3.6.5Segment

Private Equity & Venture Capital

Private equity sponsors and venture capital firms making equity investments in private companies.

4
Verticals

Overview

Private Equity & Venture Capital covers the sponsors and firms making equity investments in private companies — buyout, growth, and venture managers (Blackstone, KKR, Apollo, Carlyle, Ares, and thousands of smaller funds). They earn management fees on committed capital plus carried interest on gains, against trillions in assets under management.

The largest alternative-asset managers have scaled into diversified platforms spanning PE, credit, real assets, and insurance, and the industry is consolidating through GP-stakes investments, manager M&A, and the push into private wealth. Reported revenue (management fees) vastly understates the AUM and economic footprint.

Market snapshot

Market size
~$46B
Growth
~8.8%CAGR (2017–22, nominal)
Companies
~11,600
FragmentationConsolidating

U.S. Census Bureau 2022 CBP/Economic Census, NAICS 523910 (Miscellaneous Intermediation) — captures management-fee revenue; AUM (multi-trillion) is far larger.

Business model & economics

Revenue model
Management fees on committed capital plus carried interest
Recurring revenue
High — long-duration fund management fees
EBITDA margin
Strong — scalable fee-and-carry economics
Capex intensity
Low
  • Management fees plus carry against trillions in AUM.
  • Largest managers scaled into diversified platforms.
  • Push into private wealth and insurance permanent capital.

M&A deal context

High deal activity

Who’s acquiring

Alternative-asset managersGP-stakes investorsManager-M&A consolidators

What’s driving deals

  • GP-stakes investment and manager M&A.
  • Diversification across alternative strategies.
  • Expansion into private wealth and insurance capital.

Verticals in this segment

  • 3.6.5.1Buyout & LBO Firms

    Private equity firms executing leveraged buyout transactions.

  • 3.6.5.2Growth Equity Firms

    PE firms investing in high-growth companies without leverage.

  • 3.6.5.3Private Equity Fund of Funds

    Funds investing in portfolios of private equity funds.

  • 3.6.5.4Venture Capital Firms

    VC firms investing early-stage capital in high-growth startups.

Find Private Equity & Venture Capital acquisition targets

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