PE Deal Vol
$84B
Q1 2026
NCREIF
-1.2%
TTM
Gold
$2,184
+0.4%
10Y UST
4.38%
-2bps
VIX
18.4
-0.9
S&P 500
5,271
+0.6%
Concentration Research — All Asset Classes
Are You Concentrated?
Weighted Exposure tracks how capital, ownership, and risk cluster
across public equities, private markets, real estate, credit, and
real assets.
The WEIGHTED BRIEF
Institutional Asset-Management Concentration
Does Big Three scale improve efficiency or over-concentrate
governance power? This research examines the growing influence
of BlackRock, Vanguard, and State Street across institutional
asset management.
Download Research Paper
Concentration Index by Asset Class — 2026
Public Equity
Top 10 / index
High
Private Equity
Mega-fund share
High
Corp. Credit
Issuer concentration
Mod.
Real Estate
REIT / market share
Mod.
Commodities
Energy weight
Mod.
Venture / VC
Top decile firms
Extreme
Concentration indices are normalized; methodology is available in
the Research section.
$35T
AUM held by the top 10 asset managers globally — up from $10T in 2010
3
Firms (Blackstone, KKR, Apollo) accounting for nearly half of all PE dry powder
35%
Of the S&P 500 held by the top 10 stocks — a multi-decade high
6
Metro areas representing over 60% of US commercial real estate transaction volume
Latest Analysis
All Articles →Macro
The Concentration Economy: How Power Clusters Across Every Asset Class at Once
It's not just the S&P 500. In private equity, three sponsors hold more dry powder than the next
thirty combined. In venture, the top decile of firms capture virtually all the returns. In commercial
real estate, six metros dominate deal flow. We map the full picture — and ask whether concentration
itself has become a systemic risk.
Private Equity
Mega-Fund Dominance: What Happens When Three Firms Hold the Keys
Blackstone, KKR, and Apollo have reshaped the PE landscape. A look at what that means for LP allocation,
deal pricing, and systemic risk.
Real Estate
Six Cities, Sixty Percent: The Geographic Concentration of US Commercial Real Estate
Capital doesn't flow evenly. It clusters — and in CRE, that clustering has intensified sharply since 2018.
The WEIGHTED BRIEF
Concentration research across all markets
Receive original research examining how capital, ownership, and risk concentrate across public equity, private markets, real estate, credit, and real assets.