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October 2026
Largest PE & VC Public Companies in the US
Benchmark revenue and EBITDA valuation multiples for public comps like
BlackRock, Blackstone, KKR, Apollo Global Management and Ares Management.
 | BlackRock is an American investment management company headquartered at 50 Hudson Yards in New York City and the largest asset manager in the world, with $15.3 trillion of assets under management as of 2026. It runs index and active funds, the iShares exchange-traded fund range, alternatives including infrastructure and private credit, and retirement assets for institutional and individual clients in 100 countries, and it licenses its Aladdin investment and risk management technology to more than 1,000 institutional clients. BlackRock was founded in 1988 by Larry Fink, Robert Kapito, Susan Wagner and colleagues as a fixed income and risk management manager, and Fink remains chairman and chief executive. It grew through acquisitions including Merrill Lynch Investment Managers in 2006 and Barclays Global Investors, owner of iShares, for $13.5 billion in 2009, followed by Global Infrastructure Partners for $12.5 billion, announced in January 2024, and private credit manager HPS Investment Partners for about $12 billion, agreed in December 2024. The company reported revenue of $24.22 billion and net income of $5.553 billion in 2025. Its shares trade on the New York Stock Exchange and it is a component of the S&P 500. | $1,134 | +5% | $176B | $184B | 7.6x | 20.9x | ||
| Blackstone is the world's largest alternative-asset manager with $1.346 trillion in total assets under management, including $961.6 billion in fee-earning assets under management, at the end of June 2026. The company operates with scale in each of its major product lines: private equity (28% of fee-earning AUM and 35% of base management fees), real estate/real assets (29% and 32%), credit and insurance (33% and 25%), and other alternatives (10% and 8%). While the firm primarily serves institutional investors (84% of AUM), it also caters to clients in the high-net-worth channel (16%). Blackstone operates through 25 offices in the Americas (8), Europe and the Middle East (9), and the Asia-Pacific region (8). | PE & VC+1 | $107 | -27% | $85B | $110B | 7.4x | 14.3x | |
| KKR is one of the world's largest alternative-asset managers, with $796.5 billion in total managed assets, including $638.4 billion in fee-earning assets under management, at the end of June 2026. The company has two core segments: asset management (which includes private markets—private equity, credit, infrastructure, energy, and real estate—and public markets—primarily credit and hedge/investment fund platforms) and insurance (following the firm's initial investment in, and then ultimate purchase of, Global Atlantic Financial Group, which is engaged in retirement/annuity and life insurance lines as well as reinsurance). | $86 | -27% | $77B | $49B | 2.6x | 7.0x | ||
| Apollo is one of the world's largest alternative asset managers, with $908.4 billion in total assets under management, or AUM, including $685.0 billion in fee-earning assets, at the end of September 2025. The company has two core operating segments: asset management and retirement services. Apollo operates with scale in each of its major product lines-private equity (with $125.6 billion in total AUM and $71.7 billion in fee-earning AUM), real estate/real assets ($59.6 billion/$27.1 billion), and private credit ($723.2 billion/$586.2 billion). Apollo has a distribution profile that is likely not too far off from the industry averages-with 84% of its assets held by institutional investors and 16% by high-net-worth clients. | $111 | -10% | $65B | - | - | - | ||
| Ares Management is one of the world's largest alternative-asset managers, with $671.3 billion in total assets under management, including $409.9 billion in fee-earning AUM, at the end of June 2026. The company has four main business segments: credit strategies ($440.5 billion in total AUM and $266.1 billion in fee-earning AUM), private equity ($24.5 billion/$13.9 billion), real estate/real assets ($151.2 billion/$88.6 billion), and other alternatives ($55.1 billion/$41.3 billion). The firm primarily serves institutional investors (80% of AUM) and high-net-worth individuals (20%). Ares operates through more than 35 offices in over 15 countries. | PE & VC+1 | $112 | -24% | $26B | $45B | 8.0x | 26.7x | |
| T. Rowe Price provides asset management services for individual and institutional investors. It offers a broad range of no-load US and international stock, hybrid, bond, and money market funds. At the end of September, the firm had $1.767 trillion in managed assets, composed of equity (50%), balanced (35%), fixed-income and money market (12%), and alternative (3%) offerings. Approximately two-thirds of managed assets are held in retirement-based accounts, which provides T. Rowe Price with a somewhat stickier client base than most of its peers. The firm also manages private accounts, provides retirement planning advice, and offers discount brokerage and trust services. The company is primarily a US-based asset manager, deriving less than 10% of its AUM from overseas. | $101 | -2% | $22B | $20B | 2.7x | 5.7x | ||
| Ares Capital Corporation is an American specialty finance company, listed on Nasdaq as ARCC, that makes direct loans and other investments in private middle-market companies in the United States. Founded in 2004, it is regulated as a business development company and is externally managed by a subsidiary of Ares Management, the global alternative investment manager co-founded in 1997 by Antony Ressler, Michael Arougheti and others. It sources borrowers through direct origination and incumbent relationships and lends mainly through first-lien senior secured loans, alongside second-lien, subordinated, preferred and common equity investments, including co-investments with Varagon Capital Partners through its Senior Direct Lending Program and a stake in the Ivy Hill Asset Management platform. As of 30 June 2026 its portfolio was valued at about US$29.3 billion across 619 portfolio companies backed by 273 private equity sponsors, with 59% in first-lien loans and 71% at floating rates, and it reported stockholders' equity of US$13.9 billion. In the second quarter of 2026 it made about US$2.6 billion of new commitments. It was the largest publicly traded BDC by market capitalisation, and it earns interest, dividends and fee income, paying most of its earnings to shareholders as quarterly dividends, set at US$0.48 a share for the third quarter of 2026. | $19 | -8% | $13B | $29B | 9.6x | - | ||
| Carlyle Group is one of the world's largest alternative-asset managers, with $485.5 billion in total AUM, including $334.4 billion in fee-earning AUM, at the end of June 2026. The company has three core business segments: global private equity, which includes its private equity, real estate, infrastructure, and natural resources offerings (with $162.7 billion in total AUM and $96.6 billion in fee-earning AUM), global credit ($211.1 billion/$167.6 billion), and investment/fund solutions, known as Carlyle AlphInvest ($111.7 billion/$70.2 billion). The firm primarily serves institutional investors and high-net-worth individuals. Carlyle operates through 29 offices across five continents, serving more than 3,100 active carry fund investors from 87 countries. | PE & VC+1 | $36 | -32% | $13B | $27B | 5.5x | 16.6x | |
| TPG is an American alternative asset manager, listed on Nasdaq and run from San Francisco and Fort Worth, Texas, that invests across private equity, growth equity, impact, credit, real estate and market solutions. It had $327 billion of assets under management at 30 June 2026. Its platforms include TPG Capital, TPG Growth, its growth-equity and smaller-buyout arm, the TPG Rise impact strategy launched in 2016 with Bono and Jeff Skoll, whose climate fund closed at $7.3 billion in 2022, and TPG Angelo Gordon, the credit and real estate manager it agreed to buy in 2023 in a cash-and-stock deal valued at $2.7 billion. The firm earns fees and performance income from the funds it manages for institutional and private-wealth investors and pays a quarterly dividend to its shareholders. TPG was founded in 1992 as Texas Pacific Group by David Bonderman, James Coulter and William S. Price III, whose early deals included the 1993 buyout of Continental Airlines. It went public on Nasdaq in January 2022 at a valuation of about $9 billion, and Jon Winkelried is chief executive. | $43 | -20% | $7.1B | $12B | 2.4x | 10.2x | ||
| StepStone Group Inc. is a global private markets investment firm headquartered at 277 Park Avenue in New York City and listed on Nasdaq under the ticker STEP. The firm was founded in 2007 and completed its initial public offering on September 18, 2020. It builds customized portfolios for pension funds, sovereign wealth funds, insurers, endowments, foundations, family offices and private wealth clients across private equity (including venture capital and growth equity), infrastructure, private debt and real estate, using primary fund commitments, secondaries and co-investments. As of March 31, 2026, it was responsible for approximately $885 billion of total capital, made up of $233 billion of assets under management and $652 billion of assets under advisement. It had over 1,310 employees, 117 partners and offices in 31 cities across 19 countries. StepStone also provides advisory and data services, supported by proprietary technology such as its SPI software, and it acquired Greenspring Associates in September 2021. | PE & VC+1 | $42 | -31% | $3.4B | $6.1B | 3.0x | (7.2x) | |
| Cannae Holdings is an American holding company and principal investor headquartered in Las Vegas, Nevada, and listed on the New York Stock Exchange under the ticker CNNE. William P. Foley II is its vice chairman and Ryan Caswell its chief executive. It takes minority and majority stakes in restaurants, technology-enabled services, financial services and, increasingly, sports and entertainment. Its main holdings include about 42% of Black Knight Football Club, which owns AFC Bournemouth, FC Lorient and a majority of Moreirense, and a 50% stake in the activist hedge fund manager JANA Partners. It also owns a restaurant group made up of 88.5% of Ninety Nine Restaurant & Pub and 65.4% of O'Charley's, along with interests in the flavourings maker Watkins (acquired in 2024) and Alight. In 2025 it sold its Dun & Bradstreet stake to Clearlake Capital for total proceeds of US$630 million and bought back US$323 million of its own stock. Its board has since said it will concentrate the portfolio on sports and entertainment, and in June 2026 its Black Knight Rugby subsidiary acquired English rugby club Exeter Chiefs. It earns returns from equity-accounted investments and consolidated operating revenue, and has about 6,600 employees. | PE & VC+2 | $16 | -20% | $688M | $772M | 1.8x | (4.8x) | |
| RoboStrategy Inc is a closed-end, non-diversified management investment company. The Fund's investment objective is to seek long-term capital appreciation, principally through capital gains on equity and equity-linked investments in robotics and embodied AI companies. The Fund focuses on private, venture-capital-backed companies with growth potential, many of which are not yet publicly listed or widely accessible to individual investors. | PE & VC+2 | $24 | -- | $592M | $580M | - | - | |
| CBRE Clarion Global Real Estate Income Fund is a United States-based diversified, closed-end management investment company. Its primary objective is high current income, and its secondary objective is capital appreciation. The fund invests a majority of its total assets in income-producing real estate securities, which includes common stocks, preferred securities, warrants, and convertible securities issued by real estate companies, such as real estate investment trusts. Under normal market conditions, it invests in real estate equity securities of companies domiciled predominantly in developed countries. | $11 | +127% | $564M | $885M | 19.6x | - | ||
| Acacia Research Corp is focused on acquiring and operating businesses across the industrial, energy, and technology sectors where it believes it can leverage its expertise, capital base, and deep industry relationships to drive value. The company has four reportable business segments: Intellectual Property Operations, Industrial Operations, Energy Operations and Manufacturing Operations. It derives revenue from Intellectual Property Operations segment. Geographically, it operates in Americas, Europe, Middle East and Africa, China, India, and Asia-Pacific, excluding China and India. | $4 | +22% | $413M | $212M | 0.7x | 2.9x | ||
| Republic Digital Acquisition Co is a blank check company. | $10 | -- | $392M | $391M | - | - | ||
| DWS Municipal Income Trust is a closed-ended fixed income mutual fund launched and managed by Deutsche Investment Management Americas, Inc. The company invests in the fixed income markets of the United States. The fund invests in investment-grade tax-exempt municipal securities which are exempt from federal income tax. The fund benchmarks the performance of its portfolio against the Barclays Municipal Bond Index. The Fund invests in various states, such as Texas, Florida, Pennsylvania, Illinois, and California. | $8 | -- | $320M | $525M | ||||
| Spectral Capital Corp is engaged in the identification, acquisition, development, and financing of technologies. The company seeks for technology that can be protected by patents or laws regarding trade secrets. Its portfolio includes two technology companies, namely Noot and Monitr. Noot is a mobile technology that utilizes proprietary search engine technology for mobile devices which helps to find news, social media, photos, and videos of interest. Monitr is a technology and financial data services company. It leverages cloud computing, data, and software to analyze the financial markets. In addition, it also specializes in the analysis of news, opinion, and social media to determine the aggregate sentiment and trends of equities, commodities, and currencies across different countries. | $2 | +5% | $221M | $234M | ||||
| SuRo Capital Corp is a non-diversified closed-end management investment company. The company's investment objective is to maximize its portfolio's total return, principally by seeking capital gains on its equity and equity-related investments. | PE & VC+1 | $6 | -34% | $169M | $219M | |||
| GalaxyEdge Acquisition Corp is a newly organized blank check company. The company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities. | $10 | -- | $161M | $161M | ||||
| Graf Global Corp. is a special purpose acquisition company (SPAC) listed on NYSE American, with principal executive offices in The Woodlands, Texas. It was incorporated as a Cayman Islands exempted company on 17 November 2021 by serial SPAC sponsor James Graf, its chief executive, who has founded or led six SPACs that together raised more than $2 billion. The company has no operations of its own: it raised $230 million in an initial public offering of 23 million units that closed on 27 June 2024 and holds the proceeds in a trust account for a future merger. On 12 June 2026 it agreed a business combination with BIG3, the three-on-three professional basketball league founded by Ice Cube and Jeffrey Kwatinetz, valuing BIG3 at $290 million pre-money in stock plus earnouts tied to share-price performance; at the time its trust held about $249 million. The deal requires at least $50 million of net cash for BIG3 after redemptions, and in July 2026 the company changed its ticker from GRAF to TONT ahead of an expected fourth-quarter 2026 closing, after which the combined company will trade as BIG3. | $11 | +3% | $155M | $155M | ||||
| Morgan Stanley Emerg Mkts Debt Fd Inc is a diversified, closed-end management investment company. The Fund's primary investment objective is to produce high current income and as a secondary objective to seek capital appreciation, through investments mainly in debt securities of government and government-related issuers located in emerging countries, of entities organized to restructure the outstanding debt of such issuers and debt securities of corporate issuers in or organized under the laws of emerging countries. | $7 | -9% | $136M | $136M | ||||
| Launch One Acquisition Corp is a blank check company. | $11 | +4% | $82M | $82M | ||||
| European Equity Fund, Inc / MD is a United States-based diversified, closed-end management investment company. The fund seeks long-term capital appreciation through investment in equity and equity securities of issuers domiciled in Europe. Its portfolio of investments consists of different sectors such as industrials, financials, healthcare, consumer discretionary, materials, consumer staples, information technology, and other sectors. | $10 | -- | $70M | $69M | ||||
| Next Dynamics Inc is engaged in the research, development, and licensing of patented and proprietary military defense technologies. The company’s primary activities have included designing, developing, patenting, producing, and testing of its small arms ammunition technologies. | $0 | +61% | $30M | $17M | ||||
| Live Ventures Inc is a holding company of diversified businesses. It acquires and operates companies with a history of earnings power across five segments: Retail-Entertainment, Retail-Flooring, Flooring Manufacturing, Steel Manufacturing, and Corporate & Other. Retail-Entertainment offers new and pre-owned movies, video games, music, books, comics and collectibles through an integrated buy-sell-trade model. Retail-Flooring is a retailer and installer of flooring, carpeting, and countertops, serving consumers, builders, and contractors. Flooring Manufacturing produces and distributes carpet and hard-surface flooring. Steel Manufacturing engages in steel production and fabrication, generating the majority of revenue. Corporate & Other covers corporate costs and legacy products and services. | $8 | -45% | $23M | $237M | ||||
| Coinsilium Group Ltd is a venture builder, business accelerator, DeFi advisor, and strategic investor based in Gibraltar. The Group is engaged in venture building, accelerating, and investing in early-stage blockchain technology companies, alongside providing strategic advisory services to client projects. Its reportable segments are Investing Activities, Advisory Activities, and Corporate Activity, with Advisory Activities generating the maximum revenue. | PE & VC+1 | $0 | -- | $19M | $18M | |||
| Netcapital Inc is a financial technology company. The company facilitates the growth of private companies by providing fundraising services and other consulting services. The company's online private investment platform connects entrepreneurs and investors, enabling companies to raise capital digitally. The Company operates in a single operating segment, which is the provision of fintech services. | PE & VC+1 | $2 | +0% | $17M | $19M | |||
| Wealthcraft Capital Inc a provider of security services for commercial, retail, and industrial customers, including, but not limited to the hemp and CBD suppliers in the Southern California area of the State of California and is also a provider of janitorial services in the Los Angeles area. | PE & VC+1 | $0 | +13% | $4M | $4M | |||
| Invent Ventures Inc is an incubator that builds, acquires, and invests in transformative businesses. It has incubated, accepted, and spun off several companies at various stages of development. | PE & VC+1 | $0 | -28% | $2M | $2M | |||
| American Diversified Holdings Corp is a holding company. It is engaged in the business of consulting and business development. The company operates two e-commerce sites focused on the wellness industry. The business model includes driving traffic to partner sites, generating ad revenue, and creating partnership opportunities for other wellness companies. | $0 | -76% | $1M | $877K | ||||
| APPlife Digital Solutions Inc develops, invests in, and operates ecommerce and marketplace platforms for buyers and sellers. Through its portfolio companies, APPlife offers solutions aimed at facilitating buying and selling activities. Current projects include LiftKits4Less, an e-commerce platform specializing in Suspension Lift Systems, and Sugar Auto Parts, an automotive-specific multi-seller online marketplace. Sugar Auto Parts Inc is its main operating subsidiary. Lift Kits 4 Less and Sugar Auto Parts, Inc. are key projects and subsidiaries within the company. APPlife generates its revenue prominently comes from its ecommerce platforms serving customers in the United States. | $0 | -94% | $903K | $5M | ||||
| 1847 Holdings LLC is an acquisition holding company focused on acquiring and managing small businesses. The company's reportable segments are Construction and Automotive Supplies. It reports all other business activities that are not reportable in the Corporate Services segment. The Construction segment, which generates maximum revenue, provides finish carpentry and related products and services, including doors, frames, trim, hardware, millwork, cabinetry, and specialty construction accessories; and the Automotive Supplies segment offers horn and safety products (including electric, air, truck, marine, motorcycle, and industrial equipment) as well as vehicle emergency and safety warning lights for cars, trucks, industrial equipment, and emergency vehicles. | $0 | -- | $522K | $32M | ||||
| TransGlobal Assets Inc provides customers with a wide range of high-quality CBD & THC products from its organically grown Clones, Teens, and Mothers. Its self-sustaining Hemp Ranch will be vertically integrated from acres allocated, to outdoor cultivation and indoor greenhouses, to warehouses for processing farm-grown hemp into textiles, hempcrete & plastics and processing all-natural products. | $0 | 0% | $414K | $414K | ||||
| Median | $10 | -9% | $221M | $226M | 3.4x | 3.1x |
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