With Intelligence

The two leading artificial intelligence-focused hedge fund operations are now – seemingly overnight – managing a remarkable $40 billion between them, a sum fueled by outsized investment performance and rapid investor commitments colored by a societal nod to the transformative power of AI.

Thoma Bravo has agreed to hand over troubled software company Medallia to a consortium of lenders led by Blackstone, in one of the largest restructurings in the history of the private credit market. The transaction will see Thoma Bravo lose all of the approximately $5 billion it invested in Medallia in a take-private deal in 2021.

Millennium Management continues to cement its position as one of the largest hedge fund allocators, further increasing its investments in third-party hedge funds, according to our research. Already the leading multi-strategy allocator by notional asset value, Izzy Englander’s United States $84 billion firm has at least 32 active external hedge fund allocations, up from 24 a year ago. Allocation sizes vary, with some exceeding United States $3 billion in notional asset value.

The largest fund of hedge funds (FoHF) and dedicated third-party multi-manager firms saw a second consecutive year of asset growth in 2025, supported by strong performance. Aggregate assets of the latest With Intelligence FoHF Billion Dollar Club (BDC) grew by 12.3% over the year to $564 billion, while the number of firms in the ranking edged up from 50 to 52. The growth was driven mainly by performance, as BDC FoHFs had their best year since at least 2020, according to With Intelligence data.

Multi-family offices (MFOs) represent a significant and institutionalized segment of the global wealth management landscape, managing capital on behalf of multiple ultra-high-net-worth families. Collectively, MFOs oversee more than $5.2 trillion in assets globally. Willis Towers Watson sized global pension assets at $68.3 trillion in 2025. MFOs therefore represent a significant asset pool equivalent to 8% of global pension assets. These assets are distributed globally.

As the industry standard for origination insights, the Deal Origination Benchmark Report is a bi-annual publication offering unparalleled insights on market coverage, deal flow efficiency, and sourcing performance. It delivers the most comprehensive view of how firms compare in market reach and sourcing success. Private equity firms are operating in an increasingly constrained origination environment, where declining overall deal volume has materially reshaped sourcing dynamics.

The continuing deal drought and reduced re-investments from allocators continued to weigh on private equity managers in 2025 causing a second year of lower fundraising. Fund managers pulled in $398 billion in 2025 (Figure 1), down 14% on the prior year and more than 27% below 2023’s total. Secondaries remained a bright spot, with the sector hitting a record high of over $93 billion raised, a 6.6% increase over 2024. Within this environment, the market has become more bifurcated.

AI-related deal activity in North America reached new highs between 2021 and 2025, with volume accelerating sharply from 2023 onwards. The share of AI deals nearly doubled in the past two years, confirming AI as a major focus for investors and companies alike. Deal volume reached 589 transactions in 2025, up from 375 in 2024, a 57% year-on-year increase. Between 2021 and 2025, AI deal volume totaled 1,634 transactions.

Private debt managers’ huge bet on private wealth ran into serious trouble in Q1, as investors looked to pull billions of dollars from (business development companies) BDCs. Redemption requests from the 12 largest non-traded BDCs averaged 12.1% Q1 2026 (median: 10.1%), well above the 5% threshold at which managers typically gate redemptions.

* These figures are subject to change, as new profiles are continuously added. Our Wealth solution brings together proprietary data and expert insights across family offices, foundations, private banks, and wealth managersin one streamlined platform. Our family office dataset, the largest of its kind, offers unparalleled insights into both single and multi-family offices. The private wealth landscape can be complex and opaque. We cut through complexity and provide transparency.