PEI 300 firms raised $3.55 trillion, up almost 8%

The 300 firms in Private Equity International's PEI 300 ranking raised $3.55 trillion over a five-year counting window, up almost 8% from the 2025 edition, PEI reported on Oct. 22.

The window counts direct investment capital raised from third-party investors for funds closed between Jan. 1, 2021 and Dec. 31, 2025. It also counts capital raised for funds still in market when the period ended. PEI called the total a record high and the end of a fundraising flatline from last year's list, even with capital-raising still slow.

For RIAs and family offices building a private equity sleeve, the question is whether a wealth-channel vehicle holds allocations with the top 10 managers or competes for the other three-quarters. Those ten firms raised $854.6 billion, a quarter of the ranking.

KKR raised $140.4 billion and kept first place, with PEI attributing the growth to several funds including North America Fund XIV. EQT raised $134.4 billion, held second place and remains Europe's largest private equity firm by fundraising, with growth spread across several funds.

PEI said the gains are concentrated at the top of the list, where the biggest managers are raising larger funds and taking a bigger share of capital. Private wealth is lifting fundraising totals, PEI said, and its special report examines that trend. The published summary does not break out the wealth channel's share.