Although private equity is the largest alternative-asset category and leads fundraising efforts in terms of capital raised at the strategy level, it has been less of a priority for the seven firms we track. Most of these firms have focused more on private credit fundraising instead, with the group overall accounting for 90% of total capital raised in the segment during the past five years.
The private equity segment is expected to this year with $6.9 trillion in fee-earning AUM and $2.5 trillion in dry powder. The next largest segment, real estate/real assets, should close out the year with $2.37 trillion in fee-earning AUM and $920 billion in dry powder.
Meanwhile, private credit should have $1.4 trillion in fee-earning AUM and $600 billion in dry powder at the end of 2025.