With deployments slowing, the private equity segment closed out June 2024 with an estimated $7.2 trillion in fee-earning AUM and $2.3 trillion in dry powder (compared with $6.6 trillion and $2.3 trillion at the end of 2023).
Much like we've seen with fundraising, the five largest publicly traded alternative-asset managers have increased their share of both total capital invested and dry powder since the pandemic. At the end of June 2024, these firms—Blackstone, Apollo Global Management, KKR, Carlyle Group, and Ares Management—accounted for 21% of total capital invested, as well as the industry's dry powder, due to their large fundraising hauls in 2019-22.