KKR Dethrones Blackstone in 2025 PE Rankings 📈

Key Takeaways

• New York-based KKR takes top spot in the PEI 300 rankings by Private Equity International, raising $117.9 billion over the past five years.
• Following next in line is mega-fund EQT, the largest private equity (PE) firm in Europe.
• Falling to third place is Blackstone, which recently invested $300 million into AI platform DDN, whose customers include Elon Musk's xAI.

Global PE Landscape is Plateauing

In the last five years, the top 300 PE firms raised $3.3 trillion—up just 0.4% from last year's total.

Overall, PE fundraising has fallen in recent years, with many expecting the trend to continue in 2025 given macroeconomic headwinds.

In many ways, the leading players in the industry remain concentrated in North America, with 37 of the top 50 based in the U.S., followed by five in England, and two in Asia.