BOSTON The U.S. private markets sector continues its extraordinary expansion, with total assets under management (AUM) now surpassing $7.26 trillion, according to a new study by Ocorian, a global leader in asset servicing for private markets and corporate and fiduciary administration.
Ocorian’s Global Assets Monitor report finds that U.S.-domiciled private market funds account for more than half (52%) of all private market assets globally, outpacing both Asia (25%) and Europe (19%). The findings underscore the United States’ position as the world’s dominant hub for private capital and alternative investments.
Explosive Growth Over the Past Decade
The study reveals that U.S.-based private market funds have seen asset values surge by over 300% in the past decade, climbing from $1.81 trillion in 2015 to $7.26 trillion in 2025. Compared with $1.07 trillion in 2009, the market has grown by more than 500% in just 15 years.
This expansion reflects both investor appetite for long-term, higher-yield opportunities and the increasing institutionalization of the private markets sector.
Private Equity Leads, Private Debt Rising Fast
According to Ocorian’s data, private equity remains the cornerstone of the U.S. private market landscape, accounting for $5.06 trillion—roughly 70% of total AUM. Private debt and real estate follow with $846 billion (12%) and $829 billion (11%), respectively, while infrastructure funds make up $529 billion (7%).
| Asset Class | Fund Value ($B) | % of U.S. Total |
|---|---|---|
| Private Equity | 5,057.7 | 70% |
| Private Debt | 846.4 | 12% |
| Real Estate | 829.4 | 11% |
| Infrastructure | 529.2 | 7% |
Across asset classes, private equity continues to dominate, private credit is expanding into new frontiers, infrastructure is attracting long-term investors, and real estate is contending with structural headwinds amid evolving market conditions.
U.S. Holds Global Lead in Private Market Assets
Globally, the Global Assets Monitor found that North America leads all regions with $7.26 trillion in AUM—representing just over half of all private market assets worldwide. Asia follows with $3.51 trillion (25%), and Europe with $2.73 trillion (19%). The remaining assets are distributed across Australasia, the Middle East, Africa, and multi-regional funds.
| Region | Fund Value ($B) | % of Global Total |
|---|---|---|
| North America | 7,262.7 | 51.7% |
| Asia | 3,513.7 | 25.0% |
| Europe | 2,731.3 | 19.4% |
| Americas (non-U.S.) | 143.9 | 1.0% |
| Middle East | 66.9 | 0.5% |
| Africa | 50.9 | 0.4% |
| Australasia | 88.3 | 0.6% |
| Multiregional | 189.1 | 1.3% |
Private Markets: A Structural Advantage
According to Yegor Lanovenko, Global Co-Head of Fund Services at Ocorian, the resilience and expansion of the private markets sector reflect their inherent structural advantages—particularly in an era of market volatility, rising rates, and shifting macroeconomic conditions.
“While private markets have certainly faced challenges in fundraising, exits, and realignment of investment theses given the interest rate, macroeconomic, and geopolitical realignments, our analysis predicts their positive growth trajectory will continue over the next five years,” Lanovenko said.“The U.S. universe of listed companies has shrunk from over 8,000 stocks in the 1990s to around half of that today, while the number of privately held companies has skyrocketed. Private markets retain their structural advantage—the ability to look through short-term volatility and capture durable, long-term returns.”
Lanovenko added that Ocorian’s role in the ecosystem is to help alternative asset managers navigate operational and regulatory complexity “across the full investment lifecycle,” especially as fund managers scale up and investor needs evolve.
With institutional investors continuing to allocate more capital to alternatives, the trajectory of private market growth appears poised to remain strong. As traditional public markets contract and companies increasingly opt to stay private for longer, the U.S. is set to maintain its leadership position in global private capital for years to come.
