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June 2026
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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 the largest asset manager in the world, with $14.041 trillion in assets under management at the end of December 2025. Its product mix is diverse, with 55% of managed assets in equity strategies, 23% in fixed income, 9% in multi-asset classes, 6% in money market funds, and 5% in alternatives. Passive strategies account for more than two-thirds of long-term AUM, with the company's ETF platform maintaining a leading market share domestically and on a global basis. Product distribution is weighted more toward institutional clients, which, by our calculations, account for around 80% of AUM. BlackRock is geographically diverse, with clients in more than 100 countries and more than one-third of managed assets coming from investors domiciled outside the US and Canada. | $1,023 | -3% | $159B | $161B | 6.6x | 16.3x | ||
| Blackstone is the world's largest alternative-asset manager with $1.242 trillion in total asset under management, including $906.2 billion in fee-earning assets under management, at the end of September 2025. The company operates with scale in each of its major product lines: private equity (26% of fee-earning AUM and 33% of base management fees), real estate/real assets (31% and 35%), private credit (34% and 25%), and other alternatives (9% and 7%). 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 | $119 | -21% | $145B | $159B | 12.2x | 20.7x | |
| KKR is one of the world's largest alternative asset managers, with $723.2 billion in total managed assets, including $585.0 billion in fee-earning AUM, at the end of September 2025. 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). | $95 | -28% | $86B | $11B | 0.6x | 1.1x | ||
| 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. | $128 | -9% | $74B | ($164B) | (5.1x) | (19.3x) | ||
| Ares Management is one of the world's largest alternative-asset managers, with $595.7 billion in total assets under management, or AUM, including $367.6 billion in fee-earning AUM, at the end of September 2025. The company has four main business segments: private credit ($391.5 billion in total AUM and $240.2 billion in fee-earning AUM), private equity, ($25.1 billion/$11.8 billion), real estate/real assets ($132.4 billion/$80.5 billion), and other alternatives ($46.7 billion/$35.1 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 around the globe. | PE & VC+1 | $130 | -25% | $29B | $44B | 7.8x | 19.0x | |
| 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. | $107 | +11% | $23B | $20B | 2.7x | 6.4x | ||
| Carlyle Group is one of the world's largest alternative-asset managers, with $474.1 billion in total AUM, including $332.0 billion in fee-earning AUM, at the end of September 2025. The company has three core business segments: global private equity, which includes its private equity, real estate, infrastructure, and natural resources offerings (with $163.5 billion in total AUM and $101.1 billion in fee-earning AUM), global credit ($208.5 billion/$167.2 billion), and investment/fund solutions, known as Carlyle AlphInvest ($102.1 billion/$63.7 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 | $44 | -15% | $16B | $30B | 7.8x | 18.5x | |
| Ares Capital Corp is a United States-based closed-ended specialty finance company. Its investment objective is to generate both current income and capital appreciation through debt and equity investments. The company focuses on investing in first lien senior secured loans (including unitranche loans, which are loans that combine both senior and subordinated debt, generally in a first lien position) and second lien senior secured loans. In addition to senior secured loans, the company also invests in subordinated loans and preferred equity, it also makes common equity investments. | $19 | -14% | $14B | $29B | 9.6x | 8.1x | ||
| TPG Inc is an alternative asset management firm. It invests across five multi-product platforms, namely Capital, Growth, Impact, Real Estate, Market Solutions, and TPG Angelo Gordon. The company invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate, market solutions, innovation, and inclusion. | $42 | -20% | $7B | $10B | 3.0x | 8.6x | ||
| StepStone Group Inc operates as a fully integrated private markets solution provider. The company provides customized investment solutions and advisory and data services. It provides investment solutions in the areas of private equity, real estate, private debt, and infrastructure and real assets. The company consists of a single operating segment and a single reportable segment for accounting and financial reporting purposes. | PE & VC+1 | $46 | -16% | $4B | $4B | 2.0x | 7.2x | |
| 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. | $5 | -- | $687M | $1B | 53.8x | - | ||
| 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. | $5 | +31% | $453M | $198M | 0.7x | 2.4x | ||
| 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 | $14 | +73% | $371M | $441M | 7.1x | - | |
| Launch One Acquisition Corp is a blank check company. | $11 | -- | $311M | $311M | - | (192.9x) | ||
| 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 | -33% | $174M | $185M | - | - | ||
| 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 | -- | $159M | $158M | - | (3473.7x) | ||
| 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 | -- | $146M | $146M | 6.7x | - | ||
| 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. | $10 | -45% | $29M | $247M | 0.6x | 3.8x | ||
| 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 | -- | $9M | $9M | - | - | |
| 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 | $1 | -- | $8M | $10M | 11.2x | (0.3x) | |
| 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 | -- | $7M | $10M | - | - | ||
| 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 | -- | $4M | $4M | - | - | |
| Cambridge Capital Holdings Inc through its Canadian and United States subsidiaries, is active in mining operations and mineral exploration and; real estate investment and development. | $11 | -- | $4M | $4M | - | - | ||
| PTS Inc is seeking operating entities well suited for growth and development. | $1 | -- | $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 | -- | $2M | $2M | - | - | ||
| 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 | -- | $343K | $343K | - | - | ||
| iGen Networks Corp is engaged in the development and marketing of software services for the automotive industry. It has one reportable segment being Vehicle Tracking and Recovery Solutions. The company works with wireless carriers, hardware suppliers and software developers to provide direct and secure access to information on the vehicle and the driver's behavior. The software services are delivered from the AWS Cloud to the consumer and their families over the wireless networks and accessed from any mobile or desktop device. The software services are marketed to automotive dealers, financial institutions, and direct-to-consumer through various commercial and consumer brands. The company's brands include Nimbo Tracking, CU Trak, and Medallion GPS PRO. | $0 | -- | $323K | $1M | - | - | ||
| Verus International Inc is a United States-based company. The firm along with its subsidiary operates a global food business. It is engaged in the international consumer packaged goods, foodstuff distribution and wholesale trade. The company sells meat, vegetables and other staples under its brands. Some of its products are ice creams, candies, french fries, pulses, rice, grains, and other related food items. The firm caters to diversified markets such as Asia, South America, and MENA Region among others. Verus's focus is to be a multi-line supplier of its brands to supermarkets, hotels, and wholesale trade partners who service the consumer food space. | $0 | -- | $202K | $2M | - | - | ||
| REAC Group Inc owns and operates the real estate advertising portal website. The company provides an online website that serves as an internet portal that features a real estate search engine and a media network that directs consumers to receive detailed information about agents, offices, and current listings, homes for sale, commercial properties, mortgages, and foreclosures. It provides a service that enables real estate professionals to grow their businesses online. | $0 | -- | $171K | $676K | - | - | ||
| Phoenix Rising Co makes investments and acquisitions into sound, transparent markets and industries throughout the world. The company is principally engaged in the trading of oil, gas and lubricant,. | -- | -- | $105K | $891K | - | - | ||
| Nilam Resources Inc is in the business of developing and investing in and managing early-stage companies. | $0 | -- | $103K | $103K | - | - | ||
| Himalaya Technologies Inc along with its subsidiaries, is targeting information services for health and wellness through their social site Goccha. | $0 | -- | $39K | $196K | - | - | ||
| Innovacom is a venture capital firm investing in hardware, software, and deep tech startups. Paris-headquartered, the company accelerates open innovation by connecting portfolio firms with industrial partners and providing strategic support. Innovacom backs semiconductors, photonics, and digital infrastructure technologies from seed to growth stages across Europe. | $0 | -- | $38K | $12M | - | - | ||
| Median | $6 | -16% | $146M | $146M | 6.7x | 6.4x |
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