Market Intelligence

North American Private Markets

North America is the largest and deepest private markets ecosystem globally, accounting for approximately 60% of global alternative AUM. The United States dominates with major hubs in New York, San Francisco, Boston, Chicago, and Los Angeles. The SEC-regulated environment, deep institutional investor base, and mature secondaries market create a uniquely liquid and competitive landscape. Canadian pension funds are among the most sophisticated LP investors globally, with direct investment programs that rival dedicated GPs. Mexico is an emerging market for PE with growing opportunities in nearshoring and infrastructure.

GPs in Region
5,023
Total AUM
$47016786.5T
Countries
4

Regulatory Landscape

The US regulatory framework is anchored by the SEC and Investment Advisers Act. Form ADV filings provide transparency on registered advisers managing $150M+. The Dodd-Frank Act introduced reporting requirements for private fund advisers through Form PF. Canada operates through provincial securities regulators with the CSA providing coordination. SEC enforcement actions and compliance costs have increased, making regulatory infrastructure a key differentiator for manager quality.

Strategy Mix

Real Estate
1,994
Private Equity
1,351
Hedge Fund
787
Venture Capital
454
Multi-Strategy
317
Credit
81
Digital Assets
15
Infrastructure
15
Other
5
Liquidity
4

Top GPs in North America

#GPStrategyHQAUM
1FIDELITY MANAGEMENT & RESEARCH COMPANY LLCPrivate EquityUnited States$4730738.5T
2State Street Global AdvisorsReal EstateUS$4700000.0T
3T. ROWE PRICE ASSOCIATES, INC.Private EquityUnited States$1934233.2T
4Morgan StanleyMulti-StrategyUS$1650015.9T
5NORTHERN TRUST INVESTMENTS, INCORPORATEDMulti-StrategyUnited States$1114770.2T
6CAPTRUSTMulti-StrategyUnited States$1083051.0T
7PGIM, INC.Private EquityUnited States$1033223.8T
8MORGAN STANLEY INVESTMENT MANAGEMENT INC.Multi-StrategyUnited States$619196.0T
9FRANKLIN ADVISERS, INC.Private EquityUnited States$509453.4T
10METLIFE INVESTMENT MANAGEMENT, LLCPrivate EquityUnited States$508892.6T
11MILLENNIUM MANAGEMENT LLCHedge FundUnited States$504961.3T
12CITADEL ADVISORS LLCHedge FundUnited States$458576.0T
13COLUMBIA MANAGEMENT INVESTMENT ADVISERS, LLCMulti-StrategyUnited States$457482.7T
14CAPULA INVESTMENT MANAGEMENT LLPHedge FundUnited States$450518.8T
15TEACHERS ADVISORS, LLCCreditUnited States$402994.3T

Explore North America Fund Managers

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Investment Adviser AUM RankingsSEC Form D OfferingsFund Performance Benchmarks

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