Private equity hits new $9.9trn record amid global growth

The global value of private equity funds has surged to an all-time high of $9.9trn, with new analysis forecasting that total assets could climb to more than $17trn within five years.

According to Ocorian’s latest Global Asset Monitor, private equity assets have risen by 10.8% since December 2024 and by more than 570% since 2010, when total assets stood at $1.48trn.

The firm projects a further 75% rise by 2030, taking total assets in global private equity funds to around $17.4trn.

Asia drives global growth

Ocorian’s analysis shows that much of this year’s expansion has been fuelled by Asian markets, where assets have reached a record $2.1trn — up 15.8% in the first eight months of 2025.

Although Asia accounts for just 20% of total assets, it contributed around 30% of this year’s overall growth.

North America continues to dominate the private equity landscape, holding 57% of total assets under management and reaching a record $5.64trn in underlying assets by early September, an increase of 9.6% year-to-date.

By domicile, North America accounts for 51% of all private equity funds globally, followed by Asia with 31% and Europe with 15%.

From scale to operational discipline

Yegor Lanovenko, global co-head of fund services at Ocorian, said the private equity market is entering a new phase as it matures into a $17trn industry.

“As private equity matures into a $17trn market by 2030 and aims to solidify its place as part of the whole model portfolio, with the realignment of interest rates and the macroeconomic environment, the advantage for managers is shifting back to operating discipline and value creation,” he said.

Lanovenko added that limited partners (LPs) are rewarding managers who can combine strong performance with governance and operational efficiency.

“LPs are rewarding managers who pair proven operating performance with governance and internal operational efficiency infrastructure that can stand up to institutional scrutiny and changing investor reporting expectations,” he said.

He added that Ocorian helps alternative asset managers manage regulatory and operational complexity across the investment lifecycle, especially as scale and compliance become key differentiators.

Managers prepare for more regulation

A separate Ocorian survey of US-based private equity professionals, who collectively manage $335bn in assets, found widespread expectations of tighter regulation and rising operational pressures.

Nearly nine in ten respondents (85%) expect greater regulatory oversight, while 88% foresee more industry restrictions and fines. Around 80% said they anticipate spending more time addressing compliance failures.

Amid this backdrop, fund managers are increasingly turning to third-party service providers to handle administration and investor servicing.

Almost half (47%) have already outsourced more functions in the latest fund lifecycle, compared with 44% who made no changes and just 9% who brought activities in-house.

Meanwhile, more than four in five (81%) expect to expand their reliance on external providers over the next two years, particularly in investor services, fund administration and reporting.

Ocorian’s research paints a picture of a private equity market that continues to grow rapidly despite headwinds from regulation and shifting investor demands.

The next phase of expansion, the firm says, will rely less on easy capital and more on operational resilience, efficiency and transparency.

Lanovenko added that this shift marks a broader maturing of the asset class.

“The focus is moving from growth at any cost to disciplined value creation supported by institutional-grade infrastructure,” he said.