Direct Answer
30 SEC filers are classified under the Standard Industrial Classification code that describes the private equity managers industry, and their latest annual reports show $138.5 billion of combined revenue and a median operating margin of 12.1%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics.
Industry Overview
Private equity managers raise funds from institutions, buy companies and sell them later, earning management fees and a share of profit. Fundraising, dealmaking and exits drive their earnings and valuations. The first numbers to compare across companies here are assets under management and fee-paying share, fee-related earnings and deployment and realizations.
Key Industry Metrics
- Assets under management and fee-paying share: Total capital managed and the portion that earns management fees. Committed but unfunded capital may earn lower fees, so the fee-paying share matters.
- Fee-related earnings: Management fees minus operating costs, excluding performance income. It is a steadier gauge of core earnings than total profit.
- Deployment and realizations: Investments made and exits completed. Deployment grows fee-paying assets, and realizations convert paper gains into cash and carried interest.
- Carried interest accrued: Share of fund profits earned by the manager but not yet paid. It reflects unrealized gains and can reverse if values fall.
- Dry powder: Capital committed by investors that has not yet been invested. It shows buying power, but high levels can also mean deals are hard to find.
Primary Macro Drivers
- Institutional allocations: Pension funds, insurers and endowments commit capital to funds, so allocations affect fee-paying assets and fee-related earnings.
- Interest rates and financing: Financing costs and rates affect deal values and returns, shown in deployment and realizations.
- Exit markets and IPOs: Sales of portfolio companies through IPOs or buyers return capital and bring carried interest, so open exits lift realizations.
- Valuations: Higher or lower valuations change returns and accrued carried interest, shown in carried interest accrued.
Major Risks
- Fundraising slowdown: If investors commit less capital after poor returns or slow distributions, fees and deployment slow. Watch fundraising and fee-paying assets under management.
- Exit delays: When exits slow, funds hold investments longer, delaying cash returns and carried interest. Watch realizations and holding periods.
- Valuation write-downs: Lower marks on portfolio companies reduce accrued carried interest and may slow fundraising. Watch valuation commentary and realized outcomes.
- Regulatory scrutiny: Rules on fees, expenses and disclosure add cost and limit practices. Watch regulatory disclosures and compliance spending.
Industry Characteristics
| Characteristic | Profile |
|---|---|
| Cyclicality | Cyclical |
| Capital Intensity | Low |
| Regulatory Intensity | Medium |
| Industry Maturity | Growth |
| Geographic Importance | Global |
Private Equity Managers Filers in the SEC Record
30 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification code 6282. Their latest fiscal years end between 2025 and 2026, and together they reported $138.5 billion of revenue. Median revenue growth over the prior year was 7.0%. Median operating margin was 12.1% and median net margin 13.7%. Median total liabilities were 54% of total assets, and 24 of 30 reported a profit in their latest year.
| Company | Revenue | Growth | Operating margin | Net margin | Year |
|---|---|---|---|---|---|
| Apollo Global Management, Inc. | $32.0 billion | 22.7% | n/a | 10.6% | FY 2025 |
| Kkr & Co. Inc. | $19.5 billion | -11.0% | n/a | 12.2% | FY 2025 |
| Ameriprise Financial Inc | $18.9 billion | 5.5% | n/a | 18.8% | FY 2025 |
| Blackstone Inc. | $14.5 billion | 9.2% | n/a | 20.9% | FY 2025 |
| Franklin Templeton Inc | $8.8 billion | 3.5% | 6.9% | 6.0% | FY 2025 |
| Price T Rowe Group Inc | $7.3 billion | 3.1% | 29.9% | 28.5% | FY 2025 |
| Invesco Ltd. | $6.4 billion | 5.1% | -10.9% | -2.7% | FY 2025 |
| Carlyle Group Inc. | $4.8 billion | -11.9% | n/a | 16.9% | FY 2025 |
The 8 largest of 30 by revenue. Source: each company's own annual report as filed with the SEC (XBRL data), figures in U.S. dollars. A company's SIC code reflects its main business as the SEC records it, so it can differ from how an index provider or analyst classifies the company, and a diversified group appears under only one code.
Where to Go Next
The Private Equity Managers guide describes how the industry earns money, what to measure and what can go wrong. To see how it compares, read the neighbouring industries in the same sector, then apply the same checks to a specific company.
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Frequently Asked Questions
What are the main KPIs for the Private Equity Managers industry?
Key performance indicators for the Private Equity Managers industry include: Assets under management and fee-paying share, Fee-related earnings, Deployment and realizations, Carried interest accrued, Dry powder. Which matter most depends on the company's model, so compare them across several companies rather than relying on one.
How cyclical is the Private Equity Managers industry?
The Private Equity Managers industry is cyclical, meaning its revenues and earnings tend to expand during economic expansions and contract during downturns. Investors should monitor leading economic indicators and interest rate trends when evaluating timing.
What are the biggest risks in the Private Equity Managers industry?
The primary risks for Private Equity Managers companies include: Fundraising slowdown, Exit delays, Valuation write-downs, Regulatory scrutiny. Investors should assess each company's exposure to these factors and its track record of navigating them.