Data sourced from Dakota Private Markets, the private fund performance platform powered by Dakota. Learn More | Request Access
Two Blackstone vehicles hold 70% of the capital in the private markets evergreen funds tracked in Dakota Private Markets. Blackstone Real Estate Income Trust (BREIT) reports $100.0 billion in AUM, and Blackstone Private Credit Fund reports $48.9 billion. The next-largest fund, Blue Owl Credit Income Corp., reports $10.2 billion.
Across 54 evergreen funds in private credit, private equity, private real estate, real assets, and venture capital, combined AUM is $214.0 billion. This post ranks the 10 largest, breaks down where the capital sits by asset class, and explains what the concentration means for fund managers launching or raising evergreen vehicles.
The Ranking
|
Rank
|
Fund
|
Manager
|
Asset Class
|
Strategy
|
AUM
|
|
1
|
Blackstone Real Estate Income Trust (BREIT)
|
Blackstone
|
Private Real Estate
|
Core/Core-Plus
|
$100.0B
|
|
2
|
Blackstone Private Credit Fund
|
Blackstone
|
Private Credit
|
Corporate Lending
|
$48.9B
|
|
3
|
Blue Owl Credit Income Corp.
|
Blue Owl Capital
|
Private Credit
|
Corporate Lending
|
$10.2B
|
|
4
|
FS Credit Real Estate Income Trust
|
Future Standard
|
Private Real Estate
|
Real Estate Debt
|
$8.8B
|
|
5
|
StepStone Private Markets Fund (SPRIM)
|
StepStone Group
|
Private Equity
|
Fund of Funds
|
$4.5B
|
|
6
|
Blue Owl Technology Income Corp.
|
Blue Owl Capital
|
Private Credit
|
Corporate Lending
|
$3.3B
|
|
7
|
Ares Private Markets Fund (APMF)
|
Ares Management
|
Private Equity
|
Secondaries
|
$3.2B
|
|
8
|
Lord Abbett Credit Opportunities Fund
|
Lord Abbett
|
Private Credit
|
Diversified
|
$2.9B
|
|
9
|
Monroe Capital Income Plus Corp.
|
Monroe Capital
|
Private Credit
|
Corporate Lending
|
$2.8B
|
|
10
|
Versus Capital Multi-Manager Real Estate Income Fund
|
Harrison Street
|
Private Real Estate
|
Core/Core-Plus
|
$2.6B
|
Source: Dakota Marketplace, private markets evergreen funds, most recent reported AUM. AUM as-of dates range from January to April 2026.
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Where the Capital Sits by Asset Class
|
Asset Class
|
Funds
|
Combined AUM
|
Median Fund AUM
|
Largest Fund
|
|
Private Real Estate
|
9
|
$116.8B
|
$1.35B
|
BREIT ($100.0B)
|
|
Private Credit
|
29
|
$78.0B
|
$319M
|
Blackstone Private Credit Fund ($48.9B)
|
|
Private Equity
|
10
|
$15.5B
|
$1.35B
|
StepStone SPRIM ($4.5B)
|
|
Venture Capital
|
2
|
$2.1B
|
$1.03B
|
StepStone SPRING ($2.0B)
|
|
Real Assets
|
4
|
$1.6B
|
$253M
|
RMS Evergreen US Forestland Fund ($1.0B)
|
Source: Dakota Marketplace, private markets evergreen funds, most recent reported AUM.
What the Data Shows
1. Capital is concentrated at the very top
The two Blackstone funds hold $148.9 billion of the $214.0 billion total. The top 10 hold 87.5%. The median fund in the set manages $505 million, and only 20 of the 54 funds have crossed $1 billion.
The headline evergreen names are not a realistic reference point for most launches. A new vehicle is competing for allocations alongside funds closer to the median than to BREIT.
2. Private credit has the most funds, not the most capital
Private credit accounts for 29 of the 54 funds, more than every other asset class combined. But its median fund manages $319 million, less than a quarter of the median in private equity or real estate. Outside Blackstone Private Credit Fund, the other 28 private credit vehicles hold $29.1 billion between them.
That makes private credit the most crowded evergreen category. Strategy definition, such as corporate lending, asset-based credit, or specialty finance, does more to separate one fund from the next than the evergreen structure itself.
3. Private equity evergreen capital runs through multi-manager vehicles
The five largest private equity evergreen funds are all secondaries, fund-of-funds, or co-investment vehicles: StepStone SPRIM, Ares Private Markets Fund, NB Crossroads Private Markets Access Fund, Carlyle AlpInvest Private Markets Fund, and StepStone Private Equity Strategies Fund. Together they hold $13.6 billion.
Single-strategy managers launching an evergreen private equity product are entering a market where diversified, multi-manager funds already hold most of the capital.
4. Real assets and venture capital are still small
The six real assets and venture capital funds in the set hold $3.7 billion combined, under 2% of the total. Infrastructure evergreen funds in particular remain small, with the three in the data each under $350 million.
What This Means for Fund Managers
Benchmark size against your asset class, not the headline names. The median private credit evergreen fund manages $319 million; the median private equity or real estate fund manages $1.35 billion. Those are the numbers a new launch will be compared against.
In private credit, lead with strategy. With 29 funds competing in the category, the evergreen structure alone does not differentiate a fund. Allocators will sort the field by what each fund actually lends to.
In private equity, expect the comparison to multi-manager funds. Diversified secondaries and fund-of-funds products set the reference point for evergreen private equity. A single-manager fund should be ready to explain what it offers that those vehicles do not.
Compare performance only at the same as-of date. Evergreen funds report on different schedules and often with a lag of several months, so a YTD return through January and one through August are not comparable. How Private Fund Benchmarks Are Actually Built covers why the as-of date matters.
How We Built This List
We filtered Dakota Private Markets to investment strategies flagged as evergreen funds with 2026 performance records, then kept funds in private credit, private equity, private real estate, real assets, and venture capital. We excluded hedge funds, fixed income vehicles, and separate accounts.
Funds with multiple share classes are counted once, using the largest share class reported. AUM reflects each fund's most recent reported figure. We excluded one fund whose reported AUM appeared to reflect firm-level assets rather than the fund itself, and one exchange-listed BDC. Funds are ranked by AUM.
Find Evergreen Funds in Dakota Private Markets
Dakota Private Markets tracks 375 evergreen investment strategies across interval funds, tender offer funds, non-traded BDCs and REITs, and evergreen LPs. Filter by asset class, strategy, product structure, and AUM to see who is raising evergreen capital and how your vehicle compares.
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