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 – 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 | €291B | 30 June 2026 | EQT H1 2026 |
| Hamilton Lane* | $1.0T | 31 December 2025 | Hamilton Lane |
| Partners Group | $185B | 31 December 2025 | Partners Group |
| 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 |
| Ardian | ~$134B | 31 December 2024 | Ardian |
| Bridgewater Associates | $92B | 30 September 2025 | Hedgeweek |
*Hamilton Lane’s figure reflects assets under management and supervision combined. Its discretionary AUM is a fraction of that total, with the bulk representing 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.
Reporting dates vary. Figures for Bain Capital, AQR, and Ardian 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 $1.275 trillion in assets under management, Blackstone is the largest alternative asset manager. Blackstone invests on behalf of institutional and individual clients worldwide. It invests through a portfolio of funds and companies in diverse sectors. Brookfield is the second-largest alternative asset manager and Hamilton Lane rounds up the list of the top 3 largest alternative investment managers.
List of the largest alternative asset managers by AUM
Blackstone
AUM: $1.275 trillion
Reporting date: December 31st, 2025
With $1.275 trillion in assets under management, Blackstone is the world’s largest alternative asset manager. Blackstone’s portfolio consists of more than 250 portfolio companies and 12,500 real estate assets. Its asset portfolio spans a diverse range of sectors. Blackstone serves both institutional and individual investors around the world. It targets asset classes such as private equity, credit, insurance and infrastructure.
Brookfield
AUM: +$1 trillion
Reporting date: December 31st, 2025
Founded in 1899, Brookfield invests in private equity, credit, real estate, insurance and infrastructure markets. It’s a major investor in renewable energy projects.
Brookfield strives to invest in assets and businesses that are the backbone of the global economy. It has investments in more than two dozen countries across five continents. Brookfield invests in alternative investment products on behalf of a diverse range of clients, including sovereign wealth funds, institutional investors and private investors.
The firm likes to invest in businesses with high barriers to entry. With its global reach, massive capital and decades of experience, Brookfield can invest where many competitors cannot. The firm seeks to generate attractive, long-term returns for its investors.
Hamilton Lane
AUM: $1 trillion
Reporting date: December 31st, 2025
With $1 trillion assets under management, Hamilton Lane is one the leading alternative investment firms in the world. The firm serves institutional investors and private wealth clients, offering them access to a broad mix of investment products.
Founded in 1991, Hamilton primarily invests in private markets. It mainly targets direct equity, direct credit, and secondary markets. The firm allocates at least 35% of its assets to direct equity and direct credit each. Hamilton has a global investment footprint; 60% of its assets are invested in North America.
Apollo Global Management
AUM: $938 billion
Reporting date: December 31st, 2025
Apollo describes itself as a high-growth alternative asset manager. Apollo seeks to provide its investors with excess return at every point in its multi-pronged investment approach.
As an asset manager with a large portfolio, Apollo performs the double role of generating returns to investors and providing capital to businesses. Apollo’s investments cover credit, equity and real estate assets. A significant focus of the firm is on fixed-income and private investment grade markets.
KKR
AUM: $744 billion
Reporting date: December 31st, 2025
The firm takes a disciplined investment approach and seeks to generate attractive returns for its investors. The firm invests on behalf of institutional and individual clients. It invests in credit, private equity and real assets through sponsored funds and portfolio companies.
KKR has been in the investing business since 1976. It initially focused on U.S. investments but has since broadened its investment scope and geographic footprint.
Ares Management
AUM: $623 billion
Reporting date: December 31st, 2025
The firm invests on behalf of individual and institutional investors in private equity, credit, real estate and infrastructure markets around the globe.
Ares Management has been in the investment business since 1997. It seeks to generate consistent returns in all market conditions.
As part of its investment strategy, Ares Management supports businesses across sectors by providing flexible capital solutions. The firm invests in both primary and secondary markets.
Carlyle Group
AUM: $477 billion
Reporting date: December 31st, 2025
Carlyle is a leading private equity and alternative asset manager. Founded in 1987, the firm manages assets across three business segments and through 600 investment vehicles. That makes it one of the world’s most diversified investment managers.
Carlyle seeks to invest wisely and deliver long-term value for its investors. The firm invests on behalf of individual and institutional investors across four continents. The firm’s assets under management stood at $477 billion. Carlyle invests in equity, credit and a range of other non-traditional investment products. Private equity and credit markets account for over 80% of Carlyle’s AUM.
The firm’s industry expertise, diverse teams and global reach help it maintain a competitive advantage, allowing it to deliver great returns for investors.
EQT AB Group
AUM: $270 billion
Reporting date: December 31st, 2025
EQT Group is a Swedish global investment firm and one of the world’s leading alternative asset managers. It has more than $270 billion in assets under management as of December 31st, 2025. Founded in 1994, EQT operates multiple funds through which it invests in private equity, infrastructure and real estate assets worldwide. It also makes venture capital investments in promising businesses in diverse sectors.
The firm is focused on delivering attractive and consistent returns for its investors. Shares of EQT are listed on the Nasdaq Stockholm stock market under the “EQT” ticker symbol.
CVC Capital Partners
AUM: $200 billion
Reporting date: December 31st, 2025
CVC Capital Partners is a global alternative investment manager. Founded in 1981, the firm is based in Luxembourg but invests globally, mainly in American, European and Asian markets. CVC Capital’s assets under management stood at over $200 billion as of December 31st, 2025.
The firm invests through a portfolio of funds in private equity, credit and secondary markets. CVC Capital has invested in more than 120 companies across diverse sectors. Sustainability is a central component of the firm’s investment strategy.
Bain Capital
AUM: $185 billion
Reporting date: March 31st, 2025
Bain Capital is a global alternative investment firm. Founded in 1984 and based in Boston, Bain Capital has footprints across four continents and serves diverse investors. The firm’s investments are mainly focused on private equity, public equity, credit, venture capital and real estate markets. It has about $185 billion in assets under management as of March 31st, 2025.
Bain Capital’s venture arm has invested in many crypto startups and projects around the world. Its crypto portfolio includes DeFi protocols Aera and Flood and blockchain games developers Curio and Osmosis.
Partners Group
AUM: $174 billion
Reporting date: June 30th, 2025
Partners Group is a Swiss-based investment firm that specialises in alternative investments. The firm has $174 billion in assets under management and has invested $234 billion since its inception in 1996.
The firm invests on behalf of various investor groups. Its investing clients include sovereign wealth funds, family offices, institutional investors and private investors.
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 trillion (assets under management and supervision)
Reporting date: 31 December 2025
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 – capital it actually controls – is a fraction of that total, with the majority 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: €291 billion
Reporting date: 30 June 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. Fee-generating AUM stood at €155 billion.
In January 2026, EQT agreed to acquire Coller Capital, a leading secondaries firm with €31 billion in fee-generating AUM, with completion expected in the second half of 2026. Shares trade on Nasdaq Stockholm under the ticker EQT.
Partners Group
AUM: $185 billion
Reporting date: 31 December 2025
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.
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: ~$134 billion
Reporting date: 31 December 2024
Ardian 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 also reports $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.
