Strategic View:
PitchBook data reveals top 10 PE firms captured 46% of 2025 fundraising. This consolidation enables “Internal Club Deals” where giants finance transactions using multiple internal funds (Buyout + Credit + Infra).
Full Story:
The “Mega-Firms” have become their own banks and can thus self-fundraise. PitchBook’s year-end fundraising data, released December 21, reveals a startling statistic: the top 10 private equity firms captured 46% of all capital raised in 2025. This consolidation has birthed a new phenomenon: the “Internal Club Deal.”
Syndicating a deal takes time, fees, and sharing secrets with competitors. Firms like Apollo, KKR, and Blackstone would prefer to keep the whole pie.
With massive funds across every asset class, these giants can now form a club with themselves. Apollo can write a $5 billion check for a company by taking $2B from its Buyout Fund, $2B from its Athene insurance arm, and $1B from its Credit Strategy. It is a “Club of One.” This provides unmatched speed and certainty. They don’t need to ask Wall Street for permission. This trend is dangerous for mid-market firms, who are losing access to the best deals because they can’t match the “Check-Size Velocity” of the giants.
Why It Matters: This is the “Amazonification” of Private Equity. The platform model is winning. LPs are consolidating relationships, feeding the giants, and enabling a self-reinforcing cycle of scale that is squeezing out the boutique specialist.
Source: Reuters
