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PEI Group's Report on the Private Markets

PEI Group has unveiled the latest findings in its inaugural Private Markets 100 report, detailing that the hundred largest private market managers have raised an impressive $5.74 trillion over the five years from 2021 to 2025. This figure surpasses the annual economic output of Germany, reflecting a notable trend in the private equity sector and a significant increase in the breadth of investment strategies employed by these firms.

The report emphasizes a diversification in the market, analyzing private equity, real estate, infrastructure, private credit, and secondaries simultaneously. This holistic approach offers a clearer perspective on how private markets manage and raise capital, revealing a trend away from single-asset class specialization towards multi-strategy operations.

Leading the ranking is Blackstone, which raised $356.7 billion, followed closely by KKR at $302.2 billion and Goldman Sachs Alternatives with $215.3 billion. Notably, the top ten managers collectively raised $2.04 trillion, accounting for 35.5% of the total funds raised in this sector. Other firms like EQT, Ares Management, and Brookfield Asset Management also exhibited robust fundraising figures, reflecting their strategies aligned with the industry's evolving landscape.

The Disappearing Specialists

One of the significant findings from PEI Group is that the traditional distinction between different types of investment firms is diminishing. Sixteen firms from the ranking raised capital across all five strategies, indicating a new norm where top firms are not solely focused on one asset class. Remarkably, seven of the top ten managers are engaged in multifaceted strategies, further highlighting the trend of convergence.

Ares Management exemplifies this shift, moving from tenth to fourth in the real estate category while also becoming the largest private credit firm within the ranking. This evolution demonstrates the dynamic nature of investment strategies and adaptability to market demands, as Ares raised funds across multiple strategies effectively.

Acquisition-Driven Growth

Much of this convergence across asset classes can be attributed to acquisition activities rather than organic growth. Over the past two years, notable acquisitions include KKR's purchase of sports investment firm Arctos Partners and EQT's acquisition of Coller Capital, both signaling a strategic move towards a more diversified service offering. Goldman Sachs' acquisition of Industry Ventures also underscores this trend of consolidating expertise through mergers and acquisitions.

Dan Gunner, the Director of Research at PEI Group, elaborated on this trend, noting, “The industry has outgrown its own categories. Firms that were once recognizable as buyout houses are now finding more success in debt issuance, reflecting the inherent evolution in investment strategies.” This transformational landscape heralds a new era for private market fundraising and positioning.

Understanding the Metrics

The PEI Private Markets 100 ranks investment managers based on the capital they raised for private markets funds during the five years up to December 31, 2025. This comprehensive report merges data from PEI Group's well-regarded annual asset class rankings, yielding insights that were previously fragmented across separate metrics. While the thresholds for inclusion in the report were high, requiring firms to raise a minimum of $18.97 billion, the analysis reflects true market engagement and raises validated against public records and filings.

As private markets continue to evolve, PEI Group’s careful monitoring and reporting provide a crucial framework for industry understanding and strategic decision-making. Investors and asset managers can now leverage this consolidated information to position themselves better in an increasingly competitive space.

The full report, which includes additional commentary and a breakdown by asset class, will be accessible to members and subscribers through PEI Group's platform. This pivotal report is not just a statistical breakdown; it's a reflection of the industry's future.

In conclusion, the $5.74 trillion raised marks an era of transformation in the private markets, driven by strategic diversification, acquisition-led growth, and the pressing need for firms to adapt to new realities. As the landscape evolves, PEI Group's comprehensive insights will remain essential for understanding and navigating the changing terrain of global investment.