Bigger managers took a larger slice of the fundraising pie

Chart  •  June 25, 2026

In this chart

The biggest names in private capital are pulling further ahead. Since 2021, the share of capital raised by the 50 largest managers industrywide has climbed by roughly 4.3 percentage points, to 36%, even as total capital raised grew meaningfully. Their smaller counterparts are capturing a shrinking piece of a larger pie, with a share that fell to 64% as of the end of Q3 2025.

If that dynamic holds, it could mean a winnowing of smaller managers in private assets.

The chart compares capital raised in private markets across two periods: 2016–2020 and 2021–Q3 2025, split between the Top 50 managers and All others. The total pool grew meaningfully between the two periods. In 2016–2020, the Top 50 managers accounted for 31.8% of capital raised, with all others at 68.2%. In 2021–Q3 2025, the Top 50 managers' share rose to 36.1%, while all others fell to 63.9%. So, even as the overall capital pool expanded, the largest managers captured a growing share of it — the biggest got bigger both in absolute terms and relative share.

Closed-end funds only. MSCI Private Capital Universe data through Q3 2025, as of April 2026 analysis.

For more on capital constraints, explore The State of Private Markets 2026:

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