Top private equity stocks to watch in 2026
A private equity firm's listed shares represent ownership in the management company itself. The funds these firms manage are separate structures, each with their own investor base.
Private equity firms raise capital from institutional investors and put it to work in companies that don't trade on public markets, collecting management fees and a share of the profits when those holdings are sold. The six names on this list all run alternative asset management businesses, though Hamilton Lane Incorporated ($HLNE) works differently – it invests in other managers' funds rather than deploying capital through its own direct strategies.
How we built this list: We selected these companies based on their private equity and private markets investment business and ordered them by market capitalisation. Prices are updated daily, and the list and supporting content are reviewed roughly every quarter. All data is sourced from Stake. This list isn't a recommendation and isn't ordered by suitability.
Company Name | Ticker | Share Price | Market Cap | In Watchlists |
|---|---|---|---|---|
Blackstone | $114.00 | $136.84B | 1513 | |
KKR & Co | $93.18 | $83.70B | 655 | |
Ares Management | $118.97 | $39.08B | 166 | |
TPG | $43.50 | $16.72B | 62 | |
Carlyle Group | $39.68 | $14.08B | 167 | |
Hamilton Lane | $85.87 | $4.68B | 23 |
Past performance is not a reliable indicator of future performance.
Source: Stake market data. Figures in US$. Data updated as of 29 September 2026.
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1. Blackstone ($BX)
Blackstone (BX) share price over the last year: started at US$170.85, ended at US$114.00, a change of −33.3%. Range over the period: high US$170.85, low US$102.12. Source: Stake market data. Past performance is not a reliable indicator of future performance.
Price: US$114.00 · Daily: -0.5% · Market cap: US$136.84B · Sector: Financials · Industry: Investment Services
Blackstone Inc. ($BX) runs one of the more recognisable names in alternative asset management, putting capital to work across real estate, private equity, infrastructure, credit and hedge fund strategies. The firm is led by co-founder and CEO Steve Schwarzman, and employs around 5,285 people globally.
$BX operates across four main segments. Its Real Estate arm manages opportunistic and core-plus funds alongside real estate debt. Its Private Equity segment covers flagship corporate buyout funds as well as sector- and geography-focused vehicles. Credit & Insurance rounds out the picture with private corporate credit, liquid credit, and infrastructure and asset-based credit strategies.
The Multi-Asset Investing segment runs four platforms – Absolute Return, Multi-Strategy, Total Portfolio Management and Public Real Assets – giving $BX a broader toolkit than firms focused solely on buyouts or property. That breadth means the business collects management fees across a wide range of strategies, with performance fees tied to how those investments play out over time.
Because $BX earns revenue from managing other people's capital rather than deploying its own balance sheet, its financial results move with fundraising cycles and the pace at which it realises gains from selling held assets.
2. KKR & Co ($KKR)
KKR & Co (KKR) share price over the last year: started at US$129.95, ended at US$93.18, a change of −28.3%. Range over the period: high US$142.77, low US$83.88. Source: Stake market data. Past performance is not a reliable indicator of future performance.
Price: US$93.18 · Daily: -0.06% · Market cap: US$83.70B · Sector: Financials · Industry: Investment Services
KKR & Co ($KKR) runs a broad alternative asset management business that goes well beyond the private equity funds the firm is historically known for. Under chief executive Joseph Bae, the firm's Asset Management segment covers five lines: private equity, real assets, credit and liquid strategies, capital markets, and principal activities – meaning $KKR both manages external capital and invests alongside its own funds.
The Insurance segment adds a different dimension. It operates through Global Atlantic, a U.S. retirement and life insurance company that offers fixed-rate annuities, protection products and reinsurance solutions to individuals and institutional markets. That business brings in premium income and long-duration liabilities that $KKR can put to work across its investment platform.
A third segment, Strategic Holdings, reflects $KKR's direct stake in its own core private equity strategy – so the firm earns not just management fees and carried interest, but also returns from its own capital deployed alongside investors. With 5,043 employees running these interconnected businesses, $KKR operates at a scale where asset management, insurance float and direct investing are deliberately linked rather than separate.
3. Ares Management ($ARES)
Ares Management (ARES) share price over the last year: started at US$159.89, ended at US$118.97, a change of −25.6%. Range over the period: high US$178.28, low US$96.50. Source: Stake market data. Past performance is not a reliable indicator of future performance.
Price: US$118.97 · Daily: 0.5% · Market cap: US$39.08B · Sector: Financials · Industry: Investment Services
Ares Management Corporation ($ARES) runs one of the broader alternative investment platforms on this list, with operations across North America, South America, Europe, Asia Pacific and the Middle East. Its business is split into five segments: Credit, Private Equity, Real Assets, Secondaries and a smaller catch-all group. Credit is the largest piece, covering everything from liquid strategies to direct lending and Asia-Pacific credit.
The Secondaries Group sets $ARES apart from a pure private equity shop. Rather than only buying into companies directly, it invests in secondary markets – acquiring existing stakes in private equity, real estate, infrastructure and credit funds from sellers who want out early. Michael Arougheti leads the firm, which employs 4,250 people globally.
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4. TPG ($TPG)
TPG (TPG) share price over the last year: started at US$57.45, ended at US$43.50, a change of −24.3%. Range over the period: high US$69.66, low US$37.93. Source: Stake market data. Past performance is not a reliable indicator of future performance.
Price: US$43.50 · Daily: 0.02% · Market cap: US$16.72B · Sector: Financials · Industry: Investment Services
TPG Inc. ($TPG) runs six investment platforms under one roof: Capital, Growth, Impact, Credit, Real Estate and Market Solutions. The Capital platform pursues control-oriented private equity investments through products like TPG Capital, TPG Healthcare Partners and TPG Asia. The Growth platform covers technology, life sciences and sports, while the Impact platform includes climate-focused strategies like TPG Rise Climate and its Global South Initiative.
Under chief executive Jon Winkelried, $TPG employs around 1,900 people across this range of strategies. Credit adds another layer, with direct lending, asset-based finance, collateralised loan obligations and multi-asset credit products all sitting within that single platform.
5. Carlyle Group ($CG)
Carlyle Group (CG) share price over the last year: started at US$62.70, ended at US$39.68, a change of −36.7%. Range over the period: high US$66.12, low US$39.42. Source: Stake market data. Past performance is not a reliable indicator of future performance.
Price: US$39.68 · Daily: 0.4% · Market cap: US$14.08B · Sector: Financials · Industry: Investment Services
Carlyle Group ($CG) runs one of the broader alternative asset platforms in this article, split across three distinct businesses. Its Global Private Equity arm advises funds that buy, grow and manage companies across industries, alongside real estate, infrastructure and natural resources strategies. That segment also covers the NGP carry funds managed by NGP Energy Capital Management, which focus on energy assets.
The Global Credit segment is notably wide-ranging – it covers direct lending, aviation finance, asset-backed finance, insurance solutions, liquid credit and opportunistic credit, among other approaches. Running a credit operation of that breadth puts $CG closer to a full-service alternative asset manager than a pure buyout shop.
The third arm, Carlyle AlpInvest, works differently from the other two. Rather than deploying capital into operating companies or loans directly, it invests in secondary stakes in existing private equity portfolios, co-investments alongside other managers, and primary commitments to outside funds. Chief executive Harvey Schwartz leads the roughly 2,500-person firm.
6. Hamilton Lane ($HLNE)
Hamilton Lane (HLNE) share price over the last year: started at US$134.79, ended at US$85.87, a change of −36.3%. Range over the period: high US$153.84, low US$73.79. Source: Stake market data. Past performance is not a reliable indicator of future performance.
Price: US$85.87 · Daily: 1.1% · Market cap: US$4.68B · Sector: Financials · Industry: Investment Services
Rather than running its own private equity strategies, Hamilton Lane Incorporated ($HLNE) invests across funds managed by third-party managers. $HLNE can take primary stakes in those funds, co-invest alongside them on specific deals, or buy secondary positions from existing holders.
The firm's coverage runs from private equity and private credit through to real estate, infrastructure, real assets, growth equity, venture capital and impact investing. Clients can access those strategies through customised separate accounts, specialised funds, or advisory and data analytics services. CEO Juan Delgado-Moreira leads a 785-person firm serving both institutional and private wealth investors around the world.
➡️ Top U.S.-listed investment banks to watch in 2026→
Common questions
How do I invest in private equity stocks in New Zealand?
All six companies in this list trade on U.S. exchanges, so NZ investors can access them through a share trading platform that provides access to U.S. markets. You search the ticker, place an order, and the trade settles through the U.S. market. These are shares in publicly listed asset management businesses – buying them means holding equity in the companies that run private equity funds, not a direct stake in those underlying funds.
What are the key risks of private equity stocks?
Some of the key risks include fee income falling when fundraising slows or when fund performance doesn't clear the hurdle required to trigger carried interest. The portfolio companies these firms manage are typically unlisted, so their carrying values may not reflect broader market moves in real time. Because all six companies are listed in the U.S. and priced in USD, movements in the NZD/USD rate affect both what a purchase costs and what any sale proceeds are worth in New Zealand dollars. These businesses also rely heavily on debt markets to finance deals, making them sensitive to changes in credit conditions and interest rates.
How do alternative asset managers make money?
These companies typically earn revenue from two streams: management fees charged as a percentage of assets under management, and performance fees – often called carried interest – earned when a fund's returns exceed an agreed hurdle rate. Management fees tend to be more predictable and grow as assets under management grow. Carried interest can be substantial in strong periods but depends on realising gains from underlying investments, which makes it inherently variable from year to year.
Disclaimer
Past performance is not a reliable indicator of future performance. When you invest, your capital is at risk. You should consider your own investment objectives, financial situation, and particular needs before making an investment decision. The value of your investments can go down as well as up and you may receive back less than your original investment. As always, do your own research and consider seeking appropriate financial advice before investing.
This is not personal financial advice nor a recommendation to invest in the securities listed. Any advice provided by Stake is of general nature only and does not take into account your specific circumstances. Trading and volume data from the Stake investing platform is for reference purposes only, the investment choices of others may not be appropriate for your needs and is not a reliable indicator of performance.
Please refer to hellostake.com/pricing for the fees that apply. When you trade securities priced in another currency, currency conversion fees may apply and movements in the exchange rate may affect your returns.
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This article combines AI and human review from our analysts to bring you accurate, informative investing content at speed. For questions or suggestions, contact stakedesk@stake.com.au.
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