Private equity funds in the US are consolidating, with nearly half of cash raised in 2025 going to the top 10 funds. New fund closures hit a record low of 41 this year, according to PitchBook. The top 10 funds are capturing a larger share of the market pie, with big names like Blackstone and Thoma Bravo leading the pack.

Fundraising is down overall, but the largest private equity funds are getting bigger. The top 10 funds have secured 45.7% of all capital raised this year, up from previous years. Thoma Bravo Fund XVI leads the top funds with $24.3 billion committed, followed by Blackstone Capital Partners IX at $21 billion.

Asset allocators are favoring established players, with 61% of capital raised by firms with over 10 funds. Only 41 new funds closed fundraising this year, a record low. The top three funds raised $60.4 billion, accounting for 23.3% of total funds raised, indicating a trend towards consolidation in the private equity sector.

Read more at Yahoo Finance: These 3 charts show how the biggest private equity funds keep winning in a fundraising slowdown