone Management Partners L.L.C.	New York, NY	$145.7 billion	36 PE funds of 36 private funds	adviserinfo.sec.gov
7. TPG Capital Advisors, LLC	Fort Worth, TX	$141.4 billion	127 PE funds of 127 private funds	adviserinfo.sec.gov
8. Hamilton Lane	Conshohocken, PA	$138.4 billion	534 PE funds of 553 private funds	adviserinfo.sec.gov
9. Coatue Management, L.L.C.	New York, NY	$128.7 billion	120 PE funds of 146 private funds	adviserinfo.sec.gov
10. General Atlantic Service Company, L.P.	New York, NY	$124.3 billion	323 PE funds of 334 private funds	adviserinfo.sec.gov
11. StepStone Group LP	La Jolla, CA	$123.3 billion	370 PE funds of 409 private funds	adviserinfo.sec.gov
12. Silver Lake Technology Management, LLC	Menlo Park, CA	$117 billion	29 PE funds of 38 private funds	adviserinfo.sec.gov
13. Warburg Pincus LLC	New York, NY	$112.3 billion	213 PE funds of 213 private funds	adviserinfo.sec.gov
14. Hellman & Friedman LLC	San Francisco, CA	$110.4 billion	45 PE funds of 45 private funds	adviserinfo.sec.gov
15. Vista Equity Partners Management, LLC	San Francisco, CA	$105.7 billion	123 PE funds of 125 private funds	adviserinfo.sec.gov
16. Tiger Global Management, LLC	New York, NY	$102.2 billion	28 PE funds of 38 private funds	adviserinfo.sec.gov
17. Bain Capital Private Equity, LP	Boston, MA	$99.5 billion	36 PE funds of 36 private funds	adviserinfo.sec.gov
18. Blue Owl GPSC Advisors LLC	New York, NY	$95.1 billion	96 PE funds of 125 private funds	adviserinfo.sec.gov
19. Insight Venture Partners	New York, NY	$92.2 billion	178 PE funds of 180 private funds	adviserinfo.sec.gov
20. Advent International, L.P.	Boston, MA	$91.6 billion	133 PE funds of 133 private funds	adviserinfo.sec.gov
21. Sixth Street Advisers, LLC	Dallas, TX	$90.5 billion	123 PE funds of 160 private funds	adviserinfo.sec.gov
22. Clayton, Dubilier & Rice, LLC	New York, NY	$86 billion	42 PE funds of 42 private funds	adviserinfo.sec.gov
23. Leonard Green & Partners, L.P.	Los Angeles, CA	$85.6 billion	107 PE funds of 107 private funds	adviserinfo.sec.gov
24. Viking Global Investors LP	Stamford, CT	$81.7 billion	11 PE funds of 15 private funds	adviserinfo.sec.gov
25. NB Alternatives Advisers LLC	Dallas, TX	$80.4 billion	154 PE funds of 159 private funds	adviserinfo.sec.gov
26. GCM Grosvenor L.P.	Chicago, IL	$79.7 billion	147 PE funds of 261 private funds	adviserinfo.sec.gov
27. Strategic Partners Fund Solutions Advisors L.P.	New York, NY	$79.4 billion	34 PE funds of 45 private funds	adviserinfo.sec.gov
28. Lexington Partners L.P.	New York, NY	$78.5 billion	113 PE funds of 113 private funds	adviserinfo.sec.gov
29. BDT Capital Partners	Chicago, IL	$75.4 billion	45 PE funds of 45 private funds	adviserinfo.sec.gov
30. Clearlake Capital Group, L.P.	Santa Monica, CA	$75.3 billion	75 PE funds of 93 private funds	adviserinfo.sec.gov
31. Global Infrastructure Management, LLC	New York, NY	$72.6 billion	93 PE funds of 93 private funds	adviserinfo.sec.gov
32. H.I.G. Capital, LLC	Miami, FL	$70.7 billion	119 PE funds of 151 private funds	adviserinfo.sec.gov
33. Stone Point Capital LLC	Greenwich, CT	$69.2 billion	59 PE funds of 59 private funds	adviserinfo.sec.gov
34. I Squared Capital Advisors (US) LLC	Miami, FL	$66.4 billion	123 PE funds of 123 private funds	adviserinfo.sec.gov
35. Valor Equity Partners	Chicago, IL	$63.5 billion	53 PE funds of 54 private funds	adviserinfo.sec.gov
36. BlackRock Capital Investment Advisors, LLC	Wilmington, DE	$61 billion	125 PE funds of 162 private funds	adviserinfo.sec.gov
37. Adams Street Partners, LLC	Chicago, IL	$60.6 billion	326 PE funds of 327 private funds	adviserinfo.sec.gov
38. Stonepeak	New York, NY	$56.5 billion	101 PE funds of 121 private funds	adviserinfo.sec.gov
39. DigitalBridge Investment Management, LLC	Boca Raton, FL	$56.2 billion	56 PE funds of 59 private funds	adviserinfo.sec.gov
40. AlpInvest US Holdings, LLC	New York, NY	$55.2 billion	108 PE funds of 110 private funds	adviserinfo.sec.gov
41. Blackstone Private Credit Strategies LLC	New York, NY	$54.3 billion	54 PE funds of 54 private funds	adviserinfo.sec.gov
42. Veritas Capital Fund Management, L.L.C.	New York, NY	$53.4 billion	32 PE funds of 35 private funds	adviserinfo.sec.gov
43. Genstar Capital	San Francisco, CA	$51.3 billion	30 PE funds of 30 private funds	adviserinfo.sec.gov
44. GTCR LLC	Chicago, IL	$48.6 billion	55 PE funds of 55 private funds	adviserinfo.sec.gov
45. Platinum Equity Advisors, LLC	Beverly Hills, CA	$47.6 billion	149 PE funds of 149 private funds	adviserinfo.sec.gov
46. Francisco Partners	San Francisco, CA	$47.1 billion	43 PE funds of 43 private funds	adviserinfo.sec.gov
47. Pantheon	San Francisco, CA	$44.7 billion	70 PE funds of 115 private funds	adviserinfo.sec.gov
48. Macquarie Infrastructure Partners	New York, NY	$43.3 billion	60 PE funds of 60 private funds	adviserinfo.sec.gov
49. Pathway Capital Management, LP	Irvine, CA	$42.9 billion	103 PE funds of 103 private funds	adviserinfo.sec.gov
50. SB Investment Advisers (US) Inc.	Menlo Park, CA	$42 billion	1 PE fund of 1 private fund	adviserinfo.sec.gov
51. Summit Partners, L.P.	Boston, MA	$42 billion	87 PE funds of 87 private funds	adviserinfo.sec.gov
52. Wilshire	Santa Monica, CA	$41.7 billion	57 PE funds of 95 private funds	adviserinfo.sec.gov
53. ICG Investments Inc	New York, NY	$40.1 billion	42 PE funds of 67 private funds	adviserinfo.sec.gov
54. Lone Star Funds	Dallas, TX	$39.9 billion	17 PE funds of 33 private funds	adviserinfo.sec.gov
55. D1 Capital Partners L.P.	New York, NY	$39.4 billion	24 PE funds of 25 private funds	adviserinfo.sec.gov
56. Blackstone Tactical Opportunities Advisors L.L.C.	New York, NY	$39 billion	103 PE funds of 103 private funds	adviserinfo.sec.gov
57. Dragoneer Investment Group, LLC	San Francisco, CA	$38.5 billion	37 PE funds of 39 private funds	adviserinfo.sec.gov
58. StepStone Group Real Assets LP	La Jolla, CA	$38.4 billion	57 PE funds of 59 private funds	adviserinfo.sec.gov
59. Castlelake, L.P.	Minneapolis, MN	$35.1 billion	35 PE funds of 46 private funds	adviserinfo.sec.gov
60. Blackstone Alternative Credit Advisors LP	New York, NY	$35 billion	85 PE funds of 87 private funds	adviserinfo.sec.gov
61. Roark Capital Management, LLC	Atlanta, GA	$34.2 billion	14 PE funds of 14 private funds	adviserinfo.sec.gov
62. BlackRock Alternatives Management, LLC	New York, NY	$33 billion	53 PE funds of 82 private funds	adviserinfo.sec.gov
63. New Mountain Capital, LLC	New York, NY	$31.2 billion	14 PE funds of 14 private funds	adviserinfo.sec.gov
64. TJC LP	New York, NY	$30.8 billion	48 PE funds of 48 private funds	adviserinfo.sec.gov
65. PSG Equity L.L.C.	Boston, MA	$30.2 billion	56 PE funds of 56 private funds	adviserinfo.sec.gov
66. Carlyle Global Credit Investment Management L.L.C.	New York, NY	$29.3 billion	62 PE funds of 67 private funds	adviserinfo.sec.gov
67. Berkshire Partners LLC	Boston, MA	$29 billion	26 PE funds of 26 private funds	adviserinfo.sec.gov
68. Quantum Capital Group	Houston, TX	$27.7 billion	71 PE funds of 71 private funds	adviserinfo.sec.gov
69. TowerBrook Capital Partners	New York, NY	$27.7 billion	40 PE funds of 61 private funds	adviserinfo.sec.gov
70. Bregal Investments, Inc.	New York, NY	$27.5 billion	44 PE funds of 44 private funds	adviserinfo.sec.gov
71. ECP	Summit, NJ	$26.8 billion	53 PE funds of 53 private funds	adviserinfo.sec.gov
72. 50 South Capital Advisors, LLC	Chicago, IL	$26.7 billion	114 PE funds of 126 private funds	adviserinfo.sec.gov
73. Arcline Investment Management LP	Nashville, TN	$26.5 billion	15 PE funds of 15 private funds	adviserinfo.sec.gov
74. Audax Private Debt	New York, NY	$26 billion	29 PE funds of 56 private funds	adviserinfo.sec.gov
75. Churchill Asset Management LLC	New York, NY	$24.6 billion	34 PE funds of 48 private funds	adviserinfo.sec.gov
76. K1 Investment Management LLC	Manhattan Beach, CA	$24.4 billion	23 PE funds of 26 private funds	adviserinfo.sec.gov
77. Alpha Wave Global, LP	Miami, FL	$24.1 billion	12 PE funds of 16 private funds	adviserinfo.sec.gov
78. Providence Equity Partners L.L.C.	Providence, RI	$24.1 billion	38 PE funds of 39 private funds	adviserinfo.sec.gov
79. Partners Capital Investment Group, LLP	Boston, MA	$23.9 billion	30 PE funds of 50 private funds	adviserinfo.sec.gov
80. Accel-KKR	Menlo Park, CA	$23.8 billion	32 PE funds of 32 private funds	adviserinfo.sec.gov
81. Pinegrove Venture Partners, LLC	Menlo Park, CA	$22.6 billion	51 PE funds of 68 private funds	adviserinfo.sec.gov
82. TCV	Menlo Park, CA	$22.5 billion	34 PE funds of 34 private funds	adviserinfo.sec.gov
83. Portfolio Advisors LLC	Darien, CT	$21.9 billion	82 PE funds of 92 private funds	adviserinfo.sec.gov
84. MS Capital Partners Adviser Inc.	New York, NY	$21.8 billion	62 PE funds of 67 private funds	adviserinfo.sec.gov
85. CF Private Equity, Inc.	Norwalk, CT	$21.8 billion	95 PE funds of 95 private funds	adviserinfo.sec.gov
86. Makena Capital Management, LLC	Menlo Park, CA	$21.6 billion	15 PE funds of 29 private funds	adviserinfo.sec.gov
87. Madison Dearborn Partners	Chicago, IL	$21.5 billion	57 PE funds of 57 private funds	adviserinfo.sec.gov
88. THL Managers VII, LLC	Boston, MA	$21.5 billion	26 PE funds of 26 private funds	adviserinfo.sec.gov
89. Charlesbank Capital Partners, LLC	Boston, MA	$21.3 billion	31 PE funds of 50 private funds	adviserinfo.sec.gov
90. CVC Secondary Partners (U.S.), LLC	New York, NY	$21.3 billion	20 PE funds of 22 private funds	adviserinfo.sec.gov
91. Great Hill Partners	Boston, MA	$21.1 billion	50 PE funds of 50 private funds	adviserinfo.sec.gov
92. Thrivent Private Investments	Minneapolis, MN	$20.9 billion	36 PE funds of 36 private funds	adviserinfo.sec.gov
93. GI Partners	Scottsdale, AZ	$20.8 billion	25 PE funds of 28 private funds	adviserinfo.sec.gov
94. Audax Private Equity	Boston, MA	$20.1 billion	38 PE funds of 38 private funds	adviserinfo.sec.gov
95. Harvest Partners, LP	New York, NY	$20.1 billion	39 PE funds of 39 private funds	adviserinfo.sec.gov
96. RCP Advisors 2, LLC	Dallas, TX	$19.8 billion	71 PE funds of 75 private funds	adviserinfo.sec.gov
97. BTG Pactual Asset Management US, LLC	New York, NY	$19.6 billion	29 PE funds of 35 private funds	adviserinfo.sec.gov
98. J.P. Morgan Private Investments Inc.	New York, NY	$19.3 billion	57 PE funds of 75 private funds	adviserinfo.sec.gov
99. Mercer Investments LLC	Boston, MA	$19.2 billion	24 PE funds of 40 private funds	adviserinfo.sec.gov
100. KPS Capital Partners, LP	New York, NY	$19.1 billion	15 PE funds of 15 private funds	adviserinfo.sec.gov

Each row is one SEC filer, and one group can file under several advisers: Blackstone has four rows, and Carlyle, BlackRock, StepStone and Audax have two each. The evidence link opens the adviser's record on the SEC's Investment Adviser Public Disclosure site. Main office is the address on Form ADV. "PE funds reported" compares the adviser's private equity funds with all the private funds it reports.

Being listed is not an endorsement, and none of these firms is connected to nodilist.

How we rank

Source
The SEC's Form ADV data file of 2026-10-02: the registered adviser file and the exempt reporting adviser file.
Who is in
The ~3,100 SEC-registered and exempt reporting advisers that report private equity funds and have a main office in the 50 states or DC, minus filings we removed as suspect. Advisers whose main office is a private residence, including the ~220 whose address the SEC withholds, are never ranked.
Focus rule
An adviser is ranked only when its private equity funds make up at least half of all the private funds it reports in Form ADV Item 7.B(1). That leaves ~2,600 advisers.
Measure
The gross assets of the private funds the adviser reports, not fund size or assets raised. It is the sum, for one adviser, of the gross asset value of each private fund it lists in Schedule D 7.B.(1), and it covers all of that adviser's private funds, not only its private equity funds.
One row per filer
A group that files under several advisers appears more than once. Rows are ordered by the exact filed figure, so two rows that show the same rounded amount are still in order. An exact tie would be ordered by name. Names are the primary business name in title case.

Why funds of funds and secondaries managers rank high

The measure rewards managers that invest in other funds. Form ADV asks for each private fund's current gross asset value, and a fund of funds reports the full value of its stakes in other private funds. The managers of those underlying funds report the same assets again under their own names. Schedule D treats a fund as a fund of funds when it puts 10 percent or more of its assets into other pooled vehicles.

That is why several firms that buy into other managers' funds sit near the top. Hamilton Lane reports more private equity funds than any adviser in the table except KKR, and lists primaries and secondaries among its strategies. Adams Street Partners describes primary, secondary and co-investment strategies. Lexington Partners calls itself a manager of "secondary private equity and co-investment funds".

The measure also counts more than money already invested. Form ADV's instructions say a private fund's assets include the contractual amount of any uncalled commitment, and that borrowings are not deducted. A firm that has just closed a large fund ranks on money it has not yet called.

Three other patterns come from the table itself:

Private equity, as Form ADV defines it, is broad. A private equity fund is any private fund that is not a hedge, liquidity, real estate, securitized asset or venture capital fund and does not offer redemptions in the ordinary course. Names such as Blackstone Private Credit Strategies, Carlyle Global Credit Investment Management and Audax Private Debt suggest lending funds, and Global Infrastructure Management and Macquarie Infrastructure Partners suggest infrastructure. We infer this from the names only.
Growth and crossover investors are in. Coatue, Tiger Global, Viking Global and D1 Capital pass the focus rule because at least half of the private funds they report are filed as private equity funds. Their gross assets include any other private funds they report.
Fund count and size are separate. SB Investment Advisers (US) Inc. reports a single private fund and still ranks in the top 50, while some firms that report more than 100 funds rank below it.

New York City main offices hold more rows of the top 100 than any other city, followed by Boston and Chicago. The New York and Chicago rankings go deeper in each city.

What this ranking doesn't show

Capital raised. Gross assets include uncalled commitments and growth in value, so they are not a fundraising total.
Fund size. No single fund is shown, and gross assets are summed across all of an adviser's private funds.
Deal count or portfolio companies. Form ADV has no field for either.
Returns. Performance is not on Form ADV.
A market total. We publish no sum of this table, because funds of funds and the funds they invest in report the same assets.
Group totals. A group that files under several advisers is not added up into one row.
Advisers based abroad, state-registered advisers and residence-flagged filers. None of them is ranked.

Looking for the private equity firm list?

The private equity firm list covers every adviser that reports a private equity fund, focused or not, one row per firm. Its page has the counts by state, the columns and the prices. You can order it nationwide or by state.

Private equity firm list

Sources

SEC, Information About Registered Investment Advisers and Exempt Reporting Advisers, Form ADV data files ia100226.zip and ia100226-exempt.zip (file of 2026-10-02), https://www.sec.gov/data-research/sec-markets-data/information-about-registered-investment-advisers-exempt-reporting-advisers (accessed 2026-10-04)
SEC, Investment Adviser Public Disclosure, firm summary pages (one per ranked adviser, linked by CRD number in the table), https://adviserinfo.sec.gov/ (accessed 2026-10-04)
SEC, Form ADV Part 1A, Schedule D Section 7.B.(1), questions 8 (fund of funds) and 11 (gross asset value), https://www.sec.gov/about/forms/formadv-part1a.pdf (accessed 2026-10-04)
SEC, Form ADV General Instructions and Instructions for Part 1A, Instruction 5.b (regulatory assets, uncalled commitments) and Instruction 6 (private fund types), https://www.sec.gov/about/forms/formadv-instructions.pdf (accessed 2026-10-04)
Hamilton Lane, About, https://www.hamiltonlane.com/en-us/about (accessed 2026-10-04)
Adams Street Partners, home page, https://www.adamsstreetpartners.com/ (accessed 2026-10-04)
Lexington Partners, home page, https://www.lexingtonpartners.com/ (accessed 2026-10-04)

Largest private equity firms in the US

The 100 largest private equity advisers

How we rank

Source

Who is in

Focus rule

Measure

One row per filer

Why funds of funds and secondaries managers rank high

What this ranking doesn't show

Looking for the private equity firm list?

Sources

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