Private Equity - Geographic Distribution
80% of U.S. private equity firms are located in just 10 states, with the largest concentration of firms in New York, California and Illinois.
While the private equity firms themselves are fairly geographically concentrated, it’s interesting to note that their portfolio companies are a little more dispersed.
The table below shows the top 20 states for private equity firms and the top 20 states for portfolio companies held by private equity firms.
Private Equity Firms |
Portfolio Companies |
|||
| States |
% of total |
States |
% of total |
|
| New York | 23.3% | California | 18.8% | |
| California | 15.1% | Texas | 8.8% | |
| Illinois | 9.4% | New York | 6.6% | |
| Texas | 7.4% | Massachusetts | 5.9% | |
| Massachusetts | 7.0% | Florida | 4.5% | |
| Connecticut | 6.5% | Pennsylvania | 4.2% | |
| Pennsylvania | 3.7% | Illinois | 4.2% | |
| Virginia | 2.4% | New Jersey | 3.7% | |
| Florida | 2.2% | Georgia | 3.2% | |
| Michigan | 2.0% | Ohio | 3.0% | |
| Ohio | 2.0% | Colorado | 2.7% | |
| Colorado | 1.9% | North Carolina | 2.5% | |
| North Carolina | 1.9% | Virginia | 2.4% | |
| New Jersey | 1.8% | Minnesota | 2.2% | |
| Georgia | 1.7% | Michigan | 2.0% | |
| Washington DC | 1.6% | Washington | 2.0% | |
| Minnesota | 1.6% | Connecticut | 1.9% | |
| Maryland | 1.4% | Maryland | 1.9% | |
| Indiana | 0.8% | Wisconsin | 1.8% | |
| Wisconsin | 0.8% | Tennessee | 1.8% | |
Sample Size: 1,000+ private equity firms, 10,000+ portfolio companies