Our annual list of the biggest 100 private equity firms in the US and Canada, as judged by fundraising over the past five years, shows a slight decline for the 100, from $2.01 trillion last year to $1.98 trillion this year – a first since we started compiling the list in 2021. The five-year fundraising total for the top 10 on our list was $659.53 billion, a slight rise from last year’s total of $658.95 billion. The minimum to get on the list was $5.49 billion.
BUYOUTS 100 | OVERVIEW
As was the case last year, behemoths KKR and Blackstone take the top spots in our list of the 100 largest North American fundraisers. Sliding into the number three slot, up from number five last year, is Thoma Bravo, a prime example of how tech investing is a bright spot on our list, with Insight and Silver Lake – also tech investors – joining Bravo in the top 10.
There are 15 newbies on this list. Among the notable new arrivals is New Mountain Capital, number 23, founded in 1999, and Sterling Group, which is number 87 on the list and focuses on mid-market industrials.
TOP 10 LARGEST NORTH AMERICAN FUND MANAGERS
| Rank | Firm | Five-year fundraising total ($m) | HQ |
|---|---|---|---|
| 1 | KKR | 117,889 | New York |
| 2 | Blackstone | 95,721 | New York |
| 3 | Thoma Bravo | 88,181 | Chicago |
| 4 | TPG | 72,584 | San Francisco |
| 5 | Hellman & Friedman | 50,215 | San Francisco |
| 6 | Clayton, Dubilier & Rice | 49,784 | New York |
| 7 | Insight Partners | 48,163 | New York |
| 8 | Silver Lake | 47,100 | Menlo Park |
| 9 | Clearlake Capital Group | 45,178 | Santa Monica |
| 10 | General Atlantic | 44,716 | New York |
Top 10 Buyouts Investors 2025
Here is a brief overview of the biggest private equity firms investing in buyouts as of 2025. Clicking the firm names will take you to their institution profile where you can view a swathe of information regarding their investment activities, contacts, addresses and specific fund information.
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KKR
KKR holds the top rank in the Buyouts 100, raising $117,889 million over the last five years. Its broad private equity platform spans buyouts, growth equity, infrastructure and credit, and its scale and brand continue to win LP commitment at the largest sizes.
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Blackstone
At No. 2, Blackstone raised $95,721 million in the same period. Leveraging its dominant position in real assets, private equity, credit and real estate, Blackstone’s fundraising engine remains a benchmark in large-cap PE.
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Thoma Bravo
Thoma Bravo takes the No. 3 spot, with $88,181 million raised. Its specialization in software and technology-driven business services, combined with platform M&A and disciplined execution, has fuelled its rapid climb into the top tier.
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TPG
TPG ranks No. 4, having raised $72,584 million in private equity funds over five years. Its diversified approach — balancing growth, buyout, impact and sector strategies —continues to support strong LP confidence.
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Hellman & Friedman
Hellman & Friedman comes in at No. 5, with $50,215 million raised. Known for high conviction, concentrated dealmaking and deep sector specialization, H&F maintains its reputation as a PE firm trusted by institutional capital.
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Clayton, Dubilier & Rice (CD&R)
CD&R ranks at No. 6, with $49,784 million in fundraising. With a long track record in operational and industrial value creation, CD&R combines strategic deals with disciplined execution to appeal to LPs.
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Insight Partners
Insight is No. 7, with $48,163 million raised. Though rooted in growth and software investing, Insight now straddles growth and buyout, leveraging strong sector knowledge and deal flow in tech to compete at scale.
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Silver Lake
Silver Lake ranks at No. 8, raising $47,100 million over the period. Its emphasis on technology, digital transformation and large, strategic buyouts in the tech domain enable it to capture LP allocation even in a challenging environment.
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Clearlake Capital Group
Clearlake is No. 9, with $45,178 million raised. Its focus on lower-mid and middle markets, sector specialization (e.g. industrials, software, telecom), and active operational backing help it punch above its size.
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General Atlantic
Rounding out the top 10 is General Atlantic, with $44,716 million in five-year fundraising. Known for growth equity investing across sectors including technology, healthcare and consumer, GA continues to attract LPs seeking stable growth exposure.
BUYOUTS 100 | METHODOLOGY
The Buyouts 100 ranking is based on the amount of capital raised for private markets funds that held a final close between January 1, 2020 and December 31, 2024, as well as capital raised for funds that were actively fundraising at the end of the counting period.
For the purpose of the ranking, we only count closed-end funds for which the fund manager has full discretion over the investment process, from selection over management to exit. As a consequence, we only accept blind-pool funds in which LPs cannot exercise investment decisions and have no liquidity options before the end of the fund life (multiple years, long but finite), without approval from the GP. Funds that invest solely into private assets and GP commitments (for interest alignment only) can be included, too. Capital committed by affiliated entities as well as fund leverage is not eligible. Finally, we do not count fund of funds, as well as recycled or rolled-over capital from previous fundraises.
We also count capital raised for co-investments and separately managed accounts, as long as they either fulfil the above criteria or serve as an “extension” of the main funds’ fundraise, even if the above criteria is not fully met. “Extension” is here defined as vehicles that invest alongside a selection of the portfolio assets of their respective main funds. We do not accept deal-by-deal fundraises.
For funds in market, capital raised via actual LP commitments which were made before the end of the counting period can be included, too. We cannot include commitments made after the end of the counting period nor do we accept targets or expected commitments. For open-end funds that launched prior to the beginning of the counting period, we only count capital raised entirely within the five-year counting period.
In line with previous years, only funds from North America-headquartered fund managers that invest in equity (not debt) of private businesses are considered. This includes all strategies, from venture capital to growth equity and buyouts, as well as turnaround or distressed strategies.
For a full methodology, email research manager, funds, Disha Suresh (disha.s@pei.group).
Funds of funds, secondaries, real estate, infrastructure, hedge funds, debt, mezzanine and PIPEs. The Buyouts 100 is not a performance ranking, nor does it constitute investment recommendations.
BUYOUTS 100 | PREVIOUS RANKINGS
As was the case last year, behemoths Blackstone and KKR take the top spots in our list of the 100 largest North American fundraisers.
Sliding into the number three slot, up from number five last year, is TPG, which pursues a growth-oriented strategy, a recurring theme in this year’s coverage. TPG has long been investing in the tech business, but they’ve recently taken to impact investing, with their debut Rise Climate Fund recently closing at $7.3 billion, well over its $5 billion target. Strategy diversifi cation is a key part of TPG’s makeup. As president Todd Sisitsky says: “We’re the least siloed organization I’ve ever encountered.”
Not surprisingly, Blackstone takes the No 1 spot, followed by KKR in the second position (they flip-flopped positions from last year). Those two firms alone raised almost $230 billion. One noticeable leap was made by Advent, at No. 6, up from 21 last year.
But, despite all these big numbers, things are in flux, and 2023 will likely be viewed as a pivotal year. Chris Witkowsky delves into the fundraising undercurrents and tries to suss out what changes are temporary and what are indicative of fundamental, permanent evolution. And Chris notes that some of his sources, in a nod to TS Eliot, describe mid-market fundraising as a “wasteland.”
Is the private equity fundraising bacchanalia finally coming to an end? The numbers in our roundup of the 100 biggest North American fundraisers indicate that the party was starting to wind down in 2022.
As we chatted with LPs and GPs, the picture is getting murky, if not gloomy, for fundraising. Front and center: GPs are continuing to come to market with new funds, but LPs are out of capital from the slowing exit markets, and many are overexposed to the asset class, needing to make tough decisions on portfolio rebalancing.
Our inaugural Buyouts 100 list tracking the industry’s biggest fundraisers (for the past five years).
The numbers are staggering. The 100 raised a total of $1.38 trillion, with the top 50 firms raising a walloping $1.1 trillion (the top 10 alone raised $499 billion – that’s half a trillion dollars if you can’t find your abacus). The number 1 firm, Blackstone, raised almost a tenth of the list’s grand total. As one of the quoted sources in our coverage says, “If you look at the industry as a whole and where it was 10 years ago to where it stands today, it’s a tremendous growth story.”
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