Acquisitions by private equity firms are trending to a higher mix of add-on investments, relative to platform investments.
Using data from our comprehensive M&A Research Database, we ranked private equity firms by the number of add-on investments for existing portfolio companies from November 2024 through November 2025. Although the database is global, we only included U.S. and Canada-based firms in this ranking.
Top 10 Private Equity Firms for add-on investments (LTM, U.S. & Canada)
|
PE Firm |
Location |
# Add-ons (LTM) |
|
New York, NY |
31 |
|
|
Chicago, IL |
25 |
|
|
Dallas, TX |
22 |
|
|
Bloomfield Hills, MI |
21 |
|
|
Westport, CT |
21 |
|
|
Menlo Park, CA |
19 |
|
|
Greenwich, CT |
18 |
|
|
New York, NY |
17 |
|
|
San Francisco, CA |
17 |
|
|
Boca Raton, FL |
16 |
We also looked at which private equity firms are doing the most add-on investments, differentiated by the typical deal size the firm does for platform investments. For this study, deal size ranges are defined by Enterprise Value:
- Small: $0 – 50 million
- Mid: $50 – 250 million
- Large: $250 – 500 million
- Mega: $500+ million
[These ranges are not indicative of the add-on deal sizes, just the typical deal size ranges these firms do for platform investments.]
Top 10 Mega PE Firms add-on investments
|
PE Firm |
Location |
# Add-ons |
|
New York, NY |
31 |
|
|
Chicago, IL |
25 |
|
|
Menlo Park, CA |
19 |
|
|
New York, NY |
17 |
|
|
San Francisco, CA |
17 |
|
|
Los Angeles, CA |
14 |
|
|
Santa Monica, CA |
13 |
|
|
New York, NY |
13 |
|
|
Rosemont, IL |
11 |
|
|
Toronto, Ontario |
10 |
Top 10 Large PE Firms add-on investments
|
PE Firm |
Location |
# Add-ons |
|
Toronto, Ontario |
15 |
|
|
San Francisco, CA |
12 |
|
|
New York, NY |
12 |
|
|
New York, NY |
12 |
|
|
St. Louis, MO |
11 |
|
|
Manhattan Beach, CA |
11 |
|
|
Philadelphia, PA |
11 |
|
|
Toronto, Ontario |
10 |
|
|
Andover, MA |
10 |
|
|
Greenwich, CT |
9 |
Top 10 Mid PE Firms add-on investments
|
PE Firm |
Location |
# Add-ons |
|
Dallas, TX |
22 |
|
|
Bloomfield Hills, MI |
21 |
|
|
Westport, CT |
21 |
|
|
Greenwich, CT |
18 |
|
|
New York, NY |
16 |
|
|
Boca Raton, FL |
16 |
|
|
Wayne, PA |
13 |
|
|
Dallas, TX |
13 |
|
|
New York, NY |
12 |
|
|
Stamford, CT |
11 |
Top 10 Small PE Firms add-on investments
|
PE Firm |
Location |
# Add-ons |
|
Dallas, TX |
15 |
|
|
Montreal, Quebec |
10 |
|
|
Boston, MA |
10 |
|
|
Pittsburgh, PA |
8 |
|
|
New York, NY |
8 |
|
|
Winston-Salem, NC |
7 |
|
|
Chicago, IL |
7 |
|
|
New York, NY |
6 |
|
|
Los Angeles, CA |
5 |
|
|
Minnetonka, MN |
5 |
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