Ten fund managers raised $855 billion between 2021 and 2025, nearly a quarter of the $3.6 trillion raised by the 300 largest global private equity managers combined, according to Private Equity International's PEI 300 ranking. The minimum entry amount to the list reached $2.8 billion, a record. At the same time, total global capital raising fell to its lowest level since 2020, at $735 billion in 2025. The tech sector has become the largest sub-sector of private equity in both value and number of deals, according to a report by Bain & Company and perhaps that's why it captures this dichotomy more clearly than anyone else: capital is concentrated in fewer and fewer hands but the ability to understand the very product being bought doesn't always follow the same path. READ MORE