Asset managers oversee the investment and management of financial assets on behalf of clients, whether institutional or individual. Alternative asset managers invest in non-traditional assets or apply non-traditional techniques in pursuit of higher returns.
Adoption of alternative investments, such as private equity, private credit, real estate, infrastructure and hedge fund strategies, has grown rapidly. Alternatives have long been an institutional favourite, and are increasingly reaching individual investors through semi-liquid vehicles and private wealth channels.
Existing allocators are also increasing their exposure. Ernst & Young forecast alternative assets under management would surpass $23 trillion by 2026, up from $10 trillion in 2019.
Alternative managers vary considerably in size and specialisation, though capital has concentrated heavily toward the largest firms. Assets under management (AUM) is the standard metric for ranking them.
Two caveats worth applying before reading the table. AUM in this sector often includes committed but undeployed capital, so the figures reflect fundraising success as much as capital actually at work. And definitions vary between firms: some report fee-earning AUM, others total AUM including permanent capital vehicles and insurance balance sheets, which makes direct comparison imperfect.
Here are the largest alternative asset managers globally by assets under management:
Largest alternative asset managers by AUM
| Alternative asset manager | AUM | Date reported | Source |
| Blackstone | $1.346T | 30 June 2026 | Blackstone Q2 2026 |
| Apollo Global Management | $1.047T | 30 June 2026 | Apollo Q2 2026 |
| Brookfield Asset Management | $1T+ | 30 June 2026 | Brookfield Q2 2026 |
| KKR | $796B | 30 June 2026 | KKR Q2 2026 |
| Ares Management | $671.3B | 30 June 2026 | Ares Q2 2026 |
| Carlyle Group | $485B | 30 June 2026 | Carlyle Q2 2026 |
| EQT AB | €354B (~$402B) | 30 September 2026 | EQT Q3 2026 |
| Hamilton Lane* | $1.1T | 30 June 2026 | Hamilton Lane Q1 FY2027 |
| Ardian | ~$200B (managed or advised) | October 2026 (website) | Ardian |
| Partners Group | $186B | 30 June 2026 | Partners Group H1 2026 |
| Bain Capital | $185B | 31 March 2025 | Bain Capital |
| AQR Capital Management | $160B | 31 March 2025 | AQR |
| CVC Capital Partners** | €153B (fee-paying) | 30 June 2026 | CVC H1 2026 |
| Bridgewater Associates | $92B | 30 September 2025 | Hedgeweek |
Source: company reports, latest figure available on 16 October 2026. *Hamilton Lane’s figure combines assets under management and supervision: its discretionary AUM was $146.3 billion, with the remaining $914 billion in advisory relationships. Not directly comparable with the managers above. **CVC reports fee-paying AUM (FPAUM) of €153bn rather than total AUM, so its position understates total assets relative to peers reporting on a total basis. EQT converted at the ECB rate of 30 September 2026 (EUR/USD 1.1355). Reporting dates vary: figures for Bain Capital and AQR are materially less current than the rest. AUM definitions also differ between firms: some include permanent capital and insurance balance sheets, others report fee-earning assets only.
With $1.346 trillion in assets under management at 30 June 2026, Blackstone is the largest alternative asset manager, followed by Apollo ($1.047 trillion) and Brookfield (over $1 trillion). Blackstone and most US-listed peers report third-quarter figures from 22 October 2026.
List of the largest alternative asset managers by AUM
Blackstone
AUM: $1.346 trillion
Reporting date: 30 June 2026
Blackstone is the world’s largest alternative asset manager, with a portfolio spanning more than 250 companies and 12,500 real estate assets across a diverse range of sectors. It serves institutional and individual investors worldwide across four segments: real estate, private equity, credit and insurance, and multi-asset investing.
Fee-earning AUM stood at $961.6 billion and perpetual capital at $555.6 billion, the latter now representing a substantial share of the total and providing more stable fee income than traditional drawdown funds.
Apollo Global Management
AUM: $1.047 trillion
Reporting date: 30 June 2026
Apollo crossed the trillion-dollar threshold during 2026, driven largely by growth in private credit and its insurance business. It describes itself as a high-growth alternative asset manager, performing the dual role of generating returns for investors while providing capital to businesses.
Apollo’s investments span credit, equity, and real estate, with a particular concentration in fixed income and private investment-grade markets. Fee-generating AUM stood at $858 billion, with $298 billion of inflows over the trailing twelve months.
Brookfield Asset Management
AUM: over $1 trillion
Reporting date: 30 June 2026
Founded in 1899, Brookfield invests across private equity, credit, real estate, insurance, and infrastructure, and is among the largest investors in renewable energy globally. Fee-bearing capital reached $672 billion, up 19% year-on-year.
Brookfield targets assets and businesses that form the backbone of the global economy, with investments across more than two dozen countries on five continents. It favours businesses with high barriers to entry, where its scale, capital base, and operating experience allow it to invest where smaller competitors cannot.
Hamilton Lane
AUM: $1.1 trillion (assets under management and supervision)
Reporting date: 30 June 2026
Founded in 1991, Hamilton Lane serves institutional investors and private wealth clients across private markets, targeting direct equity, direct credit, and secondaries. Roughly 60% of assets are invested in North America.
An important distinction: Hamilton Lane’s headline figure combines assets under management with assets under supervision. Its discretionary AUM, the capital it actually controls, was $146.3 billion at 30 June 2026, with the remaining $914 billion representing advisory relationships where allocation decisions rest with the client. This makes the figure not directly comparable with the managers above.
KKR
AUM: $796 billion
Reporting date: 30 June 2026
In the investment business since 1976, KKR initially focused on US buyouts before broadening considerably in both scope and geography. It invests across credit, private equity, and real assets through sponsored funds and portfolio companies, on behalf of institutional and individual clients.
AUM grew 16% year-on-year, with fee-paying AUM of $638 billion. KKR completed its acquisition of Arctos Partners in May 2026, adding $20 billion in AUM and a specialism in professional sports franchise stakes.
Ares Management
AUM: $671.3 billion
Reporting date: 30 June 2026
Founded in 1997, Ares invests across private equity, credit, real estate, and infrastructure on behalf of individual and institutional investors globally, in both primary and secondary markets.
Fee-paying AUM stood at $409.9 billion, with $170 billion in available capital yet to be deployed. Ares provides flexible capital solutions to businesses across sectors and aims to generate consistent returns through varying market conditions.
Carlyle Group
AUM: $485 billion
Reporting date: 30 June 2026
Founded in 1987, Carlyle manages assets across three business segments through hundreds of investment vehicles, making it one of the most diversified alternative managers globally. It invests on behalf of individual and institutional clients across four continents.
Private equity and credit account for the large majority of Carlyle’s AUM. Fee-earning AUM reached $334 billion, with perpetual capital representing 34% of that total.
EQT AB
AUM: €354 billion (~$402 billion)
Reporting date: 30 September 2026
EQT is a Swedish global investment firm and one of Europe’s leading alternative managers. Founded in 1994, it invests across private equity, infrastructure, and real estate worldwide, alongside venture investments. According to its Q3 2026 announcement, fee-generating AUM stood at €195 billion at the end of September 2026, up from €139 billion a year earlier, with €41.6 billion of gross inflows in the quarter.
EQT completed its acquisition of Coller Capital, a leading secondaries firm, on 31 August 2026, adding about €34 billion of fee-generating AUM. Shares trade on Nasdaq Stockholm under the ticker EQT.
Partners Group
AUM: $186 billion
Reporting date: 30 June 2026
Partners Group is a Swiss firm specialising in private markets, investing on behalf of sovereign wealth funds, family offices, institutional investors, and private clients since 1996. In the first half of 2026 it raised a record $16 billion in new client commitments.
It invests across private equity, private debt, private real estate, and private infrastructure, typically seeking to transform acquired businesses into market leaders over a holding period of five to eight years.
Bain Capital
AUM: $185 billion
Reporting date: 31 March 2025
Founded in 1984 and headquartered in Boston, Bain Capital operates across four continents, investing in private equity, public equity, credit, venture capital, and real estate.
Its venture arm has been active in digital assets, with investments spanning DeFi protocols and blockchain infrastructure.
AQR Capital Management
AUM: $160 billion
Reporting date: 31 March 2025
Founded in 1998, AQR invests across both traditional and alternative products but is best known for its quantitative, systematic approach. Portfolio diversification is central to its methodology, and it invests through multiple funds serving primarily institutional investors and financial advisers.
CVC Capital Partners
Fee-paying AUM: €153 billion
Reporting date: 30 June 2026
Founded in 1981 and based in Luxembourg, CVC invests globally across American, European, and Asian markets through funds spanning private equity, credit, and secondaries, with investments in more than 120 companies.
Note on comparability: CVC reports fee-paying AUM rather than total AUM, so its position here understates total assets relative to firms reporting on a total basis. Fee-paying AUM grew 9% year-on-year, with credit, secondaries, and infrastructure up 19%.
Ardian
AUM: ~$200 billion (managed or advised)
Reporting date: October 2026 (company website)
According to its website, Ardian manages or advises about $200 billion. It is a French multinational investment firm investing on behalf of pension plans, sovereign funds, financial institutions, insurers, and family offices.
It operates across primary and secondary markets, spanning private equity, credit, real estate, and infrastructure, with an emphasis on building long-term sustainable value.
Bridgewater Associates
AUM: $92 billion
Reporting date: 30 September 2025
Founded in 1975, Bridgewater is among the world’s largest hedge funds, investing on behalf of pension funds, governments, charitable foundations, and family offices across a diverse asset base.
Note that Bridgewater’s AUM has contracted in recent years as the firm has reduced the size of its flagship fund, and it is the only manager here for which we could not obtain an official source, relying instead on press reporting.
What are assets under management (AUM)?
Assets under management (AUM) refers to the total market value of assets a firm oversees on behalf of its clients. AUM fluctuates for several reasons: it rises when the market value of investments appreciates or when investors commit additional capital, and falls when investments decline in value or clients redeem. Asset managers typically update their AUM in quarterly regulatory filings.
For anyone assessing asset managers, AUM is the standard measure of scale. The designation generally applies to capital a manager can deploy in line with its strategy without seeking further permission from investors.
Two qualifications matter particularly in alternative assets, and both make cross-firm comparison harder than it appears:
- AUM includes committed but undeployed capital. A manager’s headline figure reflects fundraising success as much as capital actually at work. Ares, for instance, reported $170 billion in available capital yet to be deployed alongside its total AUM.
- Definitions vary between firms. Some report total AUM, others fee-earning or fee-paying AUM, and some include permanent capital vehicles and insurance balance sheets. CVC reports fee-paying AUM only, while Hamilton Lane combines assets under management with assets under supervision, meaning the figures in this article are not always measuring the same thing.
AUM also says nothing about performance. A firm can grow assets rapidly while delivering mediocre returns, since fundraising and investment results are separate outcomes.
Who are the largest alternative asset managers in the world?
The world’s largest alternative asset manager by assets under management is Blackstone, with $1.346 trillion as of 30 June 2026. Apollo Global Management follows at $1.047 trillion, having crossed the trillion-dollar mark during 2026, with Brookfield Asset Management third at over $1 trillion.
Hamilton Lane reports $1.1 trillion, though on a broader basis that combines assets under management and supervision rather than discretionary capital alone.
Conclusion
AUM is a useful starting point when assessing asset managers, indicating which firms investors have entrusted with the most capital and, indirectly, which have the scale to access larger transactions and weather difficult periods.
Two things are worth keeping in perspective, though.
- Size is not performance. The largest managers are not necessarily the best performing, and in private markets there is evidence that smaller, more focused funds have often outperformed the largest vehicles on an IRR basis. AUM measures fundraising success rather than investment skill.
- Concentration is increasing. The top three firms now manage over $3 trillion between them, and capital has flowed disproportionately toward the largest managers in recent years, driven substantially by the growth of private credit, where Apollo and Ares in particular have expanded rapidly. That concentration shapes the market for everyone: larger funds compete for larger deals, which affects pricing across the sector.
For most individual investors, direct access to these managers remains limited, since minimum commitments typically run into millions. Access has broadened somewhat through semi-liquid vehicles and listed alternatives. Blackstone, Apollo, KKR, Ares, Carlyle, EQT, and CVC are all publicly traded, which offers exposure to the managers themselves rather than to their funds. That is a different proposition, with different risks, but a more realistic route for most people.
