San Francisco is a prime destination for private equity investment, offering a dynamic blend of innovation, talent, and institutional strength. Its proximity to leading research universities fosters a robust R&D ecosystem that continuously generates new technologies and companies. The city also boasts a deep and diverse talent pool, while its ties to Silicon Valley provide unmatched access to high-growth opportunities, strategic partners, and exit pathways. Together, these factors position San Francisco as a powerful engine for scalable value creation.
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In this article, we’re spotlighting the top private equity firms in the San Francisco metro area that are leading the charge in deal-making and market transformation. By the end, you’ll gain a deeper understanding of these firms, their investment strategies, and their impact on the private equity space.
1. TPG
Overview: TPG is a leading global alternative asset manager with $251 billion in assets under management as of March 2025. Founded in 1992 by Jim Coulter and David Bonderman, the firm has grown into a global presence with 29 offices and more than 1,900 employees, including over 670 investment and operations professionals. Its private equity platform alone oversees $133 billion in AUM, has backed around 800 companies since inception, and generated over $275 billion in portfolio company revenue since 2020. TPG is led by CEO Jon Winkelried and is known for its scale, global reach, and multi-asset investment capabilities.
Focus: TPG focuses on hands-on private equity investing driven by deep sector expertise and operational engagement. Its strategy centers on transforming companies through strategic improvements and leveraging insights across its network. Key sector focuses include healthcare, consumer, business services, and technology. The firm emphasizes innovation-led growth, often launching platforms early in industry trends, and continues to expand through strategic diversification—highlighted by its 2023 acquisition of Angelo Gordon, which added credit and real estate capabilities. TPG’s approach is built for resilience, aiming to create differentiated value across market cycles.
2. Hellman & Friedman
Overview: Hellman & Friedman (H&F) is a private equity firm founded in 1984, with offices in San Francisco, New York, and London. It manages over $115 billion in assets and is currently investing from its $24.4 billion tenth fund. H&F is one of the most experienced firms in the industry, recognized for its disciplined, long-term investment philosophy and strong alignment with both investors and management teams.
Focus: H&F employs a single private equity strategy centered on a concentrated portfolio of large-scale investments in developed markets. The firm targets sectors where it has deep expertise, including financial services, technology, healthcare, consumer, and business services. Its approach emphasizes long-term value creation, operational collaboration, and industry insight, with no transaction or monitoring fees and a strong emphasis on transparency and co-investment.
3. Silver Lake
Overview: Silver Lake is a global technology investment firm founded in 1999, managing approximately $103 billion in combined assets and committed capital. Its team operates across North America, Europe, and Asia, backing businesses that collectively generate $254 billion in annual revenue and employ around 456,000 people. The firm’s portfolio companies represent over $1 trillion in enterprise value, underlining Silver Lake’s scale and influence in the tech economy.
Focus: Silver Lake exclusively targets opportunities in digital transformation, investing in resilient, high-growth technology businesses. It partners closely with management to drive long-term value creation, emphasizing responsible business practices and operational alignment. Its strategy centers on leveraging the firm’s unmatched network and sector depth to accelerate innovation and sustainable performance.
4. Vista Equity Partners
Overview: Vista Equity Partners is a market-leading investment firm with over $100 billion in assets under management. Founded in 2000 in San Francisco, Vista specializes in investing in enterprise software, data, and technology-enabled businesses. With more than 600 transactions since inception and an aggregate transaction value exceeding $315 billion, Vista has built a portfolio of over 90 companies through a disciplined, long-term approach. Its offices span key global markets including San Francisco, Chicago, New York, Austin, and Hong Kong.
Focus: Vista is uniquely focused on enterprise software, leveraging a sector-specific investment strategy grounded in deep operational and technological expertise. It partners with companies across all stages—from emerging to large-cap—through its Flagship, Foundation, and Endeavor private equity funds. Vista emphasizes executive empowerment, building a broad network of forward-thinking leaders and enabling growth through shared knowledge and innovation. Its proprietary “Vista Ecosystem” drives value through tailored operational strategies, while its core strengths in software investing, executive development, and scalable solutions underpin its consistent performance across market cycles.
5. Sixth Street Partners
Overview: Sixth Street is a global investment firm founded in 2009 with over $110 billion in assets under management. With a team of more than 650 professionals, including 280+ dedicated investment specialists, the firm operates across 25+ countries. Sixth Street is structured for integrated, cross-platform collaboration, combining investment and control-side expertise to deliver creative capital solutions for companies at all stages of growth.
Focus: Sixth Street focuses on providing flexible, long-dated capital solutions across a diverse set of strategies, including global opportunities, growth equity, infrastructure, real estate, direct lending, insurance solutions, asset-based finance, and public markets. It tailors investment structures—ranging from control equity to hybrid and credit investments—for large private capital commitments, typically from $100 million to over $2.5 billion. Sector-wise, Sixth Street invests across consumer, digital, energy, financials, healthcare, software, and media. Its platform includes a Core team for risk and operational management, a Sourcing group for thematic pipeline generation, and a Capital Formation team aligned with long-term institutional partnerships.
6. Genstar Capital
Overview: Genstar Capital is a privately held middle-market private equity firm founded in 1988 and based in San Francisco. With approximately $50 billion in assets under management, it has over three decades of experience investing in high-quality companies. The firm operates from a single office and a unified team structure, aiming to build lasting businesses that thrive well beyond its period of ownership.
Focus: Genstar targets investments in financial services, software, industrials, and healthcare. It partners closely with management teams and a network of strategic advisors to grow and transform portfolio companies into industry leaders. The firm emphasizes collaborative value creation, long-term transformation, and deep sector specialization.
7. Francisco Partners
Overview: Francisco Partners is one of the world’s largest and most active private equity firms focused exclusively on the technology sector. With approximately $50 billion in capital raised, it operates globally from offices in San Francisco, London, and New York. Since inception, the firm has completed over 450 transactions. Francisco Partners is recognized for delivering transformational capital at key inflection points to help technology companies scale and thrive.
Focus: Francisco Partners targets growth-oriented technology companies, applying deep sector expertise and flexible capital across transaction sizes from $100 million to multi-billion. Its investment strategy emphasizes domain specialization, operational excellence through a dedicated team of former C-suite executives, and a flexible approach tailored to each opportunity. The firm invests across all sectors of the economy where technology drives disruption, aiming to solve real-world problems and create long-term value. Sustainability and responsible business practices are integrated into its investment process to enhance risk-adjusted returns.
8. GI Partners
Overview: GI Partners is a private investment firm specializing in North American middle-market businesses, with a focus on private equity, real estate, and data infrastructure. The firm emphasizes long-term value creation, capital preservation, and operational excellence, working closely with experienced management teams to build industry-leading companies. GI operates with a collaborative culture and has cultivated a senior team that has worked together for over a decade, guided by strong principles of excellence, integrity, humility, and impact.
Focus: GI Partners prioritizes investments that balance risk and return, leveraging resident knowledge, deep networks, and operational value creation. Its private equity strategy targets businesses with growth potential, focusing on transformational support tailored to each company. The firm emphasizes hands-on engagement, avoiding one-size-fits-all models, and supporting growth via M&A, talent development, and strategic enablement. GI’s approach is guided by a disciplined, proactive sourcing methodology and a culture built on trust, learning, and community impact.
9. Alpine Investors
Overview: Alpine Investors is a people-first private equity firm that focuses on software and services businesses. With $18 billion in assets under management across nine flagship funds and more than 175 deals completed in 2024, Alpine emphasizes building enduring businesses by investing in exceptional people. Its core mission is driven by the belief that developing leadership talent fosters both financial success and long-term operational excellence. The firm maintains a global presence and applies its people-centric strategy to drive value across its portfolio.
Focus: Alpine targets software and services businesses with $1–50 million in EBITDA and enterprise values up to $1 billion, emphasizing recurring or repeatable revenue. It invests across the U.S., Canada, Europe, and Australia, focusing on software, business and consumer services. Its strategy spans full buyouts, recapitalizations, and add-ons, with growth driven by M&A and leadership development. Portfolio companies include vertical software providers, infrastructure services, and professional education platforms, all operating in fragmented, high-potential markets.
10. TSG Consumer Partners
Overview: TSG Consumer is a private equity firm with approximately $13 billion in assets under management and over 35 years of experience investing in leading consumer brands. The firm partners with founders and management teams to build and expand category-defining businesses, with a track record grounded in long-term brand building and operational collaboration.
Focus: TSG specializes in established consumer-facing companies, offering both minority and majority investments. It targets sectors such as health and wellness, home and auto, food and beverage, restaurants, and beauty and personal care. The firm brings operational support across brand strategy, digital transformation, and distribution growth, with deep in-house expertise and advisory ties to major tech platforms like Amazon, Google, and Meta.
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