The largest private equity funds have taken a record share of US fundraising, with the top 10 funds accounting for 46% of capital raised through September 30, 2025 — the highest level since 2014, up from 34.5% in 2024, according to a report by the Financial Times citing data from PitchBook .
North American fundraising by these leading funds meanwhile, rose 17% year-over-year through 17 December, while smaller managers saw a 12% decline, Preqin data shows. Major firms including Advent International, KKR, Thoma Bravo, Blackstone, and Bain Capital each raised more than $10bn last year for new buyout funds.
The trend reflects a broader concentration of capital among established managers as institutional investors – particularly pension funds and sovereign wealth funds – prioritise stability and scale amid a slowdown in distributions and dealmaking. The global distribution rate for buyout funds fell to 11% in Q2 2025, down from 28% in 2021, prompting many investors to scale back commitments to smaller managers.
