Slice of Stock

From Form ADV, not from a league table

Private Equity Firms

The 100 largest US private equity firms by regulatory assets under management. Every figure here is one the firm filed with the SEC: the size comes from its latest Form ADV, the strategy mix from the fund type checkbox on Schedule D. Between them they run 7,060 private funds through 190 separate SEC registrations, because a firm and a registered adviser are not the same thing.

What the ranking actually measures

Regulatory assets under management is the figure Item 5.F of Form ADV defines. It is gross, it includes leverage, and it counts every account the adviser manages on a discretionary basis. It is not the assets under management a press league table prints, and the two can differ widely for the same firm. A firm appears here when its own filings say three things: it is headquartered in the United States, at least half its regulatory assets sit in pooled vehicles rather than separate accounts, and at least a quarter of its private fund assets are in funds it classified as private equity funds.

Size is current, as of 2026-08-04. Strategy mix is as of 31 December 2024, the end of the last bulk archive in which the SEC publishes the Schedule D fund type. Fund strategy moves slowly and assets do not, so the two halves are dated separately rather than pretending to share a date.

The hundred, largest first

$7.59tn of regulatory assets across 100 firms.

Firms you might expect to see here

Three kinds of absence, all recorded rather than quietly dropped. 5 are private equity firms by any measure that are simply based somewhere else, 5 are firms almost everyone would call private equity that the rule above does not reach, and 20are firms the rule does reach that are not private equity houses. Every share quoted is the firm's own Schedule D classification, not a judgement about what it really does.

Meets the rule, based outside the United States

Does not meet the rule

Meets the rule, not a private equity firm

Where this comes from

Size and identity: the SEC's daily Form ADV firm feed, regenerated 2026-08-04. Strategy: Form ADV Schedule D Section 7.B.(1), from the SEC bulk archive covering filings to 31 December 2024. Both are public records published by the Securities and Exchange Commission. Nothing on these pages is estimated, and where a firm files through several registered advisers, each one is listed on its page with its own number.