Larger GPs are exerting stronger influence over the private credit market.
In 2024, the top ten private credit firms collectively managed about 32% of all capital raised within the industry, a noticeable increase from the 26.6% share seen in 2021, according to PitchBook’s 2025 US Private Equity Outlook.
PitchBook analysts estimate the share will increase to 33% in 2025, the highest in a decade.
The expansion is partially attributed to a consolidation wave fueled by listed private equity firms looking for a piece of the action after witnessing the rapid growth of the market.
A prominent example is BlackRock’s $12 billion acquisition of HPS Investment Partners in December. The deal allows BlackRock to form a private credit franchise worth roughly $220 billion.
Blue Owl also scaled up its private credit offerings last year. In September, the firm completed its purchase of Atalaya Capital Management, an asset-based lending firm that manages over $10 billion in assets.
In the same vein, TPG reentered the private credit market in 2023 with its takeover of Angelo Gordon.
This aggressive pursuit of market share has birthed behemoths that dominate the space, reshaping the landscape of top-tier managers.
In the decade leading up to 2024, four GPs rose to the top of the rankings after snatching up specialist credit managers.
Featured image by Daniel Grizelj/Getty
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