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 nearly 10% increase from last year for the 100, with $2.18 trillion raised. The five-year fundraising total for the Top 10 was $748 billion, up from $660 billion.
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 four last year, is TPG, trading places with Thoma Bravo. Bain Capital broke into the top 10, gaining the number five slot, up from 12 last year. This was primarily the result of last year’s close of Bain Capital XIV at $14 billion. Advent International also broke in, winning the number seven spot, from 13 last year.
There are 13 newbies on this list. Among the notable new arrivals we highlight are Linden Capital, number 66, and Pritzker Private Capital, 99.
TOP 10 LARGEST NORTH AMERICAN FUND MANAGERS
| Rank | Firm | Five-year fundraising total ($m) | HQ |
|---|---|---|---|
| 1 | KKR | 140,363 | New York |
| 2 | Blackstone | 111,797 | New York |
| 3 | TPG | 88,163 | San Francisco |
| 4 | Thoma Bravo | 71,855 | Chicago |
| 5 | Bain Capital | 60,367 | Boston |
| 6 | General Atlantic | 59,496 | New York |
| 7 | Advent International | 59,280 | Boston |
| 8 | Goldman Sachs Asset Management | 58,661 | New York |
| 9 | Clayton Dubilier & Rice | 49,536 | New York |
| 10 | Hellman & Friedman | 49,006 | San Francisco |
INSIDE THE BUYOUTS 100
Top 10 Private Equity Firms in the US and Canada 2026
Here is a brief overview of the biggest private equity firms in the US and Canada as of 2026. 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 $140,363 million over the last five years. The New York-based firm has been one of the defining forces in US private equity since the 1970s, investing across buyouts, growth equity, infrastructure and credit with a focus on operational value creation across healthcare, technology and industrials.
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Blackstone
Blackstone is No. 2 with $111,797 million raised over the five-year period. The firm is one of the world’s largest alternative asset managers, with a private equity platform focused on large-cap buyouts across business services, technology, consumer and life sciences in the US.
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TPG
TPG ranks third with $88,163 million raised over the five-year period. The San Francisco-headquartered firm invests across buyout, growth, impact and healthcare strategies, with a broad sector focus spanning technology, digital media, consumer and business services across North America.
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Thoma Bravo
Thoma Bravo comes in at No. 4 with $71,855 million raised. As a leading software-focused private equity investor in North America, the firm targets cybersecurity, SaaS and fintech companies across its flagship, mid-market and growth equity strategies.
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Bain Capital
Bain Capital is No. 5 with $60,367 million raised, marking its first appearance in the top 10 since the inception of the Buyouts 100. The Boston-headquartered firm targets businesses in technology, healthcare, consumer and retail across North America.
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General Atlantic
General Atlantic ranks sixth with $59,496 million raised. As one of the longest-established growth equity investors in the US, the firm has a large portfolio spanning technology, financial services, healthcare and consumer sectors and a philosophy centred on backing high-growth businesses at scale.
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Advent International
Advent International is No. 7 with $59,280 million raised. The Boston-headquartered firm invests across business and financial services, healthcare, industrial and technology sectors in North America, with a track record spanning more than three decades of global private equity investing.
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Goldman Sachs Asset Management
Goldman Sachs Asset Management ranks eighth with $58,661 million raised, making its debut in the top 10 of the Buyouts 100. The firm’s private equity platform spans buyouts, growth equity, GP stakes investing and secondaries across its West Street and Petershill strategies, leveraging the global Goldman Sachs franchise to invest across sectors and geographies.
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Clayton, Dubilier & Rice
Clayton, Dubilier & Rice comes in at No. 9 with $49,536 million raised. The New York-based firm has a long track record of operationally focused buyouts in North America, targeting businesses across consumer and retail, financial services, healthcare, industrials and technology through a concentrated, single-strategy approach.
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Hellman & Friedman
Rounding out the top 10 is Hellman & Friedman with $49,006 million raised. Based in San Francisco, the firm is known for its high-conviction, concentrated approach, backing market leaders in software, insurance and financial services with a focus on deep sector specialisation and long-term partnership with management teams.
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, 2021 and December 31, 2025, 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, without approval from the GP. Funds that invest solely in 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 funds 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 fulfill the above criteria or serve as an “extension” of the main funds’ fundraise, even if the above criteria are 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, e-mail research manager, GPs, Neil Fernandes (neil.f@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 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.
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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