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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.