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Alternative assets and private equity

The 21 companies in this industry listed on the NYSE and Nasdaq are worth $340 bn combined; the largest are Blackstone (BX), KKR & Co. (KKR) and Apollo Global Management (APO). For each one: what it does, revenue, margin, free cash flow over the last five years and a score from 0 to 10.

Data as of October 2026

Evenly matched
21 companies value 340 bn revenue 96 bn margin 8.3% free cash flow 17 bn avg. score 4.2
BX holds 23.6% of the group's value, 1.0x the runner-up
Rank Ticker Company Share Value Revenue Margin FCF 5 years FCF/px Yield What it does · why it is here
1 BX Blackstone
United States · score 6.9
 24% 80 bn 16 bn 21.8% 5.5 bn 6.8% 7.9% World's largest alternative asset manager · World's largest alternative asset manager; leader in real estate and credit
2 KKR KKR & Co.
United States · score 5.3
 23% 78 bn 21 bn 14.8% 2.5 bn 3.2% 0.9% Alternative asset management, insurance and infrastructure · Private equity pioneer, now diversified into infrastructure and insurance
3 APO Apollo Global Management
United States · score 7.5
 19% 66 bn 36 bn 5.2% 9.5 bn 14.5% 1.9% Alternative asset management, retirement and credit · Leader in private credit and retirement services (Athene)
4 ARES Ares Management
United States · score 5.5
 11% 37 bn 5.3 bn 12.0% 0.9 bn 2.4% 0.3% Alternative asset management, with $622 billion under management · World's largest private credit manager (manager of ARCC)
5 PS PERSHING SQUARE INC.
United States · score 4.8
 5% 18 bn 0.8 bn 2.1% 0.2 bn — 1.0% — Alternative asset management with permanent capital · New York — revenue of $769m
6 TPG TPG Inc.
United States · score 6.2
 5% 17 bn 5.1 bn 4.7% 1.0 bn 5.9% 8.0% Alternative asset manager, with $303 billion under management · Texas — revenue of $5.1bn
7 OWL Blue Owl Capital
United States · score 5.9
 4% 14 bn 3.0 bn 2.7% 1.3 bn 9.5% 4.3% Alternative asset management, with $307 billion · Private credit and GP stakes; almost entirely permanent fee revenue
8 CG Carlyle Group
United States · score 1.8
 4% 13 bn 3.6 bn 10.1% -4.1 bn -31.6% 3.9% Alternative asset management: private equity, credit and real estate · One of the classic global private equity firms
9 STEP StepStone Group Inc.
United States · score 0.0
 2% 5.1 bn 2.0 bn -30.5% -0.4 bn -8.6% 2.7% Private markets manager with advisory and data services · New York — revenue of $2bn
10 HLNE Hamilton Lane INC
United States · score 7.6
 1% 4.5 bn 0.9 bn 32.1% 0.4 bn 8.1% 2.0% Private markets investment solutions · Pennsylvania — revenue of $858m
11 GCMG GCM Grosvenor Inc.
United States · score 6.7
 1% 2.5 bn 0.6 bn 7.8% 0.2 bn 7.4% — Investment management in private and public markets · Illinois — revenue of $571m
12 PAX Patria Investments Ltd
Cayman Islands · score 7.1
 1% 1.9 bn 0.4 bn 23.7% 0.3 bn 14.5% — Alternative asset management in the Latin American middle market · Cayman Islands — revenue of $382m
13 RPC Ridgepost Capital, Inc.
United States · score 4.5
 0% 0.9 bn 0.3 bn 8.7% 0.1 bn 5.8% 1.8% Private markets solutions for alternative asset management · Texas — revenue of $313m
14 ABX Abacus Global Management, Inc.
United States · score 6.5
 0% 0.8 bn 0.3 bn 10.5% 0.1 bn 11.7% 2.5% Buying life insurance policies on the secondary market · Florida — revenue of $267m
15 BUR Burford Capital Ltd
Guernsey · score 0.0
 0% 0.7 bn 0.4 bn -408.0% -0.2 bn -27.3% — World's largest provider of capital for litigation · Guernsey — revenue of $413m
16 VINP Vinci Compass Investments Ltd.
Brazil · score 7.0
 0% 0.7 bn 0.2 bn 22.4% 0.1 bn 6.5% 5.8% Alternative asset management in Brazil and Latin America · Brazil — revenue of $195m
17 GEG Great Elm Group, Inc.
United States · score 4.0
 0% 0.1 bn 0.0 bn -132.9% 0.0 bn 23.4% — Alternative asset management · Florida — revenue of $28m
18 MLCI Mount Logan Capital Inc.
United States · score 0.0
 0% 0.0 bn 0.0 bn -155.4% -0.1 bn -134.2% 4.3% Alternative credit management and annuity reinsurance · New York — revenue of $41m
19 CWD CaliberCos Inc.
United States · score 0.0
 0% 0.0 bn 0.0 bn -117.3% -0.0 bn -328.3% — Management of real and digital alternative assets · Arizona — revenue of $16m
20 MDBH MDB Capital Holdings, LLC
United States · score 0.0
 0% 0.0 bn — — -0.0 bn -72.4% — Financing and co-founding early-stage companies · Texas
21 BENF Beneficient
United States · score 0.4
 — — — — -0.0 bn — — Liquidity and fiduciary services for alternative assets · Texas

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What this is. A catalogue, not a guide. Every industry with stocks listed on the NYSE or NASDAQ, the companies contending for its leadership, what each one does according to its own annual report, and the balance sheet it filed with the SEC.

The score runs from 0 to 10 and compares each company with every other one in the almanac on cash generation, profitability, debt, dividends and consistency over the last five years. The higher it is, the better the company fares in that comparison. Curious how much each part weighs? Ask at the bottom of the page.

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