New analysis from fund admin services provider Ocorian shows that assets in private equity funds have surged to a record high of $9.92tn, rising by over 570% between 2010 and 2025 from $1.48tn. Funds have gained 10.8% since December 2024.
The firm is predicting further growth of 75.5% between now and 2030, taking total assets in global private equity funds to $17.41tn.
Growth has been driven in particular by Asian markets which hit a record $2.1tn, up 15.8% in the first eight months of the year. They accounted for 30% of 2025’s growth despite only representing a fifth of assets.
Private equity funds domiciled in North America are now worth $5.06tn, accounting for 51% of the total private equity funds under management globally. This compares to those in Asia managing 31% and those in Europe managing 15% of the total.
An Ocorian survey of US-based private equity professionals who collectively manage $335.25bn in assets says that they expect capital from all major LP sources to rise, with family offices and pension funds leading the charge. Notably, HNW and UHNW are not expected to increase their capital subscriptions significantly (only 9.4% over the next two years) compared to 20.2% from pension funds and 17.8% from family offices.
However, as the market grows there is fear of regulatory creep, with 85% of those surveyed expecting more regulation. The ambition to use more third-party providers is partly driven by this complexity: 47% are already outsourcing more over the latest lifecycle.
