Top 10 US Private Equity Giants 2026

Apollo Global Management manages approximately $651 billion in assets, with a unique emphasis on credit strategies that distinguishes it from pure-play PE competitors. Founded in 1990 by Marc Rowan, Leon Black, and Josh Harris, Apollo manages the retirement assets of Athene Holding, an annuity insurer with $300B+ in liabilities it acquired in 2022. This insurance float gives Apollo a perpetual, low-cost capital base unavailable to traditional PE funds with 10-year fund lives.

KKR manages approximately $578 billion in assets, founded in 1976 by Jerome Kohlberg, Henry Kravis, and George Roberts -- the inventors of the modern leveraged buyout. The firm's 1989 acquisition of RJR Nabisco for $31 billion was immortalized in "Barbarians at the Gate" and defined a generation's understanding of high finance. Today KKR spans private equity, infrastructure, real estate, and credit across 23 offices globally, with notable investments in Boots, BMG, and Axel Springer.

Carlyle Group manages approximately $435 billion in assets, founded in 1987 in Washington DC with a distinctive focus on government-adjacent industries including defense, aerospace, and telecommunications. The firm's early reputation for leveraging political connections -- its advisory board included George H.W. Bush and John Major -- has evolved into a diversified global platform spanning 570 active portfolio companies. Carlyle's $8.5 billion acquisition of Hertz in 2005 and subsequent bankruptcy is studied in business schools as a cautionary LBO tale.

TPG manages approximately $224 billion in assets, co-founded in 1992 by David Bonderman and James Coulter in San Francisco, giving it a West Coast orientation distinct from New York-centric PE peers. TPG's 1993 rescue of Continental Airlines from bankruptcy for $65 million, which eventually returned $900 million, established its reputation for distressed and complex deals. In 2022 it went public at a $9 billion valuation, with notable portfolio companies including McAfee, Univision, and Airbnb.

Bain Capital manages approximately $180 billion in assets, co-founded in 1984 by Mitt Romney along with T. Coleman Andrews III and Eric Kriss as a spinoff from Bain & Company consulting. The firm's approach of using management consulting analytics to improve portfolio companies -- rather than just financial engineering -- became a model for the industry. Its investments in Staples, Hospital Corporation of America, and Dunkin' Donuts generated billions in returns, though its corporate restructuring practices became controversial during Romney's 2012 presidential campaign.

CVC Capital Partners manages approximately $186 billion in assets, founded in 1981 and European-headquartered but operating as a truly global PE platform. CVC completed a landmark IPO on Euronext Amsterdam in 2024 at a $16 billion valuation, one of the largest PE firm listings in European history. Its portfolio includes Formula 1 (partial stake), Sky Bet, and Petco, reflecting its consumer-oriented investment thesis and ability to operate global businesses across 30 countries.

Warburg Pincus manages approximately $83 billion in assets, founded in 1966 and one of the oldest and most globally oriented private equity firms in the world. The firm pioneered growth equity investing -- backing high-growth companies with minority stakes rather than control buyouts -- before the strategy became mainstream. Its portfolio spans 230+ active companies across healthcare, technology, financial services, and real estate, with particular strength in Asia where it has invested $20B+ since 1994.

Thoma Bravo manages approximately $130 billion in assets and is the world's leading pure-play software private equity investor, having completed over 440 software acquisitions totaling more than $300 billion in transaction value. Founded in 1980, it focuses exclusively on B2B enterprise software companies, buying them via leveraged buyout and implementing operating improvements to expand margins and accelerate growth. Notable deals include Proofpoint ($12.3B), Sophos ($3.9B), and SolarWinds ($4.5B).

Vista Equity Partners manages approximately $100 billion in assets under Robert F. Smith, who founded the Austin, Texas-based firm in 2000 with a pure focus on enterprise software buyouts. Smith made international headlines in 2019 when he donated $34 million to pay off the student debt of the entire Morehouse College Class of 2019. Vista's "Vista Consulting Group" provides standardized operating playbooks to every portfolio company, driving measurable improvements in sales, customer success, and product development metrics.

Apollo Global Management manages approximately $651 billion in assets, with a unique emphasis on credit strategies that distinguishes it from pure-play PE competitors. Founded in 1990 by Marc Rowan, Leon Black, and Josh Harris, Apollo manages the retirement assets of Athene Holding, an annuity insurer with $300B+ in liabilities it acquired in 2022. This insurance float gives Apollo a perpetual, low-cost capital base unavailable to traditional PE funds with 10-year fund lives.

KKR manages approximately $578 billion in assets, founded in 1976 by Jerome Kohlberg, Henry Kravis, and George Roberts -- the inventors of the modern leveraged buyout. The firm's 1989 acquisition of RJR Nabisco for $31 billion was immortalized in "Barbarians at the Gate" and defined a generation's understanding of high finance. Today KKR spans private equity, infrastructure, real estate, and credit across 23 offices globally, with notable investments in Boots, BMG, and Axel Springer.

Carlyle Group manages approximately $435 billion in assets, founded in 1987 in Washington DC with a distinctive focus on government-adjacent industries including defense, aerospace, and telecommunications. The firm's early reputation for leveraging political connections -- its advisory board included George H.W. Bush and John Major -- has evolved into a diversified global platform spanning 570 active portfolio companies. Carlyle's $8.5 billion acquisition of Hertz in 2005 and subsequent bankruptcy is studied in business schools as a cautionary LBO tale.

TPG manages approximately $224 billion in assets, co-founded in 1992 by David Bonderman and James Coulter in San Francisco, giving it a West Coast orientation distinct from New York-centric PE peers. TPG's 1993 rescue of Continental Airlines from bankruptcy for $65 million, which eventually returned $900 million, established its reputation for distressed and complex deals. In 2022 it went public at a $9 billion valuation, with notable portfolio companies including McAfee, Univision, and Airbnb.

Bain Capital manages approximately $180 billion in assets, co-founded in 1984 by Mitt Romney along with T. Coleman Andrews III and Eric Kriss as a spinoff from Bain & Company consulting. The firm's approach of using management consulting analytics to improve portfolio companies -- rather than just financial engineering -- became a model for the industry. Its investments in Staples, Hospital Corporation of America, and Dunkin' Donuts generated billions in returns, though its corporate restructuring practices became controversial during Romney's 2012 presidential campaign.

CVC Capital Partners manages approximately $186 billion in assets, founded in 1981 and European-headquartered but operating as a truly global PE platform. CVC completed a landmark IPO on Euronext Amsterdam in 2024 at a $16 billion valuation, one of the largest PE firm listings in European history. Its portfolio includes Formula 1 (partial stake), Sky Bet, and Petco, reflecting its consumer-oriented investment thesis and ability to operate global businesses across 30 countries.

Warburg Pincus manages approximately $83 billion in assets, founded in 1966 and one of the oldest and most globally oriented private equity firms in the world. The firm pioneered growth equity investing -- backing high-growth companies with minority stakes rather than control buyouts -- before the strategy became mainstream. Its portfolio spans 230+ active companies across healthcare, technology, financial services, and real estate, with particular strength in Asia where it has invested $20B+ since 1994.

Thoma Bravo manages approximately $130 billion in assets and is the world's leading pure-play software private equity investor, having completed over 440 software acquisitions totaling more than $300 billion in transaction value. Founded in 1980, it focuses exclusively on B2B enterprise software companies, buying them via leveraged buyout and implementing operating improvements to expand margins and accelerate growth. Notable deals include Proofpoint ($12.3B), Sophos ($3.9B), and SolarWinds ($4.5B).

Vista Equity Partners manages approximately $100 billion in assets under Robert F. Smith, who founded the Austin, Texas-based firm in 2000 with a pure focus on enterprise software buyouts. Smith made international headlines in 2019 when he donated $34 million to pay off the student debt of the entire Morehouse College Class of 2019. Vista's "Vista Consulting Group" provides standardized operating playbooks to every portfolio company, driving measurable improvements in sales, customer success, and product development metrics.