U.S. private market funds now account for more than half of all global private market assets, according to new data from Ocorian’s Global Assets Monitor. The analysis shows that U.S.-domiciled vehicles hold roughly $7.26 trillion in assets under management—52% of the worldwide total—far outpacing Asia at 25% and Europe at 19%. Growth has been extraordinary over the past decade: assets have climbed more than 300% since 2015 and more than 500% since 2009. Private equity represents the core of this expansion, with $5.06 trillion in U.S.-based assets, followed by private debt ($846 billion), real estate ($829 billion), and infrastructure ($529 billion).
The report highlights how structural shifts in public markets have bolstered private fund activity, as the number of U.S. listed companies has shrunk while privately held businesses have multiplied. Across asset classes, U.S. private equity continues to dominate, infrastructure strategies benefit from long-term capital, real estate contends with ongoing market adjustments, and private credit pushes into new segments. Ocorian notes that despite a challenging fundraising environment, private markets retain their appeal because they can absorb short-term volatility and focus on long-horizon returns. The firm sees continued momentum over the next five years as managers scale operations, navigate regulatory complexity, and meet evolving investor demands.
