The US 250 Report
Executive Summary
In this report, we rank and analyze the largest and most active private equity (PE) investors in the US.
We take a novel approach to our ranking, which is based on the total estimated managed enterprise value (EV) of investors’ portfolio companies headquartered in the US. This approach enables us to go deeper and uncover differentiated insights unavailable elsewhere.
Further, this approach helps us capture large investors who do not rely on traditional fundraising and are often overlooked by other industry rankings.
Key takeaways from our analysis:
Blackstone has emerged as the largest private equity investor in the US, managing a total estimated EV of $195bn, followed by KKR ($143bn) and Apollo ($108bn). Other investors in the top 10 include Thoma Bravo ($103bn), Hellman & Friedman ($79bn), Bain Capital ($76bn), Vista Equity Partners ($74bn), Carlyle ($63bn), Silver Lake ($61bn), and Clayton Dubillier & Rice ($60bn).
Collectively, the top 250 investors in the US manage an EV of $3.5tn across 6,397 assets. Despite its significant size, the aggregated US 250 EV is just 5% of the ~$70 trillion US public equity market.
US-headquartered sponsors dominate the ranking. They manage 86% of the total aggregate US 250 EV. The US 250 landscape is fairly concentrated at the upper end, with the top 25 investors managing 46% of aggregate EV. Nine of the top 10 firms in our ranking were founded during or before the 1990s.
Leading the sector 50 rankings are Thoma Bravo (TMT), Blackstone (Services and Financial Services), Apollo (Industrials), KKR (Energy & Materials), Roark Capital (Consumer), and Sycamore Partners (Science & Health). International sponsors' presence is most notable in Energy & Materials (20%), Services (19%), and Science & Health (16%)
TMT is by far the largest PE sector in the US (34% of EV), followed by Services (20%) and Science & Health (12%). Combined, these three sectors account for over two-thirds of the US 250 EV. Geographically, the assets are concentrated in California (14%), Texas (12%), Illinois (9%), New York (6%), Florida (6%), and Massachusetts (6%), with the top 15 states representing 80% of US 250 EV.
Chapter 01: US 250 Investor Ranking
Blackstone has emerged as the largest private equity investor in the US, managing a total estimated EV of $195bn, followed by KKR (managing an EV of $143bn) and Apollo Global Management ($108bn).
Other investors in the top 10 include Thoma Bravo ($103bn), Hellman & Friedman ($79bn), Bain Capital ($76bn), Vista Equity Partners ($74bn), Carlyle ($63bn), Silver Lake ($61bn), and Clayton Dubillier & Rice ($60bn).
Collectively, the top 250 investors in the US manage an estimated EV of $3.5tn across 6,397 assets. On average, they have a portfolio EBITDA of $91m and manage 26 companies each.
Over the last 6 years, US 250 investors have invested in 2.5x as many new portfolio companies as they have exited. Specifically, there have been 5,688 new investments and 2,258 exits from these sponsors.
The table below lists all the top 250 investors in the US. Use the search bar or the arrows at the top to navigate through the ranking.
Dominant Investor HQs
US-headquartered sponsors dominate the US 250 ranking. They manage 86% of the total aggregate US 250 EV. The role of international sponsors remains limited, with their investments predominantly concentrated in larger assets.
New York is the largest hub for investors in our ranking, accounting for 34% of headquarters, followed by San Francisco (11%), Boston (9%), Chicago (6%), and Greenwich (6%). Other notable hubs include Los Angeles, Miami, Washington, D.C., and Dallas. Outside the US, London and Toronto stand out as the primary hubs.
Beyond the top 10, several major US-headquartered investors rank highly when grouped by region, including Roark Capital ($42bn), BDT & MSD Partners ($38bn), and GTCR ($25bn). Notable international investors active in the US market include EQT ($54bn US EV), GIC ($38bn), CPP Investments ($31bn), ADIA ($30bn), Permira ($30bn), Partners Group ($29bn), CVC ($25bn), and Ardian ($23bn). Despite this presence, international sponsors represent only 14% of total US 250 EV — with European sponsors at 7%, Canadian at 4%, and other international investors at 3%.
Chapter 02: Sector 50 Rankings
This table showcases the top 50 private equity firms ranked by sector in the US. Use the buttons to navigate between the different sector rankings.
Top Investors
Leading the sector 50 rankings are Thoma Bravo (TMT), Blackstone (Services and Financial Services), Apollo (Industrials), KKR (Energy & Materials), Roark Capital (Consumer), and Sycamore Partners (Science & Health). Thoma Bravo in TMT and Roark Capital in Consumer stand out for their strong sector focus, with 95% and 80% of their portfolio EV concentrated in these sectors, respectively.
Sector Insights
By sector, TMT is by far the largest PE sector in the US (34% of EV), followed by Services (20%) and Science & Health (12%). Combined, these three sectors account for over two-thirds of the US 250 EV. At the subsector level, the largest ones are Software (24%), Professional Services (10%), Manufacturing (9%), Healthcare Services (7%), and Technical Services (6%).
Broadly, the sector mix for PE entry activity has changed. The share of TMT (+8pp) and Services (+5pp) has grown as investors have gravitated towards asset-light and fast-growing businesses that hold a growing share of the economy. The share of Consumer (-5pp) and Industrials (-10pp) has come down, driven by slowing underlying growth rates and a challenging exit environment.
Chapter 03: Region 50 Rankings
This table showcases the top 50 private equity firms ranked by region across the US. Use the buttons to navigate between the different regional rankings.
Top Investors
Leading the region 50 rankings are Blackstone (Midwest and South), KKR (West), and Bain Capital (Northeast). Often, the regional leaders are far from isolated — many of the same firms dominate across multiple regions, demonstrating the breadth of their portfolios.
Regional Insights
The South holds the largest share of US 250 EV, supported by large concentrations in Texas (12%), Florida (6%), and Georgia (5%). California, which contributes 14% of EV—the most of any state—drives the West's share. The Midwest has a smaller share of US 250 EV, with Illinois (9%) as its largest state. In the Northeast, meanwhile, New York (6%) and Massachusetts (6%) dominate. Overall, the US 250 assets are highly concentrated geographically, with the top four states holding approximately 40% of EV and the top 15 accounting for 80%.
By city, New York, Chicago, and Houston serve as the leading hubs for portfolio company headquarters, with Austin, Atlanta, Dallas, Boston, and San Francisco forming the next tier. Other notable hubs include Denver, Charlotte, Phoenix, Los Angeles, and Nashville.
Chapter 04: Portfolio Insights
In this section, we explore the investment portfolios of the top 30 PE investors in the ranking, analyzing key metrics such as EBITDA range, growth rates, buy-and-build activity, holding periods, and the sector/regional makeup of their US investments.
Note: We exclude from this analysis investors who have less than 5 data points for a particular metric.
By Size
Clayton, Dubilier & Rice (CD&R), GIC, Hellman & Friedman (H&F), Clearlake Capital, and Veritas Capital stand out for their exceptionally high median portfolio EBITDA figures. CD&R, H&F, and Veritas Capital do larger but fewer majority deals. GIC, meanwhile, takes mostly minority stakes in large assets.
The preference for majority versus minority stakes differs among the top investors. Investments for GIC, Insight Partners, Silver Lake, and Warburg Pincus lean towards minority stakes, whereas Platinum Equity, Roark Capital, Sycamore and Veritas Capital typically default to majority deals.
Insight Partners, H.I.G. Capital, TA Associates, Bain Capital, and Francisco Partners have relatively smaller ticket sizes. They all (except H.I.G. Capital) focus more on the TMT sector and have a relatively higher share of minority investments. H.I.G. Capital, on the other hand, is primarily focused on the mid-market. In contrast, H&F, CD&R, and Veritas Capital take more concentrated positions, deploying substantial capital in large investments.
