Mapping the Private Equity Landscape

Newsletter Review | June 2025

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The top 15 fund managers in Europe

Europe’s 15 largest fund managers collectively oversee over €600bn in enterprise value. Yet, beyond the headline number, their approaches diverge sharply, from deal sizes and portfolio profitability to fundraising pace and sector focus. Altogether, the table below highlights the non-homogenous nature of Europe’s Private Equity landscape, where even the biggest firms pursue different strategies in terms of fundraising activity and size.

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The top 15 fund managers in the U.S.

The15 largest U.S. fund managers collectively manage over $925bn in enterprise value. Since 2019, each manager has added more portfolio companies than it has exited, reflecting consistent net growth. The wide range in average portfolio EBITDA sizes — from Thoma Bravo’s $62mn to Hellman &Friedman’s $481mn— highlights substantially differences in deal size preferences and sector focus, similar to Europe’s landscape.

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