Private Equity

Today, there are approximately 7,000 private equity firms worldwide (with 6,000 firms located in the United States), according to the American Investment Council. As of March 2026, private equity firms worldwide managed approximately $8 trillion in assets (up from $2.83 trillion in June 2017), according to Praxis Rock Advisors LLC. Private equity fund holdings are expected to increase at a compound annual growth rate of 12.2 percent from 2027 to 2030—reaching nearly $12 trillion in value by 2030, according to the alternative investment research firm Preqin.

PE firms now have stakes in more than 35,000 companies across the world (including 18,000 in the United States) and account for a staggering 6.5 percent of the United States’ gross domestic product, according to the Institutional Limited Partners Association. These companies employ more than 13 million Americans.

The 10 largest private equity firms in the world by amount of funds raised over a five-year rolling period ending December 31, 2025, were:

1. KKR (headquartered in New York)
2. EQT (Stockholm, Sweden)
3. Blackstone (New York)
4. TPG (San Francisco)
5. Thoma Bravo (Chicago)
6. Hg (London, United Kingdom)
7. Bain Capital (Boston)
8. General Atlantic (New York)
9. Advent International (Boston)
10. Goldman Sachs Asset Management (New York)

The industry is quite fragmented; the four largest firms (KKR, EQT, Blackstone, and TPG) hold only about 15 percent of industry assets under management. Many firms have fewer than five employees, and even the largest firms typically have only 200 to 1,500 employees. The Carlyle Group, for example, has the 22nd-most assets under management, but approximately 2,500 or so professionals operating in 28 offices on five continents.

Private equity firms are located throughout the United States and the world. Many U.S.-based firms are headquartered in New York, Boston, and other cities on the East Coast; Houston and Dallas, Texas; Chicago; and San Francisco, Menlo Park, Palo Alto, and Los Angeles, California. Many of the top U.S. firms have offices in foreign countries. Apollo Global Management, for example, employs more than 2,100 workers (including over 680 investment professionals) at offices in more than 30 cities around the world. Blackstone, in addition to U.S. offices, boasts a presence in Beijing and Shanghai, China; Abu Dubai, United Arab Emirates; Milan, Italy; Luxembourg; Dublin, Ireland; Frankfurt, Germany; London, United Kingdom; Hong Kong; Mumbai, India; Paris, France; Seoul, Korea; Singapore; Sydney, Australia; Tel Aviv, Israel; Tokyo, Japan; and Zurich, Switzerland.

Private equity firms are raising more money to invest. The top 300 private equity firms raised $3.55 billion in funds during a five-year rolling period that ended on December 31, 2025, according to Private Equity International, a global news service that focuses on the PE industry. The top 10 firms raised a total of $854.6 billion in 2026. Seventy-three percent of the top 100 firms are headquartered in the United States, 12 percent in the United Kingdom, 5 percent in China, and 3 percent in France. The remainder are headquartered in Singapore, Sweden, Luxembourg, and Switzerland.

There will continue to be good opportunities for private equity professionals. One fast-growing career is that of financial and investment analyst. Employment for analysts who work for firms that manage funds, trusts, and other financial vehicles is expected to grow by 12.4 percent from 2024 to 2034, according to the U.S. Department of Labor, or much faster than the average for all careers.

Women and ethnic minorities are vastly underrepresented in the private equity industry. While half of U.S. investment capital comes from women, in 2024 only 21.3 percent of all private equity professionals worldwide were women, according to Preqin, an alternative investment research firm. This is a slight increase from 17.9 percent in 2019. Just 13.9 percent of senior managers and executives were women. Only 4 to 7 percent of entry-level workers and post-MBA associates in PE in 2021 were Black or Hispanic, according to McKinsey & Company. Black and Hispanic professionals make up only 3 percent and 1 percent, respectively, of those in managing director and C-suite roles. Several organizations are working to increase diversity in the field and represent the professional interests of private equity professionals from diverse backgrounds. These include the Women’s Association of Venture and Equity Inc., Private Equity Women Investor Network, 100 Women in Finance, and the Association of Asian American Investment Managers.

Many noteworthy professional organizations serve those working in the private equity industry and related alternative investment industries.

• The American Investment Council is an organization of private equity firms and funds-of-funds.
• The Global Private Capital Association (which was formerly known as the Emerging Markets Private Equity Association) is a global membership association of fund and institutional investors including private equity, growth equity, venture capital, private credit, real assets, pension plans and sovereign wealth funds, among others
• The Women’s Association of Venture and Equity Inc. is a membership organization that offers networking events and other resources.
• The CFA Institute offers certification and continuing-education opportunities. It has nearly 200,000 members in 160 markets around the globe.
• The Chartered Alternative Investment Analyst Association provides a well-respected continuing-education program, publishes the Journal of Alternative Investments, provides a certificate program that offers a foundation of core concepts in alternative investments, and offers a certification program.
• The Investments and Wealth Institute provides certification, continuing education, and other resources to its members, which include investment consultants and analysts, accountants, and others who provide financial services and advice to corporations, individuals, nonprofits, and retirement/pension plans.
• The CMT Association is a nonprofit professional regulatory organization of more than 4,500 market analysis professionals in more than 135 countries. It provides certification, publications, and continuing education opportunities.
• The International Association for Quantitative Finance offers membership for both college students and professionals. Its Web site contains useful education and job-search resources. The association offers a variety of resources for students, including an overview of financial engineering, a list of colleges and universities that offer training in the field, and interview and resume tips.