The wealth of US private capital bosses jumped by more than $56bn in 2024 as shares of Blackstone, Apollo and KKR hit new highs, fuelled by rapid growth and their addition to the main US stock index.

The share surge has enriched private equity pioneers such as Blackstone chief executive Stephen Schwarzman and KKR co-founders Henry Kravis and George Roberts, and spawned a new set of billionaire dealmakers in the industry ahead of expected deregulation from the incoming Trump administration that could fuel dealmaking and asset growth in 2025.

Among the seven largest listed US private capital firms, gains in shares held by the industry’s top executives and founders were over $56bn, led by the leadership of Blackstone, the world’s largest alternative manager, according to Financial Times calculations based on public filings.